UltraTech Cement on Monday, 23 December 2013 said that the Competition Commission of India (CCI) has by an order dated 20 December 2013 (received by the company on 23 December 2013), passed under section 31(1) of the Competition Act, 2002 approved the proposed acquisition of Jaypee Cement Corporation (JCCL)'s 4.8 MTPA Gujarat cement plant.
Further, court convened meetings of the equity shareholders, secured and unsecured creditors of the company will be held on 20 January 2014 seeking their approval to the Scheme of Arrangement, UltraTech Cement said.
It may be recalled that UltraTech Cement had on 11 September 2013 said that Jaypee Cement Corporation (JCCL), a 100% owned subsidiary of Jaiprakash Associates had reached an agreement to sell its 4.8 MTPA Gujarat Cement Plant to UltraTech Cement for an enterprise value of Rs 3800 crore, besides the actual net working capital. Gujarat Cement Project consists of an integrated cement plant at Kutch and a 2.4 MTPA cement grinding unit at Wanakbori.
Housing Development Finance Corporation (HDFC) on Monday, 23 December 2013 announced the signing of a definitive agreement for HDFC Mutual Funds to acquire all the eight schemes of Morgan Stanley Mutual Fund in India. The agreement is subject to regulatory approvals as required, HDFC said. The average combined assets under management of the eight schemes for quarter ended 30 September 2013 was Rs 3290 crore, HDFC said.
Lanco Infratech's board of directors at a meeting held on Monday, 23 December 2013, has accepted the Letter of Approval (LOA) dated 20 December 2013, issued by Corporate Debt Restructuring Empowered Group (CDR EG) approving the Corporate Debt Restructuring proposal submitted by the company. The CDR EG approved the CDR proposal at its meeting held on 11 December 2013. Lanco Infratech's board of directors has passed necessary resolutions for the implementation of the approved CDR scheme.
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NHPC after market hours on Monday, 23 December 2013 said that a Promoters' Agreement was signed on 21 December 2013 between NHPC, Government of Odisha and Odisha Hydro Power Corporation for the formation of a joint venture company for implementation of six hydroelectric projects with an aggregate installed capacity of 1,020 megawatts (MW).
UPL on Monday, 23 December 2013 said its board of directors will meet on 30 December 2013, inter alia, to consider and approve a proposal for buyback of the company's equity shares in accordance with the applicable provisions of law.
Drillco Metal Carbides on Monday, 23 December 2013 said its board of directors will meet on 31 December 2013, for considering a proposal of amalgamation of La Tim Sourcing (India) with LA TIM Metal & Industries (formerly known as Drillco Metal Carbides) and all matters related and incidental thereto, subject to such approvals as may be required.
INOX Leisure on Monday, 23 December 2013 said that the commercial operations of its new multiplex cinema theatre in Rajasthan, having 3 screens and 636 seats commenced from Monday, 23 December 2013.
INOX is now present in 40 cities with 75 multiplexes, 291 screens and 79,549 seats.
kwality on Monday, 23 December 2013 said that Brickwork Ratings India has rated the company's working facilities with BWR Single A (Long term) and BWR A one (short term).
Kirloskar Electric Company on Monday, 23 December 2013 said that it has successfully exported a genetator duty transformer of 24/30 MVA, 115/38.5/10.5 kV for a hydro-electric project in Song-Giang, Vietnam through an EPC contractor.
City Union Bank after market hours on Monday, 23 December 2013 said that with a view to upgrading the bank's existing Core Banking Solution, it has on Monday, 23 December 2013 migrated to new software called "Bancs" developed by Tata Consultancy Services.
Kamataka Bank on Monday, 23 December 2013 said it has joined hands with BASIX Sub K iTransactions, Hyderabad, by entering into a memorandum of understanding (MoU) for providing end-to end business correspondent services in the 81 gram panchayats covering 356 villages in and Chattishghar. The bank will provide service through customer service points (CSP) maintained by business correspondent agents (BCAS) of BASIX Sub-K iTransactions.
Shoppers Stop said it has opened one Clinique door and one M.A.C door at Quest Mall, Kolkata. With the opening of these doors, the company has now 22 Clinique doors and 33 M.A.C doors.
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