 |
Saturday,
June 1, 2002, Chandigarh, India  
|
Govt warns Tatas of legal action
Four ITDC hotels sold for Rs 85 cr
CORPORATE NEWS
India has enough oil
for war Vanilla-flavoured chyawanprash soon |
|
|||||||||||||||||||||||||||||||
Gold, silver prices at
new high
Home Trade CEO
in CBI custody
|
|
Govt warns Tatas of legal action New Delhi, May 31 “Whatever is legally possible and permissible will be done”, Communication Minister Pramod Mahajan told newspersons here today. Questioning the business ethics of the Tata group of companies, Mr Mahajan said “this looks like a political decision”. The Tatas were recently handed over the management control of VSNL after the erstwhile public sector major was
disinvested through a bidding process. Mr Mahajan questioned the fairness of the decision and said “at least the government nominee should have been a part of Board subcommittee which considers investment proposals”. “I am requesting them to reverse the decision. If this is not
done then the government will do whatever is legally possible and permissible.......afterall the government is the government”, he said. “If legally permissible, I will block whatever is wrong”, Mr Mahajan added. “The issue is not asset stripping or cash stripping. It is the whole attitude of VSNL... Bombay House ( Tata Head office) are known for business ethics.... now is it ethical to take out Rs 1,200 crore within a month of investing Rs 1,500 crore”, the Minister questioned. “We expected the Tatas to strengthen VSNL but instead Tata Teleservices ( the group subsidiary in which VSNL has decided to invest) is being
strengthened which does not have any money. There is a game behind it”, he said The government’s strong reaction follows VSNL’s decision saying that it was well within the rights of the company to take the decision. The government as a shareholder could not prevent the technology major from taking the decision. VSNL had issued a strongly rejoinder in response to government nominee Rakesh Kumar’s claim that there was not complete unanimity among members of the Board on the decision. Kumar reportedly claimed that he had opposed the decision. In its rejoinder, VSNL said that there were no dissensions regarding the decision and was accepted by consensus. MD tightlipped
VSNL MD S.K. Gupta remained tightlipped after the government’s criticism and did not reply to the query if he would convene a Board meeting soon or if there could be a reconsideration of the decision. Though the government confronted the recently privatised telecom company the day it took the investment decision, VSNL rebutted the charges made by government nominee in the Board Rakesh Kumar that the decision was not unanimous and he was not given agenda a week in advance as is stipulated. Mahajan said the government nominee had opposed the decision which was wrong as the investment was sought to be made in a company which was yet to take off and whose economic viability was not known. |
|
Four ITDC hotels sold for Rs 85 cr New Delhi, May 31 The government also decided to offload 51 per cent equity to a strategic partner in loss-making Fertiliser and chemicals Travencore Ltd. Announcing the decision taken at the Cabinet
Committee of Disinvestment, Disinvestment Minister Arun Shourie said while bids for the ITDC’s loss making properties at Kovalam, Kolkata, Aurangabad and Manali were approved there was no taker for the hotel at Khajuraho. M Far Hotels bagged Kovalam Ashok Beach Resort for Rs 43.68 crore against the reserve price of Rs 41.7 crore while Airport Hotel at Kolkata went to Bright Enterprises for Rs 20.02 crore as against the reserve price of Rs 14.83 crore. Hotel Aurangabad Ashok and Hotel Manali Ashok were bagged by Lok Sangam Hotels and Resorts and Auto Impex Ltd, respectively, for Rs 17.40 crore (reserve price of Rs 15.05 crore) and Rs 4 crore (reserve price of Rs 1.91 crore). These four properties together had posted a loss of over Rs 11 crore on total sales of Rs 17.3 crore during 2001-02 and none of these hotels had an occupancy rate of more than 25 per cent, Shourie said, adding that by deciding to sell the hotels , the government was unlocking the funds. |
|
CORPORATE NEWS
Mumbai, May 31 The IPO comprising fresh issue of 33.60 lakh shares and an offer for sale of 6.01 lakh shares will open on June 5 and close on June 11, i-flex Chairman Rajesh Hukku told reporters today while launching the roadshow for the issue. i-flex has opted for 100 per cent book building method for efficient price discovery for equity shares. The company was planning to use Rs 170.61 crore from the IPO proceeds to set up new development centres in Bangalore and Mumbai while Rs 50 crore would be used for global marketing efforts, Hukku said. “Part of the resources will also be used to fund acquisitions in India and abroad. We are looking at companies in niches like fund transfer software to complement our strength”, he added. About 60 per cent portion of the IPO has been reserved for FIs and FIIs, 15 per cent for high networth individuals and 25 per cent will be for retail investors. JM Morgan Stanley is the lead manager while DSP Merrill Lynch, Salomon Smith Barney India, Kotak Mahindra are the co-book running lead managers. The shares are proposed to be listed on the NSE and BSE. The company posted a 15.2 per cent rise in the net profit at Rs 126.7 crore for the year ended March, 2002, compared to Rs 110.02 crore the previous year, Hukku said. The total income under review grew by 34.5 per cent at Rs 415.02 crore as against Rs 308.58 crore for 2000-01. i-flex had witnessed over 50 per cent compounded annual growth rate in its revenues, Hukku said, adding that about 60 per cent sales were contributed by products like flexcube suit.
