Wednesday, July 15, 1998
Summons issued against Bharat Ram, Parvinder Singh in DCM Financial case
A Delhi court has issued summons to noted industrialist and DCM Financial Services chairman Bharat Ram, vice-chairman Vivek Bharat Ram and three directors, including Ranbaxy Laboratories chairman Parvinder Singh, for appearing before it on July 21 in a case relating to default in repayment of inter-corporate deposits. The order follows a complaint filed by Delhi-based Hotz Industries and its group company Gujarat Fluorochemicals late last year alleging that the company had defaulted in the payment of ICDs amounting to over Rs 6 crore.
HFCL likely to exit from telecom venture
Himachal Futuristic Communications (HFCL), the main Indian promoter of the Hindujas-led Fascel Ltd, one of the cellular service providers in Gujarat, is planning to exit the telecom venture at the end of the year. The company cannot reduce its stake below 10 per cent that it currently holds before year-end as the licence conditions prohibit promoters from reducing stake to less than 10 per cent within three years of signing of the licence agreement.
Bombay Dyeing reshuffles top management
Wadia group flagship Bombay Dyeing has effected changes in its senior-management rung in a bid to augment greater professionalism. The move comes at a time when speculation is rife over the appointment of a new managing director. R Bhargava, who had put in a long stint with Aditya Birla group flagship Grasim Industries, has been brought in as vice-president (exports) to provide greater thrust to the company's export operations.
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