Companies Disclosures Archives

UB Engineering: the queer case of a company with no board

May 22, 2014August 20, 2014Editor

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…”

FDA sidewinder hits Caraco, Sun Pharma suffers collateral damage

June 26, 2009August 20, 2014Editor

Caraco Pharmaceutical Laboratories, a 74% subsidiary of Sun Pharmaceutical Industries, has come under fire from the FDA. American enforcement officials raided Caraco’s plants, seized medicines and ingredients used in their production. The seizure has been attributed to Caraco’s continued failure to meet cGMP norms (current good manufacturing practices). The FDA had warned Caraco in October 2008 and had given it time to rectify the deficiencies.

Oil PSUs to spend 2% of net profit on CSR

February 3, 2009August 20, 2014Editor

The petroleum ministry announced that public sector units in the oil sector –like Gail, HPCL, ONGC, BPCL and IndianOil- have resolved to spend at least 2% of their net profits on corporate social responsibility projects. There was a joint meeting of the Minister for Petroleum & Natural Gas, Murli Deora, chairmen of oil PSUs and the petroleum secretary, RS Pandey.

Wipro barred from World Bank contracts

January 12, 2009August 20, 2014Editor

“Wipro discloses vendor status with World Bank”. That’s the headline of the release issued to the Bombay Stock Exchange. But for Satyam’s run-in with the World Bank, few would have opened the attachment. Its contents are a shocker The World Bank has declared Wipro ‘ineligible’, in June 2007, to bid for direct contracts for four years ending in 2011. Ineligible is a mild term for a ban, which is what it is. Wipro’s disclosure shows a can of worms waiting to be prised open in several parts of corporate India.

Satyam’s shocking admission: revenues, profits and cash inflated

January 7, 2009August 20, 2014Editor

Satyam Computer Services is staring at a big hole in its books, due to falsification of accounts over a number of years, by its promoters. Even as the seriousness and extent of the problem will emerge over the next few weeks, the company could even be staring at bankruptcy, unless a quick bailout is arranged.

Satyam postpones buyback meeting, bigger restructuring planned

December 29, 2008August 20, 2014Editor

Software services provider Satyam Computers has postponed today’s board meeting to consider a buyback. Its chairman, B. Ramalinga Raju said that considering the questions that have been raised in the past two weeks, the need for them to be properly addressed and considering the interests of stakeholders, the company is broadening the scope of deliberations beyond a buyback.

HDFC Bank settles with Sebi in IPO case

December 26, 2008August 20, 2014Editor

Sebi has issued a consent order, accepting HDFC Bank’s application to settle the case filed against it in the IPO scam. It has paid Rs 1 lakh as part of the consent procedure. The Sebi order says that it had launched an investigation into share dealings in shares issued through IPOs during 2003-05.

What made the US FDA issue a warning letter to Sun Pharma’s subsidiary Caraco?

December 12, 2008August 20, 2014Editor

The US FDA had issued a warning letter to Sun Pharma’s subsidiary Caraco Pharmaceutical Laboratories on Oct 31, 2008. The letter is now available on the FDA site detailing the reasons why the warning was issued. It points out deviations from current Good Manufacturing Practice (CGMP) regulations for medicines. These deviations were detected in an inspection between May 1 to June 11 2008, and are mainly due to issues related to quality control.

India’s top companies under Sebi’s scrutiny

December 1, 2008August 20, 2014Editor

Being part of the BSE Sensex and the NSE Nifty is a privilege for a company, a sign that you have arrived. Apart from the snob value, it gives a relative boost to a company’s market capitalisation.

Reliance Power’s proposed bonus issue tries to mend fences with hurt investors

February 18, 2008August 20, 2014Editor

Reliance Power is attempting to win over dejected investors, who suffered losses after investing in the company’s public offer IPO, one which attracted unprecedented subscriptions. The company’s Board will meet next Sunday to decide on a proposal to issue bonus shares or otherwise compensate shareholders who applied in the IPO.