Bazaar Watch

Jindal Drilling - Press Release

2007-12-14T12:57:00.001-08:00

Jindal Drilling & Industries Ltd has issued following Press Release :

"Jindal Drilling & Industries Ltd (JDIL), Drilling arm of INR 3000 Crore D.P. Jindal Group is engaged in the business of Offshore Oil & Gas Drilling in India.

The Board has approved issuance of 1200000 No of New shares of Rs 10/- each to CitiGroup under preferential allotment route at a price of RS 1280/- per share, subject to the approval of Shareholders in the forthcoming EGM. This shall represent 10.47% of the post issued Equity Share Capital of the Company.

The total issue proceeds would be INR 153.60 Crores, which the Company proposes to use for General Corporate Purposes including present and future capex programme and for its ongoing and future business commitments / Plans."

Monnet Ispat - Updates

2007-12-14T12:56:00.001-08:00

Monnet Ispat Ltd has informed BSE that the Company has increased the paid-up equity share capital by making an allotment of 849723 equity shares of Rs 10/- each comprising of 571476 Equity Shares allotted upon conversion of 620 FCCBs due 2010 and 278247 Equity Shares allotted upon conversion of 20 FCCBs due 2011.

Kanoria Chemicals fixes Record Date for sub-division & bonus issue

2007-12-14T12:55:00.000-08:00

Kanoria Chemicals & Industries Ltd has informed BSE that January 07, 2008 has been fixed as the Record Date for the purpose of Sub-division of Face value of Equity Shares of the Company from existing Rs 10/- to Rs 5/- and also for the entitlement of Bonus Shares in the proportion of one fully paid up Equity Share of Rs 5/- for every two fully paid up Equity Shares of Rs 5/- held by the members of the Company.

Godrej Consumer - Grant of Options under ESOP

2007-12-14T12:54:00.000-08:00

Godrej Consumer Products Ltd has informed BSE that the Compensation Committee of the Board of Directors of the Company on December 11, 2007, approved the granting of 75,000 options to its eligible employees in terms of Godrej Consumer Products Ltd Employee Stock Option Plan (ESOP).

The aforesaid options ate granted out of shares purchased from the secondary market by an independent trust funded by the Company in terms of the special resolution passed by the shareholders on March 14, 2007.

The Options shall vest in the Option Grantees on December 10, 2010. Thereafter, the Option Grantees shall be entitled to exercise the options within a period of 2 years for converting the options granted into equity shares. The Exercise Price, i.e. the price payable by the Option Grantee for exercising the options granted to him will be Rs 140.85 (closing price of the equity share on NSE on December 10, 2007) + interest not being less than the bank rate prevailing at the time of exercising the options. Currently the interest chargeable is 10.25% p.a., and the same is subject to review by the Compensation Committee from time to time. The Options shall lapse if not exercised within the specified exercised period.

Indiaco Ventures - Board Meeting on Dec 20, 2007

2007-12-14T05:12:00.001-08:00

Indiaco Ventures Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on December 20, 2007, to transact the following:

1. Consider the Conversion of 11,00,000 Optionally Convertible Preference Shares issued to India Holdings, LLC into Equity Shares of Rs 10/- each which were allotted as follows:

- 290,000 Optionally Convertible Preference Shares of Rs 100/- each allotted on November 04, 2006;

- 810,000 Optionally Convertible Preference Shares of Rs 100/- each allotted on September 07, 2007.

2. Consider & approve issuance of Warrants convertible into equity shares of Rs 10/- each on a preferential basis to Promoters / Promoter Group Companies, subject to the approval of Shareholders and also in accordance with the provisions of the Companies Act, 1956 and all applicable Guidelines & Regulations as laid down by SEBI.

Gulshan Chemfill - Updates

2007-12-14T05:11:00.001-08:00

Gulshan Chemfill Ltd has informed BSE that the proposed Extra Ordinary General Meeting (EGM) of the members of the Company which is scheduled to be held on December 17, 2007, could not be held due to certain unavoidable reasons.

Hindusthan National - Updates

2007-12-14T05:10:00.002-08:00

Hindusthan National Glass & Industries Ltd has informed BSE that a petition under Section 391(2) and 394 of the Companies Act 1956 for confirmation of a proposed Scheme of Amalgamation and Reorganization of the Capital between the Company & Ace Glass Containers Ltd and their respective shareholders was taken up for hearing on November 22, 2007 and the said petition is fixed for hearing on January 07, 2008.

