The Hindu Business Line : Friday, March 08, 2002

After dividend rush come cancellations
MANY companies seem to have buckled under the Securities and Exchange Board of India (SEBI) whip asking the stock exchanges to ensure that India Inc goes by the book on interim dividend payments for the year 2001-02. Among the first to decide ... More

The `unique case' of Hero Honda
HERO Honda Motors Ltd will go ahead with its plan to hold a board meeting on Friday to consider a special interim dividend, notwithstanding the controversy surrounding companies violating listing agreements and declaring dividend. "We are ... More

Kinetic GF 150 launch in 3 months
Addressing reporters here, Mr Arun Pande, Managing Director, Kinetic Engineering Ltd (KEL), said the Kinetic150 GF, manufactured in technical collaboration with Hyosung Motor of South Korea, was similar to the Kinetic 125 GF. He claimed that this ... More

Thermax to pay 35 pc interim

PREFERENTIAL ALLOTMENTS

Essar Shipping board okays pref allotment
ESSAR Shipping Ltd has decided to issue 20-crore equity shares to promoters on preferential basis. The company in a communication to stock exchanges said the board of directors of Essar Shipping Ltd at its meeting held on March 6 resolved to ... More

AUDITING

ICAI panel to take up rules for peer review
THE 30-member central council of the Institute of Chartered Accountants of India (ICAI) will on Friday deliberate a proposal on framing of regulations for peer review of auditors. "The objective of putting in place a framework for peer review ... More

COURTS/LEGAL ISSUES

Limestone, gypsum mining in TN: Patta landholders must pay full royalty, dead rent: HC
The Madras High Court has held that full (100 per cent) royalty and dead rent were payable by those owning patta lands used for mining limestone, gypsum, etc. Dismissing a batch of writ appeals preferred by Dalmia Cement (Bharat) Ltd, ... More

MANPOWER

SIV Ind seeks Govt nod for lay-off
SIV Industries at Sirumugai near Mettupalayam has sought the permission from the State Government to lay off its 2,225 workers, as it has been unable to find any source for raising about Rs 46 crore to re-start the plant operations. The plant ... More

RESTRUCTURING

Hind Shipyard in rough seas over MAT
IT is five years since the Cabinet Committee on Economic Affairs (CCEA) cleared a plan for restructuring the capital base of Hindustan Shipyard Ltd (HSL). Still, the ailing PSU has not been able to implement the decision in one of the most ... More

MERGERS & ACQUISITIONS

Gallup to buy out local partner's stake in jt venture
THE US-based Gallup Organization proposes to buy out the 30 per cent stake held by its Indian partners in the Chennai-based joint venture, Gallup MBA India Pvt Ltd. The 30 per cent stake is currently held together by three Indian partners. ... More

Promoters to bring down stake in PSL Holdings
THE promoters of PSL Holdings Ltd, Mr Y.P. Punj and Mr Ashok Punj, are considering a dilution of their equity stake in the company. "The dilution would be effected as soon as the capital market turns favourable,'' Mr Ashok Punj, Managing ... More

Beeyu Overseas gets court nod for merger of arms
BEEYU Overseas Ltd, which is currently in the process of setting up an instant coffee-producing unit in Russia along with Tata Coffee, has merged all its three subsidiaries with itself. Mr A.R. Basu, Managing Director of Beeyu Overseas, said ... More

NEW PROJECTS

McGraw-Hill sets up offices in Dubai
MCGRAW-HILL Education and Platts, divisions of lUS-based global information services provider and publisher McGraw-Hill Companies, have established regional offices in Dubai Media City. McGraw-Hill Education is a global leader in education ... More

ALLIANCES & JOINT VENTURES

Ranbaxy teams up with Wockhardt for US market
PHARMA majors Ranbaxy and Wockhardt have forged a strategic alliance to tackle competition in the $15-billion (estimated) US generics segment. The alliance covers multi-product development, supply/sales and marketing for Enalapril and ... More

