ICICI Securities: Chanda Kochhar to face
shareholders at AGM today
ICICI Bank’s beleaguered CEO Chanda
Kochhar, who is on an indefinite leave pending a probe against her, will face
ICICI Securities shareholders at their annual general meeting today. The
shareholders will vote on her candidature as a Director at the AGM to be held
in Mumbai. Incidentally, Kocchar is all set to retire from the ICICI Bank
subsidiary ICICI Securities’ Board and had offered to be reappointed on the
panel.
The embattled ICICI’s top boss is facing
conflict of interest for clearing loans to Venugopal Dhoot-owned Videocon
Group, which subsequently invested in Nupower Renewables, a firm owned by
Kocchar’s husband Deepak Kochchar. Citing nepotism and misconduct, it is also
suggested that Kochhar received financial favors from borrowers against loans
sanctioned by ICICI bank. Moreover, these allegations are being probed by Sebi,
CBI and the I-T department.
Cadila gets two final USFDA approvals
Cadila has said that it has received final
USFDA approvals to market Gemfibrozil tablets (600 mg) and Aripiprazole Orally
Disintegrating Tablets (10/15/20/30mg).
Gemfibrozil tablet is the generic
equivalent to Pfizer’s Lopid which is isused to treat very high cholesterol and
triglyceride levels in people with pancreatitis. There are about 11 approved
generic ANDAs (Aurobindo, Sun Pharma, Teva, etc.) in this drug.
National Fertilizer gains 4% on signing
MoA with RFCL
Shares of National Fertilizer (NFL) were
trading 4% up in the afternoon session Thursday after the company inked a
Memorandum of Agreement (MoA) with Ramagundam Fertilizers & Chemicals
Limited (RFCL) to market RFCL's Products.
According to an agreement, National
Fertilizer will market RFCL’s products including 12.71LMT urea, which will be
produced by RFCL's Plant at Ramagundam. The company will market urea under its
brand "Kisan".
Laurus Labs gets USFDA nod for Metformin
Hydrochloride Tablets USP
Laurus Labs has received an approval from
United States Food and Drug Administration (USFDA) for Metformin Hydrochloride
Tablets USP 500mg, 850mg and 1000mg which are used for treatment of diabetes.
The product and API will be commercialized
from company’s unit 2 located at APSEZ, Atchutapuram, Visakhapatnam, Andhra
Pradesh, the company said in the filing.
TCS to buyback up to Rs7cr shares from
Sept. 6-21
India’s largest software services firm
Tata Consultancy Services is all set to buyback up to 7cr fully paid-up equity
shares from Sept. 6th to 21st. This will reportedly be the Mumbai-headquartered
company’s third buyback in 2yrs.
In a BSE filing, the company clarified
that as per the Sebi’s regulations, the company will dispatch the letter of
offer to eligible shareholders on or before September 4.
Tata Group’s investment holding firm
reportedly plans to use the cash from the TCS buyback to fund investment
programs of other group companies as they expand their business presence.
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