Jun

9

Scheme of Arrangement between Reliance Infrastructure and its fully-owned Subsidiaries

Filed Under Energy, Indian Companies, Infrastructure | 1 Comment

Reliance Infrastructure Limited has informed the Exchange that the equity shareholders of Reliance Infrastructure Limited, at their meeting convened pursuant to the Order of the Honble High Court of Judicature at Bombay, held on June 09, 2009 have approved the Scheme of Arrangement between the Company and its wholly owned subsidiaries Reliance Energy Generation Limited , Reliance Goa and Samalkot Power Limited, Reliance Power Transmission Limited, Reliance Energy Limited, Reliance Infraventures Limited and Reliance Property Developers Limited and their respective shareholders and creditors under Sections 391 to 394 of the Companies Act, 1956.

The votes cast in favour of the resolution approving the Scheme were 99.9993% of the total votes cast at the meeting. Further, the Company has submitted to the Exchange the Media Release dated June 09, 2009 titled “Shareholders of Reliance Infrastructure Limited approve the Scheme of Arrangement for Demerger of the following divisions of the Company:

i. Dahanu Thermal Power Station

ii. Goa and Samalkot Power Stations

iii. Power Transmission

iv. Power Distribution

v. Toll Roads

vi. Real Estate to the respective wholly owned resulting companies”.

May

26

Ranbaxy Management Shakeout - Malvinder Singh Leaves; Atul Sobti New CEO

Filed Under Healthcare, Indian Companies, Indian Stock Market | Leave a Comment

Ranbaxy Laboratories Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 24, 2009, has transacted the following:

1. Mr. Malvinder Mohan Singh stepped down as Chairman, CEO & Managing Director of the Company with immediate effect

2. Mr. Sunil Godhwani, Mr. Balinder Singh Dhillon and Mr. Atul Sobti resigned from the Directorship of the Company with immediate effect.

3. Dr. Tsutomu Une, Non-Executive Director was elected as the Chairman of the Board of Directors of the Company

4. Mr. Atul Sobti was appointed as CEO & Managing Director of the Company for a period of three years effective May 24, 2009, subject to requisite approvals.

Key Takeway: Daiichi, the Japanese parent company of Ranbaxy, wants clear operational control over Ranbaxy to get the company to profitability. The last few quarters have been full of losses, and it could not continue. Change has probably been difficult with continuing presence of Malvinder Singh who represents the past at Ranbaxy, and it would have been difficult for Daiichi to rally executives on the new business plan. Anyway, Malvinder had exited Ranbaxy in spirit the day he sold his entire stake to Daiichi. Looking forward to some bright new venture from him.

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