Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
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Corporate
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Mergers & Acquisitions JIL-Jaypee Cement merger scheme validity extended Our Bureau
New Delhi , Dec. 29 THE board of directors of Jaiprakash Industries Ltd (JIL) has approved the extension of the validity of scheme of amalgamation of the company with its subsidiary, Jaypee Cement Ltd, till June 30, 2004. The scheme was approved by the shareholders and creditors of the company on March 29, 2003. It is however pending sanction before the Allahabad High Court. Jaiprakash Industries has reported a net profit of Rs 109.68 crore for the year ended March 31, compared to Rs 127.98 crore in the same period during the previous year. The company has informed the Stock Exchange, Mumbai that its total turnover and other receipts have increased from Rs 1,599.72 crore in the financial year ended March 31, 2002 to Rs 1,766.25 crore in the year ended March 31, 2003. At the meeting held on December 27, the board also decided to treat the interim dividend of 15 per cent for the year ended March 31, (already paid to shareholders) to be the final dividend.
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