The Hindu Business Line : Friday, November 29, 2002

Goa next in list for Sun-n-Sand — Pune operations commence
THE Mumbai-based Sun-n-Sand Hotels is on the lookout for a running property in Goa to complement its existing properties in western India and is likely to tie up a deal in this direction in the next one year. Talking to newspersons here, ... More

Organon (India) to shift operations to Mumbai
AFTER being in operation for over 35 years in the city, the pharma MNC, Organon (India) Ltd (earlier known as Infar India) has decided to move out lock, stock and barrel to Mumbai. According to industry sources, the management has already ... More

M.L. Narula to take over as MD of ACC
ACC today said that Mr M.L. Narula, Director and Chief Operating Officer (COO), would take over as the company's Managing Director from December 1. Mr Narula replaces Mr T.M.M. Nambiar, who retires on December 1, the company said in a release. ... More

Ranbaxy to provide AIDS drugs to 10 lakh patients
RANBAXY Laboratories Ltd has announced that it is gearing to provide anti-AIDS medicines for treatment to 5-10 lakh patients suffering from AIDS in the coming 18-24 months across the world. Commenting today on the forthcoming occasion of ... More

SAB India changes name
SOUTH African Breweries India Ltd (SAB) has announced the change of its name to SABMiller India Ltd with immediate effect. The change follows SAB's change of name worldwide in the wake of its acquisition of the Miller Brewing Co, earlier this ... More

One Alliance hikes rates

ACCOUNTING STANDARDS

Accounting standards panel being reconstituted
TO ensure effective functioning of the National Advisory Committee on Accounting Standards (Nacas), the Department of Company Affairs (DCA) has asked the apex chambers to nominate alternatives for their nominees. The DCA is in the process of ... More

OPEN OFFERS

Tribunal rejects Grasim appeal
THE Securities Appellate Tribunal today confirmed the Securities and Exchange Board of India's order stopping Grasim Industries from going ahead with its open offer for 20 per cent stake in Larsen & Toubro. The option for Grasim now is to ... More

Grasim still confident
GRASIM has said it is considering its future course after detailed consideration of the today's SAT order by its legal advisors. "The main appeal on merits is still to be heard by SAT," said Grasim in a statement today. "As per the legal ... More

CORPORATE DISPUTES

Final report on biotech cancer drug shortly
THE final call on the biotech cancer drug filgrastim is expected shortly, with the expert committee looking into the issue all set to submit its final report to the Drug Controller General of India (DCGI). The biotech drug had shot into ... More

COURTS/LEGAL ISSUES

Madras HC stays action by Indian Bank
WHILE there are reports that lenders like banks have been able to take possession of secured assets mortgaged to them under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002, the Madras ... More

MANPOWER

No more VRS for TN NTC staff: Official
A section of the workers employed in NTC's textile mill in Coimbatore, which is slated for revival, had demanded extension of the VRS scheme. More

RESTRUCTURING

NTC asset sale draws lukewarm response
The guideline rates that are ruling far above the actual `market' rates in most States have also added to the `low response' of the NTC tendering. More

MERGERS & ACQUISITIONS

HLL pays Rs 44 cr for remaining 26 pc in Modern Foods
FMCG major Hindustan Lever Ltd (HLL) today announced that it has acquired the remaining 26 per cent equity stake in Modern Food Industries (India) Ltd (MFIL) from the Government for Rs 44.07 crore. The Ministry of Food Processing Industries has ... More

NEW PROJECTS

Opposition to Saurashtra Cements unit intensifies
`Spillage while loading and unloading in mid-sea and at the clinker jetty inside the port would pollute the inland waters and other water bodies in the estuary.' More

Himalaya Drug plans new venture in Egypt
THE Bangalore-based Himalaya Drug Company is planning to launch a new initiative in Egypt to manufacture and market herbal and healthcare products. The Egyptian partner will initially be required to provide a couple of production lines, which ... More

STANDARDS & BENCHMARKS

JB Chem gets EU certification for 2 drugs
THE Rs 276-crore J.B. Chemicals & Pharmaceuticals Ltd (JBCPL), one of the domestic mid-cap pharmaceutical companies and the flagship of the Unique Group, has obtained the `Certificate of Suitability to European Pharmacopoeia Monograph' or `EP4' ... More

SICK UNITS

BIFR pulls up IDBI in Binny case
THE Board for Industrial & Financial Reconstruction (BIFR) has pulled up the Industrial Development Bank of India (IDBI) for not following its instructions and causing undue delay in the case of Binny Ltd. "IDBI's action in delaying the ... More

BIFR may decide on ECL soon
THE Board for Industrial and Financial Reconstruction (BIFR) has indicated that it wants to be decisive on the issue of revival of the sick Eastern Coalfields Ltd (ECL) at the next hearing, to be held in the city on December 10. All principal ... More

OUTLOOK

Valvoline Cummins targets 35% growth in turnover
VALVOLINE Cummins Ltd, a 50:50 joint venture between Valvoline International Inc of the US and Cummins Diesel Sales & Service India Ltd (CDS&S), engaged in the manufacture and sale of lubricants and car care products, has targeted a turnover of ... More

Borland to double tech, sales team — Aims at 30 pc growth this fiscal
Borland is also exploring the possibility of tapping other markets in the Indian sub-continent including Sri Lanka, Nepal, Bangladesh and Pakistan. More

PEOPLE

Jet CEO says he's quitting to go back home
PUTTING at rest speculation on the reasons for quitting as the Chief Executive Officer (CEO) of Jet Airways, Mr Steve Forte, today said that he had spent three rewarding years in the airline contributing to its internal as well as external ... More

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