Adlabs plans to raise authorised capital
Mumbai: Adlabs Films is planning to seek members' approval for a variety of measures, through a postal ballot. These include raising the company's authorised share capital from Rs25 crore, divided into five crore equity shares of Rs5 each, to Rs30 crore, divided into six crore equity shares of Rs5 each.

Other measures include sanctioning authority to the board to borrow up to Rs1,000 crore. Similar power has also been sought to tap markets abroad for up to US$100mn. A senior company official said that the latter was to be seen more as an enabling provision as Adlabs had only recently tapped markets abroad with convertible bonds.

Also the company has sought approval to alter the object clause in the company's memorandum of association and commence all or any of the businesses specified in select sub-clauses of the memorandum of association.

The move would formally allow Adlabs to move into new business areas.
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CDSL to levy flat fee for DP deals
Mumbai: The Central Depository Services (India) will now reduce the transaction charge it collects from Depository Participants (DPs) to a flat fee of Rs5 for debits effective from January 1, 2006.

"The decision is in keeping with its stated stance of providing convenient and secure depository services to all classes of investors at a reasonable cost," a press release from CDSL said on Wednesday.

Since May 1, 2002, CDSL has levied a "ranged" fee of 0.01 per cent of the value of debit transactions (minimum Rs5 and maximum Rs12).

"The present tariff reduction also addresses the aspiration of DPs who were in favour of a flat charge, which, they submit, makes computation of individual client bills easier," the release said.

Meanwhile, during the first eight months of current fiscal, CDSL has opened over 4.23 lakh new demat accounts. In the same period, 24 entities have received registration as CDSL DPs.
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M&M financial arm to go in for IPO
Mumbai: Mahindra & Mahindra Financial Services (MMFSL) has said that its members have approved a fresh issue, not exceeding 1.5 crore equity shares including a green-shoe option, through an IPO.

The price would be determined under the book building process.

"The IPO would also include an offer of sale not exceeding one crore equity shares, aggregating 14.25 per cent of the paid-up capital of the company by Mahindra & Mahindra Ltd, the promoter and the holding company, and other existing shareholders," the statement to the BSE said.

MMFSL's board has also approved an increase in its authorised share capital from Rs125 crore to Rs140 crore, along with related amendments to its articles of association and memorandum of association.
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SAT orders compensation for DSQ Soft shareholders
Mumbai: The Securities Appellate Tribunal (SAT) has ordered SEBI to identify and compensate buyers of unlisted shares of DSQ Software, sold in the open market in 2000.

DSQ Software had allotted more than one crore shares in 2000 which were not supposed to be listed, but were sold in the open market by the DSQ Software promoter Dinesh Dalmia, and his associates.

The SAT order said the shares would be bought back at the original purchase price only from those investors who had bought the unlisted shares during the May 20, 2000-January 12, 2001 period and continued to retain them at the time of tendering these shares.

Dalmia has also been directed to buy from the market (either at par or at market rate whichever is higher) the remaining unlisted shares of DSQ Software circulated in the secondary market as expeditiously as possible.
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Ruia to raise US$100mn to fund revival of Dunlop, Falcon
Kolkata: Pawan Kumar Ruia, who acquired Dunlop Industries and Falcon Tyres recently from the Chhabria family, is planning to raise US$100mn (Rs460 crore) to fund the revival of the two firms and also of the group company Jessop, as well to pay off creditors.

Ruia also plans to use the money to fund more acquisitions. Ruia may raise the money through a public or a rights issue and a parallel GDR overseas.

Ruia also plans to put together a war chest of Rs115 crore, or US$25mn, to fund acquisitions in the engineering and metals space.

Ruia's group of companies now includes Jessop, Dunlop, Falcon and two privately held spinning and textile units. The assets of Jessop, Dunlop and Falcon were free from debts, he claimed.
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