Mar 16, 2008

Market News 16th March 2008

Madras Cements - Updates on Buy Back Offer

Indbank Merchant Banking Services Ltd (Manager to the Buyback Offer) on behalf of Madras Cements Ltd (Target Company) has informed about the following advertisement issued by Madras Cements Ltd (Target Company) on March 13, 2008.

"The company has bought back 13494 equity shares of Rs 10/- each on March 12, 2008 amounting to Rs 479.32 Lacs being approximately 7.43% of the total Buy-back offer, thereby completing the buyback to the extent of 89.09% of the total buy back offer of Rs 6447.26 Lacs."


McDowell Holdings - Result of Postal Ballot

McDowell Holdings Ltd has informed that the members of the Company, by way of Postal Ballot, have passed the Special resolution relating to alteration of objects clause of the Memorandum of Association of the Company, with requisite majority.


Rasoya Proteins - Board Meeting on Mar 20, 2008

Rasoya Proteins Ltd has informed that a meeting of the Board of Directors of the Company will be held on March 20, 2008, inter alia, to transact the following:

1. To raise funds for financing the new projects by way of issuing the Foreign Currency Convertible Bonds (FCCBs) / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) / Qualified Institutional Placements (QIPs) to the specified persons to the tune of US $20 million subject to the approval of the Shareholders and other statutory authorities wherever applicable.

2. To call for an Extraordinary General Meeting of the members of the Company to seek member's approval on item number (1) mentioned above.


Elque Polyesters - Limited Review for the quarter ended Dec 31, 2007

Elque Polyesters Ltd has informed that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:

"1. Nonprovision of interest and other dues to various banks and financial institutions, quantum of which is un-ascertainable.

2. Pursuant to the revival package under consideration by BIFR and other banks and financial institutions the Auditors reserve their comments on the Going concern concept adopted by the Company.

3. The plant has been temporarily shut down for the time being due to uneconomic market condition."


Tata Teleservices - Appointment of Directors

Tata Teleservices Maharashtra Ltd has informed that Mr. Anil Sardana has been appointed as Non-Executive Director of the Company and Mr. Nadir Godrej has been appointed as an Independent Director of the Company w.e.f. March 12, 2008.