Coal India in focus on plan to convert loans to BCCL into preference shares

The board of Coal India has approved to convert the loan and current account balance granted to BCCL, its 100% subsidiary aggregating to Rs 2539 crore into 5% non-convertible, redeemable cumulative preference shares as recommended by the Audit Committee of CIL on date. The board also approved to amend the memorandum of association and articles of association of BCCL to facilitate the above. This is however subject to the approval of shareholders of BCCL.

Colgate Palmolive (India) will conduct a postal ballot for obtaining approval of shareholders to sell the company's division, Global Shared Services Organisation (GSSO), including all employees, assets, liabilities, etc. to Colgate Global Business Services (CGBSPL), a 100% subsidiary of its ultimate holding company, Colgate-Palmolive Company, U.S.A (CP-USA).

Mahindra Lifespace Developers has acquired land parcels in Bangalore and Mumbai for the purpose of residential development. These two land parcels, together have a development potential of approximately 1 million square feet.

The board of Godrej Industries has approved the scheme of amalgamation of Swadeshi Detergents with the company. No shares are proposed to be issued pursuant to the scheme since Swadeshi Detergents is a wholly-owned subsidiary of Godrej Industries. The scheme is subject to approval of the Bombay High Court, and the shareholders and creditors, if any, of Swadeshi Detergents.

The board of Mahanagar Telephone Nigam (MTNL) has approved the proposal issue non-convertible debentures (in the form of bonds) worth Rs 3000 crore for a period of 10 years, guaranteed by the Government of India.

The board of Mahindra Satyam Computer Services extended the validity of the scheme of amalgamation of Venturbay Consultants, Mahindra Satyam, C&S Systems Technologies, Mahindra Logisoft Business Solutions and CanvasM Technologies with Tech Mahindra by a further period of six months i.e. upto 30 September 2013.

Amtek Auto said it sold 51% equity stake of total paid up equity share capital of its subsidiary companies, ARGL (formerly known as Amtek Ring Gears) and ACIL (formerly known as Amtek Crankshafts (India)). Consequent to the above sale of equity stake, ARGL and ACIL have ceased to be subsidiaries of Amtek Auto.

The board of Ahmednagar Forgings has decided to acquire the entire business of First Forge ('FFL') through a business transfer agreement for cash consideration. FFL is engaged in the business of manufacturing of forging components for auto and non auto industry.

HSIL has sold its entire stake in its wholly-owned subsidiary, AGI Glasspack. Accordingly AGI Glasspack ceased to be a subsidiary of HSIL with effect from 25 March 2013.

Torrent Power said it allotted 10.10% secured redeemable non-convertible debentures (NCDs) of upto Rs 300 crore vide Series 2A, Series 2B and Series 2C on private placement basis on 25 March 2013.

A2Z Maintenance & Engineering Services has transferred 18,138 equity shares of A2Z E Waste Management (A2Z E Waste), constituting 18.14% of total paid up equity share capital of A2Z E Waste to Sardana Recycling on 25 March 2013. Consequently, the company's holding has come down to 45.63% in the paid up equity share capital of A2Z E Waste.

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