The Hindu Business Line : Thursday, December 29, 2005

GAIL's rig reaches drill site in Bay of Bengal
GAIL (India) Ltd today said that its drilling rig "Ekha" had reached the drill site for its first well in Block-26 in the Bay of Bengal. The block had been awarded to GAIL-Gazprom consortium in the NELP-I round. According to a company ... More

IOC board okays offloading stake in ONGC, GAIL
THE board of Indian Oil Corporation Ltd today approved offloading the equity investment of the company in Oil and Natural Gas Corporation Ltd (ONGC) and GAIL (India) Ltd. Sources told Business Line that the IndianOil board has approved ... More

Man Ind bags GAIL order
MUMBAI: Man Industries (India) Ltd has informed the BSE that the company has received an order from GAIL (India) for supply of coated line pipes valued at Rs 163 crore. The company had recently announced that it has appointed ICICI ... More

CORPORATE DISPUTES

Arbitrator may assess UB Group's damage claim in light rail project — Rs 15 cr sought as compensation
THE Karnataka Government is expected to appoint an arbitrator for resolving the claim from the UB Group for scrapping its ELRTS (Elevated Light Rail Transit System) project. Sources in the UB Group told Business Line that the move comes ... More

COMPANY LAW

FICCI proposals to Ministry on limited liability partnerships law
THE Federation of Indian Chamber of Commerce and Industry has suggested some points to the Ministry of Company Affairs for setting up Limited Liability Partnerships (LLP) in the country. The chamber said that it would be necessary to align LLP ... More

INSIGHT

Clause 49: Are we there yet?
Kshama V. Kaushik and Kaushik Dutta think that the Anglo-Saxon model of governance is unlikely to work and that an Asian way is needed More

Can Indian corporate management mature?
THE prevalent holiday season all over the world prompts one to ask whether Indian managers ever take regular breaks at all. Or, are they always chasing deadlines, driving themselves to the point of taking sick leave? One wonders whether given ... More

ENVIRONMENT

JK Lakshmi gets eco certification
NEW DELHI: JK Lakshmi Cement Ltd, the cement division of JK Organisation, has been awarded the Three Leaves Award for environmental performance by the Green Rating Project (GRP) of Centre for Science and Environment. In a study, GRP ... More

HUMAN RESOURCES

Cos looking at talents from rural areas, non-metros: Survey
A STRONG hiring trend at the back of steady economic growth since last year has indicated production and marketing functions seeking more recruitment during the six-month period between November 2005 and April 2006. A new trend of companies also ... More

MERGERS & ACQUISITIONS

SAIL favours mega merger of steel PSUs — `A single entity is the need of the hour'
STEEL Authority of India Ltd (SAIL), for the first time, has favoured the proposed mega merger of steel-related public sector units, including the Vishakapatnam-based Rashtriya Ispat Nigam Ltd (RINL). Addressing a press conference here on ... More

Reliance Capital, Reliance Energy boards to meet on group cos' mergers
THE board of directors of Reliance Capital Ltd will meet on January 2 to consider amalgamation of Reliance Capital Ventures with itself. On January 3 the board of directors of Reliance Energy too will meet to consider a proposal for the ... More

IOC-IBP swap ratio revised to 110:100
Earlier, the boards of the two companies had approved a swap ratio of 125 shares of IndianOil for every 100 IBP shares More

CORPORATE GOVERNANCE

Clause 49: Stock exchanges to stick to Dec 31 deadline
STOCK exchanges today said that companies would have to comply with the Clause 49 of the Listing Agreement relating to the appointment of independent directors on their boards from January 1. The BSE and the NSE said that all listed companies ... More

NEW PROJECTS

Teva inaugurates R&D facility in Noida — Plans tie-ups with Indian cos for clinical research
THE world's largest generic company, Teva Pharmaceutical Industries Ltd, is stepping up its presence in India. Besides setting up a new research and development (R&D) centre here, it is also planning to enter into partnerships with Indian ... More

Visaka trial production at new unit
HYDERABAD: The city-based Visaka Industries Ltd on Wednesday announced the start of trial production at its Rai Bareilly unit. The commercial production is all set to begin at the unit, which manufactures fibre cement sheets, with a ... More

TRADE & LABOUR UNIONS

In protest
A child waves a flag at a protest meeting organised by the Coal Mines Workers Union in front of Coal India Ltd's head office in Kolkata on Wednesday. The union has submitted a list of demands to the CIL Chairman. ... More

ALLIANCES & JOINT VENTURES

Bajaj Auto tie-up with Union Bank
MUMBAI: Bajaj Auto Ltd (BAL) on Wednesday announced a strategic national tie-up with Union Bank of India (UBI) to offer loans for its 2-wheeler customers. According to an official statement, the tie-up will enable customers to avail ... More

EVENTS

Hero Mindmine meet to be held in Delhi
HERO Group's flagship summit, Mindmine Summit 2006, is scheduled to be held in the Capital in January. The two-day summit titled `Emerging business challenges: Search for winning responses' marks the first of a series of leadership conferences ... More

OUTLOOK

BPCL plans to book profits through oil bonds issue
BPCL is looking at booking profits in the third quarter through the issue of oil bonds. Company sources confirmed that BPCL would end the quarter recording losses from operations primarily on account of sale of subsidised LPG and ... More

PERFORMANCE

Ford India posts reduced net loss in 2004-05
FORD India Pvt Ltd has reported a reduced net loss on a higher sales during the year ended March 31, 2005 when compared to the previous year. It sold 18 per cent more vehicles during the year while sales, net of excise, were up 21 per cent over ... More

STC pays Rs 8.2-cr dividend to Govt
BUOYED by the confidence of surpassing the full year turnover and profit targets set out in the memorandum of understanding (MoU) for the current fiscal, State Trading Corporation (STC) today announced 15 per cent interim dividend to the ... More

PEOPLE

Govt yet to clear names of new MDs for 3 SAIL plants
Once the Steel Ministry clears the names, the matter will go to the Appointments Committee of the Cabinet for final approval. More

Madhucon Independent Director
HYDERABAD: Madhucon Projects Ltd has coopted and appointed Mr C. Ramachandraiah, FCA, member of Rajya Sabha as Independent Director on its Board from Wednesday. Mr P. Madhava Rao, advocate and Mr C. Venkateswara Rao, CMD of Image ... More

Jaypee Hotels' new Chairman
NEW DELHI: Jaypee Hotels Ltd (JHL) has appointed Mr Sunil Sharma as the Chairman of the company. Mr Sharma replaces Mr Jaiprakash Gaur, the Chairman of the Jaypee Group, who has stepped down as the chairman of the company. At present ... More

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