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Prakash Industries on Wednesday emerged as the highest bidder for Bhaskarpara coal block in Chhattisgarh, an official said. Birla Corporation had on Tuesday bagged the Brahmapuri mine in Madhya Pradesh, the official said quoting the results of e-auction for coal mines under the eight tranche. Jindal Steel and Power Ltd (JSPL) was the highest bidder for Gare Palma IV/1 coal block in Chhattisgarh with a bid price of Rs 230 per tonne on Monday. Birla Corporation Ltd bagged the Bikram coal block in Madhya Pradesh with a bid price of Rs 154 per tonne last week. Six mines are on offer. Auctions for four blocks have been completed, the official said. The bidding for Jagannathpur B block and Jamkhani block will take place on Thursday and Friday, respectively. Bhaskarpara coal block was previously allocated to Bhaskarpara Coal Company Ltd (BCCL) -- a joint venture of Electrotherm (India) Ltd and Ultratech Cement Ltd, while Brahmapuri mine was previously allocated to Pushp Steels & ...
Prakash Industries, one of the two companies that got interim relief from the recent crackdown on shell companies, had issued two different notices for its annual general meeting held on July 26.In the first notice issued, which was part of the annual report released on July 3, still available on the company website, there were seven resolutions. Most shareholders and institutional investors had seen this resolution. However, a subsequent notice published contains eight resolutions. Both documents are still available on the company's website The eighth resolution relates to appointment and approval of remuneration of a promoter director. This was a special resolution that would enable the company pay its chairman VP Agarwal, a monthly salary of Rs 40 lakh and other perquisites such as a chauffeur driven car and other allowances. Normally, companies issue a corrigendum in such cases so that investors are alerted if there are any changes in such statutory documents and regulatory ...
Steel and PVC (polyvinyl chloride) pipe manufacturer Prakash Industries is planning to demerge its business to grow independently with their focused vision, strategies and operations.Under the scheme of demerger, the company would demerge PVC pipe business into a separate entity with focused vision in growth, the company said in a BSE filing.PVC pipe business contributes nearly 10 per cent to the company's total income. Of the total income from operations posted at Rs 520.70 crore for the quarter ended December 31, 2016, Prakash Industries reported Rs 55.66 crore contribution from PVC pipe segment. Steel and power segments, however, contributed the rest."The demerger will not only enable both the businesses to grow independently with their focused vision, strategies and operations, but also contribute significantly towards unlocking the potential value of the business for the shareholders," the company said in a statement.A more pure play company, having a singular business is also ...