MUMBAI -- The appellate authority in the finance ministry has asked Sahara India Airlines to make a fresh appeal before Sebi to exempt the company from making an open offer to the shareholders of Indiana Dairy Specialities Ltd for retaining the 26.9 per cent stake in the company arising out of a loan default by Indiana.

This comes in the wake of an appeal filed by Sahara against Sebi's order of August 8, 1997, which rejected the company's request to exempt it from making an open offer while transferring 26.9 per cent of the equity capital of Indiana Dairy to its name. Sahara had entered into two agreements with Indiana Dairy on May 17, 1996. A sum of Rs 1 crore was advanced by Sahara against shares pledged by Indiana Dairy's chairman, Vardarajan.

Insurance award to Anju Dossa

MUMBAI -- The outstanding award for the highest premium in India in the general inusurance among all the four companies has been awarded to Anju Nitin Dossa by chairman and manging director of United India Insurance S K Kanwar in Mumbai on Tuesday.

Dossa, a development officer with the United India Insurance Co Ltd, has collected a premium of more than Rs 7.8 crore. Dossa family has been in the general insurance business for more than 78 years.

Isibars sales up, profits down

MUMBAI -- Isibars has recorded sales of Rs 94.56 crore for the half year ended September 1997, an increase of 9 per cent over sales of Rs 86.96 crore same period last year. The gross profit amounted to Rs 4.84 crore against Rs 6.91 crore. The company has earned a lower net profit of Rs 3.08 crore against Rs 6.50 crore. Consequent to the onging expansion, increase depreciation and interest cost affected the earnings.

Imation partners Technova

MUMBAI -- The $2.3 billion technology company, Imation Corp, has partnered Technova Imaging Systems to launch its printing and publishing solutions in India. Around 50 per cent of Imation's sales is from outside the US, and the company plans to take it to 60 per cent by 1998 end. India and China are two potential growth areas the company is targetting, Brian Plummer, Imation MD (South Asia) said.

Exim Bank signs pact for $ 25 m loan

MUMBAI -- Exim Bank has signed a loan agreement with the Mitubishi Trust and Banking Corporation and the State Bank of India for US $ 25 million. The tenure of the loan is two years and a month, and carries an interest rate of LIBOR plus 0.3125 per cent. The funds raised through the loan will be used to refinance an existing loan of US $ 25 million, according to a press release.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.