Eureka Forbes has announced that Marzin R. Shroff will step down as Managing Director and CEO of the company, effective August 2022 and will move to a new role as Senior Advisor to both Advent International and Eureka Forbes Ltd. Marzin has led Eureka Forbes through a strong transformative phase, helping to grow the company and build iconic brands like Aquaguard and Forbes. Marzin also led the transition process of Eureka Forbes to Advent from the Shapoorji Pallonji Group and has helped to develop Eureka Forbes' new growth strategy.
SEBI has imposed a fine of ₹30 lakh on Reliance Industries (RIL) and its compliance officers, Savithri Parekh and K. Sethuraman, for failing to clarify on news or promptly disclose information with regard to stake purchases in the company’s subsidiary Jio Platforms by FaceBook, Silver Lake and Vista equity partners.
Fitch Ratings has affirmed the ratings of Housing and Urban Development Corporation (HUDCO) at 'BBB-' level, i.e. at the sovereign level. At the same time, the rating agency has revised the outlook of HUDCO to 'Stable' from 'Negative'. The rating action follows the change in outlook of Government of India rating to 'Stable' from Negative’ on June 10, 2022.
ICICI Prudential Life Insurance, India's largest private life insurer in terms of new business sum assured, has declared an annual bonus of ₹968.8 crore for FY2022 to all eligible participating policyholders. This is the 16th consecutive year of bonus payment and also the highest ever by the Company till date, exceeding the FY2021 bonus by 12 per cent.
Escorts Kubota has said that Ajay Mandhar has tendered his resignation from the post of Chief Executive Officer, Agri Machinery Business, citing personal reasons. Shenu Agarwal, President Agri Machinery and Construction Equipment Business, willbe looking after this role till the successor is nominated.
Bharat Forge has approved the transfer of the Company's stake in Refu Drive GmbH, Joint Venture (JV) company, to KPL subject to receipt of necessary approval from regulatory authorities. The current stake in Refu was acquired by the company by entering into a Joint Venture Agreement with Refu Electronik GmbH, Germany, and its affiliates. Refu is in the business of development, manufacturing and selling on board controllers and components mainly - drives, invertors, converters (including AC/DC) and all kind of auxilia a lications, related power electronics and battery management (BMS) etc. for all e-mobility vehicles viz. hybrid and electric 2-wheelers, 3-wheelers, cars and commercial vehicles. The Company has approved the transfer of the Company's stake in Refu to KPL in consideration of subscription of equity shares of the KPL by the Company. Through this transfer of shares, Refu will become an Associate Company of KPL.
Oriental Aromatics Ltd has announced that the Bareilly plant (Uttar Pradesh) of the company will remain shut from June 27 to July 3 for annual maintenance.
The board of Hubtown will meet on June 23 to consider and approve issue of Securities (convertible warrants) on preferential allotment basis to persons forming part of Promoter Group of the Company.
Suven Life Sciences' board will meet on June 24 to consider raising funds through issue of equity shares on a rights basis to the existing equity shareholders of the company.
The board of Fineotex Chemical is scheduled to meet on June 24 to decide on raising funds by issue of equity shares. This is subject to shareholders' and regulatory approvals, it said.
Sukhjit Starch and Chemicals Ltd has announced that the Phagwara unit of the company at Rehana Jattan will be temporarily shut down for a period of about 15 days from June 25 for annual (preventive) maintenance.
Japan-based Nomura Singapore Limited ODI (Nomura Holdings), which has assets over $380 billion and has presence in over 30 countries, has purchased 1 lakh shares of Arihant Capital Markets Ltd. The transaction happened at ₹81 a share.