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Some Interesting Stories Of Last Week
Sun, 10/15/2006 - 22:54 — Sahad P V--PTI reports that Mukesh Ambani has ousted Azim Premji as India's richest person going by the latest market cap sweepstakes. Ambani's net worth based on his shareholding in group companies is said to be more than Rs 70,000 crore, while Premji's is about Rs 64,700 crore.
--BankMuscat plans to pick up about 43 per cent stake in 67-year old Mumbai financial firm Mangal Keshav. It has stock broking, insurance broking, IPO and mutual fund distribution business. The details are not available. Law firm Amarchand Mangaldas advises
BankMuscat. (The Economic Times).
--Real estate group DLF Universal has acquired 19 per cent stake in Feedback Ventures, an infrastructure consulting firm owned by Vinayak Chatterjee. The deal is said to be worth Rs 16.15 crore. That values Feedback at Rs 84 crore ($18.7 million). Not a bad sum for a boutique consulting firm. Hat off to Chatterjee!
--You can't see many deals in book publishing in India. But strangely, we have seen/are seeing two in a short span of a week. One is Cambridge University Press (CUP) has picked up 51 per cent stake in Foundation Books for $4.63 million. The company has been named CUP India. [Via Business Standard]
The other deal is that of Sage Books India owner Tejeshwar Singh who is selling 74 per cent in the company to Sage International. Singh will own 26 per cent of the Indian book publisher which has a turnover of Rs 16 crore. The deal details are not disclosed.
--The Economic Times reports that SET India has shelved plans to pick up 50 per cent stake in Taj Television, the owner of Ten Sports. The reason - differences over valuation.
--Sula Vineyards, a leading Indian wine company, is reportedly in talks with Diageo, the world's largest liquor maker which is looking at presence in Indian wine industry. Sula is said to be interested in diluting 26 per cent stake. A report says that Sula is looking at enterprise valuation of Rs 80-90 crore. [The Economic Times]
Other headlines
Wipro Plans 6 to 8 Acquisitions Every Year
OnMobile Raises $27.8 Million From Goldman, DB, Polygon Investment
Alkem Labs Plans European Acquisition
Google Buys YouTube For $1.65 Billion In Stock; Sequoia Capital Hits Bigtime
Fortis Healthcare In Talks With Mumbai's Guru Nanak Hospital
FabIndia To Invest Rs 275 Crore; Plans To Raise Private Equity
E*Trade Makes Open Offer To IL&FS Investmart Shareholders; To Take Control
Tata Steel To Leverage Corus Balance Sheet For Financing The Planned Buyout
Geometric Software Merges With Modern Engineering Arm In $32 Million Deal
Sequoia Capital To Invest $7 Million In Local Indian Search Engine Guruji.com
Integreon Management Buys VCs Out With The Help Of Ayala Corp
Trikona Capital To Invest $21.6 Million In A Lokhandwala Residential Project
Comments
this msg is seen on the website of vmoksha
29th September 2006
In view of M/s Helios & Matheson claim before the arbitration tribunal which appeared in the press, all the stakeholders are informed that:
We have filed an elaborate counter claim before the Arbitral Tribunal consisting of the Sole Arbitrator Mr. Justice K.Venkataswami, Retired Judge of the Supreme Court, bringing the element of fraud in respect of consideration of 62 Crores which M/s. Helios and Matheson Information Technology Limited claims has been paid. The highlight of the element of fraud is the involvement of State Bank of Mauritius, which appears to have acted at the behest of M/s. Helios and Matheson Information Technology Limited.
The deal was not completed in the stipulated time of 120 days as per Sales Purchase Agreement dated 11 May 2005.
Vmoksha has claimed compensation of Rs. 50 Crores, as M/S Helios and Matheson had not fulfilled its obligation.
Vmoksha has also claimed compensation of Rs. 200 Crores towards loss, hardship and mental agony suffered on account of acts of omission and commission by M/s. Helios and Matheson Information Technology Limited.
Hello Sahad,
This is to congratulate you on creating VCCircle. With a growing economy throwing up interesting deals every otherday, it is indeed prudent to create a space that would put 'em all together. Good job!
Vivek
Business Line
vMoksha seeks compensation from Helios and Matheson
Friday, 13 October , 2006, 09:51
Chennai: vMoksha Technologies Ltd has claimed a compensation of Rs 50 crore from the Chennai-based Helios and Matheson for not fulfilling the obligation of merger between the two in 120 days as per the sales purchase agreement dated May 11, 2005.
The Bangalore-based IT company has also claimed a compensation of Rs 200 crore "towards loss, hardship and mental agony suffered on account of acts of omission and commission by Helios and Matheson," according to a vMoksha statement.
The statement, featured in the company's Web site, also carries a copy of the letter sent on July 6, 2005 to Rajeev Sawhney, vMoksha founder, by Akshar Maherally/Prema Joysuree, Secretary and Administrator, International Financial Service, a management company incorporated in Mauritius.
The letter says, "As requested, please find attached the advice slip received from State Bank of Mauritius Ltd for the funds transfer to Helios & Matheson Information. As mentioned, we are completely unaware how this transaction went through and when the company opened a bank account with State Bank of Mauritius Ltd, without a board resolution."