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.

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 alsosupplied 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-asthamatics and anti-diabetics to myriad varities 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.

ISGE appoints board member:

Rakesh Sinha, the director at the Bombay Endoscopy Academy and Centre for Minimally Invasive Surgery (Beams), has been elected to the board of the International Society for Gynaecologic Endoscopy (ISGE) for 1999 to represent Asia. Sinha will participate in the board meeting during the eighth annual ISGE at Montreal, Canada.

A clarification:

This refers to the article titled "Tata Steel sets recast ball rolling, plans to park subsidiaries under one roof" carried in the February 17 edition. Tata Steel has clarified that chairman Ratan Tata has not spoken about divestment of loss-making subsidiaries but has said the group will "either amalgamate them into a stronger single subsidiary or in fact look for restructuring inone form or another". The Financial Express stands corrected.