Allahabad Bank to shut down eight zonal offices
The Calcutta-based Allahabad Bank has decided to close eight of its 12 zonal offices in a restructuring effort based on Arthur Andersen's report. The state-run bank's board will meet in the third week of April to formally adopt a resolution accepting the consultancy firm's recommendations.
Hoechst Marion Roussel union moves court over amalgamation scheme
The employees union of the German multinational Hoechst Marion Roussel (HMR) has filed a petition in the Mumbai high court, alleging "suppression of material facts" in the recently approved scheme of amalgamation of Roussel India Ltd with HMR.
Philips India mulls new options for Calcutta unit
The future of Philips India Salt Lake factory in Calcutta, which made colour television sets, is uncertain as the company's manufacturing base for TV sets has been shifted from this unit to its Pune plant in Maharashtra. It is learnt that Philips India management is contemplating to sell off its Calcutta unit.
Part-payment manoeuvre by promoters of Saurashtra Cement behind equity puzzle
The promoters of Saurashtra Cement have raised their stake in the company through an issue of fresh capital, but the subscribed capital of the company continues to be low, as the promoters have brought in only part of the money, leaving substantial calls in arrears.
World Bank urges Centre to trim fertiliser subsidies
World Bank has asked the BJP-led coalition government to reduce the subsidies on fertilisers and food to rein in the country's fiscal deficit.
Nicholas Piramal likely to offer research services to pharmaceutical cos
Nicholas Piramal plans to offer contract-research services to a host of pharmaceutical companies at its newly-acquired research and development (R&D) unit at Mulund in Mumbai. The company has constituted a high-profile "scientific advisory board" for advise on its growth strategy in this area.
