The Hindu Business Line : Friday, April 01, 2005

Benz Auto changes name to Focuz
THE Rs 200-crore Benz Automobiles Pvt Ltd, one of the leading automobile spare parts company and authorised dealers of Hero Honda and Tata Commercial vehicles, has changed its name to Focuz with the completion of 25 years of business in the ... More

Raymond to invest Rs 100 cr in denim
RAYMOND Ltd has said that it would be investing Rs 100 crore in augmenting its denim capacity by 10 million metres per annum. This would take Raymond's denim capacity to 40 million metres of denim per annum and position it as the largest player ... More

Mahanagar Gas to expand presence — Plans Rs 250-cr capex
MAHANAGAR Gas Ltd (MGL), a joint venture between British Gas and GAIL (India), plans to invest Rs 250 crore on expanding its presence in Maharashtra over the next two years. The company plans to focus in areas on Mumbai's outskirts and also ... More

OVERSEAS BORROWINGS

Natco allots shares to FCCB holders
NATCO Pharma Ltd has informed the stock exchanges that the committee constituted for the issue of foreign currency convertible bonds (FCCBs) and related matters met on Wednesday and allotted 1,08,272 equity shares to the FCCB holders who had ... More

ACCOUNTANCY

ICSI permits members to take up other activities
TO help Indian company secretaries compete with multinationals entering the country by offering single-window services to the corporate houses, the Central Council of Institute of Company Secretaries of India (ICSI) has amended the Regulation ... More

RESTRUCTURING

HC okays demerger of Suryalakshmi mills' yarn division
THE Andhra Pradesh High Court has approved the scheme of arrangement of demerger of Suryalakshmi Cotton Mills Ltd yarn division located at Mahabubnagar into Rajvir Industries Ltd. Accordingly, the company has filed certified copy of the court ... More

MERGERS & ACQUISITIONS

Ucal Fuel to buy AMTEC of US
UCAL Fuel Systems Ltd has decided to acquire AMTEC Precision Products Inc of the US for a consideration not exceeding $28 million (about Rs 125 crore). In a communication to the National Stock Exchange, it said that AMTEC is engaged mainly in ... More

Shareholders angry over BPCL-Kochi Refineries merger swap ratio
A SECTION of minority shareholders of Kochi Refineries Ltd, led by the Kochi Refineries Investors' Forum, is aggrieved over the declared swap ratio of 9:4 for the company's proposed merger with Bharat Petroleum Corporation Ltd. The swap ratio ... More

Opto Circuits to buy US co through GDR proceeds
OPTO Circuits (India) Ltd, a health monitoring products company, has decided to raise $20 million by issuing GDR, with a green shoe option to raise an additional $5 million. The money would be used for acquiring a US-based company manufacturing ... More

Steel Ministry to back SAIL for stake in Neelachal Ispat
STEEL Authority of India Ltd (SAIL) has expressed interest in picking up a stake in Neelachal Ispat Nigam Ltd (NINL). The move is backed by the Union Steel Ministry. A 1.1-million-tonne pig iron joint venture between MMTC and Orissa ... More

Goa Carbon to merge with Paradeep Carbons
MUMBAI: The board of directors of Goa Carbon Ltd has decided to merge Paradeep Carbons Ltd, a 100 per cent subsidiary with the company. Goa Carbons Ltd, a part of the Dempo group, has returned to the black after a spell of losses in the ... More

CORPORATE GOVERNANCE

`Good corporate governance is good business'
IF America saw the need to bring in the Sarbanes-Oxley Act, 2002, for corporate governance, it was not just about regulations and compliance but that good governance is good business, which is how PepsiCo Inc sees it, according to its President ... More

`Money spent on corporate governance compliance is investment'
COMPANIES should see cost of compliance with corporate governance norms as an investment in protecting the interests of stakeholders and not as an expenditure, Mr M. Damodaran, Chairman, SEBI, said today. Speaking to journalists on the ... More

REGULATORY BODIES & RULINGS

J&J sends interim response to FDA
JOHNSON & Johnson (J&J) has sent an interim response to the Maharashtra Food and Drug Administration (FDA) seeking more time to respond to the regulatory authority's concerns on J&J's oil for infants. This comes even as the FDA's 15-day More

Our contract manufacturer will respond to FDA notice: Wipro
WIPRO Ltd has announced that it has not received any notice from the Maharashtra Food and Drug Administration (FDA). However, one of its contract manufacturers for Wipro Baby Soft Baby Oil has received such a notice, the company announced in a ... More

SOCIETY & DEVELOPMENT

Tata gift for cancer research institute in AP
HYDERABAD: The Jamsetji Tata Trust has donated Rs 7.5 crore to the Indo-American Cancer Institute and Research Centre for establishing a Rs 2.5-crore bone marrow transplant unit and a Rs 3.7-crore linear accelerator. Mr R. K. Krishna ... More

RIGHTS ISSUE

GV Films proposes Rs 42-cr rights issue
GV Films Ltd proposes to issue shares on a rights basis to raise Rs 42 crore. Its board will meet on April 11 to consider this proposal. The proceeds from the proposed rights issue will be used to augment resources to implement its capital ... More

SICK UNITS

Pennar Profiles gets lenders' nod for OTS scheme
PENNAR Profiles Ltd has informed the stock exchanges that the secured lenders of the company have accepted the one-time settlement (OTS) arrangement proposed by the company. These lenders include IFCI, IDBI, ICICI, SBI and SBH. As per the OTS, ... More

PEOPLE

Sashi Kumar is Coal India chief
NEW DELHI: Mr Sashi Kumar, who was the Director (Marketing) of Coal India Ltd (CIL), has been appointed as the regular Chairman of the company. He will be assuming charge from Friday, Coal Ministry officials said. Mr Kumar has been ... More

O.P. Jindal killed in copter crash in UP
FROM bucket manufacturing to mega steel and power units, Mr Om Prakash Jindal, Chairman of the Jindal Group, had spent 40 unstinted years building an organisation of considerable repute and magnitude. His unfortunate demise on Thursday in a ... More