Tata Chemicals' consumer business to merge with TGBL
The boards of Tata Global Beverages Ltd (TGBL) and Tata Chemicals Ltd (TCL), at their respective meetings held on Wednesday, have approved the de-merger of the consumer products business of the latter into the former through a National Company Law Tribunal (NCLT) approved scheme of arrangement.
 
TGBL would be renamed Tata Consumer Products Ltd to reflect the new strategic direction of the company, while TCL would focus on innovative science-based chemistry solutions and products, a statement said.
 
Commenting on the announcement, Tata Sons Chairman N. Chandrasekaran said: "Tata Consumer Products consolidates our current presence in food and beverages in the fast-growing consumer sector. Through this combination, we have created a strong growth platform to meet the growing aspirations of Indian consumers."
 
Pursuant to the scheme, each shareholder of TCL will get 1.14 new equity shares of TGBL for every 1 equity share held in TCL, signifying that a shareholder holding 100 shares in TCL will receive 114 shares in TGBL.
 
The respective company boards have approved the share Entitlement Ratio based on the recommendations of independent valuers, the statement said.
 
It also said that the proposed transaction will create a focused consumer products company with a combined turnover and earning before interest, tax, depreciation and amortisation (EBITDA) of Rs 9,099 crore and Rs 1,154 crore, respectively, for the twelve-month period ended March 31, 2019, on a proforma basis.
 
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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COMMENTS

Vijesh Senan

5 days ago

Finally after lot of anticipation the consumer business is getting consolidated as Tata Consumer Products !.This going forward would warrant a rerating, Tata Starbucks is in top gear with aggressive expansion plans and there is a lot of momentum after so many years!

Report of 'rift' between IndiGo's promoters surfaces; airline calls it speculation
Even as a report on Wednesday claimed an alleged rift between budget passenger carrier IndiGo's promoters -- Rahul Bhatia and Rakesh Gangwal -- the airline denied any such developments calling it mere speculation.
 
According to a business television report, differences have surfaced between Bhatia and Gangwal over managerial control of the firm. The report quoted sources as saying that the two partners have approached different law firms.
 
"We do not comment on market speculation," an IndiGo spokesperson told IANS. 
 
The report comes days after the debacle in Jet Airways, where the partnership between Naresh Goyal and the airline's stakeholder Eithad fell through. 
 
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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RAVINDHIRAN MUKUNDRAJAN

6 days ago

Typo in the title - please correct it. It says "pormoters" instead of "promoters"

IL&FS Forensic Audit Exposes Web of Corruption, Shady Loans: Moneycontrol
The final forensic audit report of Infrastructure Leasing & Financial Services (IL&FS), prepared by Grant Thornton, exposes ever-greening of loans, loans given without proper collateral and other malpractices, says a report from Moneycontrol
 
The final forensic audit report from Grant Thornton confirms what Moneylife had written two months ago. "The 166-page interim report of Project Icarus, as the investigation was named by the audit firm, exposes 10 different kinds of fraud, which are succinctly tabulated with names, numbers and detailed proof, provided in the annexures. According to GT, the 10 types of possible fraud identified by it in IL&FS Financial Services Ltd (IFIN) alone involves a massive Rs13,299 crore.
 
"The report also points out that IL&FS had adopted a ‘unified approval framework’ to facilitate intra-group synergy and to provide IL&FS group visibility for all transactions. This further pinpoints responsibility, primarily, on the committee of directors (CoD) of four persons, comprising—founder and former chairman Ravi Parthasarathy, former vice-chairman Hari Shankaran, director Arun Saha and IFIN’s former managing director, Ramesh C Bawa," the Moneylife report published on 6 March 2019 says. (Read: Why the Delay in Action When GT Report Pins Responsibility on Cabal of Four at IL&FS)
 
Coming back to the final audit report of Grant Thornton submitted to IL&FS, as per Moneycontrol, it mentions names of several prominent companies like Essar, DB Realty, SKIL Infrastructure, Gayatri Group, Shiva Shelters and Construction Pvt Ltd (Siva Group), Srei Infrastructure Finance Ltd (SIFL), Kohinoor, Parsvanath Developers and Housing Development Infrastructure Ltd (HDIL), with regards to the ever-greening process by IL&FS.
 
Moneycontrol, which has a copy of the final forensic audit report, says the auditor has found 107 instances of loan ever-greening, loans given without proper collateral and management links with borrowers companies.
 
"Grant Thornton found indirect links of Mr Bawa, former managing director (MD) of IFIN with Silverglades Group and Ansal Group, which were provided loans to the tune of Rs487 crore. The auditor found that Silverglades was given loans by the company's former director without seeking any securities. Overall loans worth Rs3,768 crore were sanctioned without security. Mr Bawa did not disclose his investments in AAA Infosystem and AAAB Infrastructure," the report says.
 
Grant Thornton was engaged by the new government-appointed board of directors (BoD) of IL&FS to conduct a special audit for all high-value transactions undertaken by IL&FS Ltd and few of its group companies for the period commencing from 1 April 2013 to 30 September 2018.
 
In 73 instances, many prominent companies were given loans despite a negative assessment after taking approval from the company directors. "During the audit, Grant Thornton found that 14 external companies had borrowed money and transferred to IL&FS group companies. SREI borrowed capital thrice and transferred it IL&FS group companies, and Sangam Group borrowed twice and transferred the money to IL&FS."
 
"Moreover, Grant Thornton found 20 instances where loans were given to companies totally worth Rs1,827 crore without any security from borrowers. It also found 17 instances of loan disbursements worth Rs1,941 crore, where securities fell short in comparison to the sanctioned amount," the report from Moneycontrol says.
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