Jaiprakash Associates in spotlight on plan to sell stake in JV units

Jaiprakash Associates said that its board will meet on 24 March 2014, to consider stake sale in joint venture (JV) subsidiaries.

Reliance lndustries (RIL) clarified in a statement that a political party has written to the Election Commission (EC) to keep on hold a bonafide decision of the Union Cabinet on gas pricing. The party has a history of ill-informed diatribe. It is thus important to examine established conventions in this regard. When the model code of conduct (MCC) is in force, the government in power cannot take any new decision. New decisions mean undue benefit to the ruling political party. By implication, decisions already taken by the state or the central government continue to be implemented, the company said in a statement.

For example, schemes such MNREGA, Sarva Siksha Abhiyan, etc, which are for the benefit of the masses continue to be in effect. Similarly contracts and projects already awarded prior to the kicking in of MCC continue to be honoured. The decision to implement the new price from 1 April 2014 is part of this contractual obligation. This decision was taken keeping in view of the fact that the current gas prices are valid only till 31 March 2014, RIL said.

The existing code of conduct came into force on 5 March 2014 and the cabinet decided on the new gas price policy on 27 June 2013 and notified the same on 10 January 2014. Even a bare reading of this factual position leads to a simple conclusion: change in gas pricing from April 1 is not a new decision but only implementation of a cabinet decision taken in June 2013.

The notification of the gas price is a mere formality and not a policy decision which will lead to any political benefit to an elected government and the Union Cabinet several months before MCC kicked in. Ensnaring the EC in this pursuit of political disinformation is regrettable, the company said.

ACC turns ex-dividend today, 24 March 2014, for final dividend of Rs 19 per share for the year ended 31 December 2013.

Sundaram Clayton turns ex-dividend today, 24 March 2014, for second interim dividend of Rs 3.75 per share for the year ending 31 March 2014.

Arshiya International after market hours on Saturday, 22 March 2014 said that a meeting of its board of directors will be held on 27 March 2014, to review 'Restructuring package approved in CDR system by CDR Cell'. A special live trading session was held on Saturday, 22 March 2014, as the National Stock Exchange (NSE) was testing its software.

MT Educare's board of directors at its meeting held on Friday, 21 March 2014, inter alia approved the sale of pre-university college campus (PUC Campus) in Mangalore, Karnataka, subject to approval of members of the company through postal ballot. The announcement was made after market hours on Saturday, 22 March 2014. A special live trading session was held on Saturday, 22 March 2014, as the National Stock Exchange (NSE) was testing its software.

Kwality said that its board will meet on 24 March 2014, to discuss expansion plan. The board will also review and discuss the recommendation given by CSR committee.

Sterling Tools said its board will meet on 2 April 2014, to consider purchasing 100% shareholding of Haryana Ispat, a group company.

Kuwer Industries said its board will meet on 26 March 2014, to consider issuing equity shares on preferential basis to the promoter and non-promoters.

Powered by Capital Market - Live News