Project near HPCL chembur cleared: Ministry of Environment and Forests
Published: Tuesday, Dec 13, 2011, 8:00 IST
By DNA Correspondent | Place: Mumbai | Agency: DNA (http://www.dnaindia.com/
The residential-cum-commercial complex coming up near the Hindustan Petroleum Corporation (HPCL) refinery at Chembur is now the subject of much ping-ponging between the state and the courts.
A petition had been filed by HPCL challenging the upcoming construction. It cited security threats to the refinery, and also potential health hazards to neighbours with regard to emission of toxic fumes.
Moreover, a confidential report had been submitted by the Intelligence Bureau (IB), saying that there was a security threat to the refinery.
Rajeev Chavan, advocate for MoEF (the ministry of Environment and Forests), informed the division bench of justice PB Majmudar and justice Mridula Bhatkar that an experts’ appraisal committee had cleared the project in 2008, after considering environmental hazards and pollution.
In reply, justice Majmudar wanted to know who would be held responsible in case any untoward incident took place.
Referring to the AMRI hospital fire in which 93 died, justice Majmudar said: “We all saw what happened in Kolkata. People go to hospital to get well, and end up suffocating to death. Such things only happen in our country.”
HPCL has claimed that the project has been sanctioned in the I-3 zone, which is a special industrial zone. Apart from the HPCL plant, Rashtriya Chemical and Fertilizers Limited, and the Bhabha Atomic Research Centre are in the vicinity.
The developer alleged that they were being singled out by the HPCL. “There are 56 seven-storey buildings in the area. The building being constructed by Oswal is far away from the refinery, and all permissions have been acquired from the authorities,” argued Aspi Chenoy, counsel for the developers.
The court said it could not stop anyone abiding by the law. But, “people should consider reality and take precautions,” said justice Majmudar.
Asking HPCL to go through the affidavit filed by MoEF, the court has kept the petition for hearing on January 10.
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Exedy India - Delisting Offer
Ambit Corporate Finance Pvt Ltd ("Manager to the Offer") on behalf of EXEDY Corporation ("Acquirer"), has informed this Public Announcement for the attention the public shareholders of Exedy India Ltd ("Target Company"), in respect of the proposed acquisition and consequent delisting of the fully paid-up equity shares of the Company in accordance with Regulation 10 and other applicable provisions of the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("Delisting Regulations") ("Delisting Offer" or "Offer"). The Acquirer is a company incorporated under the laws of Japan and is a promoter of the Company.
The Delisting Offer:
The Company is a public company incorporated under the Companies Act, 1956. The equity shares of the Company are currently listed on the Bombay Stock Exchange Ltd ("BSE"). The present subscribed and fully paid up capital of the Company comprises of 60,06,696 equity shares of Rs 10 each ("Shares") aggregating Rs 600.67 Lakhs ("Equity Capital").
Pursuant to a preferential allotment of equity shares by the Company to the Acquirer, the Acquirer had, vide public announcement dated January 25, 2010 made an open offer to acquire 12,01,340 Shares from the public shareholders of the Company in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. As per the letter of offer in relation to the open offer, the Acquirer had expressed its intention to make a delisting offer within three years to the public shareholders of the Company ("Public Shareholders") in the event the promoter shareholding pursuant to the acquisition under the open offer was substantially in breach of the minimum permissible limit (as required under the listing agreement with BSE). As a result of the open offer, the public shareholding of the Company was reduced to 6.06%, which is less than the minimum permissible limit of 25%, applicable to the Company.
The board of directors of the Acquirer, in its meeting held on May 30, 2011, passed a resolution approving the Delisting Offer. On May 30, 2011, the Acquirer also intimated its intention regarding the Offer to the Company and requested the Company to seek approval of shareholders of the Company for the proposed delisting by a special resolution through postal ballot in terms of regulation 8(1)(b) of the Delisting Regulations.
The Delisting Offer was considered and approved by the board of directors of the Company at their meeting held on June 09, 2011. Further, a special resolution has been passed by the shareholders of the Company through postal ballot, the result of which was declared on July 25, 2011, approving the proposed delisting of the Shares of the Company from BSE pursuant to the Delisting Regulations. The special resolution was duly approved by the requisite majority of shareholders, in compliance with the requirements prescribed under the Companies Act, 1956. The votes cast by the public shareholders in favour of the proposed delisting were more than two times the number of votes cast by public shareholders against it. BSE has also provided its in-principle approval to the Delisting Offer vide its letter dated October 21, 2011.
Delisting candidate - Aunde India
Tulsian told CNBC-TV18, "Aunde India is a Germany company and they are leader in the automobile fabrics and seating systems. This promoter or this foreign company has a trend of holding the 100% stakes in all their companies, but this is probably one of the few companies. They might have two or three collaborations in the world where they are a joint venture partner. Aunde Faze was created by carving it out from Faze Three Exports Ltd maybe about four or five years back. Aunde Germany is holding 43% stake in this company and Faze Three, the Anand family is are holding 43% stake."
He further added, "I don’t think the financial performance of the company will look so exciting. Their top-line is close to Rs 150 crore and on equity of Rs 10 crore plus, they are posting an EPS of Rs 3. But having spoken to some big investors or going by the way auto sector is evolving now with more focus on mileage increase and reduction of CO2 emission norms, it is estimated that fabric content in the car which is now at 18-20kg will increase to about 35 kg. So, that will be a big booster for this company."
