Ambuja Cements had paid around 0.7% of its annual sales to Holcim as technology and know-how fee in the previous two years
"The Board has decided to seek the shareholders' approval in this regard, by way good corporate governance practise, although this matter is within the powers of the Board and strictly does not require shareholders' approval," the company said in a BSE filing.
"Accordingly the company is moving an ordinary resolution through a postal ballot to enable larger participation by the shareholders in the voting process," it added.
Ambuja Cement's Board had approved the proposal at a meeting on 13th December and on 17th December, a technology and know-how pact was signed between Ambuja and Holcim Technology, subject to the approval of the shareholders.
"The agreement is for five years. The fee shall be paid on quarterly basis and will remain firm for the first two financial years - 2013 and 2014 and shall be reviewed by the Board before the end of the financial year 2014," Ambuja said.
Holcim, as part of value creation for all of its operating companies globally, keeps developing and updating its knowledge base and continues research and studies to ascertain best benchmarks, the statement added.
Ambuja Cements had paid around 0.7% of its annual sales to Holcim as technology and know-how fee in the previous two years, sources said.
In 2011, it had clocked Rs8,602.89 crore revenue. Holcim holds a little over 50% stake in Ambuja Cements.
Nearly 1,200 permanent workers of Hero MotoCorp are observing silent protest by wearing black badges and not taking tea and snacks provided by the company to press for their demand
New Delhi: Workers at two-wheeler major Hero MotoCorp's Gurgaon plant have demanded a hike in monthly wages of up to Rs18,000 over a three-year period, which is nearly three times higher than what the company is offering as part of a wage settlement agreement, reports PTI.
The nearly 1,200 permanent workers, under the aegis of Hero MotoCorp Workers Union (HMCWU), are observing silent protest by wearing black badges and not taking tea and snacks provided by the company to press for their demand.
They have, however, ruled out going for any strike or slowdown in production in immediate future as negotiations with the company management is going on since August 2012.
"We are asking for a hike of about Rs15,000-Rs18,000 per month spread over a period of three years as cost of living in the National Capital Region (NCR) is very high. However, the management is offering us around Rs6,500, which was the hike for Dharuhera plant's workers during the three-year agreement signed in 2011," HMCWU President Kawalpreet Singh told PTI.
The union had submitted its demand in August last year and its representatives have been holding negotiations with the management since then, he added.
When asked if the workers would resort to strike, Singh said: "At present we are protesting very peacefully and silently by wearing a black badge while coming to work and we are not accepting company's tea and snacks. We do not have any plan to go for strike or slowing the output in near future."
He, however, said if the company does not pay heed to workers' demand, the union will decide its future course of action accordingly.
When contacted, a Hero MotoCorp spokesperson said: "We have been holding talks with members of the
The company spokesperson, however, declined to share specific details with regard to the ongoing talks until both parties reach an amicable conclusion.
"In keeping with our impeccable past record and our leadership status in the industry, we will take prudent, well-deliberated and sensible decision for the mutual satisfaction of everyone concerned and indeed for the larger good of the industrial environment in the region," he said.
Although the spokesperson declined to share details of current salaries of the workers, industry sources said the average gross salary of a worker at Hero MotoCorp's Gurgaon plant stands at around Rs46,000 per month.
Muthoot Finance which has a public shareholding of 19.88% as of now, has to increase it to 25% within the timeframe given by SEBI
Mumbai: The country's largest gold loan company Muthoot Finance said it may dilute promoter stake by the end of this fiscal to comply with Securities and Exchange Board of India (SEBI)'s minimum public shareholding norms of 25%, reports PTI.
"We have an enabling resolution from the shareholders to raise the minimum public holding to 25%. We will do it through private placement. Though the timing has not been decided, we may go for it by the end of the fiscal," Muthoot Finance Executive Director KP Padmakumar told PTI over phone from
As per market regulator SEBI, privately promoted companies are expected to adhere by June 2013 to the norm of public shareholding at 25%.
Muthoot Finance which has a public shareholding of 19.88% as of now, has to increase it to 25% within the timeframe given by the regulator.
Padmakumar also said the company is planning to come out with an non-covertible debentures (NCDs) issue in the current quarter.
"We are planning to come up with an NCD issue in the current quarter. The amount and the exact timing have not been decided for the issue though," Padmakumar said.
The gold loan company had raised Rs994 crore in three tranches in 2012 through NCDs.
Meanwhile, the company reported 7% in growth in net profit at Rs270 crore in the third quarter of current financial year up from Rs251 crore a year ago, while its income grew by 11% to Rs1,365 crore.