Monitor

Ponni Sugars demerger plan through

CHENNAI: The directors of Ponni Sugars and Chemicals (PSCL) have approved the demerger plan. Accordingly the Erode sugar mill (PEL) undertaking in Orissa will get retained in the parent company which will be rechristened as Ponni Sugars (Orissa) Limited (POL). While PSCL has already reached a broad consensus with the financial institutions for its demerger plan, their final consent is awaited yet, according to a company release. Total term debt obligations will get split between PEL and POL in an agreed ratio having regard to the nature of borrowings, servicing capacity and the asset charge to secure such borrowings. The equity and preference shareholders of PSCL will upon demerger get two shares in PEL and three shares in POL for every five shares presently held in PSCL.

Illegal flight of capital from Russia

MOSCOW: Illegal flight of capital cost Russia $1 billion a month last year, the country's central bank President, Mr. Viktor Gerashchenko, has said. The "flight of capital remains a major problem," Mr. Gerashchenko was quoted by Itar-Tass news agency as saying. At around $12 billion a year, the flight of capital represents three times the amount that Russia expects to borrow from the International Monetary Fund in 2000.

Bodhtree.com's R & D scholarship

CEHNNAI: Bodhtree.com has brought to India 100 per cent training and R & D scholarships in Canada for ``advanced diploma in internet technologies,'' according to a release. The Hyderabad- based IT company, Bodhtree.com will also be launching innovative and unique portals, products and services shortly on the internet. Applicants will have to log on to the Bodhtree website and fill in the application form online. Alternatively, the candidate can download this form from the Bodhtree website and mail in his application. Further details Mr. Sanjiv Gupta (sg@bodhtree.com) or Mr. Sanjay Verma (sanjay@bodhtree.com).

Deutsche Bank's custody services

CEHNNAI: Deutsche Bank has been named the top-rated custody services house in India, Malaysia, Philippines and Thailand by Global Custodian in its 1999 Emerging Markets Agent Bank Review. Respondents commended the bank's staff for being professional, efficient and friendly (Malaysia), and very experienced and knowledgeable and always gives prompt updates on pending issues (Thailand). The bank's operations were described as smooth and worry-free (Philippines).

International exhibition and conference

CHENNAI: Componex/Electronic India 2000 - the fifth international three day exhibition and conference on electronic components, materials and production equipment opened in Bangalore on January 27. A two-day conference on `Towards world class electronics hardware manufacturing' is also being organised on January 28 and 29. Over 150 leading electronic manufacturers from India and abroad will showcase their state-of-the-art electronics components and products, highlighting the latest trends in the industry, says a release.

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Section  : Business
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