TATA Motors has successfully become the forerunner bidder for Ford Motor Company's Jaguar and Land

Rover units. This occurred after Ford's discussion with Tata, Mahindra and Mahindra and US private equity firm, One Equity Partners. Ford has immediately accepted Tata's bid of $2 billion for Jaguar and Land Rover. Tata pleases, Ford 'disappoints' British workers' union
Email Print Download PDF Comments (0) By Dipankar De Sarkar. London, England, 07:01 PM IST The head of Britain's largest workers union Wednesday reiterated his support for Tata's acquisition of the luxury car brands Jaguar and Land Rover, but said he was disappointed by seller Ford's failure to retain a stake. 'If Jaguar and Land Rover had to be sold, then Tata was the best option,' said Tony Woodley, joint general secretary of Unite, as Ford announced the sale of the two British iconic cars to Tata Motors Ltd. The deal, announced Wednesday, already has the union's seal of approval, after it secured Tata's assurance that it will not shed jobs at the three Jaguar and Land Rover factories at Solihull, Castle Bromwich and Halewood and would continue to source Ford-made engine and components from its factories in Bridgend and Dagenham. 'We would have much preferred Ford to keep the companies in the family, so to speak, especially with Land Rover being so profitable,' Woodley said. 'But with the commitments Tata have given to the future of Jaguar-Land Rover and the long-term supply agreements for components, especially engines from Bridgend and Dagenham, we're obviously pleased they are in the game.' However, Woodley added that there was disappointment that Ford had decided against taking a stake in the new future.

'That is a big disappointment,' he said. According to sources in Unite, union officials would have liked to see Ford take a minority stake, as it did while selling off the luxury car Aston Martin to two Kuwaiti investment companies last year. Ford retained a $77 million stake in Aston Martin. This, the union officials feel, would have helped to 'lock in' long-term commitments made as part of the agreement signed Wednesday between Tata and Ford. The nervousness may be explained by the fact up to 40,000 jobs were at stake at a time of a global economic slowdown. 'On the positive side, Tata has not only given us a long-term commitment, but they are an industrial company as well,' Unite's Andrew Dodgson told IANS. 'Tata recognise the iconic brand value of Jaguar-Land Rover - that they are Britishengineered and British-made cars and so it is important to keep them in Britain,' he added. Ford acquired Jaguar for $2.5 bn in 1989 and Land Rover for $2.75 bn in 2000 but put them on the market last year after posting losses of $12.6 bn in 2006 - the heaviest in its 103-year history. Tata was named by Ford as the preferred bidders in January as it beat off competition from fellow-Indian carmaker Mahindra and Mahindra and American buy-up specialist One Equity. While the three Jaguar and Land Rover factories in Britain employ some 16,000 people, the number swells to between 30,000 and 40,000 when ancillaries are taken into account, according to Dodgson.

Detroit, January 31: Ford Motor Co and Tata Motors Ltd. are nearing an agreement for Tata to buy Jaguar and Land Rover, according to a person who has been briefed on the negotiations. The deal is likely to be announced in February, perhaps as early as next week, but could be as late as the Geneva Motor Show in early March, the person said. Ford Chief Financial Officer Don Leclair said last week the company does not plan to keep a stake in the storied British automakers. "Our plan right now is to sell the business in its entirety," Leclair said in a telephone interview with British newspaper the Financial Times. Ford spokesman Bill Collins confirmed the quote as accurate.

Tata, which recently announced plans to build a USD 2,500 car in India, was named the prime bidder for the upscale Jaguar and Land Rover units earlier this month, besting two other finalists, Indian automaker Mahindra & Mahindra Ltd. and US private equity firm One Equity Partners LLC. The person briefed on the talks, who requested anonymity because the negotiations are private, said Tata and Ford are negotiating an agreement for Ford to keep supplying engines and other technology to Jaguar and Land Rover. Ford maintained a small stake last year when it sold controlling interest in Aston Martin, the Sports car brand immortalized in James Bond films. Ford sold the automaker to holding company Primrose Cove Ltd, receiving USD 848 million but retaining a USD 77 million stake. The person briefed on the talks said Ford kept the stake in Aston Martin because it didn't have supply agreements similar to those being negotiated with Tata. Ford Chief Executive Alan Mulally has said previously he thinks a sale agreement with Tata will come during the first quarter of this year. In December people close to the negotiations said that potential suitors had submitted bids for both Companies that ranged from USD 1.5 billion to USD 2 billion. Ford spokesman John Gardiner in London would not comment yesterday on when the sale might take place or what was being negotiated. "We're not giving any details of our discussions," he said. Tata, a sprawling conglomerate that makes everything from automobiles to steel and software, has confirmed that it is negotiating with Ford for the British automakers. The company long has been a giant in truck and bus manufacturing, but it has sold cars for only about a decade. It has about a 17 per cent share of India's market. Industry...

