RoC FROWNS ON ROUSSEL-HMRL MERGER
Article Abstract:
The proposed merger of Roussel India Limited (RIL) with Hoechst Marion Roussel Limited (HMR) has met with opposition from the Registrar of Companies of Mumbai. Following a petition by RIL and HMR, the Registrar has filed affidavits opposing the merger. The Registrar has claimed that RIL's shares have been over valued and that there was an excessive payment of Rs3.91 crore to Roussel Laboratories of the UK. The Registrar has stressed on the need for an inquiry into the matter by the Enforcement Directorate and the Reserve Bank of India to find out the possibility of any violation of the Foreign Exchange Regulation Act, 1973. It is alleged that RIL has not followed a consistent accounting method. (ag)
Comment:
Merger w/ Roussel India opposed by Registrar of Companies of Mumbai due to overvalued shares
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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DALMIA GROUP CO BUYS OUT DCW SALT UNITS
Article Abstract:
Gujarat Heavy Chemicals Ltd (GHCL) of the Sanjay Dalmia group has acquired two salt units of DCW Home Products Ltd. Sources say that GHCL is acquiring the units at Palghar in Maharashtra and Chennai for an estimated Rs20 crore. The company plans to use the salt units for export and as a supplier to established salt brands. DCW Home Products had earlier sold its Captain Cook brand name and its manufacturing facilities at Gandidham to Corn Products India Ltd for an estimated Rs77 crore. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BASF INDIAN ARM PICKS UP JBA PRINTING INKS' UNIT
Article Abstract:
BASF Industries Ltd, a wholly-owned subsidiary of BASF of Germany, has acquired the printing inks division of JBA Printing Inks Ltd at a cost of Rs7 crore. BASF is thinking of bringing in new technology and use JBA's printing inks plant to manufacture its own brands. BASF says that the acquisition and consequent growth will take its turnover to Rs25 crore by the end of 1999. (khr)
Comment:
BASF Industries Ltd, a wholly-owned subsidiary of BASF of Germany, has acquired the printing inks division of JBA Printing Inks Ltd at a cost of Rs7 crore.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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