Reliance Energy to amend powers currently vested with Anil Ambani
Mumbai: Reliance Energy Ltd (REL) proposes to withdraw certain powers and privileges of the Chairman and Managing Director, Anil Ambani, and vest them with the promoter, Reliance Industries Ltd (RIL), by altering its Articles of Association.

The company informed stock exchanges of a decision taken by its board on November 30 to get shareholders' approval through postal ballot to replace an article that gave Anil Ambani the power to appoint, including himself, one-third of the board members and the Vice-Chairman. The power company, however, did not explain why it remained silent about the development for over three weeks.

Articles of Association of a company are rules that govern its day-to-day functioning and can be amended with the approval of two-thirds of the members. REL wants to amend Article 131 and its sub-clauses.

Even though technically Anil Ambani has been only the nominee of the majority owners, RIL and associates, in the public eye he was seen as the owner and manager of the erstwhile BSES Ltd that supplies electricity to large parts of suburban Mumbai, New Delhi and Orissa.
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Coal India production target hiked
New Delhi: The production target for Coal India Ltd (CIL) has been raised for the current year to 332 million tonnes from 315 million tonnes. Also, in order to reduce the demand supply gap for coal in the next few years, the Government has initiated a process through which captive blocks allocated to private companies would be able to sell coal to the nearest public sector coal companies.

This was stated by the Minister for Coal and Mines, Dasari Narayana Rao. The Minister said that allocation of thirty five new coal blocks is expected to be finalised shortly. He also said that the Government has decided to give preference to sponge iron industry over power plants while allocating coal blocks of superior grade coal.

He also said the Ministry was also looking at allowing consortium of small promoters to apply for captive coal blocks.
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Lakshmi Overseas to pay fifteen per cent interim dividend
Mumbai: The board of directors of Lakshmi Overseas Industries Ltd has decided to pay an interim divided of 15 per cent for the current fiscal year 2004-05. Lakshmi Overseas is a fully automated agro-based integrated unit manufacturing rice, solvent, cattle feed, rice bran and refined oil.

The company reported net sales of Rs159.83 crore during the first half of the year ending September 30, up by over 100 per cent from Rs79.69 crore for the same period last year.

After providing for expenditure, interest, depreciation and tax, net profit rose by 605 per cent to Rs8.4 crore compared to the previous year's first half net profit of Rs1.38 crore.

To strengthen the company's operations further, the company's board of directors have decided to offer and issue up to 4,94,000 equity shares of the company and up to 9,88,000 warrants to the promoter group on a preferential basis as per the provisions laid down by the SEBI.

An extra-ordinary general meeting has been scheduled for January 5 to consider and approve the preferential allotment of equity shares and warrants. The company will also seek shareholders' permission to increase authorised capital from Rs 10 crore currently to Rs 15 crore.
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Zee Telefilms to initiate legal action against Padmalaya chief
Mumbai: Zee Telefilms Ltd (ZTL) has decided to initiate legal action against G.A. Seshagiri Rao, Chairman and Managing Director of Padmalaya Enterprises Pvt Ltd (PEPL), a subsidiary of ZTL and Padmalaya Telefilms Ltd (PTL), and his brother G.S.R Krishna Murthy.

ZTL said it had appointed Chennai-based chartered accountants, Guru and Ram, to investigate into PEPL and PTL after it learnt of certain irregularities in their functioning sometime in August.
The investigations pointed out `various unauthorised and fraudulent acts perpetrated by Mr Rao and his relatives.'

According to ZTL, Mr Rao and his family members executed a shareholders' agreement in August 2002 detailing the mode and manner of administration, exercise of control over the day-to-day management of PEPL and PTL. ZTL had nominated Rao as its nominee and Managing Director of PEPL and PTL to look after day-to-day working.

ZTL said Rao and his family misappropriated 62,64,631 shares of PTL held by PEPL to provide security for raising loans in the name of Rao, Krishna and their companies. However, the loans raised on these shares were not reflected in the books of accounts of PEPL and no explanation has been furnished as to the end use of the funds raised, ZTL said.
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RIL borrows 116 million euros for expansion
Mumbai: Reliance Industries Ltd. has said that it has borrowed 116.2 million euros through Deutsche Bank for refinancing equipment imports for expansion at its Hazira and Patalganga petrochemical units.

The loan is in two parts. One tranche of 103.5 million euros has a tenure of 10.5 years and another of 12.7 million euros is repayable in nine years, according to a news release.
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Datamatics renames itself as SOFTBPO Global Services
Mumbai: Datamatics Global Services has changed its name to SOFTBPO Global Services Ltd.

The shareholders of the company gave their consent to the change at an extraordinary general meeting held on December 18, said the company, in a notice to the stock exchanges on Tuesday.

The company plans to be in end-to-end BPO services that includes services such as account payable, tax processing, publishing, Edgar processing, HR processing, insurance and health care.
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Airtel's special packages for teens, women and seniors
New Delhi: Airtel has launched special mobile packages targeted at the youth, women and senior citizens as part of its market segmentation strategy. While women can get a new post-paid connection with a monthly rental of Rs150, students will be able to make calls for as low as 50 paise a minute from predetermined areas such as universities and popular hang outs.

Airtel has also introduced a `Friendz' package for the youth whereby subscribers are allowed to transfer mobile recharge - both talktime and validity - from their phone to another phone. The package allows subscribers to form a Closed User Group of up to five friends and make calls at 50 paise a minute. Priced at Rs249, the package offers customers to send SMS to up to fifteen friends simultaneously at Rs3.

Customers opting for the Ladies plan would be able to call three local Airtel numbers at just 50 paise per minute and send SMS to them at 50 paise per message, subject to a maximum of 25 messages per month. Airtel has tied up with women's magazines, offering discounts on subscription. For subscribers who are over 60 years old, Airtel has launched the `Seniors Plan' with a monthly rental of Rs150 which offers discount on one STD number and one local Airtel number. "
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GTL bags Nortel order
Mumbai: GTL Ltd has won an order from Nortel India to build 3,800 GSM sites in the country, according to a notice sent by the company to the stock exchanges on Tuesday. The company has not specified the size of the contract in value terms.

Nortel is the equipment vendor for Bharat Sanchar Nigam Ltd's 70 lakh line GSM cellular network expansion in the southern and eastern telecom circles of the country. GTL will build these sites in the Chennai, Tamil Nadu, West Bengal, Bihar and Jharkhand circles.

The company will provide comprehensive project management including site engineering, installation, testing and commissioning, and network integration. The project is scheduled for completion by mid-2005.
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