November 6: MUMBAI: Larsen & Toubro has called for an extra-ordinary general meeting on December 3 to seek shareholder approval for disposing of the shipping division. The company also proposes to spin off its construction equipment business at Pithampur, Madhya Pradesh, as a separate 50:50 joint venture with Case Corporation of the US.

According to the notice for the EGM, the proposal to hive-off the shipping business follows the restructuring of business operations at L&T. "The board of directors considered that the shipping business is not a focus area as it lacks synergy with other major business segments,'' says the explanatory statement to the notice adding that in the recent past, the potential for growth in other business segments of the company has significantly increased.

BPL Mobile raises funds

MUMBAI: BPL Mobile Communications Ltd, a joint venture with participation of France Telecom Mobiles International and LCC Inv, had raised debts for the phase one of its network which was rolled out during October 1995. As part of the covenants of the loan, all assets of the company are being offered as collateral security -- a standard practice for these kinds of project finance.Nsccl pumps Rs 10 crore

MUMBAI: THE National Securities Clearing Corporation Ltd (Nsccl) pumped in a record Rs 10 crore to ensure that there was no payment crisis following the market crash on October 28. The funds were brought in to enable those members to meet their payment requirements who could not sell their shares on the last day of the trading cycle on account of several price filters put in place by the exchange.

The crash in the international markets last Tuesday saw the NSE-50 index slump by 88 points. Circuit filters were placed on a number of scrips to arrest the slide.

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