NEW DELHI: The Company Law Board (CLB) order, facilitating takeover of the scam-tainted Satyam Computers and renaming it as Mahindra Satyam, post acquisition, has been challenged in the Supreme Court. "The CLB allowing respondent (Union of India) by impugned order (February 19, 2009) to increase authorised share capital of the company from Rs 80 crore to Rs 280 crore and respondent is further bent...
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CHENNAI: In a setback to India’slargest drugmaker Ranbaxy, the Company Law Board (CLB) has upheld theappointment of two directors on the board of Hyderabad-based ZenotechLaboratories.Ranbaxy had earlier objected to the appointment of twonew directors to the board of Zenotech, stating that the latter’s foundermanaging director Jayaram Chigurupati had no right to appoint directors, andthat he was attempting...
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A month after the Company Law Board's (CLB) order allowing Descon to bid for its parent firm Dishergarh Power Supply Company (DPSC), Andrew Yule would invite financial bids for the power utility on November 20."We will now invite bids for selling our 15 per cent and institutions' 42 per cent stakeholding in DPSC on November 20," Chairman and Managing Director of Andrew Yule Kallol Datta told PTI.Completion...
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CHENNAI: In a setback to India’s largest drug maker Ranbaxy, the Company Law Board (CLB) has upheld the appointment of two directors on the board of Hyderabad-based Zenotech Laboratories. Ranbaxy had earlier objected to the appointment of two new directors to the board of Zenotech Laboratories, stating that the latter’s founder managing director Jayaram Chigurupati had no right to appoint directors...
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CHENNAI: In a setback to India’s largest drugmaker Ranbaxy, the Company Law Board (CLB) has upheld the appointment of two directors on the board of Hyderabad-based Zenotech Laboratories. Ranbaxy had earlier objected to the appointment of two new directors to the board of Zenotech, stating that the latter’s founder managing director Jayaram Chigurupati had no right to appoint directors, and that he...
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Public sector Andrew Yule Group and financial institutions are set to exit power utility Dishergarh Power Supply Co (DPSC) by divesting their entire stake in the company.Financial bids for this would be invited on Friday, Andrew Yule chairman and managing director Kallol Dutta told DNA Money.According to Dutta, Andrew Yule and financial institutions hold 57% stake in DPSC, while Descon has 32% and...
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Descon has moved Calcutta High Court seeking an injunction on a Company Law Board order that restricts its chances to acquire power generator DPSC Ltd.The CLB ruling will throw Descon out of the race for DPSC if it fails to bid close to the highest bidder.Public sector Andrew Yule and two state-owned insurance companies have put their stake in Descon on the block through a rather unusual two-tier sale...
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In a setback to India’slargest drug maker Ranbaxy, the Company Law Board (CLB) has upheld theappointment of two directors on the board of Hyderabad-based ZenotechLaboratories.Ranbaxy had earlier objected to the appointment of twonew directors to the board of Zenotech Laboratories, stating that thelatter’s founder managing director Jayaram Chigurupati had no right toappoint directors and that he was...
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NEW DELHI: The Company Law Board (CLB) will hear a complaint by Ranbaxy Laboratories, which is contesting the appointment of two independent directors on the board of Zenotech by the founder and MD of the Hyderabad-based firm Jayaram Chigurupati, on Friday. On the same day, CLB will also hear a separate case in which Ranbaxy, now owned by Japan’s Daiichi Sankyo, has alleged Mr Chigurupati of operational...
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Crisis-hit Maytas Infra today said the Company Law Board has given time to the company to report its accounts for the quarter ending September by December 31.??In a filing to the Bombay Stock Exchange, Maytas Infra said, "The CLB, vide its order dated October 23, 2009, granted extension of time for publication of financial results of the company for the quarter ended September 30, 2009 up to December...
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