Pentamedia acquires Improvision Corp
Chennai: Pentamedia Graphics Ltd. has acquired US-based Improvision Corporation, in an all-stock deal. Pentamedia has issued 3.3 million Global Depository Receipts (GDRs) at the rate of $6 per underlying equity share, for a total consideration of US $19.8 million for 100 per cent of Improvision Corporation.

Improvision Corporation a California-based movie production company, incorporated in 1997, has completed production of one animated feature film known as "Sinbad - Beyond the Veil of Mists" which was released in theatres in the US in January 2000. It has also acquired the rights to produce one additional animated film, "The sequel - Sinbad" and two live action films: "Access Denied" and "Sherlock and Jack".

Pentamedia says the acquisition will entitle it to own the contents, digital assets and other tangible and intangibles of Improvision. The acquisition will help to strengthen Pentamedia’s pre-production and post-production base.
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JCT set to hive off fibre unit
Mumbai: JCT board of directors is to consider on February 26 a proposal for calling an extra ordinary general meeting of its shareholders to seek their approval to hive off its fibre unit to its subsidiary. The move to restructure its business operations and financial liabilities has found favour with financial institutions and banks, the company has said in a notice sent to the Bombay Stock Exchange (BSE).

The EGM is also expected to consider issue of fresh capital or securities and reduction in the equity capital.
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Sebi nominees to exit from SE boards
Mumbai: The Securities and Exchange Board of India (Sebi) is planning to pull out its nominees from the boards of stock exchanges as it wants them to function as self-regulatory organisations (SROs). The regulator having already put in place various measures to improve transparency in the functioning of exchanges will start pulling its nominees as their activities have been coming down.

At present, most of the leading stock exchange boards have a 50:50 composition of elected and non-elected directors, which includes Sebi nominees and pubic representatives. Major exchange boards have 17 representatives with three Sebi nominees and five public representatives, besides the executive director and elected directors from the broking community. The government is also believed to be in favour of the move as Sebi's role is to regulate without directly getting involved with the decision making of the bourses.
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