"This company has the collaboration with Aunde Italy and Aunde Brazil. They have also introduced new type of technical textiles which will be used in the times to come. About 86% stake is held by these two promoters where the foreign promoter holds 43% and the Indian promoter 43%."
"One has to eye this as a delisting candidate, come June 2013 when all promoters have to comply with the shareholding pattern to bring it down to 75%, I don’t think that both the promoters are in mood to dilute their stake and go ahead with reduction to 75%. So, obviously they might go for delisting. That 14% stake is not held by any large investors, so it will be very difficult for them to acquire that kind of valuations."
"The indications coming form the management are that they are valuing this company close to about Rs 200-250 per share. At one point of time Indian promoters wanted to dilute their stake in favour of the foreign promoters. Insiders say that they are asking for a price of Rs 200-250 per share."
"But apart from all these things, even if I take a conservative view and if someone can keep a view of 18 months I won’t be surprised to see a price of Rs 100. Yesterday, fortunately we saw huge volumes taking place in this counter. Those who are entering into the stock should not look for day to day moment. They must have a time horizon of till June 2013 by which I am expecting share to move to Rs 100."
Delisting still tiresome due to tough guidelines
New Delhi: iGATE has set a floor price of R357 for delisting shares of Patni Computer Systems. Earlier in the year, iGate had made an open offer for buying 20% stake in Patni at a price of R503.5 per share, a premium to the then market price. iGATE currently has about 80% stake in Patni.
Delisting has had a dismal track record in India, with only a handful of companies managing to delist in the past few years. Since 2002, just about 50 companies have successfully delisted, BSE data shows. Among those companies that managed to delist successfully in 2010 were Micro Inks HSBC InvestDirect India.
A company can be delisted only if the promoter hikes its stake to 90% or acquires at least 50% through a share purchase offer aimed at giving the shareholders an exit opportunity. So, for instance, if a particular company A with existing promoter stake of 76% wants to delist, they need to buy back 14% from the market. Alternatively, since 24% is remaining with other shareholders, they need to repurchase at least 12% from them to delist from the Indian stock market.
The challenges for delisting are threefold. One is getting approval of 2/3rdof the shareholders through a postal ballet. Second, establishing an acceptable price through reverse book-building and, third, increasing the holding to the required threshold. “The first hurdle can be easily crossed. It’s at the second and third hurdles that companies usually stumble,” said a merchant banker, who didn’t want to be identified.
Another hurdle for delisting is that even a few key investors can block the deal if they do not approve of the exit price. “If the residual stock is concentrated in the hands of a few institutional or rich investors they can dictate the price at which delisting ought to happen,” pointed out a merchant banker. “The company needs to have deep pockets to delist. You don’t want to get into a situation where the company’s cash flow comes under strain post delisting.”
A substantial retail holding in the company can also hamper chances of delisting as these investors are not properly clued into the process of delisting, said market observers.
The new takeover norms have not helped the cause of delisting, either. Under the new norms, Patni would not have been able to delist since if a company’s holding in another entity crosses 75%, the latter can only be delisted after a year. IGate had come with an open offer before the new Sebi takeover norms.
Source Financial Express
Disney gets go-ahead for buyout of India's UTV
(AFP) – 5 days ago
MUMBAI — The Indian government on Thursday said it had approved a bid by US studio giant Disney to fully buy out one of the country's leading media and entertainment companies.
The Cabinet Committee on Economic Affairs gave the go-ahead for Disney's Indian unit to increase its shareholding in UTV Software Communications to 100 percent from a current 50.4 percent.
Disney India would increase its stake by buying out the promoters and public shareholders stakes in the company in a deal valued at around $390 million.
UTV, which has interests from film and television to gaming and animation, has already acquired public shareholders approval to delist the company's shares from Indian stock exchanges, after buying out the respective stakes.
Chief executive Ronnie Screwvala and three other promoters holds a 19.82 percent stake in the company. The balance is with public shareholders.
"This approval is expected to result in FDI (foreign direct investment) inflows amounting to Rs 8,250 crore (82.5 billion rupees, $1.6 billion)," the government said in a statement.
A UTV spokesman told AFP that the process was likely to be completed by early next year.
UTV shares on the Bombay Stock Exchange jumped as much as 4.3 percent to 994.8 rupees after the announcement.
Disney has been working to get a foothold for a number of years in India, which is one of the world's fastest-growing media and entertainment markets.
It first began operations here in 2004 as Hollywood began looking to emerging markets such as India, China and Russia to boost growth.
It has also moved into India's expanding cable and satellite television market through its children's outlets such as the Disney Channel and Hungama TV.
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Essar steel 44
Micro Ink 425
Madras Aluminum 102
Farm Enterprise 350
TCS – SERVE - 3200
Balanoor Plantation - 75
Only Selling
Bharati Telecom - 3375 (50 shares)
Aricent - 120
Madras Aluminum - 120
Sistema 11
Ratnakar bank 67
Bharat hotel 122
Cadbury – 1900
Ishwar Medical 25000 shares @ 50 paise
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Rates vaild for Demat shares unless otherwise mentioned.
Strictly no Bargaining.
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