BIFR has given an `in-principle' approval to the merger of the 98-year-old Shivaji Works with Kirloskar Oil Engines (KOEL). As KOEL is awaiting finally approval from BIFR the company has decided to postpone its AGM for year ended March 31, 1999. Meanwhile, KOEL has announced an interim dividend of 35 per cent. Koel has presented a proposal for the rehabilitation of Shivaji Works Ltd to the BIFR for merging it with KOEL. The company has decided to schedule the AGM after completing the necessary formalities in February 2000.

Balaji Foods to be merged with VHL

Loss-making Balaji Foods & Feeds Ltd of the Venkateshwara Hatcheries group is going to be merged with the group's flagship company Venkateshwara Hatcheries Ltd. An extra ordinary general meeting of shareholders of Balaji Foods & Feeds Ltd is going to held on October 30 to approve the merger. VHL will issue two preference shares of Rs 10 each to shareholders of Balaji Foods for every ten equity shares of Rs 10 each.

Tanfac posts dip in H1 net

Tanfac Industries has reported a fall in profit in the first half of the current financial year to Rs 2.95 crore as against Rs 3.03 crore in the corresponding period of the previous year. The turnover of the Aditya Birla group company, however, improved marginally at Rs 32.18 crore as against Rs 31.89 crore in the first half of last year. Gross profit stood at Rs 4.96 crore as against Rs 4.98 crore in the comparable period of last year.

M&M sold 6,533 tractors in Sept

Tractor and utility vehicle maker Mahindra & Mahindra Ltd (M&M) said it sold 6,533 tractors in September 1999. It said it had a 27.9 per cent share of the tractor market, the highest in the industry. Comparative figures for the same month in the previous year were not immediately available. M&M said in a statement on Friday cumulative tractor sales for the April-September 1999 period was 36,659 units. It said this represented a 29 per cent share of the tractors market, the highest in the industry.

MRTPC directive to Sterling Resorts

Monopolies and Restrictive Trade Practices Commission has accepted an interim relief application against Sterling Holiday Resorts (India) Ltd restraining the timeshare company from selling any holiday unit to the public. Granting ex parte stay,MRTPC chairman AN Divecha and member M Mahajan said respondent's absence at the hearing presumably indicated "that they have no defence to the interim relief application."

Hindustan Lever board meet

The Board of Hindustan Lever Ltd (HLL) will meet in Mumbai on October 27, 1999, to take on record the unaudited results for the quarter ended September 30, 1999, for the financial year ending December 31, 1999. The Board of Hind Lever Chemicals Ltd, a subsidiary of HLL, will meet on October 26.