Companies & Sectors
Andrew Yule allowed to convert its Rs.29.91 crore loan to equity
New Delhi : The Cabinet Committee on Economic Affairs (CCEA) on Wednesday allowed public sector enterprise Andrew Yule & Co. to issue its equity shares to Bank of Baroda against its working capital loan worth Rs.29.91 crore borrowed from the bank.
 
The CCEA, chaired by Prime Minister Narendra Modi, has given its approval for conversion of working capital term loan amounting to Rs.29.91 crore from Bank of Baroda (BoB) into equity by issuing requisite number of equity shares of Andrew Yule & Co. Ltd. (AYCL) as preferential issues to BoB as qualified institutional buyer, a statement said.
 
The statement said the price would be based on market price determined as per guidelines of the Securities and Exchange Board of India (SEBI) on date of acquiring of shares by BoB.
 
The conversion of loans into equity would bring down the cost of debt servicing of Kolkata-based enterprise by Rs.2.86 crore per annum.
 
"This will be implemented within a period of three months," it said. 
 
This is expected to increase growth and profitability of Andrew Yule and in turn is likely to translate into better share price of the company at the time of further disinvestment of the Centre's shares in the company. 
 
As part of implementation of financial restructuring scheme, BoB extended a loan of Rs.52.49 crore to the company in 2009. Of this, Rs.29.91 crore was working capital loan. The power equipment maker proposed conversion of the loan worth Rs.29.91 crore taken from BoB into equity.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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State-run oil firms now given operational, financial autonomy
New Delhi : The union cabinet on Wednesday permitted national oil companies autonomy in operational, financial and investment matters, not requiring them any more to seek the cabinet approval in this regard.
 
The permission was given in view of the vast and quick changes in the global oil market for over a year. 
 
"In a far-reaching decision today (Wednesday), the cabinet has decided to vest all PSU (public sector undertaking) oil companies the power to pursue their own policies, autonomy to take spot decisions, and act according to exigencies required by market conditions," Communications Minister Ravi Shankar Prasad told reporters here after the cabinet meeting.
 
"The only condition to this autonomy is that the decisions should adhere to CVC (Central Vigilance Commission) guidelines and have the approval of the company board of directors," he said.
 
"The decision is designed to give autonomy to all PSU oil companies in operational, financial and investment matters. They need not first come to the cabinet for approval," the minister added.
 
Noting that the global oil market has become very flexible in terms of the way prices have fallen over 70 percent through last year, before firming up somewhat, Prasad said that companies now needed to take spot decisions dictated by market conditions.
 
"Government has been laying down guidelines from time to time, but also allowing flexibility in terms of autonomy to take decisions," he said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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Facebook announces enhanced security for WhatsApp
New Delhi : Following the Silicon Valley’s recent stare-down with authorities over user data privacy involving Apple's iPhone encryption, social media giant Facebook has announced end-to-end encryption of Whatsapp messages that allows users to protect their conversations from being hacked.
 
“An important milestone for the WhatsApp community. Now all your conversations and calls are encrypted to keep you and your information safe when you use the latest version," said Facebook CEO Mark Zuckerberg said in a statement on Wednesday.
 
Facebook acquired California-based WhatsApp in 2014.
 
A full end-to-end encryption means that over one billion users of WhatsApp, when running the latest version of the messaging app, every call they make, and every message, photo, video, file, and voice message they send, will be end-to-end encrypted by default, and can only be deciphered by the intended recipient.
 
"The idea is simple: when you send a message, the only person who can read it is the person or group chat that you send that message to. No one can see inside that message. Not cybercriminals. Not hackers. Not oppressive regimes. Not even us," said Jan Koum, CEO and co-founder of Whatsapp in a blog post on Tuesday. 
 
Encryption is one of the most important tools governments, companies, and individuals have to promote safety and security in the new digital age. Recently there has been a lot of discussion about encrypted services and the work of law enforcement, Koum added.
 
“We've been working for the past two years to give people better security over their conversations on WhatsApp. I'm proud of our team for hitting this milestone,” he said.
 
The social network's decision to enhance its security features comes close on the heels of the Federal Bureau of Investigation's attempt to force Apple unlock an encrypted iPhone used by San Bernardino shooter Syed Farouk, who along with his wife opened fire at a holiday party, killing 14 people.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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