Tata & Ford to announce the official deal today

New Delhi, Wed, 26 Mar 2008 NI Wire

Tata Inc., the renowned name of truck and bus vehicle in Indian subcontinent is going to mark another land stone after purchasing Europeans giant steel company corus that was five-time larger than Tata. Now Tata Inc. is on the climax of finalising the deal of US based global brand company Ford Motors that manufactures and sells some prestigious brand like Lincoln, Mercury, Mazda, Jaguar and Land Rover for its last two royal marques.

E-mail Article Printer Friendly Text-Size

The deal for purchasing two esteemed brands of Ford Motors, Jaguar and Land Rover is on the final stage after a nine-month long exercise and is likely to be announced by evening today. According to sources, the MoU has been singed on Tuesday night but it has not announced officially till now.

The official sources say that the announcement about the deal would go into the public after finalising the fate of cumulative 16,000 staff of both these marques planted across the West Midlands and Merseyside and to inform them about the taken decision.

However, it is expected that the deal has been finalised around USD 2-billion to 2.5billion, while the exact amount will extracted after the official announcement of the deal.

Ford has to pay of around USD 600-million of pension deficits of its massive staff across the West Midlands and Merseyside of its Jaguar and Land Rover brand as the part of the deal and it is expected that Tata has to assure the Ford about secure future of the employees of both the brands.

Land Rover, which models include the Range Rover, Freelander and Defender, is based at Solihull in the West Midlands started business in 1948 while Jaguar, which makes the X-type, the XJ, XF series, E-type and S-type has plants at Castle Bromwich in the Midlands and at Halewood on Merseyside began it business in 1945. Both these brands are known as legendary British Brand, but US Company has purchased both these brands in 1989 in worth USD 4.5-billion.

Earlier, Mahindra & Mahindra was also in the race for purchasing these brands with Tata, but the Unite, the main trade union of Jaguar and Land Rover preferred Tata by viewing its global image that was marked after finalising the Corus deal.

Tata Motors is the biggest truck and bus manufacture of India and has captured more than half of the sub-continent's truck market. Besides, it has about 20% of India's car market for its only two brand, Tata Indica and Tata Indigo, whereas it has near to introduced worlds chipset car Nano which is likely to sell in the market at just $2500.

On the other hand, the starting price for Jaguar's latest sports car, the XF is more than $64,000. So, after completing the deal Tata will attach two precious stones on its unofficial crown. n depth analysis on TATA acquistion of Fords Jaguar and Land Rover Tata group which is responsible for Indias biggest foreign takeover, by acquiring the British steel company Corus through his Tata Steel business for 6.7bn earlier this year, is now reckoning for another big acquisition, this time for its automotive division. Tata Motors is in the early stages of evaluating a bid for the Jaguar and Land Rover reported British daily The Telegraph.. Ratan Tata is understood to have instructed advisers in the past fortnight to begin evaluating the merits of a joint offer for Jaguar and Land Rover, which have been earmarked for disposal by struggling American car giant Ford. People close to the situation last night said that Tata Motors evaluation of a bid was at an exploratory stage and may not lead to a formal bid for the two brands. One person familiar with the position said that Tata Motors had signed a confidentiality agreement with Ford in recent days. .Besides Tata, other car makers from middle east and eastern car manufacturers may be interested in bidding, while a formal auction would also be likely to attract private equity firms such as Apollo, Blackstone and Cerberus ( theUS buyout firm which acquired Chrysler earlier this year for $7.5bn). Price of the luxury brands: Analyst believe anything between $2.5bn to $3bn for jaguar and Land Rover. Here is their words A Meryll Lynch analysts suggest that Jaguar and Land Rover may fetch about $1.5bn (735m). Earlier a private equity firm called Alchemy Partners was said to be lining up a 3bn offer for the two luxury brands. If you look at the financial position, [Jaguar and Land Rover] are worth some $1bn to $1.5bn, Mr Dorris an analyst said. Add a control premium, and the final sales price could come in at about $2.5bn.

