Seshasayee Paper approves merger of SPB Papers with itself

The Board of Directors of Seshasayee Paper approved the share exchange ratio of one equity share of Seshasayee Paper for 11 equity shares of SPB Papers

Chennai: The Board of Seshasayee Paper approved the merger of group company SPB Papers with itself, reports PTI.

In a filing to the BSE (Bombay Stock Exchange), the Erode-based company said the board of directors at its meeting “have approved the ‘Scheme of Amalgamation’ for the amalgamation of SPB Papers Ltd with Seshasayee Paper and Boards Ltd.”

The Board also approved the share exchange ratio of one equity share of nominal value of Rs10 each of Seshasayee Paper for eleven equity shares of the nominal value of Rs10 each of SPB Papers.

Seshasayee Paper and Boards shares closed 1.1% lower at Rs203.10 per share on the Bombay Stock Exchange, while the Sensex ended marginally lower at 17,373.

User

IPL chief seeks match referee's report on Zinta incident

Preity Zinta was visibly agitated and reacting vigorously during the strategic time out period against the controversial dismissal of Kings XI batsman Shaun Marsh last night

New Delhi: Indian Premier League chairman Rajiv Shukla on Friday said that he had sought a report from the match referee over the incident involving Kings XI Punjab owner Preity Zinta during her side's IPL match against Kolkata Knight Riders in Mohali, reports PTI.

Mr Zinta was seen visibly agitated and reacting vigorously during the strategic time out period against the controversial dismissal of Kings XI batsman Shaun Marsh last night.

Mr Shukla said that he had asked the match referee Roshan Mahanama of Sri Lanka to submit a report to him at the earliest on the incident.

"I have sought a report from the match referee on the entire issue. I will also take Preity Zinta's version on the incident," Shukla told PTI.

It all started when Shaun Marsh was ruled out in a controversial manner in the 14th over. The left-hander under edged a Brett Lee delivery to KKR wicketkeeper Manvinder Bisla, who nodded that he had taken the catch cleanly even though TV replays suggested that there was a doubt with the decision.

It took Kings XI captain Adam Gilchrist's invention to calm down the Bollywood actor after she apparently had an exchange of words with the match officials.

User

Maharashtra State Co-operative Bank gets licence from RBI

The MSC Bank and 11 district central cooperative banks from Maharashtra were functioning without banking licence so far

Mumbai: The Reserve Bank of India (RBI) has issued banking license to the Maharashtra State Co-operative (MSC) Bank. “The bank obtained the license from RBI,” a senior government official told PTI.

The state government had written to the Centre to extend by two months the 31 March 2012 deadline set by the RBI for 11 District Central Co-operative Banks and the State Co-operative Bank to obtain the banking licence.

The Rakesh Mohan Committee recommendations, which have been accepted by the Union Finance Ministry, have made it mandatory for all the cooperative banks to get a licence before the deadline.

Across the country, there are 134 banks which do not have licence from RBI. If the banks are unable to get the licence before the deadline, they will have to become a cooperative credit society, or merge with another bank.

Maharashtra State Co-operative Bank and 11 district central cooperative banks were functioning without banking licence so far.

On 28 May 2012 last year, the RBI, on the recommendation of NABARD, had dissolved the board of directors of Maharashtra State Co-operative Bank, controlled by senior NCP leader and deputy Chief Minister of Maharashtra, Ajit Pawar, for financial irregularities.

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)