Dish TV
cancels issue of Rs 250 cr securities to PE fund
MUMBAI,
Feb 25: Dish
TV India, a part of Zee Network Enterprises,
today said it has cancelled the allotment of
securities worth Rs 250 crore to Mauritius-based
private equity fund Indivision India Partners
(IIP) on a preferential basis.
The process of
issue and allotment of equity shares and warrants
to IIP on a preferential basis stands withdrawn
and cancelled, Dish TV said in a filing to the
Bombay Stock Exchange.
"Due to
recent volatility in the Indian markets, IIP
wanted to drop taking the warrants and the Board
of Dish TV felt that since the promoters are
fully backing as well as the growth of customer
acquisition is robust, we should not accept the
change in deal structure, hence the company
declined the change," Dish TV Managing
Director Jawahar Goel said.
The company has a
complete plan for required funding, Dish TV said
in a filing to the Bombay Stock Exchange.
"We reiterate
our commitment toward Dish TV business and are
confident of its growth prospects ahead. The
promoters have in the past infused funds into the
business as and when required, and would continue
to support in the near future," Dish TV
Chairman Subhash Chandra said.
Indivision was
supposed to be allotted 1.25 crore equity shares
of Dish TV of Re 1 each at a price of Rs 100
each, aggregating Rs 125 crore.
Further, the
private equity fund was to subscribe 9,615,385
warrants - each convertible into an equity share
- at a price of Rs 130 per equity share
aggregating to Rs 125 crore. (PTI)
Coens
no country for old men wins four
Oscars
LOS
ANGELES, Feb 25: The Coen brothers completed their
journey from the fringes to Hollywoods
mainstream, their crime saga "No Country for
Old Men" winning four Academy Awards,
including best picture, in a ceremony that also
featured a strong international flavour.
Europeans swept
the acting categories last night. British actor
Daniel Day-Lewis and Frances Marion
Cotillard were best lead actor and actress. The
supporting actor and actress prizes went to
Spains Javier Bardem and British actress
Tilda Swinton.
Bardem won for
supporting actor in "No Country," which
earned Joel and Ethan Coen best director, best
adapted screenplay and the best-picture honour as
producers.
Accepting the
directing honour alongside his brother, Joel Coen
recalled how they were making films since
childhood, including one at the Minneapolis
airport called "Henry Kissinger: Man on the
Go."
"What we do
now doesnt feel that much different from
what we were doing then," Joel Coen said.
"Were very thankful to all of you out
there for continuing to let us play in our corner
of the sandbox."
Day-Lewis won his
second best-actor Academy Award for the oil-boom
epic "There Will Be Blood," while
"La Vie En Rose" star Cotillard was a
surprise winner for best actress, riding the
spirit of Edith Piaf to Oscar triumph over
British screen legend Julie Christie, who had
been expected to win for "Away From
Her."
Swinton won for
her portrayal as a malevolent attorney in
"Michael Clayton."
As a raging,
conniving, acquisitive petroleum pioneer caught
up in Californias oil boom of the early
20th century, Day-Lewis won for a part that could
scarcely have been more different than his
understated role as a waiter with severe cerebral
palsy in 1989s "My Left Foot"
"My deepest
thanks to the academy for hacking me with the
handsomest bludgeon in town," Day-Lewis
said.
Day-Lewis walked
up the steps to accept his trophy from Helen
Mirren, then went down on one knee before her,
head bowed. Mirren, last years best actress
winner for "The Queen," picked up his
cue, touching Lewiss Oscar to his shoulders
as she could royal sword.
"Thats
the closest Ill ever come to getting a
knighthood," the Englishman said.
The Coens missed
out on a chance to make Oscar history-four wins
for a single film-when they lost the editing
prize, for which they were nominated under the
pseudonym Roderick Jaynes.
"The Bourne
Ultimatum" won the editing Oscar and swept
all three categories in which it was nominated,
including sound editing and sound mixing.
Past winners for
their screenplay to 1996s
"Fargo," Joel and Ethan Coen joined an
elite list of filmmakers to win three Oscars in a
single night, including Francis Ford Coppola
("The Godfather Part II"), James
Cameron ("Titanic") and Billy Wilder
("The Apartment").
Cotillard, the
first winner ever for a French-language
performance, tearfully thanked her director,
Olivier Dahan.
"Maestro
Olivier, you rocked my life. You have truly
rocked my life," said Cotillard. (AGENCIES)
HDFC
bank to issue one share for every
29 in CBOP for merger
MUMBAI, Feb 25: Board of HDFC bank today
approved issuance of one equity share for every
29 held in Centurion Bank of Punjab for merger of
the two financial institutions.
The board has
approved the share swap ratio of one share of Rs
10 each of HDFC bank for every 29 shares of Re
one each held in Centurion Bank of Punjab, HDFC
bank said in a filing to the Bombay Stock
Exchange.
The share swap
ratio is subject to due diligence to be conducted
in this regard, it said.
The board noted
that in the event of the merger, it would
consider making a preferential offer to its
promoter, Housing Development Finance Corporation
Ltd, to enable HDFC to maintain its shareholding
percentage in the bank.
HDFC banks
board will meet on February 28 to consider the
draft scheme of amalgamation, it said.
