The Hindu Business Line : Tuesday, June 17, 2003

Flood in Singareni mine; 17 feared drowned
IN one of the worst mine disasters in recent times, about 17 colliers of the State-owned Singareni Collieries Company Ltd, were feared killed when the third seam of the Godavarikhani - LEP, was flooded on Monday afternoon. According to a ... More

ANNOUNCEMENTS

Rs 1,500 cr to be spent on exploration
ENCOURAGED by the recent gas and oil finds, Reliance Industries Ltd would be making fresh investments to the tune of Rs 1,500 crore ($300 million) in exploration over the next two years. Announcing this at the company's AGM here today, Mr ... More

Henkel SPIC gets Rs 27-cr loan from parent
HENKEL SPIC India Ltd has received another bout of financial support from its parent company — the German multinational, Henkel KgaA, has given its Indian arm a loan of 5.1 million euros (Rs 27 crore). The RBI approval for the loan was ... More

Apollo Tyres' programme for dealers
APOLLO Tyres Ltd (ATL) has announced the launch of "Apollo Jewels" a dealer recognition programme for 2003-04. Applicable to both Apollo Tyre World and Apollo Radial World dealerships, the programme would select top performers across India based ... More

ACCOUNTING STANDARDS

Auditors to be more accountable under new order
An auditor in a report made under CARO would now be required to answer questions such as whether the company has defaulted in repayment of dues to a FIs or bank or debenture holders. More

OPEN OFFERS

Poor response to Matrix Labs' open offer
THE open offer at a price of Rs 276 to the shareholders of the Hyderabad-based drug company Matrix Laboratories Ltd (MLL) by its promoters could not evoke any interest since the MLL scrip reached the all- time high price of Rs 499 on the bourses ... More

COURTS/LEGAL ISSUES

HC to hear Pfizer, Parke-Davis merger case today
THE long-pending controversy over the merger of Pfizer Ltd and Parke-Davis India Ltd, following objections raised by the minority shareholders, can now be expected to come to an end shortly with the final hearing of the case posted for Tuesday at ... More

MERGERS & ACQUISITIONS

L&T: Grasim strikes deal with FIs?
LARSEN & Toubro raider Grasim Industries is understood to have struck a tentative deal with financial institutions, which hold a vital 40 per cent equity of L&T, to vertically split the engineering and cement major and acquire their holding in ... More

NEW PROJECTS

Mafatlal Burlington plans denim capacity expansion
MAFATLAL Burlington Industries Ltd (MBIL) is planning to expand capacity from the current 10 million metres per annum to 20 million meters per annum to take advantage of the renewed interest in differentiated denim worldwide. A 50:50 joint ... More

IPCL back in investment mode
INDIAN Petrochemicals Corporation Ltd (IPCL), whose expansion projects were grounded some three years ago ever since the company got featured on the disinvestment list, is showing signs of getting out of the inertia. On the anvil are a clutch of ... More

`A&B Toolers project an acid test for State'
THE State Industries Minister, Mr P.K. Kunhalikutty, has inaugurated the operations of A&B Toolers, a project for which a MoU was signed in the recently concluded Global Investor Meet, at the Kinfra Export Promotion Industrial Park Ltd on ... More

REGULATORY BODIES & RULINGS

Plan to rope in more banks for collection of tax dues
THE Department of Company Affairs (DCA) proposes to rope in more public sector banks (PSBs) to undertake collection of statutory dues prescribed under the company law. This move comes close on the heels of the decision of Central Board of Excise ... More

TRADE & LABOUR UNIONS

Chittivalasa Jute Mill workers protest lockout
THE workers of Chittivalasa Jute Mill here staged a demonstration in front of the Collectorate on Monday, urging the Government to take immediate steps for the re-opening of the mill under lockout since June 2. The Chittivalasa Jute Mill ... More

BONUS ANNOUNCEMENTS

Gujarat NRE allots bonus shares
THE board of directors of Gujarat NRE Coke Ltd (GCIL) met here on Monday to allot the declaration of bonus shares to shareholders of the company in the ratio of one new share against two held (1:2). The issue is in addition to the 10 per cent ... More

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