Sun Pharma to pay 50 pc bonus
The Board of Directors of Sun Pharmaceuticals Industries at its meeting held on May 30, 2002, recommended payment of 50 per cent dividend (subject to tax) on the equity share capital of the company for the fiscal year ended March 31, 2002. The dividend will be paid after approval from shareholders, the company said today. The register of members and share transfer books of the company will be closed from August 23, 2002 to 28, 2002 (both days inclusive) for the purpose of payment of dividend and holding of 10th AGM. The Board further took on record the order of BIFR sanctioning the merger of M.J. Pharmaceuticals (MJPL) with the company after its restructuring from January 1, 2002 as per the scheme of rehabilitation of MJPL. The shareholders of MJPL will be entitled for allotment of one equity share of the company for every 210 equity shares of MJPL on merger of mjpl with the company. The company had also said that a Board Meeting of the company will be held on June 28, 2002, to consider recommendation of issue of bonus preference shares to the equity shareholders of the company.
PTI, UNI |
|
India has enough oil for war New Delhi, May 31 “We have enough supplies to face any eventuality. There will be any shortages”, Petroleum Minister Ram Naik told newspersons here today. “All tanks are full. There is no concern on stocks”, he said adding that India maintains 60-days supply of crude oil and petroleum products. While reserves of 45 days were maintained in storage terminals and pipelines, crude oil to meet requirement of 15 days were maintained for refineries. On the issue of the increasing prices of petrol and diesel, Mr Naik said that not decision has yet been taken. |
|
Vanilla-flavoured chyawanprash soon Chandigarh, May 31 This was disclosed here today by Mr Pradeep Srivastava, President of Mayar India Ltd, in an interview with TNS. He said vanilla beans were being imported to lend an enticing flavour to chyawanprash which was generally shunned by the kids because of its taste, despite the fact that it was highly nutritious and good for a growing child. “The product has been extensively tested over the past few months and the response has been encouraging,” he said. Mr Srivastava, who has earlier worked in senior positions at Dabur and Emami, is an MBA from Westminister University, London. Mayar India Ltd, a Rs 800-crore conglomerate with business interests in agricultural products, biotechnology and medicare, will shortly launch a gamut of ayurvedic products. Mayar’s range of products will include chyawanprash, toothpowder, amla hair oil, anti-stress capsules and a comprehensive kit on hair therapy etc. The products will be marketed in a phased manner with initial focus on Punjab, Madhya Pradesh, Uttar Pradesh, Bihar and Rajasthan. The company has earmarked about 10 per cent of its turnover for R & D facilities. |
|
Gold, silver prices at
new high
Mumbai, May 31 Standard mint and 10 tola gold biscuit zoomed by Rs 50 and Rs 650, respectively, while closing at Rs 5,435 per 10 gm and Rs 63,700 per 10 tola respectively. Traders attributed the strong bullish trend to the rally in London, New York and Asian bullion markets and the fresh wedding demand from local customers while, sellers remained inactive due to paucity of stocks, a leading trader said. At the London Bullion Market gold was being traded higher at $ 327/328 against its previous 325.50 per troy ounce.
UNI |
bb
naukri.com Can Fin rates Ketan bail plea Online FDs Exide outlet Syndicate Bank Price index Uco Bank IPO Nestle in dock |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