EVENTS

Be innovative and succeed: US expert
IT is not a question of where a company decides to compete, but how it plans to do so which determines its success in the global marketplace, according to Mr Richard E. Cavanagh, President and CEO of the US-based global research and business ... More

DIVERSIFICATION

Gesco Corpn to develop residential complex
IN its maiden foray into the residential segment in North India, Gesco Corporation Ltd has undertaken the development of a premium condominium complex at Gurgaon in Haryana. "The total cost of construction for the project comprising 561 ... More

RIGHTS ISSUES

Govt awaiting Suzuki's word on Maruti rights
THE Union Government is awaiting a response from Suzuki Motor Corporation, its joint venture partner in Maruti Udyog, on various issues pertaining to the proposed Rs 400-crore rights offering in the company. "We had a series of meetings with ... More

OUTLOOK

Tata Engg eyes export of 4,000 units of cars, UVs
TATA Engineering expects to close the year with exports of around 4,000 units of cars and utility vehicles, the company's Vice-President (Commercial), Mr Rajiv Dube, said here today. Speaking at a press conference following the inauguration of ... More

Tetley hopes to boost sales in premium tea segment
TETLEY, the premium tea brand from Tata Tea Ltd (TTL), hopes to notch up sales of Rs 100 crore in a short period, according to Mr P.T. Siganporia, Deputy Managing Director, TTL. The remark appears in a write-up posted on the official Tata Web ... More

Magnasoft upbeat on growth
SOFTWARE services start-up Magnasoft Consulting India Pvt Ltd plans to grow at 100 per cent year-on-year through new applications across various devices and platforms, the Chairman and Chief Executive Officer, Mr Abhishek Mukherjee, has said. ... More

PERFORMANCE

SAIL posts 10.5 per cent rise in sales
STEEL Authority of India (SAIL) has increased its sales by 10.5 per cent in the first 11 months of the current fiscal as per statistics available with the Central Marketing Organisation (CMO), which accounts for an overwhelming bulk of the PSU ... More

Not all gloom & doom in India Inc
DESPITE all the groans one hears of an economic slowdown, one in four companies have made higher profits this year than in the previous year. In other words, the cumulative performance of the last three quarters of the current fiscal has had ... More

Eicher sales up in Feb
THE Eicher group on Wednesday said it registered an improvement in sales of tractors, motorcycles and light commercial vehicles. The company said it sold 1,301 tractors in February, up 9.14 per cent from 1,192 tractors sold in the same month ... More

Tourism award

TRENDS

Fiat sends cos scrambling
THE SEBI fiat to stock exchanges to enforce the mandatory notice period for interim dividend record dates has had companies running in different directions. Some, such as HDFC and Wipro have opted for the safe route of cancelling the ... More

Ministry on `'safe wicket'
THE Finance Ministry reckons that it is on a firm wicket legally on the issue of interim dividends. In case of a dispute on the tax treatment, the Revenue Department is hoping to rest its case on an earlier ruling by the Supreme Court. The apex ... More

Dividend cos have no escape -- `SC verdict in Express case settles the issue'
It is also pointed out that any pre-emptive move by the corporate sector to bypass the tax route can be countered by the Finance Minister when moving the Finance Bill in Parliament, simply by proposing an amendment giving retrospective effect to the proposal on dividend tax. More

Why PSUs fear to tread where private cos rush in
THE exceptional haste with which corporate India went about declaring interim dividends to avoid payment of taxes by shareholders after March 31 has highlighted a clear divide between state-owned companies and banks and corporates with relatively ... More

Interim pay-out: FICCI seeks one-time waiver
THE Federation of Indian Chambers of Commerce and Industry (FICCI) today joined the bandwagon of other industry bodies, seeking one-time relaxation on allowing companies to declare interim dividends. SEBI had on Wednesday issued a directive to ... More

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