The Hindu Business Line : Tuesday, October 21, 2003

Omax Autos promoters to divest 18% stake
THE promoters of Omax Autos Ltd are planning to divest approximately 18 per cent stake (20,00,000 shares), from their collective holding of 57.45 per cent of the paid up equity capital of the company in the open market. At present, public ... More

Colgate's Nepal arm suspends operation
COLGATE Palmolive Nepal Ltd, a wholly-owned subsidiary of Colgate Palmolive India Ltd, has temporarily suspended operations from October 18 in view of the deterioration in the general security situation at Hetauda (Nepal). According to a press ... More

Sundram Fasteners mulls stock split
SUNDRAM Fasteners Ltd's board will meet on October 29, to consider splitting of existing equity shares of Rs 10 each. The board will also consider a proposal to merge TVS Autolec with the company. "What the shares would be split into is ... More

ABB bags orders worth Rs 30 crore
ABB India has bagged orders worth Rs 30 crore to provide automation solutions for steel and cement plants located in China, Morocco, Turkey and Bangladesh. The scope of these orders encompasses design, supply, erection, commissioning and ... More

Correction

COMPANY LAW

Independent directors in for `tough' job — Cos Bill likely to be introduced in Winter Session
While not willing to specify when the Companies Bill may actually be enacted into law, Mr S. Balasubramanian said it was most likely to be passed in the Winter Session. More

Cabinet to take up changes to cos Bill
THE Union Cabinet is to take up on Tuesday official amendments to the Companies (Amendment) Bill, 2003 that was introduced during the Budget session of Parliament. Certain provisions of the Bill, which is based on some recommendations of the ... More

TAXATION

Nov 30 is new deadline for filing tax audit report
THE Finance Ministry today clarified that it has extended the last date for filing of tax audit report by corporates and other assessees whose accounts are to be audited under Section 44AB of the Income-Tax Act, 1961 till November 30. "The due ... More

MERGERS & ACQUISITIONS

Jindal Iron mulling merger with Jindal Vijaynagar Steel
IN a bid to establish itself as an integrated steel producer, Jindal Iron and Steel Company Ltd (Jisco) is considering a merger with group company Jindal Vijaynagar Steel Ltd (JVSL), both part of the $2-billion Jindal Group. The companies had a ... More

NEW PROJECTS

Mahanagar Gas chalks out Rs 350-cr expansion plan
MAHANAGAR Gas Ltd, the compressed natural gas supplier to the vehicles and households of Mumbai, plans to expand its operations as a gas retailer. The company has chalked out a Rs 350-crore plan to expand its operations to other cities beginning ... More

Natco plans to set up cancer drug unit in Chennai
BUOYED by the success in capturing a sizable share in the domestic oncology market within a short span by aggressive pricing of its anti-cancer drugs, Natco Pharma Ltd is now planning to set up a sterile unit at Chennai. In a press release, ... More

TRADE & LABOUR UNIONS

NTC unions in TN go on strike
THE hopes of securing an incentive scheme as an alternative to bonus to those who are not eligible for bonus as per the Act have been dashed for the textile workers in the fund-starved National Textile Corporation (NTC) owned textile mills in ... More

INTERVIEW

Rallis India to focus on pesticides
OVER time Rallis India Ltd has been getting out of several businesses. Increasingly, the company is focussing on agrochemicals, said Dr V.S. Sohoni, Managing Director, Rallis India Ltd. "The revenue stream in the domestic market this fiscal ... More

STANDARDS & BENCHMARKS

BHPV gets nod for exchangers' airworthiness
THE heat exchangers manufactured by Bharat Heavy Plates and Vessels Ltd (BHPV) here have been awarded certificates of clearance by the Regional Centre for Military Airworthiness (RCMA), Lucknow. A press release issued by the BHPV says that five ... More

OUTLOOK

Matsushita's Indian subsidiary plans capital reduction — To change name in Panasonic AVC Networks
MATSUSHITA Television & Audio India Ltd, the Indian arm of Matsushita Electric Industrial Company, which has not been in the `pink of health', hopes to start making profit by the next fiscal (2004-05). Besides, beginning November, the company ... More

SPL to focus on niche tiles segment
TO cater to the `choosy and cost conscious' customer of the day, SPL Ltd, which has been in the ceramic tiles business for the past three decades is checking out new avenues. This includes the patios and the facades of the buildings. "The ... More

Apollo Health plans more franchise clinics by year-end
APOLLO Health and Lifestyle Ltd, a subsidiary of the Apollo Group of Hospitals, plans to have about 25-30 Apollo Clinics by the year-end. Apollo Health already has 12 such franchise clinics up and running in the country. Speaking to ... More

PERFORMANCE

Coal India H1 production up 3.7 pc
COAL India Ltd (CIL) has registered all-round growth in production, off-take and dispatch to the power sector during the first of half of the current fiscal. Its production touched 134 million tonnes (m.t.) compared to about 129 m.t. during the ... More

PEOPLE

Naren Ayyar is Globarena CEO

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