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Coimbatore, Nov. 24 Best & Crompton Engineering Ltd has informed that the Madras High Court has sanctioned the scheme of amalgamation of Beacon Industries & Pumps Ltd (wholly owned subsidiary) with the company.

Godawari Power & Ispat Ltd’s board of directors has reconsidered the proposal for buyback of equity shares and has decided to withdraw the same in order to conserve the cash resources in view of changing global and domestic steel industry scenario. It has decided to sell the surplus power in open market in view of attractive price realisation and better margins, as compared to margins available from captive consumption. It has been decided to temporarily cut down the production of steel billets and ferro alloys.

HBL Power Systems Limited has said that the rights issue committee has decided to defer the proposed rights issue due to unfavourable market conditions prevailing in the country.

Hitachi Home & Life Solutions India Ltd intends to expand its line of business and incur capital expenditure of Rs 45 crores in the existing manufacturing unit or at any other location in Gujarat.

Petron Engineering Construction Ltd has received an order from Engineers India Limited for composite mechanical works for implementation of EURO-IV project of Chennai Petroleum Corporation Limited for a total contract value of Rs 67.28 crore.

Shanthi Gears Ltd has said that the FCCB bondholders have exercised their redemption option and SGL has redeemed entire FCCB outstanding of $5.3 million on November 21 and there is no FCCB outstanding after this redemption.

Strides Arcolab Ltd had issued 5,600,000 warrants on preferential basis to Agnus Holdings Pvt Ltd, a promoter group company, entitling Agnus Holdings Pvt Ltd to apply for an equivalent number of fully paid-up equity share of Rs 10 each of the company at any time during 18 months from the date of issue at a price of Rs 342.10 an equity share. Subsequently, the company had allotted 50,000 shares to Agnus Holdings Pvt Ltd on July 5, 2007, on their exercising the option to convert 50,000 warrants into equity shares.

Agnus Holding Pvt Ltd has not exercised its right for conversion of the balance 5,550,000 warrants within the time stipulated under the preferential guidelines. Accordingly, the aforesaid 5,550,000 warrants now stands lapsed and the upfront money received against these warrants will be forfeited.

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