High Court approves Sterlite Industries scheme of arrangement

Sterlite Industries (India) Ltd (SIIL) has informed BSE that the Scheme of Arrangement between Sterlite Industries (India) Ltd and Sterlite Optical Technologies Ltd (SOTL) (presently unlisted company) and their respective shareholders has been approved by the High Court at Mumbai. The salient features of the SCHEME OF ARRANGEMENT are as under: a)The Telecom Division with all the assets and liabilities pertaining to its optical fibre, cable and jelly filled telecom cable business, will be demerged from the company's present business w.e.f 01.07.2000 and transferred to and stand vested in the new company formed for that purpose viz. Sterlite Optical Technologies Ltd. The present Sterlite Industries (India) Ltd (SIIL) has a turnover of about 67% and profit of approximately 43% in respect of its residual metal business i.e copper and aluminum during 1999-2000. The turnover for 1999-2000 from telecom business was 33% and the profit approx. 57% which will be shifted to the new company, viz. STERLITE OPTICAL TECHNOLOGIES LTD. b)The consideration for acquisition of the telecom division by Sterlite Optical Technologies Ltd. will be accounted for and adjusted in the following manner :- Every equity shareholder of the present STERLITE INDUSTRIES (INDIA) LTD. whose name appears on the Register of Members of the company as on book closure dates shall be allotted one equity share of Rs.5/- each fully paid up of STERLITE OPTICAL TECHNOLOGIES LTD. for every one existing equity share of Rs.10/- each fully paid-up held by him/her in STERLITE INDUSTRIES (INDIA) LTD. and shall also continue to hold his/her shares in present STERLITE INDUSTRIES (INDIA) LTD. Consequent to the Scheme of Arrangement, the capital of STERLITE INDUSTRIES (INDIA) LTD. will be appropriately reduced, so that only the face value of the equity shares of STERLITE INDUSTRIES (INDIA) LTD. after de-merger of its telecom division, will be reduced to Rs.5/- per equity share. c)For implementation of the abovementioned Scheme of Arrangement and reduction of face value of the existing equity shares of the company, STERLITE INDUSTRIES (INDIA) LTD. has decided to close its Register of Members and Transfer Books from 09.10.2000 to 12.10.2000.

High Court approves demerger of Usha Beltron IT business

Hon'ble High Court of Calcutta has approved the scheme of arrangement for de-merger of the information technology and knowledge based business undertaking of Usha Beltron Ltd. into a separate company viz. Usha Martin Infotech Ltd.

BSE imposes special margin on 6 scrips

BSE has imposed special margin of 25% in the under mentioned scrips as mentioned alongside with effect from Tuesday, September 12, 2000. ScripCode ScripName 26433 Advanced Synergic Microsystems Ltd 32161 Baffin Engineering Projects Ltd 32172 Color Chips (India) Ltd 31486 Film City Media Ltd 32337 Mascot Systems Ltd 11525 SRG Infotech Ltd

Sunstar Software appoints B M Khanna as Additional Director

Mr.B.M.Khanna has been appointed as Additional Director of Sunstar Software Systems Ltd. effective from 02.09.2000.

STG International to invest upto $2 million in STG Inc

The Board of Directors of Software Technology Group International Ltd. has approved the acquisition of M/s. Software Technology Group Inc., USA. The Board have taken as decision to invest not exceeding a sum US $ 20,00,000 by way of acquiring 60% of stake of M/s. Software Technology Group Inc., a company engaged in business of Software technology and consultancy in San Jose California, USA for last seven years.

Prism Cement to increase authorised capital

The Board of Directors of Prism Cement Ltd has decided, subject to necessary approvals, to increase authorised capital from Rs.3000 million to Rs.4000 million made of 400 million equity shares of Rs.10/- each and Issue of equity shares at a price as per SEBI Guidelines or at par, whichever is higher, by way of private placement, preferential allotment or by a combination thereof to the Indian promoters and/or their group/associate companies, whether members of the company or not as may be deemed appropriate by the Board.

Jamna Auto to hive off Malanpur unit into a separate unit

The Board of Directors of Jamna Auto Industries Ltd. has decided, subject to necessary approvals hive off of the company's Malanpur unit into a separate company i.e. Jamna Springs Pvt. Ltd. at a consideration not less than the book value of the undertaking with options open in the future to convert the same into a joint venture.

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