`RAJU DIVERTED Rs30-CR FUNDS FROM RAASI'
Article Abstract:
The new management of Raasi Cement Ltd (RCL) has alleged that the former management, headed by BV Raju, had diverted Rs30 crore to different entities controlled by himself and other promoters of the company. The new management claims that about Rs8.50 crore out of the diverted funds has been recovered. It is claimed that Rs8.18 crore was given to certain individuals and employees in 1996-97 and 1997-98 for the acquisition of land. An outstanding sum of Rs4.1 crore from Sri Krishna Cement Ltd has been included under capital work-in-progress. A sum of Rs5.85 crore is due from companies in which the former chairman of RCL is a director. Infirmities have been seen in the incentives worth Rs5.49 crore given to transport contractors in 1996-97 and 1997-98 and in the sum of Rs3.56 crore paid to coal suppliers for open market coal purchase in 1997-98. (khr)
Comment:
Has alleged that former mgmt had diverted Rs30 crore to different entities controlled by former head & other co promoters
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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RAASI MOVES SEBI ON RAJU's OFFER FOR SVCL
Article Abstract:
Raasi Cements Ltd in which India Cements Ltd (ICL) has a controlling stake has filed a petition with the Securities and Exchange Board of India (SEBI) against Dr BV Raju and his associates for their attempt to retain a controlling stake in Sri Vishnu Cement Ltd (SVCL). Dr BV Raju and associates had made an open offer to buy out an additional 4,744,000 equity shares that would translate into 20 percent of the paid-up equity of SVCL. The offer stays open from September 23, 1998 to October 22, 1998. According to RCL, it had divested 93.68 lakh shares of SVCL which translates into 40 percent of the total equity of SVCL, in favour of nine companies controlled by Dr BV Raju in violation of the Sebi takeover code and Companies Act. (gs)
Comment:
Files petition with Securities & Exchange Board of India against Dr BV Raju for attempt to have major stake in Sri Vishnu Cement
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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PROMOTER OF ANOTHER RAASI Co SEEKS TO HIKE STAKE
Article Abstract:
Ms Haritha, one of the promoters of Raasi Refractories Ltd (RRL), is raising her stake in the company to 32.69 percent through a preferential allotment of shares. RRL proposes to offer 10 lakh share priced at Rs10 per share to Ms Haritha. Currently, she holds 288,900 equity shares in RRL. The preferential allotment will be subject to the approval of the shareholders of RRL at the annual general meeting scheduled to be held on September 28, 1998. (ag)
Comment:
Increases share of Ms. Haritha, one of co's promoters, to 32.69% via share preferential allotment
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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