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Bankers' consortium plans change of guard at Sol Pharmaceuticals
Banks led by Allahabad Bank are working towards bringing a change of guard at the loss-making Sol Pharmaceuticals. The move, seen as an attempt by intermediaries to get tough with under-performing managements, is part of a restructuring package being worked out by SBI Capital Markets.
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Reliance asked to give guarantees for transfer of uncertified shares
Reliance Industries (RIL) has given a bank guarantee of around Rs 25.24 crore for failing to get around 6.38 lakh scam-tainted shares certified according to the procedure laid down by the Special Court of Justice SN Variava in July 1992. This follows an order by Justice Variava directing the company to furnish such a guarantee towards the value of uncertified shares and the amount of dividends declared on them.
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CARE weighs India Cements offer fallout
The debt-repayment fundamentals of India Cements Ltd (ICL) have come under the close scrutiny of CARE, thanks to its open bid for a 20% stake in Raasi Cements at an "exorbitant" Rs 300 per share, a 70% premium over the then prevailing market price.
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Indian Airlines set to spin off its cargo wing
Indian Airlines (IA) has declared to spin off its cargo unit into a profit centre. The cargo centre was to start functioning as an independent profit centre with effect from February 1 last and was to be managed by a seven-member committee headed by a chief executive officer.
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