Are HFCL's Nahata, Maloo parting?
Mumbai: Mahendra Nahata and Vinay Maloo, who oversaw the rise and fall of Himachal Futuristic Communications (HFCL), may be parting ways. The two partners are believed to thinking of ways of dividing the assets of the Rs 756-crore group, and are considering three options.

Nahata and Maloo have however denied any plans for separation.
Insiders say that first option is that Nahata may take control of the entire HFCL group, including the promoters' shareholding in HFCL along with the liabilities, and pay consideration in cash to Maloo who would completely exit the group.

The second option is Nahata may opt for the whole of the HFCL group barring HFCL Infotel (HITL), a listed subsidiary of HFCL. In that case, shares of HITL and related liabilities will go to Maloo and the said transaction will be done in cash.

The third is that Nahata may get HITL while Maloo will get shares in other group companies, along with the cash component.

HITL offers CDMA-based cellular services, fixed line telephony, leased line services and PCOs in Punjab and is the group's most profitable venture.

In HFCL, the promoters own 3 per cent, private corporate bodies 25.32 per cent, FIIs 22.27 per cent while the public holding is 47 per cent. Valuation estimates for the group could not be ascertained immediately. According to sources, HFCL is facing severe financial constraints.
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Jet Airways signs up Shah Rukh Khan as director
Mumbai: Jet Airways has appointed yet another Bollywood personality star Shah Rukh Khan as a director on its board. The other Bollywood biggies on the Jet Airways board are lyricist and writer Javed Akhtar and producer-director Yash Chopra. While Javed has been on Jet's board since March 1993, Yash Chopra joined the board only in April this year.

Sources close to the company said Jet Airways would make use of Shah Rukh's immense popularity in the country to enhance its image.

Shah Rukh, who is the brand ambassador for several products, is known for his consistency once he takes on a new assignment. The star is expected to play a bigger role in the company's development in the months to come, said sources.
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