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, as it will change the ownership of India’s Hitachi Home & Life Solutions (India), a 74.25% subsidiary of Hitachi Group. Its share rose by 20% on Thursday, as investors are jumping in, to make a quick buck in open offer. If the transaction does necessitate an open offer, there are exemptions available depending on the structure of the transaction, the offer price will determine if shareholders get a windfall. Continue Reading →
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UB Engineering: the queer case of a company with no board
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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…”
Filed under: Companies, Quick News, Companies Disclosures, Kingfisher Airlines, UB
Bharti Airtel to transfer data centre business to Nxtra Data for Rs 177 crore
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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.
Filed under: Companies, Quick News, Telecom, Bharti Airtel
Govt hikes gold and silver duties
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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.
Filed under: Companies, Quick News, Custom Duty, Gold, Silver
M&M to take over trucks from Mahindra Trucks and Buses
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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 .
Filed under: Companies, Quick News, Commercial Vehicles, Light commercial vehicle, M&A, Mahindra & Mahindra
Asian Paints buys 51% in kitchen company Sleek for Rs 120 crore
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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.
Filed under: Companies, Quick News, Asian Paints, M&A, Sleek
India’s automobile sales for the month of July 2013
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Bajaj Auto
Bajaj Auto’s sales disappointed in July too, as dull demand conditions and a strike at its Chakan plant appear to be hurting sales. Compared to June, its motorcycle sales have not declined by much but its CV-segment sales have fallen sharply. Domestic has done better compared to exports, over a year ago.
Filed under: Automobiles, Companies, Quick News, CAR, Commercial Vehicles
Pipavav Defence to raise $150 million on LSE
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Pipavav Defence and Offshore Engineering plans to raise $150 million U.S. dollars (roughly Rs 892 crore) by listing on the London Stock Exchange (LSE) by October 2013, the company said. The capital raised will be invested in two subsidiaries and will also go towards reducing the company’s overall debt.
Filed under: Companies, Quick News, Shipping & Logistics, fund raising, Pipavav Defence
Special pension for DLF directors: golden handshake a precursor to top deck shuffle?
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Real estate major DLF is asking its shareholders permission to set up a special pension scheme for its directors. The company said that while it is allowed to set up pension schemes for its employees in general, it wants to set up a specific limited pension scheme targeted at its directors who are retiring.
Filed under: Companies, Quick News, Directors, DLF
Blue Dart Express’ June quarter operating profit down by 15.8%
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Courier company Blue Dart Express, a DHL group company, reported a rather dull set of numbers for the June quarter.
The company’s sales rose by 5.4% to Rs 453.2 crore, a figure that includes a fuel surcharge component linked to market-based prices.