Ford bought Jaguar for 1.6bn in 1989 and it is believed that Ford have invested about $10bn in Jaguar since it bought, Ford bought the Land Rover from BMW for 1.7bn in 2000. What may hamper Tatas? Union leaders of both Jaguar and Land Rover have already raised concerns about their job security because of the sale. Jaguars sales were down nearly 32 percent for 2006 in the United States, the companys largest market. Jaguar lost more than $715 million last year and is expected to lose $550 million in 2007. According to the analysis, Jaguar is projected to lose more than $300 million in 2008 and is not expecting a profit for several years. These losses are mainly because of extremely high manufacturing costs in Britain and Ford has not earn a profit from jaguar since it bought. Land Rover sold a record 192,500 vehicles in 2006 and is said to be profitable. Unlike the jaguar, Land Rover is a much stronger and more profitable business but Tatas has to buy both the units since the products and manufacturing of vehicles for Land Rover and Jaguar is so intertwined.. The worried jaguar s workers, they told if the two companies are sold together, then there was no guarantee that a new owner would not shut down most of Jags manufacturing capacity. Official Words from Tata and Ford A spokesman for Tata Motors said the group did not comment on speculation about mergers and acquisitions. Though Ford denied it, Ford had told that it was still some way from doing a deal, it also added hat it had been looking at its options for a year, and that it was neither setting a timeframe for any decision, nor ruling out any options. is Mahindra in the race? Mahindra & Mahindra (M&M) might also show interest in these brand. M&M which wants to be global SUV maker should have an interest, at least, in Land Rover, says the brand is attractive. Even so, it will not help Mahindra become an independent global sports utility vehicle, or SUV, brand. Moreover, Land Rover, which is about six times as big as M&M, might simply be unaffordable. I do not know what is on offer, whether it is the whole brand, or some products or what plants are being offered. I cannot say if it is a strategic fit or not. Mahindra is a SUV brand and Land Rover is an SUV brand. So, the two brands have something where synergy is possible. But having said that, its a big company, said Pawan Goenka, President-Automotive Sector, Mahindra & Mahindra.

European car manufacturers Renault and Fiat have recently ruled out of the possibility of bidding for Jaguar and Land Rover.Ford the struggling auto giant: Ford which has become struggling automaker in recent years posted a full-year 2006 net loss of $12.7 billion, the largest single-year loss in the companys history. Also Ford lost its No. 2 ranking worldwide to Japans Toyota. Ford Chief Executive Officer Alan Mulally, who took over the top post in September 2006 from Bill Ford has been restructuring Ford to counter losses. As a part of restructuring Ford has been selling assets in a bid to offset falling sales and profits. Premier Group, which includes Aston Martin, Volvo,Land Rover and Jaguar is the main cause for Ford continuing losses. Earlier this year Ford sold its UK based sports car division Aston Martin(popularly known as james bond car) for $848 million to investors led by U.K. auto-racing champion David Richards. Many believed that Ford was in talks with Germanys BMW to divest the Volvo brand but Ford denied any such sale of Volvo. Ford reported a loss of $282m for the first three months of 2007. Tatas Ferrari ride: Soon we can see the Ferraris cruising in India roads, as an extension of the existing TataFiat(parent company of Ferrari) partnership, Fiat is planning to drive Ferrari into India and its navigator will be the Tata Motors. The worlds favourite sports car - Ferrari will zoom into Indias exclusive sports car market currently dominated by porsche. The two new Ferraris to be launched in India would be a 612 Grand Tourer, a big four seater and F430, an absolute sports car which is performance oriented. Tata Motors will market and set up engineering centers as a post sale services for these cars. After some bad experiences in China and Russia, Ferrari did not want to take chances by going it alone. With Tatas in fold, the Italian major is expecting a solid infrastructure back up in India. Ferrari and Tata are natural partners because Ferrari already gets lot of its software done from TCS. source: NDTV profit Tatas to setup production base in Thailand: Tata Motors, Indias top commercial vehicle maker, will invest 1.3 billion baht (38 million dollars) to launch its first production base in Thailand, the Thai Board of Investment said on July 18th. Tata Motors plans to roll out one-tonne pick-up trucks by the end of this year with initial output capacity of 7,000 units per year, the state-run investment promotion agency said. Tata Motors aims to boost annual production capacity to 30,000-35,000 units over the next five years, with 80 percent of light pick-up trucks to be sold in Thailand and the rest for export, the agency said. Vicky.in Forums - Exclusive forum for Indian Automobile industry

