Hindustan Motors (HML) has informed the stock exchanges that the board of directors, at its meeting held on Thursday, have approved of a scheme of arrangement between HML and Hindustan Motor Finance (HMFCL) and their respective shareholders providing for demerger of the Chennai Car Plant (demerged undertaking) of HML to HMFCL from April 1, 2012. HMFCL is a wholly-owned subsidiary of HML with HML and its nominees holding all the existing equity shares issued by HMFCL. The remaining business of HML will continue to belong to HML. HMFCL will issue and allot to the shareholders of HML, 1 equity share of R5 each in HMFCL credited as fully paid up for every 13 equity shares of R5 each fully paid-up held by them in the capital of HML.
Having Mistry as chairman advantage: Tata Power
Tata Power is looking forward to drawing big advantage from Cyrus Mistry taking over as the $100-billion conglomerate’s new chief, as he began Tata journey with this company and can relate to the business very well. “Tata Power has a big advantage because Mistry was on the board of Tata Power for many many years. He started off in Tata Group with Tata Power,” its MD Anil Sardana said.
Nokia launches three Lumia devices
Nokia launched three new devices in its Lumia range, betting big on ‘experiential’ marketing to attract customers. Nokia added Windows 8-powered Lumia 920, Lumia 820 and Lumia 620 to its portfolio. The Lumia 920 is priced at R38,199 Nokia
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