Corporate news

Our Bureau Coimbatore | Updated on May 17, 2011

Following Supreme Court's ad-interim order on May 13 banning production, sale and use of endosulfan for a period of eight weeks, pending receipt of interim report from the Expert Committee constituted by the Government of India, Coromandel International Ltd has suspended production and sale of endosulfan. The turnover and profitability of this product is not significant to the company's overall turnover and profitability.

Hindustan Motors Ltd has informed that the accumulated losses of the company as on March 31, are less than the fifty per cent of its peak networth during the immediately preceding four financial years and, therefore, the company has ceased to be ‘potentially sick company' under the provisions of Section 23 of Sick Industrial Companies (Special Provisions) Act, 1985. The company will send an intimation in this regard to Board for Industrial and Financial Reconstruction.

Surana Corporation Ltd has decided to raise further capital through a 1:1 rights issue and constituted a committee to finalise the details.

Sterlite Technologies Ltd's Committee of the board of directors on May 16 approved the Scheme of Amalgamation of Sterlite Infra-Tech Ltd (100 per cent subsidiary of the company) with itself, subject to receipt of all approvals.

Published on May 17, 2011

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