OCL India - Hon'ble High Court of Orissa, Cuttack approve Scheme of Arrangement

2007-12-14T05:10:00.001-08:00

OCL India Ltd has informed BSE that the Hon'ble High Court of Orissa, Cuttack vide its order dated November 27, 2007 has approved the Scheme of Arrangement ("Scheme") comprising:

(a) demerger of 'Steel Undertaking' of the Company into OCL Iron and Steel Ltd.

(b) demerger of 'Real Estate Undertaking' of the Company into Konark Minerals Ltd; and

(c) merger of Dalmia Cement (Meghalaya) Ltd into the Company.

Further, the Hon'ble Gauhati High Court vide its order dated October 15, 2007 has already approved the Scheme.

Reliance Communications - Allotment of Equity Shares on conversion of FCCBs

2007-12-14T05:09:00.001-08:00

Reliance Communications Ltd has informed BSE that the Allotment Committee of the Board of Directors of the Company has, pursuant to requests received from the holders of Zero Coupon Foreign Currency Convertible Bonds (FCCBs) of US$ 1,000 each, allotted 8,77,000 equity shares of Rs 5 each at a predetermined premium of Rs 475.68 per equity share on December 14, 2007.

The allotted equity shares as aforesaid shall rank pari passu in all respect with the existing equity shares of the Company and shall be entitled for full dividend, if declared for the financial year 2007-08.

Consequent upon the said allotment, the paid-up capital of the Company stands increased to 206,21,79,001 fully paid-up equity shares of Rs 5 each.

Deep Industries - Outcome of Committee Meeting

2007-12-14T05:08:00.000-08:00

Deep Industries Ltd has informed BSE that Mr. Paras Savla, Chairman & Managing Director of the Company has been appointed as a member of Grievances Redressal Committee with unanimous consent at the meeting of Committee held on November 08, 2007.

VSNL - Outcome of EGM

2007-12-14T05:07:00.001-08:00

Videsh Sanchar Nigam Ltd (VSNL) has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 14, 2007, inter alia, have unanimously approved the resolutions proposed in the Notice of the Meeting including the change of name of the Company to "Tata Communications Ltd", subject to obtaining of all other necessary approvals.

MRF Board recommends final dividend

2007-12-14T05:05:00.000-08:00

MRF Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 14, 2007, inter alia, has recommended a Final Dividend of 140% on the paid-up capital as on September 30, 2007. The Company has already declared and paid two interim dividends of 30% each for the above year, thus aggregating to a total dividend of 200% for the year.

Jain Studios - Limited Review for the quarter ended Sep 30, 2007

2007-12-14T05:04:00.002-08:00

Jain Studios Ltd has informed BSE that in the limited review report of the Company for the quarter ended September 30, 2007, the Auditors of the Company have made the following observations:

"1(a). In respect of Non-provision against shortfall in recovery (amount unascertainable) against overdue and other debts amounting to Rs 2065.37 lacs and loans and advance amounting to Rs 388.67 lacs, as the same has beer considered good and recoverable by the management and accounting of leased license fees amounting to Rs 120.00 lacs, which is pending necessary approvals, on accrual basis as per terms of agreement and accounting of certain enrollment fees & other incomes from operations pending receipt and Auditor's inability to comment on realisability / recoverability thereof.

1(b). In respect of Non confirmation / reconciliation and non availability of documents in
support and audit trail of balances of debtors, loans and advances, Sundry creditors and other current liabilities (including statutory dues), banks and income and expenditure accounted for during the quarter and contingent liabilities considered as ascertained by the management, consequential impact where of presently cannot be ascertained and the Auditor's inability to comment on correctness and completeness.

1(c) In respect of Transfer of Provident Fund amount payable of Rs 25.57 Lacs [upto March 31, 2007: Rs 27.00 lacs (net)) 'Social Security Fund A/c', based on management perception and in respect of non payment of certain statutory dues and non-filing of certain statutory returns / forms w.r.t. Employees State Insurance, Provident Fund, Tax Deducted at Source, Service Tax, Custom Duty, Fringe benefit Tax and others, and accounting of penalty, interest, etc. (amount unascertainable) and the auditors inability to comment thereon; and in respect of non-provision / payment of Service Tax and deduction of Tax at Source on certain provision / payments (amount unascertained).

