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Financial institutions force poll on
Shaw Wallace
Calcutta: Financial institutions, which hold over 26 per cent of liquor giant, Shaw
Wallace, today blocked two resolutions from being passed at the 53rd annual
general meeting of the company. The institutions called for a poll on the passing of the
accounts of the company and the resolution seeking to appoint NRI chairman, Manu Chhabria,
as lifetime non-retiring director of the company. The results of the polls will be
announced on March 31.
However, despite the poll
being forced on the company, observers believe that both the resolutions will be passed
since the financial institution does not hold a significant shareholding.
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Bihar
government slaps notice on Tata Steel
Jamshedpur: The East Singhbum administration of the Bihar government has slapped a
warrant for attachment of property against steel company, Tata Steel. The company which
virtually runs the city of Jamshedpur, is said to have collected revenue to the tune of
Rs. 12.23 crore from shops and business establishments in the city for a period from 1956
to 1984. This amount, alongwith interest that the company has agreed to pay on the delayed
payments, now totals Rs. 16.14 crore.
The company had approached the high court to seek
relief in the case, but lost its case when the high court ruled that the company does not
have any merit in the case and directed it to pay the amount with interest to the district
administration.
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Nicholas
Piramal plans ADR issue of $100m
Mumbai: The board of directors of pharma major, Nicholas Piramal, today approved the
plans to raise capital by way of issue of American Depository Receipts (ADRs) for a total
value of $100m. The company plans to use the funds for research and development, besides
acquisitions and special projects.
Nicholas Piramal, which is already conducting advanced
trials on an anti-cancer drug, has five major discovery products udnerway, with an
additional four discovery products in the pipeline. The company, which became the only
Indian pharma company to become a member of the Massachusetts Institute of
Technology’s industrial liaison program, plans to market these new products in the
domestic and international markets.
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US travel
company takes stake in Indtravels
Mumbai: Following the footsteps on Swiss travel major, a US-based travel company,
Carlson Wagonlit Travels, has taken a 50 per cent stake in Indtravels, a subsidiary of AFL
Limited owned by Cyrus Guzder. With this stake, a long relationship, which saw Indtravels
exclusively represent Carlson Wagonlit in India, now stands cemented.
According to Mr. Guzder, the era of travel companies
positioning themselves as mere travel agents is over and the new global arena calls for
such alliances and joint ventures.
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AIG to take
stake in LG Soft India
Bangalore: US insurance major, American Insurance Group (AIG), today announced that it
was investing upto Rs. 700 crore in a phased manner to take a 25 per cent stake in the
Indian software arm of the Korean chaebol, LG Soft India. The acquisition, which
began by AIG taking a seven per cent stake in the company, will be completed to 25 per
cent by the year 2001.
The funds got in through the insurance company will be
used by LG Soft largely for three new projects in the areas of e-commerce, voice over
internet protocol and wireless applications, besides scouting around for other software
acquisitions.
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Sterlite
completes take-over of India Foils
Calcutta: Sterlite Industries, the seventh largest aluminum company in the world, has
completed the take over of the ailing India Foils Limited, through its subsidiary Madras
Aluminum Company. The board of directors of India Foils yesterday allotted shares to
Malco, which will allow it to have a 55 per cent controlling interest in India Foils.
The board of India Foils was also reconstituted today,
with all its members – who were nominees of the Khaitan family that controlled India
Foils – except Mr. A. Khaitan, Mr. D. Basu (ICICI nominee) and Mr. Amit Ray, managing
director, resigning from the board. Their places were taken by the new nominees of the
Sterlite group, Mr. Naveen Agarwal, Mr. Tarun Jain, Mr. S.C. Krishnan and Mr. Agnivesh
Agarwal.
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Ranbaxy
joint venture launches new insulin device
New Delhi: Eli Lilly Ranbaxy, a joint venture between US-based Eli Lilly and Ranbaxy
Laboratories, today launched a new ergonomically designed, reusable insulin delivery
device called HumaPen. The pen will provide insulin users with an easy and convenient way
of injecting Lilly's Huminsulin (Human insulin, recombinant DNA origin), including the
fast acting insulin analog, Humalog (insulin lispro, recombinant DNA origin).
The pen, which has met the draft ISO standards for
dose accuracy and functionality, can last upto three to four years, depending on how it
has been handled. It provides users with an easy to use and convenient way to inject
insulin that will help them control their diabetes and avoid the complications often
associated with the disease, a company release claimed.
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