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Polaris okays arbitration

Mumbai, Dec. 30: Polaris Software Lab Ltd’s board today recommended initiating “arbitration proceedings” in Singapore to resolve the commercial disputes with Bank Artha Graha, an Indonesian bank, whose complaint led to the detention of the company’s CEO Arun Jain and another official in Indonesia recently. The Chennai-based company’s board also recommended approaching Indonesian courts to quash any criminal charges under that country’s laws, the company informed the BSE today.

HPL-Gail pact

Calcutta, Dec. 30: The much-awaited commercial agreement between Haldia Petrochemical Ltd and state-owned Gas Authority of India Ltd is likely to be signed tomorrow, HPL sources said tonight. Officials of both the companies held discussions today but the agreement could not be signed as certain legal formalities were to be cleared, sources said.

HDFC bonus

Mumbai, Dec. 30:HDFC Ltd has allotted 12,19,60,713 equity shares of Rs 10 each as bonus shares. Post allotment, the issued and paid-up equity capital was Rs 243.92 crore, the company informed the BSE today.

Cosmo Films

Mumbai, Dec. 30: The board of Cosmo Films Ltd will consider issue of bonus shares at its next meeting scheduled on January 14, the company informed the BSE today.

US-64 value

Mumbai, Dec. 30: The market value of US-64 declined marginally by 0.54 per cent at the end of November 30, to Rs 1,0579.29 crore compared with Rs 10,637.66 crore as on October 31, 2002.

Kotak plan

Ahmedabad, Dec. 30: Kotak Mahindra Asset Management Company has introduced ‘free life insurance’ to prospective investors in the K-bond deposit plan. The insurance cover benefit will be valid for three years with the investor required to maintain a minimum investment of Rs 20,000.

Syndicate Bank

Mumbai, Dec. 30: Armed with the Securitisation Act, Syndicate Bank will take possession of Mumbai-based Sandip Bar & Restaurant’s mortgaged premises for repayment of dues amounting to Rs 98 lakh.


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