1(d) In respect of recognition and carry over of deferred tax assts (net) amounting to Rs 554.53 lacs (net of deferred tax liability of Rs 259.68 lacs), based on management perception in respect of availability of sufficient taxable income in coming years against which such assets can be realized; in respect of MAT credit entitlement amounting to Rs 69.12 Lacs recognised and carried over based on management perception and the auditors inability to comment thereon. Further, provision for taxation including deferred tax has not been made as stated in thy footnote no 4 to accompanying financial results (impact unascertained).

1(e) In respect of management perception about recoverable amount of the fixed assets (Impairment of Assets: AS-28) of the company being more than carrying amount and the auditor's inability to comment thereon.

2. In respect of Internal Control system which needs to be further strengthened to be made the same commensurate with the size of the company and nature of its business for the expenditures and for sale of services and loans and advances".

Assam Petrochemicals - Updates

2007-12-14T05:04:00.001-08:00

Assam Petrochemicals Ltd has informed BSE that the Company has received a notice from a shareholder of his intention to propose the candidature of Dr. M N Borgohain as a Director in place of Shri. A H Goswami, Director due to retire by rotation at the ensuing Annual General Meeting to be held on December 28, 2007.

Info Drive - Press Release

2007-12-14T05:03:00.001-08:00

Info Drive Software Ltd has announced the successful 'go live' of its Islamic Banking implementation project for RHB Islamic Bank, a leading financial services institution in Kuala Lumpur, Malaysia.

The Company had, through its wholly owned subsidiary Bhari Information Technology Systems Sdn Bhd (Bitech), received a turnkey mandate from RHBIB, third largest bank in Malaysia with over 200 offices, to consult, design & implement the complete Islamic Banking Software Solution on an enterprise scale with a total value of RM 26.5 Million. This mandate is reckoned to be the single largest implementation project yet in the Islamic Banking segment.

Commenting on this significant milestone Bitech's Country Head - Mr. G Manoharan, has attributed the success to Bitech's expertise, proven program management practices and rapid resource mobilization combined with the Bank's approach in treating Bitech as a strategic business partner rather than as a mere systems integration vendor.

According to the World Islamic Banking Competitiveness report unveiled at the 14th World Islamic Banking Conference in Bahrain today, the Islamic banking segment is growing at a phenomenal rate and expected to have assets under management in excess of $1 trillion by 2010. This presents a huge opportunity for specialized service providers like the Company to achieve its ambitious growth plans by executing several turnkey projects in this uncontested market niche.

India Cements - Outcome of EGM

2007-12-14T05:02:00.002-08:00

India Cements Ltd has informed BSE that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on December 14, 2007, have approved the issuance in the form of Equity / Equity linked securities in Indian / foreign markets, including Qualified Institutional Placement for an amount not exceeding US$150 million, including premium.

Atlanta - Updates

2007-12-14T05:02:00.001-08:00

Atlanta Ltd has informed BSE that the Shreenath Builders, Partnership Firm in which the Company is a partner and having a stake of 51% has purchased a property named Olympic Cinema admeasuring 6988.89 sq. yards situated at Station Road, Jalori Gate, Jodhpur, Rajasthan from Adeshwar & Company at a purchase consideration of Rs 48,60,00,000 (Rupees forty Eight crores Sixty lacs) with the object to construct a Commercial Mall at the said property in the name and style of "ATLANTA V MALL".

Reliance Energy - Outcome of Board Meeting

2007-12-14T05:01:00.001-08:00

Reliance Energy Ltd has informed BSE that pursuant to conversion of the earlier series of its outstanding FCCBs, the Board of Directors of the Company at its adjourned meeting held on December 13, 2007 passed an enabling resolution approving in principle the issuance of Foreign Currency Convertible Bonds (FCCBs) in the international market, for an amount not exceeding Rs 5,000 crore, in such tranches and at such times, as may be decided by the Board from time to time, subject to relevant guidelines and approvals.

Nilkamal - Updates

2007-12-14T05:00:00.000-08:00

Nilkamal Ltd has informed BSE that in a landmark transaction towards creating shareholder value, the Company alongwith Bhoomi Realty India Pvt Ltd has entered into an agreement for sale of their shares in Nilkamal Bhoomi Developers Pvt Ltd for a total consideration of Rs 180 crores to India Blue Mountains Ltd (IBML).