Tata Motors' deal worth $2.3 billion with Ford Motor Company for its Jaguar and Land Rover marques will boost India Inc's mergers and acquisition volumes, which stood at 5.96 billion dollars in the first two months this year. Tata Motors deal holds significance as the aggregate deal value of 2.3 billion dollars comprises about 40 per cent of the total M&A volumes in the past two months. The total number of M&A deals announced in the month of January this year stood at 56 with a total announced value of $ 3.01 billion, while in the month of February, there were as many as 36 M&A deals with a total announced value of $2.95 billion, according to global accounting and management-consulting firm Grant Thornton. Among the significant deals last month were HDFC Bank's merger with Centurion Bank of Punjab and Walt Disney Company's acquisition of 17.2per cent stake in UTV Software Communication to increase its stake to 32.10 per cent in the company. Analysts said the deal would definitely impact the M&A space in India and shows that brand India is getting global recognition. Outbound deals outnumbered the domestic deals in the first two months this year. In January, there were 19 cross-border deals with an announced value of $0.47 billion, out of which 12 were outbound deals wherein Indian companies acquired businesses outside India with a value of $0.24 billion. In February, as many as 38 cross-border deals were announced with total value of $2.80 billion, of which 27 were outbound deals with a value of $2.57 billion. Meanwhile, global financial information provider Dealogic in its latest report said that India-targeted M&A volumes reached $11.9 billion through 345 deals so far this year. US was the leading acquiring country with deals worth 1.6 billion dollars, followed by the UK with $904 million and Germany with USD 584 million. Interestingly, the figure represents a decline of 41 per cent from $20.2 billion by way of 250 deals in the period under review last year. "Inbound cross-border acquisitions reached 3.9 billion dollar via 89 deals so far this year, accounting for 33 per cent of the total India-targeted volume, down from 17.2 billion by way of 79 deals," Dealogic said.

Tata pleases, Ford 'disappoints' British workers' union

Wed, Mar 26 06:38 PM London, March 26 (IANS) The head of Britain's largest workers union Wednesday reiterated his support for Tata's acquisition of the luxury car brands Jaguar and Land Rover, but said he was disappointed by seller Ford's failure to retain a stake.

'If Jaguar and Land Rover had to be sold, then Tata was the best option,' said Tony Woodley, joint general secretary of Unite, as Ford announced the sale of the two British iconic cars to Tata Motors Ltd. The deal, announced Wednesday, already has the union's seal of approval, after it secured Tata's assurance that it will not shed jobs at the three Jaguar and Land Rover factories at Solihull, Castle Bromwich and Halewood and would continue to source Ford-made engine and components from its factories in Bridgend and Dagenham. 'We would have much preferred Ford to keep the companies in the family, so to speak, especially with Land Rover being so profitable,' Woodley said. 'But with the commitments Tata have given to the future of Jaguar-Land Rover and the long-term supply agreements for components, especially engines from Bridgend and Dagenham, we're obviously pleased they are in the game.' However, Woodley added that there was disappointment that Ford had decided against taking a stake in the new future. 'That is a big disappointment,' he said. According to sources in Unite, union officials would have liked to see Ford take a minority stake, as it did while selling off the luxury car Aston Martin to two Kuwaiti investment companies last year. Ford retained a $77 million stake in Aston Martin. This, the union officials feel, would have helped to 'lock in' long-term commitments made as part of the agreement signed Wednesday between Tata and Ford. The nervousness may be explained by the fact up to 40,000 jobs were at stake at a time of a global economic slowdown. 'On the positive side, Tata has not only given us a long-term commitment, but they are an industrial company as well,' Unite's Andrew Dodgson told IANS. 'Tata recognise the iconic brand value of Jaguar-Land Rover - that they are Britishengineered and British-made cars and so it is important to keep them in Britain,' he added. Ford acquired Jaguar for $2.5 bn in 1989 and Land Rover for $2.75 bn in 2000 but put them on the market last year after posting losses of $12.6 bn in 2006 - the heaviest in its 103-year history. Tata was named by Ford as the preferred bidders in January as it beat off competition from fellow-Indian carmaker Mahindra and Mahindra and American buy-up specialist One Equity.

