The Hindu Business Line : Tuesday, November 19, 2002

Shaw Wallace takes 3 new directors
LIQUOR major Shaw Wallace & Co Ltd has expanded its board with the induction of three new directors. Mr Asif Adil, a former partner of McKinsey & Co, and Mr C.K. Hazari, a former member of the Company Law Board, and Mr R.A. Shah, a leading ... More

MFL to notify 50% erosion in net worth
MADRAS Fertilizers Ltd (MFL) will inform the shareholders of the erosion of more than 50 per cent of the peak net worth of the company at an extraordinary general meeting to be held on December 4, according to information provided by the company ... More

OPEN OFFERS

SEBI tells Grasim to hold L&T open offer
THE Securities and Exchange Board of India today asked Aditya Birla group company Grasim Industries Ltd to put on hold its open offer to shareholders of Larsen & Toubro at Rs 190 per share. A Grasim official confirmed the SEBI directive, but ... More

CORPORATE DISPUTES

Cola war over `hoarding' of bottles in AP
THE cola wars in Andhra turf have taken a new, murkier turn. Pepsi and Coca-Cola are embroiled in charges and counter charges of hoarding of bottles. The trigger for the fresh round of controversy is the reports of seizure of lakhs of bottles ... More

CORPORATE BONDS

NTC to raise bonds to fund VRS payments
NATIONAL Textiles Corporation (NTC) will raise about Rs 500 crore through a bond issue in January next year to part-finance the voluntary retirement scheme (VRS) payments for the employees of some of its mills that are facing closure, according ... More

MERGERS & ACQUISITIONS

Glenmark acquires Glaxo unit
THE Mumbai-based drug company, Glenmark Pharmaceuticals Ltd has acquired the manufacturing facility of GlaxoSmithkline at Ankleshwar in Gujarat for Rs 14 crore in an all-cash deal. Glenmark, which is all set to enter the overseas market, said ... More

Offer on Greenfield okay with Shipping Minister — SCI set to get $11m for stake
THE Union Shipping Minister, Mr Vedprakash Goyal, has lent his support to the offer made by Japan's Mitsui O.S.K. Lines and the Government of Sultanate of Oman to buy out the 20 per cent equity held by Shipping Corporation of India (SCI) in the ... More

NEW PROJECTS

50% export obligation on Suzuki-Maruti foundry
SUZUKI Motor Corporation (SMC) and Maruti Udyog Ltd (MUL) will have to undertake a commitment of exporting 50 per cent of the output from their proposed joint venture aluminium foundry project. The Development Commissioner for Small-Scale ... More

LG Electronics setting up second unit in Maharashtra
KOREAN consumer durables major, LG Electronics is on an expansion mode in India. The company has initiated efforts to set up its second plant in the country in Maharashtra. Talking to Business Line, Mr Kwang-Ro Kim, Managing Director, ... More

Jindal Poly plans Rs 150-cr expansion
JINDAL Polyester Ltd (JPL) has embarked on a Rs 150-crore expansion project that would result in the setting up of a new polyester film line together with a polycondensation plant at its existing location in Nasik. According to a company ... More

TRADE & LABOUR UNIONS

False start at Dunlop Chennai unit?
Workers restive on management stand
TROUBLE broke out at the Dunlop factory premises here on Monday even as the management formally announced a decision to recommence operations. A section of the office bearers of the Dunlop Factory Employees Union (DFEU), which took part in the ... More

OUTLOOK

Gujarat Ambuja hopes to cash in on higher cement prices
The Ambuja group currently has a total capacity of 13 million tonnes, including the recent addition of two million tonnes at Chandrapur this year. More

Chemicals division to drive Excel Ind growth
NEW product initiatives in the chemicals division are expected to facilitate Excel Industries Ltd to continue its upward growth curve in its topline and bottomline. The chemicals division, which accounted for 25 per cent of the company's ... More

INVESTOR PROTECTION

Disclosure of transfers to investment fund must
INDIA Inc will now have to cope with yet another disclosure requirement. The Department of Company Affairs (DCA) has made it mandatory for the companies to disclose in their annual reports dividends remaining unpaid and unclaimed for more than ... More

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Looking back
Nov. 10-Nov. 16
`Auditors must be accountable to the company's board'

Coca-Cola `committed' to divesting 39 pc

MS, Wipro may go hand in hand to take on IBM — To enter into BPO relationship soon

Cost-cutting, exports are India Inc's new mantras

`More focus on exports, heavy vehicles' - Mr Rakesh Kalra, Chief Executive, Eicher Motors

MindTree sees huge healthcare prospects