Nilkamal Bhoomi Developers Pvt Ltd had acquired the property effectively in April 2007 for a total consideration of Rs 38 crores. This has been a highly value accretive deal for the Company, considering that within a span of less than eight months, the Company has garnered a gain of Rs 48.45 crores for its 50.01% stake. Besides the upfront gain from the transaction, the Company can now deploy the cash inflow of Rs 76.89 crores towards funding its expansion plans in the core operations of moulded plastic furniture, material handling business and its home solutions retail venture - @home.

Mr. Sharad Parekh, the Managing Director of the Company, has referred this as a major development towards its endeavour to create shareholder value and the proceeds from sale would also give boost in scaling up the existing operations. The core operations of the Company are on a strong growth path and the gains from sale of property would further enhance the pace of growth.

Metrochem Industries equity shareholders & creditors to approve Scheme of Arrangement

2007-12-14T04:59:00.001-08:00

Metrochem Industries Ltd has informed BSE that pursuant to the Order made by the Hon'ble High Court of Gujarat at Ahmedabad, separate meeting of the equity shareholders, secured creditors & unsecured creditors of the Company will be held on January 05, 2008, for the purpose of considering, and if thought fit, approving with or without modification, the arrangement embodied in Scheme of Arrangement between the Company and Baroda Textile Effects Ltd and their respective shareholders & creditors ("the Scheme").

Tutis Technologies - Updates

2007-12-13T09:33:00.001-08:00

Tutis Technologies Ltd has informed BSE that Basiz Fund Service Pvt Ltd (Basiz), a subsidiary of the Company has executed a term sheet with a very reputed International venture capital fund, which would invest USD 2 million in Basiz through the issue of Fully Convertible Cumulative Preference Shares. The commitment to invest in Basiz is subject to the signing of the definitive agreement.

Jaiprakash Associates - Board Meeting on Dec 14, 2007

2007-12-13T09:32:00.000-08:00

Jaiprakash Associates Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on December 14, 2007, inter alia, to consider the following:

1. Issue of warrants to Promoters / Promoters Group on preferential basis.

2. To raise funds for the Company through issue of Global Depository Receipts within the limits already approved by the shareholders of the Company in their Annual General Meeting held on August 30, 2007.

United Breweries - Allotment of equity shares

2007-12-13T09:31:00.004-08:00

United Breweries Holdings Ltd has informed BSE that in accordance with the Offering Circular dated December 03, 2007 for issue and allotment of equity shares for an aggregate amount not exceeding Rs 600 crores to Qualified Institutional Buyers under Chapter XIIIA of SEBI (Disclosure and Investor Protection) Guidelines, 2000, the offer was oversubscribed.

The Adhoc Committee of Director of the Company appointed for this purpose at its meeting held on December 13, 2007, has allotted the following:

a. 5,405,405 Equity of Rs 10/- each for Cash at a price of Rs 1,110/- per Equity Share ("Issue Price"). Aggregating in Rs 5,999,999,550 to the Qualified Institutional Buyers (QIBs), on Private Placement basis, as defined under Clause 2.2.2B(v) of Chapter XIII-A of the Securities & Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000.

b. 6,387,117 Warrants of Rs 10/- each at a premium of Rs 1,100/- aggregating to Rs 7,089,699,870/- crores to FirStart Inc., a member of the Promoter Group, on Preferential basis. The said warrants carry the option and right of conversion, to be executed by the holder thereof, of One warrant into One Equity Shares of Rs 10 each in the Capital of the Company at a premium of Rs 1,100 per equity share, the option being exercisable within a period not exceeding 18 months from the date of issue of the Warrants.

Consequent upon the allotment of 5,405,405 equity shares to Qualified Institutional Buyers, the total issued and paid up capital of the Company stands increased to Rs 648,473,030 divided into 64,847,303 equity shares of Rs 10/- each.

HB Stockholdings - Updates

2007-12-13T09:31:00.003-08:00

HB Stockholdings Ltd has informed BSE that the Company on December 12, 2007 has increased its stake in DCM Shriram Industries Ltd to 26,39,183 equity shares comprising 17.25% of it total equity through open market purchases.

Dover Securities - Board Meeting on Dec 15, 2007

2007-12-13T09:31:00.001-08:00

Dover Securities Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on December 15, 2007, inter alia, to consider and approve the following:

1. To raise money by way of Public Issue / Right Issue / Warrants / QIP Issue / GDR Issue of any instrument to the extent of Rs 50.00 crores

2. To authorise the Company to borrow money for its business purpose in excess of its paid-up capital and free reserves to the extent of Rs 225.00 crores.