Dunlop bankers oppose BIFR entry bid
The Manu Chhabria-controlled Dunlop India Ltd's bankers have opposed the company's move to be declared "sick". The bankers have conveyed their opposition to Board for Industrial and Financial Reconstruction (BIFR) which started hearing on Dunlop's application on March 31. Contending Dunlop's claims, UBI has stated that the company's net worth was positive by Rs 144.93 crore.
Godrej-GE Appliances to phase out CFC by 2000
Godrej-GE Appliances will phase out consumption of chlorofluoro carbons (CFC), a major component of ozone-depleting substances, in its refrigerators by 2000. The target is well before the government's deadline of 2006. This will mark the completion of the first phase of the company's Ecofrig project with the ministry of environment & forests, the Swiss and German governments.
RPG group, Swiss partner slug it out over sale of Benninger India stake
The RPG group and Benninger AG of Switzerland are involved in a spat over the pricing of RPG's 50 per cent stake being bought out by its equal-stake Swiss partner in Benninger India. The RPG group's sellout of its entire stake in Benninger India will get delayed, as a result, by at least six months. The delay is part of the Swiss multinational's ploy to work out a low pricing for the RPG group's stake.
Nicholas Piramal board declares dividend of Rs 10 per share
The board of Nicholas Piramal has declared a dividend of Rs 10 per share for the year ended March 31, 1998. The proposed dividend comprises a regular dividend of Rs 4.50 per share and an additional one-time special dividend of Rs 5.50 per share. This follows the spin off of the company's flaconnage division (Gujarat Glass).
Nominated agencies allowed to import gold against credit
Agencies/banks nominated by the Reserve Bank have also been permitted to import gold against suppliers/buyers credit for sale to jewellery manufacturers, exporters, NRIs, holders of special import licence (SIL) and domestic users, according to a recent circular issued by the RBI. Imports will be under the three different schemes outlined in the 1997-2002 Exim policy.
Siemens Communication unveils 3 new software
Siemens Communication Software (SCS) has launched three new software products targeting the telecom sector. The Bangalore-based company, which is the software division of Siemens Public Communication Networks Ltd (SPCNL), formally unveiled Alina, Access integrator and Internet Supplementary Services (ISS).