With the
announcement of share swap ratio, the HDFC bank
scrip surged 3.33 per cent to Rs 1,524, while
that of CBOP dropped 7.27 per cent to Rs 52.30 on
the Bombay Stock Exchange.
The proposed
merger would help HDFC bank become the largest
private sector lender in terms of branch network.
The combined branch network would go up to 1,348
as against the existing private sector leader
ICICI bank, which has close to 955 branches.
Countrys
second-largest lender HDFC bank has about 754
branches while CBOP is currently having 394
branches across 180 locations.
However in terms
of assets, ICICI bank would be much bigger than
the proposed entity. While ICICI bank has Rs
3,76,700 crore worth of assets, the proposed
combined entity would have over Rs 1,10,000
crore.
Hdfc bank has a
promoter holding of 23.28 per cent, held jointly
by HDFC Ltd, HDFC investments and HDFC holdings.
The bank has 26.57 per cent FII holding, while
local mutual funds and insurance firms own 3.39
per cent and 2.81 per cent respectively.
The bank has 1.08
per cent held by Central/State Governments,
according to shareholding pattern as on December
31, 2007, as filed with the bourses.
Centurion Bank of
Punjab, which is the fourth-largest private
sector lender, is promoted by Bank of Muscat,
HSBC finance, Sabre capital. Bank of Muscat holds
the maximum equity of 14 per cent in the bank.
Following
inorganic route of growth, Centurion Bank had in
the past acquired Bank of Punjab and Lord Krishna
Bank. HDFC bank had earlier acquired times bank.
(PTI)
Terror
arrests shock people of Mithila belt
PATNA,
Feb 25: The
arrest of Mohammed Sabbauddin in connection with
the recent blast at CRPF camp at Rampur village
in neighbouring Uttar Pradesh has shocked people
of the Mithila belt on the porous Indo-Nepal
border where terrorist activity is unheard of.
Sabbauddins
arrest, which also stunned his family members,
and establisment of link of some other youths to
underworld Don Dawood Ibrahim, the Rampur blast
and the Mumbai train blast have also alerted the
security set-up in the Mithila belt.
Sabbauddin, who
was arrested from Lucknow a few days after the
incident, is alleged to be a member of the
dreaded terrorists organisation -
Laskar-e-Toiba - official reports said.
Deputy
Inspector-General of Police (Mithilanchal range),
Darbhanga, Vinay Kumar, however, said that the
arrest of some youths could not be taken as a
proof of the entire belts slide to
terrorism.
"In fact, our
investigations suggest that there are some
instances of a couple of youths, who ventured out
of the area for livelhood or studies, were
trapped and forced by terrorists to engage in
unlawful activity and anti-national acts,"
he said.
Inquiry revealed
that Sabbauddin, who was arrested in connection
with the Rampur CRPF camp blast, hailed from a
ordinary family as his father Shabbid Ahmed, a
resident of Sakri Police Station in Madhubani
district, was a Panchayat representative and all
other family members were well educated, the DIG
said.
"Investigations
have revealed that Shabbirs is a respected
family which has never been engaged in any social
evil and we are surprised by his link with
terrorist organisation," the DIG said.
Earlier, one
Mohammed Kalam of village Basopatti in Madhubani
district was arrested in connection with Mumbai
train blast case.
There was nothing
found on records about Kalams criminal
antecedents in Bihar, official sources said.
Kalam, a sober and
decent youth, left home searching for job outside
the state, but he was lured by terrorists into
doing unlawful acts, they said.
Alleged
connections of Fazlur Rehman, who hails from
village Baghauli under Jale Police Station in
Darbhanga district, with underworld Don Dawood
Ibrahim has also brought disrepute to the
Mithilanchal belt.
Rehman, who was
arrested from Uttar Pradesh, is now lodged in
judicial custody in a jail at Darbhanga, the
sources said.
Another youth from
Darbhanga Jama Khan, who is believed to be
closely associated with the Dawood Ibrahim gang,
fell prey to internecine conflicts within the
gang in Nepal a few months ago, the police
revealed. (PTI)
Strike
of public sector banks called off
NEW
DELHI, Feb 25: The two-day strike of the public
sector banks through out the country has been
called off following an agreement between the
banks and unions to discuss their demands.
Chairman of the
Indian Banks Association (IBA) M B N Rao said
from Bangalore that the IBA and united forum for
bank unions have agreed to hold discussions on
the union demands.
Rao said a formal
agreement to hold discussion between the two
sides would be signed today. Rao said pending
discussions, the unions agreed not to carry out
their strike today and tomorrow.
Rao said detailed
schedule for talks would be drawn on March 3.
Union sources said
an MoU is likely to be signed between Indian
Banks Association (IBA) and the United Forum of
Bank Unions, which had called for the strike,
later today in Mumbai on various demands of
employees, union sources said.
The unions are
demanding early settlement of wage revision,
second option for employees to go for pension
scheme and compassionate appointment, among other
things.
They are also
protesting against merger between PSU banks.
Earlier, a
conciliatory meeting called by Chief Labour
Commissioner S K Mukopadhyay on Friday and
another by the IBA on Saturday had failed. (PTI)
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