Fag hikes stake in Indian arm: FAG Kugelfischer George Schaefer AG, Germany has increased its equity holding in Fag-India to 51 per cent from 40 per cent. After the first unsuccessful attempt in 1997, at a recently convened extra general meeting (EGM) the financial institutions voted for the resolution with a provision to obtain their permission for issue price. The company later approached the institutions and agreed for a preferential allotment of additional share at a price of Rs 50 per share while the proposal at the EGM was for Rs 40 per share. Fag Precision Bearings Ltd has received Rs 15.23 crore for the allotment of 30,46,500 of shares.SmithKline Beecham net up: SmithKline Beecham Pharmaceuticals has registered a marginal increase in net profits at Rs 33.26 crore for the year ended December 31, 1998 as compared with Rs 33.18 crore in the previous year. Sales value grew by 20 per cent to touch Rs 401.75 crore as compared with Rs 334.56 crore in the previous year. The board has proposed a dividend of 30 per cent on the enhanced share capital for the year ended December 31, 1998. SmithKline Beecham managing director, DM McDonald said the company has performed as per expectations and registered a sales growth of 19 per cent under difficult circumstances.
Instant driving licences: CMS Computers on Wednesday bagged the contract to provide instant driving licences at Bangalore. The company will produce the same using the IC-III printer of Datacard, USA. This printer uses the thermal dye diffusion printing technology for producing a tamper proof card which cannot be duplicated. CMS has also supplied the instant issuance printers for the Delhi driving licence project.
Emami makes pharma foray: Cosmetics major Emami is planning to venture into the pharmaceutical sector with a wide range of ayurvedic products. The company plans to come up with a host of medicinal and health supplements within the next three months, joint chairman of Emami group of companies, R S Agarwal told a press conference on Wednesday that investments in the sector will be to the tune of Rs 70 crore. The products will range from aphrodisiacs, cough syrups, anti-stress capsules, anti-asthmatics and anti-diabetics to myriad varieties of herbal teas, he said.
Lacure Pharmaceuticals sued: IIT Capital Services Ltd has filed a criminal case under Section 138 of the Negotiable Instruments Act against Lacure Pharmaceuticals for failure to settle its dues. IIT Capital Services had provided a bill discounting facility of Rs 25 lakh on September 3, 1997 to Lacure Pharma for 180 days @ 22 per cent per annum. Lacure's total liability as of February 1999 (including delayed payment charges) is approximately Rs 33,40,000. The metropolitan magistrate of Mumbai has issued summons against Lacure and its directors, a release from IIT Capital Services said.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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