Atul Ltd on Friday informed the exchanges that its board had decided not to proceed with merger with its associate company Amal Ltd. The company had approved a draft scheme of merger with Amal Ltd in 2014, which was subject to approval by the Board for Industrial and Financial Reconstruction and the Appellate Authority for Industrial and Financial Reconstruction, it said in a filing to exchanges today. However, the government last year repealed the Sick Industrial Companies Act, 1985, which led to dissolution of both the authorities established under the Act. This resulted all the pending approvals with the agencies becoming null and void, the company said. Shares of Atul were up 0.86 per cent at ₹2,250.40 on the NSE.

The board of Speciality Restaurants has approved the conversion of a loan given to joint venture Mainland China Restaurant LLC into shares of the latter. The loan amount was 4.32 million Qatar rial (₹7.762 crore). Speciality Restaurants has a joint venture with Qatar-based Al Mohanndi Group under Mainland China Restaurant. Speciality Restaurants holds 49 per cent stake in the joint venture company. Shares of Speciality Restaurants closed flat at ₹85.30 on the NSE.

Skipper on Friday said it has received orders worth ₹405 crore for supply of transmission towers to Power Grid Corp of India, Transmission Corp of Telangana, and Power Transmission Corp of Uttarakhand. Shares of Kolkata-based Skipper registered its 52-week high of ₹178 before closing at ₹173.70 against the previous day’s close of ₹162.35 on the NSE.

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