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Wednesday, July 21, 2004

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CORPORATE

ANNOUNCEMENTS
M&M to steer into South Africa
MAHINDRA & Mahindra Ltd (M&M) on Tuesday announced its foray into the South African automobile market. Its vehicles, Scorpio and Bolero Pick Up, will be imported by Mahindra & Mahindra South Africa Pty Ltd, which will also provide after- More

Avesthagen gets marketing rights for Finnish co's product
THE Bangalore-based Avesthagen announced that it has signed an agreement with the Raisio Group of Finland giving Avesthagen exclusive marketing rights to Raisio's product - Benecol in India. Benecol is a plant-derived product, which has been ... More

Sudhakar Plastic launches new range of pipes, fittings
SUDHAKAR Plastic Limited, a PVC (polyvinyl chloride) and HDPE (high density poly-ethylene) pipes and fittings company with a turnover of Rs 150 crore, has launched a new range of PP-R (polypropylene homopolymer) pipes and fittings here on ... More

Century to fill Priyamvada's chair later
SHAREHOLDERS of Century Textiles Ltd on Tuesday resolved to postpone appointment of a director in place of Priyamvada Birla, who passed away recently, to a later date. Mr S.K. Birla, Director of Century Textiles, who chaired the company's ... More

Kirloskar Brothers to supply pumps to Africa
KIRLOSKAR Brothers Ltd, manufacturers of pumps and valves, has initiated a `Focus Africa' programme with country-specific export strategies. The company is also exploring new markets in the West Indian, North American and ASEAN countries, Mr ... More

Essar Constructions bags TN pipeline contract
ESSAR Constructions Ltd, along with Stroytransgaz of Russia, has bagged the 683-km, Chennai-Tiruchi-Madurai product pipeline for Indian Oil Corportation Ltd (IOC). According to a company release here on Tuesday, the Essar-Stroytransgaz combine is ... More

CORPORATE DISPUTES
What Priyamvada's will says
ADDING a fresh twist to the entire will episode, one of the three attesting witnesses to the last will and testament of Priyamvada Birla, widow of late M.P. Birla, Mr P.L. Agarwal today petitioned the Calcutta High Court stating that he was not ... More

Birla Corp board meet passes off smoothly
CONTRARY to the expectations, the Tuesday's board meeting of Birla Corporation Ltd, the flagship of the M.P. Birla Group, passed off smoothly and in a cordial atmosphere. The meeting was chaired by Mr R.S. Lodha, co-chairman of the company. ... More

Drama outside Birla Corp board room
IT was a throwback to the famous spat between ITC and BAT, complete with the shoving, shouting and even fisticuffs; and, attempts to avoid the media in a plush hotel. The Birla Corporation board meeting, which drew hordes of media personnel, ... More

Experts feel `unjust' removal of auditors can be challenged
COMPANY law experts are of the view that removal of a statutory external auditor who has just been re-appointed (at a properly constituted AGM), through a specially called extraordinary general meeting subsequently, though permissible under the ... More

Lodhas likely to seek court direction to check Birlas
WHILE the Birla family is determined to contest the grant of probate of the will of late Priyamvada Birla, the application for which has already been filed by Mr R.S. Lodha at the Calcutta High Court on Monday, informed court sources say that the ... More

OVERSEAS BORROWINGS
BPCL completes loan syndication
MUMBAI: Bharat Petroleum Corporation Ltd has raised external commercial borrowings of $107.50 million through an international syndication to part finance the company's refinery modernisation. ... More

COMPANY LAW
Lack of clarity on executive default law irks corporates
CAN a non-executive director of a company be considered as officer in default if the company fails to comply with the provisions of the Company Law? The question continues to trouble the corporate sector. Despite the law clearly specifying who ... More

Expert group set up to review Cos Act
AN expert group has been set up to examine the rationalisation of penalties and the provisions for compounding in the Companies Act, 1956, and to suggest penalties corresponding to the gravity of offences. The Minister of Company Affairs ... More

MERGERS & ACQUISITIONS
Jindal Stainless makes $32-m buy in Indonesia
JINDAL Stainless Ltd on Tuesday announced the setting up of its first wholly-owned subsidiary, PT Jindal Stainless Indonesia, and the subsequent acquisition of a running 50,000-tonne stainless steel cold rolling mill from PT Maspion Stainless ... More

Marico may buy out partner's stake in Kaya Skin Care
MARICO Industries is expected to buy out the stake of its partner, the New Jersey-based Adil & Associates, in its joint venture company Kaya Skin Care Ltd. Mr Harsh Mariwala, Chairman & MD, Kaya Skin Clinic, told Business Line, "We are ... More

NEW PROJECTS
Jay Bharat plans facility for Maruti's new model
HAVING successfully completed the supply of fuel neck and real axle for Maruti Udyog Ltd (MUL) vehicles during last fiscal, Jay Bharat Maruti Ltd (JBML), the Rs 422-crore manufacturer of components for automotive applications, is now working ... More

IMFA Group's expansion likely next year
THE first phase of the Rs 600-crore expansion project of the Orissa-based IMFA Group is slated to go on stream in June 2005 with the commissioning of a 24-MVA furnace, work on which has just begun. The first phase envisages an investment of Rs 50 ... More

DIVERSIFICATION
Alkem Labs to foray into food processing
AFTER 31 years and a robust Rs 600-crore kitty in place from selling medicines in the domestic market, Alkem Laboratories Ltd is set to take its first steps in the business of food processing. It will be a major milestone after the company was ... More

OUTLOOK
Grasim aims 20% rise in textile exports post-MFA regime
THE Rs 250 crore-Grasim Suiting is looking at a 20 per cent jump in export volumes following the phase-out of the quota regime from January 2005. "There will be a big boom in textiles post-MFA (Multi-Fibre Agreement). We are expecting a 20 per ... More

PERFORMANCE
Haldia Petro posts maiden profit
RIDING on its maiden net profit of around Rs 100 crore, Haldia Petrochemicals Ltd (HPL) is roping in Mr Ratan Tata and Mr Jamshyd Godrej into its board. This is considered to be a first step towards the company's initial public offer ... More

ECONOMIC OFFENCES
Ministry team set to submit findings on Daewoo India
A HIGH-POWER Ministry of Company Affairs (MCA) team examining the investigation report of the Serious Fraud Investigation Office (SFIO) on Daewoo Motors India Ltd is to submit its findings shortly. SFIO had submitted its report to the Ministry ... More

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