The Hindu Business Line : Thursday, September 29, 2005

GAIL asks Govt to appoint 6 more independent directors
APPREHENDING possible delisting if it fails to meet the December 31 deadline for complying with the corporate governance norms prescribed by the capital market regulator, GAIL (India) has asked the Petroleum Ministry to take immediate steps to ... More

Ford's Fiesta to be launched in November
FORD India has decided to import a well-established brand name from the Ford stable - Fiesta - for the premium, mid-sized sedan that it will launch in November. The Fiesta - essentially a hatchback - was launched by Ford Motor ... More

ONGC to get Russian help for coal gasification
AN expert team from Russia will be arriving in India next month to help Oil and Natural Gas Corporation (ONGC) in pursuing its coal gasification efforts. Dr A.K. Balyan, Director (Human Resources Development) of ONGC, told Business Line ... More

ITC seeks Rs 200-cr carbon credits
ITC Ltd is seeking carbon credits for its massive farm forestation programme, and expects about Rs 200 crore over the next 10 years. But the company will not (cannot) keep the money — it will go to the tribals who own the land. ITC, which ... More

Ocimum Biosolutions to take part in GeneClip programme
OCIMUM Biosolutions, a life sciences research and development (R&D)company, will participate in the Affymetrix GeneChip-compatible applications programme. The programme, driven by Affymetrix, a US-based player in GeneChip micro-arrays, ... More

Nizam Sugars dividend to Govt
HYDERABAD: The Nizam Deccan Sugars Ltd on Wednesday paid around Rs 1 crore as dividend to the Andhra Pradesh Government. The Nizam Deccan Sugars officials presented a cheque to the Chief Minister, Dr Y.S. Rajasekhara Reddy, in lieu ... More

ACCOUNTING STANDARDS

Harmony in the works
Mohan R. Lavi on the ongoing efforts at converging accounting standards More

CORPORATE DISPUTES

CLB asks Bengal Govt, TCG to settle Haldia Petrochem dispute
THE Principal Bench of the Company Law Board (CLB) on Wednesday has asked The Chatterjee Group (TCG), one of the major stakeholders in Haldia Petrochemicals Ltd (HPL), West Bengal Government, and the West Bengal Industrial Development Corporation ... More

OVERSEAS BORROWINGS

Usha Martin's $25-m GDR issue approved
AT an extraordinary general meeting of the company held here today, shareholders of Usha Martin Ltd approved the issue of GDRs/FCCBs of up to $25 million (Rs 110 crore) along with a green shoe option of 20 per cent and a preferential issue of ... More

COURTS/LEGAL ISSUES

Mukta Arts moves HC against CLB order
MUKTA Arts Ltd has approached the Bombay High Court against the Company Law Board (CLB) order, which allows the Government to further investigate into the affairs of the company regarding irregularities and violations of the Companies Act. In ... More

MERGERS & ACQUISITIONS

Indian Rayon stake in Idea Cellular rises to 20.74 pc
INDIAN Rayon said on Wednesday that it has acquired 371.8 million equity shares in Idea Cellular for $150 million from Cingular Wireless of the US. This represents 16.45 per cent of Idea's paid-up equity. Earlier, the Tatas and the A.V. Birla ... More

Escorts sells equity in heart institute to Fortis for Rs 585 cr
"The deal would allow Escorts to restructure debt and provide the requisite liquidity to turn around the business," Mr Nanda said. More

NEW PROJECTS

LG India plans Rs 900-cr investment
LG Electronics India (P) Ltd (LGEIL), a wholly owned subsidiary of LG Electronics, plans to invest Rs 900 crore at its Ranjangaon (Pune) plant cumulatively by 2008. The plant, which has been operational since October last year, will have ... More

Coca-Cola can't tap ground water, says Jayalalithaa
Coca-Cola has to get its water only through SIPCOT. More

Solar photo-voltaic project in Bengal
ENVIRON Energy-Tech Service Ltd, the major solar photo-voltaic solution provider for electrification in the eastern region, is in the process of setting up a large solar photo-voltaic (PV) module manufacturing unit in collaboration with a US ... More

VENTURE CAPITAL

Dr Reddy's forms drug development firm to reduce research risks
DR REDDY'S Laboratories has roped in leading venture capital investors to support risk-ridden drug research initiatives. To fast-track drug development, the Hyderabad-based Dr Reddy's Lab has formed an integrated drug development company ... More

RIGHTS ISSUE

HBL Nife Power plans rights, preferential issues
THE board of directors of HBL Nife Power Systems Ltd, at its meeting held on Tuesday, has decided to go in for issue of fresh equity shares on preferential allotment as well as rights basis. The board cleared a resolution to issue and allot ... More

OUTLOOK

Lanka IOC's expansion plans hinge on payment of subsidy bill
Lanka IOC, the only private sector operator in the retail fuel market in Sri Lanka, controls 32 per cent of the country's retail market through 170 fuel outlets. Kolkata, Sept. 28 LANKA IOC is expecting payment of a ... More

GAIL to bear Rs 167-cr subsidy burden for Q2
GAIL (India) Ltd will bear a subsidy burden of Rs 167 crore for the second quarter of 2005-06 on sale of cooking gas and kerosene by oil marketing companies, the Chairman and Managing Director, Mr Proshanto Banerjee, said. GAIL's share in the ... More

MFL optimistic on getting LNG from Iran
INDIA may have broken Iran's heart but that does not mean all links are cut and liquefied natural gas (LNG) could well come to India, according to a nominee of an Iranian promoter company on the board of Madras Fertilizers Ltd (MFL). He was ... More

PERFORMANCE

High prices hit Shell Hazira plans to sign new customers
SIX months after it became operational, the liquefied natural gas (LNG) terminal of Shell at Hazira is yet to sign on new customers and has received only two consignments of gas. Shell has been selling limited quantities of gas to Gujarat ... More

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