Punjab Chem merger
Punjab Chemicals & Crop Protection Ltd has received the approval of the high court of Punjab and Haryana for amalgamating Alpha Drug India Ltd with itself. The scheme of amalgamation, approved by the court, had earlier been endorsed by shareholders, Punjab Chemicals informed the BSE. Last year, the company had received Bombay High Court's approval for amalgamating another company, STS Chemicals Ltd, with itself, subject to the approval of the high court of Punjab and Haryana. Pursuant to the court order passed on March 10, both the companies ' Alpha Drug India and STS Chemicals ' would now be merged with Punjab Chemicals..
Goodlass Nerolac Paints Ltd has declared an interim dividend of 85 per cent for this fiscal. The board has approved a special interim dividend of Rs 8.50 per equity share of Rs 10 each, the company told the BSE.
Kinetic Engineering has received the Businessworld-Ficci Corporate Citizen II award as a recognition of the company's corporate social responsibility.
GoAir has launched The GoAir Challenge to tap the growing passenger loads. Under the offer, if a passenger gets a better fare from any domestic airline than a GoAir fare, the passenger will get twice the difference in the fare reimbursed.
Kewal Kiran Clothing Ltd, owners of brands like Killer and Integriti, is planning to raise Rs 77.5-85 crore by way of an initial public offering. The proceeds will be utilised to fund the company's Rs 72 crore expansion programme.
Powergrid Corporation has paid an interim dividend of Rs 87.23 crore for 2005-06 to the government. The interim payout is part of the total estimated dividend of Rs 262 crore for 2005-06.
SQL Star International has got its first outsourcing contract in the SME segment. Granules India Ltd has outsourced its IT management to SQL Star.