While the three Jaguar and Land Rover factories in Britain employ some 16,000 people, the number swells to between 30,000 and 40,000 when ancillaries are taken into account, according to Dodgson.

n May 2007, India's Ministry of Civil Aviation announced that Air India Limited (AI), India's national flag carrier and Indian Airlines Limited (IA), the government owned domestic airline, would merge with effect from July 15, 2007.1 The new airline formed by the merger was to be called 'Air India,' and would operate in both the domestic and international sectors. The proposal to merge AI and IA had been first mooted in the 1990s.2 In February 1999, a Parliamentary Standing Committee on Transport and Tourism had recommended the merger of AI and IA in its report on the 'Functioning of Air India'.3 However, the process had formally been initiated only in September 2006, when the Indian government assigned the duty of preparing the roadmap for the merger to Accenture Inc., a management consulting, technology services and outsourcing company.4 After being endorsed at various levels of the administrative hierarchy, the plan for the merger was finally approved by the Union Cabinet in March 2007.5 A new company called the National Aviation Company of India Ltd. (NACIL) was incorporated on March 30, 2007 under Sections 391 and 394 of the Indian Companies Act, 1956 to facilitate the merger.6 Under the terms of the merger, all the undertakings, properties, and liabilities of AI and IA were to be transferred to NACIL.7 The AI-IA merger was expected to create one of the biggest airlines in the world in terms of the fleet size. As of May 2007, the two airlines had a combined fleet of 122 aircraft and 34,000 employees including 1,315 pilots.8 The combined fleet size placed the merged entity among the top 10 airlines in Asia, and the top 30 in the world. It would also be India's first airline with more than 100 aircraft.9 The motives for the merger were widely discussed in the media. India was the fastest growing aviation market in the world, ahead of China, Indonesia and Thailand, as of early 2007.10 The number of people traveling by air had been increasing rapidly in the country.11 The main reason for this was thought to be the advent of low cost airlines like Air Deccan and SpiceJet in the country in 2003-2004, which brought air travel within reach of India's large middle class. The entry of a number of new airlines had intensified the competition in the aviation sector by 2004. Mumbai: Merger of national carriers Air India and Indian Airlines has been challenged in the Bombay High Court on the ground that it defies Parliaments intent to keep international and domestic carriers separate. The petition filed by Air India Cabin Crew Association (AICCA) also questions the Constitutional validity of section 620 of Companies Act, which empowers government to exempt any government company from provisions of the Act.

Air India Limited and Indian Airlines Limited were created by a Parliamentary statute, and, therefore, without the Parliaments nod they cannot be amalgamated, the petition contended. AICCA claims to the sole recognised trade union in Air India Limited, and has 1,800 members. The petition is expected to come up for hearing in the first week of December. The merger (amalgamation) of AI and IA was sanctioned by the Ministry of Corporate Affairs on 22 August this year. The move was aimed at bringing about more efficiency and better utilisation of resources. A new company called National Aviation Company of India was created to replace them. However, AICCA contends that in sanctioning the amalgamation, Parliament was bypassed. Tracing the history of the national carriers, it points out that in 1953, eight private airlines were nationalised under Air Corporations Act, which created AI and IA. Further, in 1994, Air Corporations (Transfer of Undertakings and Repeal Act) Act was passed, which converted AI and IA into Air India Limited and Indian Airlines Limited, respectively.

