Bizbits

The case has been filed in the court of additional chief metropolitan magistrate at Ahmedabad for violation of the provisions of Sections 113 and 207 of the Companies Act, regarding failure to despatch share certificates after allotment and/or lodgement for transfer and non-payment of dividend after declaration within the stipulated time-frame.

Prosecution has been launched by Sebi against the Ahmedabad-based company and its directors Amit N Shah, Ipti Shah, Lalitaben Shah, Y D Desai, Maheshbhai Shantilal Patel, Rajan Mehta, Akbarkhan Nusurullahkhan Pathan and Dipak Waljibhai Choudhary.

Janakalyan Bank deposits up

MUMBAI: Janakalyan Sahakari Bank Ltd has stated that the bank has recorded an impressive growth by mopping up deposits to thetune of Rs 400 crore and in the ensuing silver jubilee year it ranks amongst the first five urban Co-operative Banks of Mumbai. The advances of the bank as on March, 1998 stood at Rs 195 crore as against Rs 149 crore as on March, 1997. In the current financial year, the advances as on date are Rs 217 crores of which nearly 65 classify as priority sector advance. At present, the credit deposit ratio is 53 and is projected to reach a level of 63 by the end of the current financial year.

Mastek registers 45 growth

MUMBAI: Mastek Ltd has achieved a 45 per cent growth in its group income to Rs 100.75 crore during 1997-98 against Rs 69.55 crore in the previous year. This is depite a sharp fall in domestic and Asia Pacific incomes on account of the recession.

RBI rejects application for registration by two NBFCsMUMBAI: Reserve Bank of India RBI has rejected applications for certificate of registration by two non-banking financial companies NBFCs. As such, the two NBFCs 8212; Faldrup FinancePvt Ltd in Mumbai and Bright Future Finance amp; Investment Ltd in calcutta 8211; cannot transact the business of an NBFC as defined in Clause A of Section 45I of RBI Act, 1934.

Reliance refinery work on schedule

NEW DELHI: Work on the refinery and pipeline of the Reliance Petroleum Ltd at Jamnagar in Gujrat is proceeding as per schedule except on the 1.6 km stretch which has been stopped following a Supreme Court order. According to a press release issued by Reliance, the work on 1.6 km out of about 27 km of the pipeline has been stopped and the rest is in progress.

APEX for Air Zimbabwe

MUMBAI: Kale Consultants has recently bagged an order for their much acclaimed protation software-APEX from Air Zimbabwe. Air Zimamwe is national carrier head quartered in Harare, Central Africa. The order is of strategic importance of Kale Consultants, as its marks the first sale of APEX through their new channel partner-Marcator.

Mercatro is the IT division of the Dubai based airline-Emirates. Apexwhich is a specialised softwere for the complex function of airline proration, has been seamlessly integrated with Mercator8217;s in-house passenger revenue accounting system 8211; RAPID. Under a marketing agreement between Kale Consultants and Mercator, Mercator would be sublicensing APEX with every sale of RAPID to other airlines. The Air Zimbabwe order marks the beginning of what promises to be a successful partnership between the two.

Orient PSPO Twister

MUMBAI: Orient, the Calcutta based fan making major has launched its latest air superiority weapon 8211; and what better name for high performance fan than Twister 8211; the violent circular storm immortalised by a blockbuster motion picture of the same name.

Centered around the core value ofincomparable air delivery, the Twister has all the hallmarks of an Orient PSPO thoroughbred, in terms of a high PSPO value, and air delivery of a whopping 15600 cu.m/hr, wider blades, large motor six,e larger top bal bearing to enhance mechanical life and with bladeprofiles adjusted for optimum aerodynamic efficiency.