The Hindu Business Line : Wednesday, July 09, 2003

Arisaig offloads Apollo Hospitals equity shares
ARISAIG Partners (Asia) Pte Ltd, along with its Mauritius-based group company, has offloaded two-lakh equity shares held by it in Apollo Hospitals Enterprise Ltd. In a communiqué to stock exchanges on Tuesday, Arisaig said the company, along ... More

Grasim resumes Nagda operations
OPERATIONS at Grasim Industries' staple fibre plant a Nagda have resumed with the onset of the monsoons and the availability of water. The plant has started full production from today, the company said in its notice to the stock ... More

Bayer to consider scheme of arrangement for CropScience
BAYER India Ltd is to consider the scheme of arrangement between Bayer Cropscience India and itself. In a notification to the exchanges, the company said that a notice convening the meeting is being sent to the members and secured creditors to ... More

Poor demand for VCRs forces Kalyani Sharp to switch off EOU
THE continuous decline in demand for video cassette recorders (VCRs) and video cassette players (VCPs) in the domestic as well as export markets has forced Kalyani Sharp India Ltd (KSIL), the Rs 200-crore entertainment electronics and consumer ... More

Punjab Tractors to pay Rs 3 interim

Raymond to pay 45%

ACCOUNTING STANDARDS

ICAI move against `surrogates' hailed
THE Chartered Accountants Action Committee for Level Playing Field (CAAC) has commended the Institute of Chartered Accountants of India (ICAI) for enforcing disciplinary action against firms acting as surrogates for multinational accounting ... More

`Companies Act to plug accounting loopholes'
THE Companies (Amendment) Bill 2003 would make the provisions of the Companies Act more effective and help arrest fraudulent actions of the corporates, market intermediaries and participants such as stock brokers, auditors and financial ... More

PREFERENTIAL ALLOTMENTS

Jisco board okays pref allotment

OUTSOURCING

`UK keen on pharma research outsourcing'
BRITISH companies are seriously looking into the possibility of increasing pharmaceuticals research outsourcing from India, Dr Andrew Hall, the British Deputy High Commissioner to eastern India, told Business Line. "Business outsourcing ... More

COURTS/LEGAL ISSUES

Court allows divestment in Jessop
A DIVISION Bench of the Calcutta High Court comprising the Chief Justice, Mr A.K. Mathur, and Mr Justice Ashim Kumar Banerjee, by a composite judgement today, allowed the appeal of Union of India, whereby the issue of disinvestment with regard to ... More

HC directs Sarguna Textiles to wind up
THE Madras High Court has ordered the winding up of the Coimbatore-based Sarguna Textiles (P) Ltd, engaged in the manufacture of textiles, for failure to clear its debts despite repeated requests. Mr Justice A. Ramamurthi, who issued the order ... More

RESTRUCTURING

Saregama revamps music business
SAREGAMA India Ltd (SIL), the entertainment company in the RPG-fold, has reorganised its music business as part of its plans to use the company's leadership presence in this segment to promote further growth. Under this reorganisation, while ... More

MERGERS & ACQUISITIONS

Wockhardt buys CP Pharma for Rs 82 cr
DOMESTIC pharma company, Wockhardt Ltd, on Tuesday announced acquisition of the UK-based CP Pharmaceuticals Ltd, for a total consideration of £10.85 million (Rs 82.46 crore). With this acquisition, Wockhardt 's turnover will cross Rs 1,100-crore ... More

GMR Tech stakeholders okay Varalakshmi merger

NEW PROJECTS

Govt denies sops to Arvind Mills venture with Mauritius co
THE Union Government has denied tax concessions applicable under the Indo-Mauritius Double Tax Avoidance Agreement to the proposed joint venture between the Lalbhai group flagship Arvind Mills and Ganesha Ltd, a Mauritius-based overseas corporate ... More

First Leasing plan for wind power
CHENNAI: First Leasing Company Of India Ltd has informed the stock exchanges that it proposes to amend its main object clause in the memorandum of association of the company by inserting a new clause so as to engage and deal in the ... More

ALLIANCES & JOINT VENTURES

RailTel, BSNL to sign `barter' deal
RAILTEL Corporation of India Ltd and Bharat Sanchar Nigam Ltd (BSNL) will ink a business relationship agreement tomorrow for using the surplus bandwidth available with the Railways' subsidiary in return for technical expertise and manpower from ... More

Bridgestone to invest in Philips Carbon facility
BRIDGESTONE, a major US tyre manufacturing company, which has a unit in Madhya Pradesh, is to join hands with Philips Carbon Black Ltd (PCBL) for the expansion of the latter's unit in Vadodara in Gujarat. The American company would be investing ... More

Ocimum Bio ties up with US hospital
OCIMUM Biosolutions Ltd (OBL), the Hyderabad-based Indian arm of the US-based Ocimum Biosolutions, has entered into collaboration with the New York-based Hospital for Joint Diseases Orthopaedic Institute (HJD). In a press release, the company ... More

INTERVIEW

`Quality, competitiveness, low cost our strategy for growth' — Mr V. Pichai, V-P (Finance) & Secretary, Seshasayee Paper
WITH a production capacity of 120,000 tonnes per year, Seshasayee Paper and Boards Ltd is among the major players in the paper industry. Following a Rs 200-crore expansion two years ago, the company went through a consolidation phase with a ... More

SICK UNITS

Capital revamp at Timex to offset net loss
THE board of directors of TIMEX Watches Ltd, at a meeting held on Tuesday, has approved a proposal for capital restructuring whereby the company would set off all its losses against the net worth of the company. This would be done by way of ... More

OUTLOOK

Fiat India targets Rs 53-cr auto parts exports
In addition to expanding the scope of component exports, Fiat India is also keen to grow the export potential of its cars. More

ITC Foods divn rolls out ReadyMeals — Eyes Rs 500-cr revenue in 3 years
THE diversified ITC group, after successfully establishing Kitchens of India, with its ready-to-eat gourmet cuisines, has announced the nationwide launch of `Aashirvaad ReadyMeals' and has targeted total sales of volumes of about Rs 500 crore ... More

TRENDS

PF defaulters face blacklisting
THE Union Labour Ministry on Tuesday launched a major offensive against all companies that have defaulted in paying their provident fund dues as part of its `Compliance 2004' programme. According to the Ministry's plans, all provident fund ... More

Scoreboard
SE Diary

Comments & Letters to the Editor to: bleditor@thehindu.co.in
Subscribe to: Business Line