Second largest Bank in India is now formally in place . RBI has given approval for the reverse merger of ICICI Ltd with its banking arm ICICI Bank. ICICI Bank with Rs 1 lakh crore asset base bank is second only to State Bank of India, which is well over Rs 3 lakh crore in size. RBI also cleared the merger of two ICICI subsidiaries, ICICI Personal Financial Services and ICICI Capital Services with ICICI Bank. The merger is effective from the appointed dated of March 30, 02, and the swap ratio has been fixed at two ICICI shares for one ICICI Bank share. Reserve Bank, approval is subject to the following conditions: (i) Compliance with Reserve Requirements The ICICI Bank Ltd. would comply with the Cash Reserve Requirements (under Section 42 of the Reserve Bank of India Act, 1934) and Statutory Liquidity Reserve Requirements (under Section 24 of the Banking Regulation Act, 1949) as applicable to banks on the net demand and time liabilities of the bank, inclusive of the liabilities pertaining to ICICI Ltd. from the date of merger. Consequently, ICICI Bank Ltd. would have to comply with the CRR/SLR computed accordingly and with reference to the position of Net Demand and Time Liabilities as required under existing instructions. (ii) Other Prudential Norms ICICI Bank Ltd. will continue to comply with all prudential requirements, guidelines and other instructions as applicable

to banks concerning capital adequacy, asset classification, income recognition and provisioning, issued by the Reserve Bank from time to time on the entire portfolio of assets and liabilities of the bank after the merger. (iii) Conditions relating to Swap Ratio As the proposed merger is between a banking company and a financial institution, all matters connected with shareholding including the swap ratio, will be governed by the provisions of Companies Act, 1956, as provided. In case of any disputes, the legal provisions in the Companies Act and the decision of the Courts would apply. (iv) Appointment of Directors The bank should ensure compliance with Section 20 of the Banking Regulation Act, 1949, concerning granting of loans to the companies in which directors of such companies are also directors. In respect of loans granted by ICICI Ltd. to companies having common directors, while it will not be legally necessary for ICICI Bank Ltd. to recall the loans already granted to such companies after the merger, it will not be open to the bank to grant any fresh loans and advances to such companies after merger. The prohibition will include any renewal or enhancement of existing loan facilities. The restriction contained in Section 20 of the Act ibid, does not make any distinction between professional directors and other directors and would apply to all directors. (v) Priority Sector Lending Considering that the advances of ICICI Ltd. were not subject to the requirement applicable to banks in respect of priority sector lending, the bank would, after merger, maintain an additional 10 per cent over and above the requirement of 40 per cent, i.e., a total of 50 per cent of the net bank credit on the residual portion of the bank's advances. This additional 10 per cent by way of priority sector advances will apply until such time as the aggregate priority sector advances reaches a level of 40 per cent of the total net bank credit of the bank. The Reserve Banks existing instructions on sub-targets under priority sector lending and eligibility of certain types of investments/funds for reckoning as priority sector advances would apply to the bank. (vi) Equity Exposure Ceiling of 5% The investments of ICICI Ltd. acquired by way of project finance as on the date of merger would be kept outside the exposure ceiling of 5 per cent of advances towards exposure to equity and equity linked instruments for a period of five years since these investments need to be continued to avoid any adverse effect on the viability or expansion of the project. The bank should, however, mark to market the above instruments and provide for any loss in their value in the manner prescribed for the investments of the bank. Any

incremental accretion to the above project-finance category of equity investment will be reckoned within the 5 per cent ceiling for equity exposure for the bank. (vii) Investments in Other Companies The bank should ensure that its investments in any of the companies in which ICICI Ltd. had investments prior to the merger are in compliance with Section 19 (2) of Banking Regulation Act, 1949, prohibiting holding of equity in excess of 30 per cent of the paid-up share capital of the company concerned or 30 per cent of its own paid-up share capital and reserves, whichever is less. (viii) Subsidiaries (a) While taking over the subsidiaries of ICICI Ltd. after merger, the bank should ensure that the activities of the subsidiaries comply with the requirements of permissible activities to be undertaken by a bank under Section 6 of the Banking Regulation Act, 1949 and Section 19 (1) of the Act ibid. (b) The take over of certain subsidiaries presently owned by ICICI Ltd. by ICICI Bank Ltd. will be subject to approval, if necessary, by other regulatory agencies, viz., IRDA, SEBI, NHB, etc. (ix) Preference Share Capital Section 12 of the Banking Regulation Act, 1949 requires that capital of a banking company shall consist of ordinary shares only (except preference share issued before 1944). The inclusion of preference share capital of Rs. 350 crore (350 shares of Rs.1 crore each issued by ICICI Ltd. prior to merger), in the capital structure of the bank after merger is, therefore, subject to the exemption from the application of the above provision of Banking Regulation Act, 1949, granted by the Central Government in terms of Section 53 of the Act ibid for a period of five years. x) Valuation and Certification of the Assets of ICICI Ltd ICICI Bank Ltd. should ensure that fair valuation of the assets of the ICICI Ltd. is carried out by the statutory auditors to its satisfaction and that required provisioning requirements are duly carried out in the books of ICICI Ltd. before the accounts are merged. Certificates from statutory auditors should be obtained in this regard and kept on record.

