Business News, Financial News, Analysis, Commentary, Views, Opinion
US-based Johnson Controls and Japan’s Hitachi Appliances have formalised their agreement to form a joint venture that will acquire Hitachi Appliances’ global air-conditioning business. The deal was announced in December 2013 and was to have started operations in 2014, but its closure has stretched all the way till 2015. This transaction has a local effect, […]
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Fulford (India)’s parent Dashtag, a subsidiary of Merck & Co. has postponed its delisting plans, a decision it has attributed to a sharp rise in Fulford’s share. But a reference to Sebi’s decision to amend the delisting regulations indicates some influence from that side as well. Shareholders reacted with dismay, sending the stock down by 20%on […]
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The relationship between Diageo-controlled United Spirits and the UB group has taken a curious turn. A company meeting called last week to put to vote a number of related material party transactions, saw minority shareholders vote against all UB group-related transactions except for one. Link. In another development, shareholders rejected a postal ballot for a related […]
Continue ReadingThe new Bharatiya Janata Party government in Rajasthan was first off the reform block. Its move to liberalise the state’s labour laws is targeted at attracting more investments by projecting an employer-friendly image. Of course, labour is just one of the factors for investing in a state, along with others such as ease of doing business and getting approvals, transparent policies and infrastructure.
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UB Engineering does not have a board any more as the company announced that its two remaining directors have resigned too. On Thursday, the Vijay Mallya-group engineering company said that Alfred Tuinman, executive director (commercial), had resigned with effect from April 3, 2014. That leaves only one director on board, the managing director JK Sardana. “Under these exceptional circumstances, when there is no Board the Company is unable to convene a Board Meeting…”
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State Bank of India has got government approval to raise equity capital Rs 11,576 crore in equity capital. SBI said that it will raise Rs 2,000 crore by way of a preferential equity issue to the government, which is its main shareholder, and also raise Rs 9,576 through a qualified institutional placement. The government’s approval is subject to its stake in the company not falling below 58%, from the current level of 62.3%.
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Bharti Airtel is seeking permission from its shareholders to transfer its data center and managed services (DCMS) business to a subsidiary company. The company’s board had given its permission for the transfer in July.
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The Indian government took yet another step to limit the imports of gold and silver, to counter the country’s widening current account deficit. Gold is an asset that may be viewed as being unproductive by some but Indians have traditionally viewed them as a safe investment and a coveted accessory. That has created a headache for India as the imports of precious metals is putting a big burden on the economy.
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Mahindra and Mahindra (M&M) is planning to take over the trucks business of its subsidiary Mahindra Trucks & Buses. The business will be transferred to M&M through a scheme of arrangement, after being approved by M&M’s board .
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Asian Paints had announced in March that it plans to acquire a 51% stake in privately-held Sleek International but had not disclosed the consideration. It had said it will do a due diligence exercise before finishing the deal. That seems to have gone off well, as it has said it will be investing Rs 120 crore in two instalments, by August 10, 2013.
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