Bizbits

Bizbits

SVCL, VCL, ICL to be merged
CHENNAI: Sri Vishnu Cements Ltd (SVCL) and Visakha Cements Ltd (VCL), both recently taken over by India Cements Ltd (ICL), would be merged with the parent body, soon.

While SVCL would be merged by March 2000, the merger date of VCL was yet to be decided, ICL vice-chairman and managing director N Srinivasan, told reporters here after the company's annual general meeting (AGM). These mergers would consolidate the group's cement business under one entity, he said adding that the group also proposed to produce 75 lakh tonnes of cement during 1999-2000 as against the previous year's 60 lakh tonnes.

Cabinet clears Cos Amendment Bill
NEW DELHI: Union cabinet tonight cleared amendments in the Companies Act 1956, including raising minimum paid-up capital requirement of public companies to Rs 5 lakh from Rs 1 lakh and making it mandatory for companies report default in payments to small depositors.

The amendment also proposes mandatory issue of shares above Rs 10crore in dematerialised form and entrusting Securities and Exchange Board of India with administration matters relating to issue and transfer of securities of all listed companies. It will also make any offer of shares to more than 50 persons as public issue and the offerer will be asked to comply with all regulations and guidelines pertaining to the public issue.

Apollo Hospitals to merge group cos
NEW DELHI: Apollo Hospitals today announced merger of its group companies to emerge as the Asia's top healthcare organisation with a combined turnover of over Rs 287 crore. Series of board meetings at Chennai have approved to pay two shares of Apollo Hospitals Enterprises Limited (AHEL) for every share of Indian Hospitals Corporation Ltd one share of AHEL for every four shares of Deccan Hospitals Corporation Ltd (DHCL) one share of AHEL for every share of Om Sindoori Hotels Ltd (OSHL). The group's merged capital now stands at Rs 37.56 crore, profit after tax of Rs 32.18 crore, EPS of Rs 8.5 and priceearning multiple at 25.