National Aviation Company of India Ltd, the new entity formed after the merger of Indian and Air India, today moved the Supreme Court seeking consolidation of the cases challenging the merger of the two state carriers.

Merger of Lord Krishna Bank with Centurion Bank legal'

K. C. Gopakumar Counter affidavit filed against challenging the merger `All shareholders who wanted to exercise their vote were able to vote without obstruction at the AGM' `Sec. 237 of Companies Act applicable only to companies other than banking companies'

Kochi: There is absolutely no basis or ground to appoint any inspector to investigate the affairs relating to the scheme of amalgamation of Lord Krishna Bank with the Centurion Bank of Punjab, according to B.Swaminathan, managing director and chief executive officer of the bank. In a counter-affidavit filed in the High Court, he said section 237 of the Companies Act was applicable only to companies other than banking companies. Banking companies were controlled, supervised and inspected by experts of the Reserve Bank of India (RBI), which could not be done by inspectors to be appointed by the Central Government under section 237 of the Companies Act. The affidavit was filed in response to a writ petition filed before the Kerala High Court by Umesh Kumar Pai, a minority shareholder, challenging the merger and seeking to appoint inspectors to investigate the amalgamation scheme. The affidavit said no provision of the Companies Act could be invoked to challenge the amalgamation proceedings initiated under section 44A of the Banking Regulation Act. In fact, section 44A had overriding effect over section 237 or any other provisions of the Companies Act. The affidavit further said resolutions were moved one by one and arrangements were made for members/proxies to exercise their votes. The allegations that there was obstruction at the venue of the AGM were baseless. All the shareholders or proxies who wanted to exercise their votes were able to vote without any obstruction. The allegation that there was no discussion was false. The chairman of the meeting had invited shareholders for discussion.

A resolution for the approval of the scheme of amalgamation was passed with the requisite majority in accordance with the provisions of section 44A of the Banking Regulation Act. While 5,63,65,282 votes of the same value were cast for the resolution only 6,046 votes of the same value were cast against the resolution. Of the 1,784 members present in person or by proxy at the meeting, 1,740 shareholders voted in favour of the resolution while only 24 voted against the resolution and 20 votes were invalid. Thus, the resolution approving the scheme of amalgamation was passed by a majority in number representing two thirds in value of the shareholders present either in person or by proxy at the meeting as required under section 44A(1) of the Banking Regulation Act, the affidavit added. The allegation that 65 per cent of the shares were held by a single entity was totally false. No person holding share in excess of ten per cent of the bank exercised voting rights in excess of 10 per cent. With the permission of the RBI, a person could hold more than 10 per cent of the share of a banking company but the right to exercise vote was restricted to 10 per cent of the total voting rights. ________________________________________________________________________ ___

The deal may not affect employment levels in the United Fly Free with Deccan Kingdom. The employee number in Jaguar and Land Rover together consists of 15,300 people. However details of the deal are expected to be out in the next six weeks. Ads by Google Jobs in Ford 100's of Jobs in ford Submit Your Resume Free. Now! Jobs in TATA Top Indian Companies are Hiring. Register Your Resume Today! Ford Motor Company NYTimes.com presents news and a financial overview of this company Used Tata Spacio Buy/Sell or Search From 10000+ Used Tata Spacio Cars in India TATA Sumo Grande Perfect Mix Of Style & Performance Register For A Test Drive Now! buy tata car Know on-road price of Tata cars. Extensive research tools available. Tata Find Deals, Read Reviews from Real People. Get the Truth. Then Go. Ford is expected to choose a frontrunner to buy the brands around the end of this week.

Jobs in Ford
100's of Jobs in ford Submit Your Resume Free. Now