Mahindra & Mahindra (M&M) announced after market hours yesterday, 20 January 2015, Mahindra Two Wheelers (MTWL) and Peugeot Motocycles (PMTC), part of the Euro 54 billion PSA Group based in France have completed the necessary formalities for MTWL's 51% acquisition in PMTC.
This project was announced on 7 October 2014. The acquisition, which resulted in the satisfaction of all regulatory, legal and financial conditions of the agreement, was completed smoothly by both parties within a very short span of time. As part of the employee dialogue process and Anti-trust law, the Works Council consultation process has also been successfully completed.
Under the terms of the agreement, MTWL has infused Euro 15 million into PMTC to finance projects implemented through the strategic partnership and has also bought shares held by PSA which would allow MTWL to take a 51% stake in PMTC. The new board of PMTC has constituted and would include three members of MTWL and two members of PSA.
PMTC (Peugeot Scooters), a key player in urban mobility in Europe for 116 years, is the oldest motorized two-wheeler manufacturer in the world. Peugeot Scooters offers one of the most comprehensive range of scooters and mopeds, from 50cc to 400cc, including the successful three wheeled scooter -Metropolis - in the European market.
TCS announced after market hours yesterday, 20 January 2015, that it has been selected by Virgin Atlantic Airways (VAA), one of the UK's leading airlines, to provide fully managed services to transform and optimize its IT processes, applications and infrastructure. TCS will set up a private cloud for Virgin Atlantic and provide services including Infrastructure-as-a-service, end user Services and application support services across the whole of Virgin Atlantic's technology landscape.
The initiative is a part of Virgin Atlantic's strategy to invest in operational efficiencies and innovations to help it maintain its market leadership. The project will create a service that is easy and straight-forward to administer whilst providing VAA with a progressive, industry leading portfolio of IT services. Through this partnership, Virgin Atlantic will also gain access to TCS' Airline and Digital Innovation Labs, facilities designed to support the development of solutions that address the changing needs and expectations of the new digital consumer.
Axis Bank after market hours yesterday, 20 January 2015 said it has allotted Senior Notes aggregating to $15 million under the MTN Programme through its Dubai International Financial Centre (DIFC) branch.
Crompton Greaves after market hours yesterday, 20 January 2015 said it has sealed a prestigious deal with PT PLN (Perusahaan Listrik Negara) Indonesia, for the manufacture and supply of 37 units of 60MVA, 30MVA, and 150/20KV power transformers valued at $26 million.
With reference to the news captioned "Corp Affair Ministry, I-T Department oppose Sesa Sterlite Merger", Sesa Sterlite after trading hours yesterday, 20 January 2015, said that a Special Leave Petition (SLP) challenging the Scheme of Amalgamation & Arrangement ('Scheme') under Sections 391-394 of the Companies Act, 1956, was heard yesterday, 19 January 2015, by the Supreme Court and the court has fixed the matter for final disposal on 28 April 2015. The scheme was implemented in August 2013 and the company is defending the matter in the Supreme Court.
The SLC filed separately by the Commissioner of Income Tax (CIT), Goa and Ministry of Corporate Affairs have been clubbed together. The Ministry of Corporate Affairs had filed the SLP on the ground that the scheme is against public policy.
Praj Industries' consolidated net profit fell 48.32% to Rs 12.30 crore on 18.48% decline in income from operations to Rs 219.34 crore in Q3 December 2014 over Q3 December 2013. The result was announced after market hours yesterday, 20 January 2015. The company's consolidated order backlog as on 31 December 2014 stood at Rs 1050 crore. The outlook remains strong in our core and emerging businesses, backed by a healthy order backlog and recent order wins. Our endeavor is to leverage core business and further scale-up emerging businesses, establishing ourselves as a key player in multiple sectors. said Mr. Gajanan\ Nabar, CEO & MD, Praj Industries.
Jyoti announced after market hours yesterday, 20 January 2015,suspension of rights of 18 lakh shares of the company held by Finquest Financial Solution (FFSPL) and its Group. The company said that the company and one of its promoters had entered into a Shareholders' Agreement (SHA) dated 14 September 2010, with Finquest Financial Solutions. By virtue of this agreement and subject to the fulfillment of the terms and conditions contained therein, the company allotted 18 lakh shares to FFSPL and its group on preferential basis.The SHA was unilaterally terminated by FFSPL vide their e-mail dated 17 March 2014. A further letter dated 25 March 2014 by FFSPL to the company reconfirmed the action of termination.The relationship between FFSPL and its group on the one hand and the company on the other hand came to an end on the termination of the SHA by FFSPL. All attempts made by the company to persuade FFSPL not to effect the termination of the SHA also failed. The board of directors of the company at their meeting held on 10 November 2014 considered the consequences of the termination of the SHA and came to a conclusion that the termination of the SHA would take away all rights of FFSPL, its group and any other person in respect of the shares which were issued by the company by virtue of the SHA to FFSPL and group. Consequently the board of directors of the company resolved that all rights in respect of the shares issued by the company on preferential basis under the SHA dated 14 September 2010 would stand suspended.
Roto Pumps announced after market hours yesterday, 20 January 2015, that the German subsidiary of the company, which was setup in 2011 to carry of the business of sales and marketing of company's products in Germany, has started its business activities. This market was being serviced by company's Warehouse and Marketing Branch Office in UK. The company is also setting up wholly owned subsidiary company in USA to carry on the business of sales and marketing of company's products in US market. Presently, the US market is being serviced directly from India.
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