Companies & Sectors
High Court orders winding up of Dunlop India

Creditors had moved a winding up petition before the High Court seeking liquidation of Dunlop India for non-payment of dues amounting to around Rs1,000 crore

Kolkata: The Calcutta High Court on Thursday ordered winding up of tyre manufacturing company Dunlop India Ltd (DIL), which had set up its first factory at Sahaganj near here in 1936, reports PTI.

 

Justice Sanjib Banerjee, while ordering the winding up of Dunlop India, directed the official liquidator to take immediate possession of the company's assets and books of records.

 

EV Mathai and Sons and AK Kundu and Company, followed by 15 other creditors, had moved a winding up petition before the High Court seeking liquidation of the company in 2008 for non-payment of dues amounting to around Rs1,000 crore.

 

The lawyers of DIL submitted before the court that they were taking every step to settle the issue.

 

The court, however, refused a plea by DIL to stay operation of the order.

 

Appearing for the state, Advocate General Anindya Mitra submitted that the state, which also had claims of around Rs50 crore, would welcome any order that could facilitate the reopening of the company.

 

Having led the tyre manufacturing industry for decades, the company went into doldrums since the late 1990's. In 2005, the Ruia Group led by Pawan Kumar Ruia took control of DIL.

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Ortel files DRHP; to raise over Rs100 crore from IPO

Ortel Communications is also considering private placement of up to 35 lakh equity shares or convertible instruments to raise up to Rs75 crore


New Delhi: Cable distribution company Ortel Communications Ltd (OCL) has filed a draft red herring prospectus (DRHP) with market regulator Securities and Exchange Board of India (SEBI) for an initial public offering (IPO) to raise over Rs100 crore, reports PTI.

 

The company plans to enter the capital markets with a public issue of up to 40.91 lakh equity shares of face value of Rs10 each, Ortel said in a statement.

 

"The issue comprises a fresh issue to the public of equity shares aggregating up to Rs1,000 million and an offer for sale of up to 40.91 lakh equity shares by NSR-PE Mauritius LLC," it added in DRHP.

 

OCL is also considering private placement of up to 35 lakh equity shares or convertible instruments to raise up to Rs75 crore, it added.

 

IDFC Capital and Equirus Capital are the book running lead managers to the issue.

 

OCL is a regional cable television service provider engaged in the distribution of analog and digital cable television services, high speed broadband services and VoIP services.

 

Its business is focused in the states of Orissa, Chhattisgarh, Andhra Pradesh and West Bengal. It offers services under 'Ortel Home Cable', 'Ortel Digital' and 'Ortel Broadband'.

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Central Bank of India Q3 net profit soars 59% to Rs180 crore

For the December quarter, Central Bank's total provisioning rose by 30% to Rs627.67 crore, of which Rs145 crore was due to the changes brought in by RBI, one of the reason why it could not touch the average net profit of Rs300 crore

Mumbai: State-run Central Bank of India (CBI) posted a robust 59% increase in net profit at Rs180 crore in the December quarter on a jump in core income but provisions for bad assets continued to rise, reports PTI.

 

The city-headquartered bank had posted a 72% slump in net profit at Rs113 crore in the year ago period, driven by deterioration in asset quality.

 

Announcing the numbers, Chairman and Managing Director MV Tanksale said the bank, whose restructured book stood at Rs22,182 crore, had to set aside Rs145 crore more this quarter due to a regulatory decision to increase provisioning on standard restructured assets by 0.75%.

 

"This was one of the main reasons why we did not touch the average Rs300 crore mark on net profit," he said.

 

For the quarter, its total provisioning rose by 30% to Rs627.67 crore, of which Rs145 crore was due to the changes brought in by RBI.

 

It witnessed fresh slippages of Rs1,212 crore, to take the total gross non-performing assets (NPAs) ratio to 5.64% as compared to the 3.69% the year ago.

 

"We wanted to improve on our NPA number, but it has not. Our efforts are on...I cannot say the worst is over for the bank," Tanksale said.

 

During the quarter, it added Rs1,603 crore to the restructured assets, Tanksale said.

 

It has fully provided for its Rs350 crore exposure to the bankrupt Kingfisher Airlines, Tanksale said, adding the bank wanted to continue with its relationship with the beleaguered carrier.

 

"The bankers want the airline to get Rs1,000 crore and resume operations, even if in a limited way. The Rs1,000 crore should be visible," he said, clarifying that there is no case for pressing the legal options trigger.

 

Its core net interest income was up 19.6% to Rs1,410 crore, while the non-interest income came in flat at Rs357 crore.

 

The net interest margin dropped marginally to 2.6% against 2.7% in the preceding quarter on a drop in the current and savings account (CASA) deposit ratio.

 

Tanksale said the bank is targeting to get the net interest margin (NIM) up to 2.75% by the end of the fiscal and though it is planning to shed high cost deposits, it will achieve a deposit growth of 13%-14% and a 16%-17% increase in advances for the fiscal, he said.

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