Mar 22, 2008

Industry News 22 March 2008

AMFI goes Sebi against R.I.C.H. fund commercial

Mumbai: Private life insurer ICICI Prudential's unveil of 'R.I.C.H. fund' has run into controversy with the mutual fund industry taking serious exemption to the product's advertisement campaign, which according to them gives an impression that it is a mutual fund scheme though it actually is a Unit-Linked Insurance Plan (Ulip). Based on the complaints from mutual funds, the Association of Mutual Funds in India (AMFI) has taken up the matter with both the Securities and Exchange Board of India (Sebi) and the Insurance Regulatory & Development Authority (IRDA).

The advertisement by ICICI Prudential Life Insurance Company says the New fund opens on March 15 @ Rs 10. The advertisements, which is now coming out in both print and electronic media, ask investors to Benefit with India's Powerful 4 namely 'Resources, Investments, Consumption and Human Capital'.


Youth must exploit global IT job market

Students should equip themselves with adequate knowledge to face the challenges of a technologically developed and highly competitive world, Controller of Examinations, Madurai Kamaraj University, S. Shanmugiah has said. Delivering his convocation address at Government Arts College for Women here recently, Dr. Shanmugiah said Information Technology had ushered in a new era, throwing open the international job market for local youth. The younger generation should grab the opportunity. Principal D. Bhooma presided over the convocation ceremony. A total of 532 undergraduates and 129 postgraduates received their degrees. Fourteen university rank-holders were honoured with special prizes.


Seven IT majors show interest in Gangaikondan SEZ

As many as seven major IT players have shown serious interest in investing in the 500-acre Gangaikondan IT SEZ in Tirunelveli. This follows a two-day roadshow that was held in January to help the top brass of nearly a dozen IT companies gauge first-hand the potential of the Gangaikondan IT Park in Tirunelveli. C. Umashankar, managing director, Electronics Corporation of Tamil Nadu Ltd (ELCOT) told The Hindu that the whole process of land allotment was expected to be finalised by April-May. The focus, then, would shift to accelerating the ongoing infrastructure development process. Tirunelveli had centre staged the ELCOT charm both because of its proximity to Thiruvananthapuram's Technopark and because of the availability of manpower (an annual output of around 16,040 engineering graduates and 26,500 arts and science graduates). Also, by focussing on the southern hinge, the plan was to establish a "coast-to-coast" IT environment that stretched from Tirunelveli to Chennai.


Software worries upset real estate mood

The infotech industry continues to rubbish speculation about a downturn in their future prospects after all the spooky talk about a recession in the US. But all the babble has sparked fears that if the software industry goes through the skids, it will have a knock-on effect on real estate prices at home. The argument goes like this: the IT and IT-enabled services industry have been one of the biggest drivers of real estate values in the country over the past few years. Reports indicate that software companies are putting their property deals on hold. These are just a few straws in the wind, but some pundits who divine trends from such stray signals say real estate prices can soon head downward as well with one of the key props for the market gone.


UK points system may hurt software trade, India minister warns

A new points-based immigration system in Britain may make it harder for developing countries to export software systems to the country, India's trade minister said in an interview published March 17. peaking to the Financial Times, Kamal Nath added that new restrictions on migration were not in keeping with Britain's claims to be behind free international trade in services.We are not asking for more permanent immigration. We are talking about people coming in for a month or so to integrate software systems. Nath, who said that the change to the new system ran the risk of becoming a "retrograde step", added that the restrictions may prevent Indian software companies from servicing existing warranties, or selling new systems that required on-site maintenance in future.


Cals - Result of Postal Ballot

Cals Ltd has informed that the members of the Company by way of Postal Ballot, have passed the following special resolutions, with overwhelming majority:

1. Change of Name from "Cals Refineries Ltd" to "Cals Ltd".

2. Splitting of 1 Equity Shares of Rs 10 to 10 Equity Shares of Rs 1/-.

3. Alteration of Articles related to Authorised Capital.

4. Alteration of Articles of Association.

5. Appointment of Mr. Manabendra Guha Roy, Whole Time Director designated as Chief Executive Officer.

6. Delisting of Securities from Ahmedabad and Delhi Stock Exchanges.


IEC Softwares - Outcome of Board Meeting

IEC Softwares Ltd has informed that the Board of Directors of the Company at its meeting held on March 18, 2008, has considered and approved the proposal for acquisition and merger Of VEF Information Systems Pvt Ltd, a Company providing various educational and support services to certain private educational institutes in North India, providing engineering and management education to students at graduate and post-graduate levels.

IEC is keen in exploring the organic as well as inorganic initiatives to expand in the field of Education and thus is willing to acquire VEF since VEF already has a good client base. The acquisition shall be done by way of merging VEF with IEC.

The Scheme shall be subject to requisite consent / approval of the requisite majority of the shareholders and creditors of the Companies, the Hon'ble High Court of Delhi the permission or approval of any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.


Ranbaxy Laboratories Board to consider Audited FY 07 results & to recommend final dividend

Ranbaxy Laboratories Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 28, 2008, inter-alia, for consideration of Audited Accounts for the year ended December 31, 2007 and recommendation of final dividend on Equity Shares for the year ended December 31, 2007.