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Muthoot Finance in spotlight as RBI rejects plan to acquire IDBI MF

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Muthoot Finance: The gold loan NBFC on Tuesday said Reserve Bank of India (RBI) has rejected its proposal to acquire IDBI Asset Management on the grounds that the activity of sponsoring a mutual fund or owning an asset management company is not in consonance with the activity of an operating NBFC.

A share purchase agreement dated 22 November 2019 was entered into between Muthoot Finance, IDBI Bank, IDBI Capital Markets & Securities, IDBI Asset Management and IDBI MF Trustee Company to purchase 100% equity shares of IDBI AMC subject to receipt of necessary regulatory approvals. SBI Mutual Fund purchased 7,44,279 shares, or 3.27% equity, of the company at an average price of Rs 643.90 on the NSE via bulk deal on Tuesday (23 November 2020). SBI Mutual Fund's stake in the company has increased to 5.46% from 2.19% earlier.

Tata Chemicals: The Tata Group company has appointed N. Chandrasekaran as an additional director and chairman of the board of directors of the company effective 24 November 2020. Bhaskar Bhat has resigned as the director of the company, effective 24 November 2020.

Lasa Supergenerics: The API manufacturer has received further injunction from the Bombay High Court restraining its competitor from manufacturing albendazole in addition to other reliefs which is subject matter of patent infringement case, until disposal of suit issued by the company.

The receipt of this relief will restrain its competitor to manufacture and deal in one of the key product and enables the company to continue its leadership for its key products worldwide, the company said in a statement.

Hindustan Aeronautics: Workmen Unions at Bengaluru based Divisions and Koraput Division of the company have given notice of Nationwide General Strike on 26 November, 2020 against the Policies and Legislations of the Government.

TRF: The company is seeking shareholders' approval for sale of the entire stake held by Dutch Lanka Trailer Manufacturers (a step down wholly owned subsidiary of the company), in Tata International DLT, a 50:50 joint venture (JV) company of Tata International and Dutch Lanka Trailer Manufacturers, by way of postal ballot only through remote electronic voting process ('e-voting').

Ruby Mills: There was a fire at one of the sheds at Dhamni Factory near Khopoli on 24 November 2020. The fire was doused and a few looms/equipment were damaged. The company is yet to ascertain the quantum of damage. The estimated losses are adequately covered by insurance. The operations at the plant are not affected.

National General Industries: The board has recommended selling the steel casting unit of the company located in Alwar, Rajasthan. The company will seek shareholders' approval for the same.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, November 25 2020. 08:57 IST