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Bharti Tele-Ventures
08-05-2006: Bharti Tele-Ventures has informed the exchange that pursuant to the terms and conditions of the offering circular dated May 12, 2004 the committee of directors of the board of the company in its meeting held on May 08, 2006, has issued 392,314 equity shares of the company upon conversion of $2.10 mn FCCBs as per the following schedule: 1) UBS AG London has been allotted 298,906 shares (2) Merrill Lynch Capital Markets Espana S.A.SV has been allotted 93,408 shares. With the allotment of the above shares, the equity base of the company shall increase from the present level of 1,894,419,574 (No) to 1,894,8121,888 (No) Equity shares of Rs 10 each.

28-04-2006: Bharti Tele-Ventures has informed the Exchange that (1) The name of the Company has been changed from Bharti Tele-Venture to Bharti Airtel. (2) Vijaya Sampath has been appointed as the company secretary and the compliance officer with effect from April 27, 2006. (3) The following changes effected in the composition of the board in the nominee category wef April 27, 2006: (a) William Thomas Morrow has resigned from the directorship of the company, (b) Paul Donovan has been appointed as an additional director.

Mahanagar Telephone Nigam
10-05-2006: Mahanagar Telephone Nigam has been awarded license for National Long Distance Service (NLD) and an agreement to this effect has been signed between Department of Telecom and MTNL on May 10, 2006.

02-05-2006: Mahanagar Telephone Nigam has informed that AC Padhi has ceased to be the government director wef. April 25, 2006 and has been replaced by Annie Moraes wef. April 25, 2006.

18-04-2006: Mahanagar Telephone Nigam has informed that in an effort to right-size the organization, it has embarked on operating VRS for its employees. Having been encouraged by the response on the previous occasions, MTNL in its third round of VRS opened for non-executives (Group C&D employees), around 1,300 employees have already sought voluntary retirement. These employees, whose cases are approved by the management, will be relieved from the rolls of the Company wef June 01, 2006.

Reliance Communication Ventures
10-05-2006: Reliance Communication Ventures has informed that by an order made on April 28, 2006, in the Reliance Communication Ventures Limited Application, the Hon'ble High Court of Judicature at Bombay directed that a meeting of the Equity Shareholders of the Applicant Company be convened and held on June 03, 2006, for the purpose of considering and, if thought fit, approving with or without modification(s), the scheme of Amalgamation and Arrangement between Reliance Infocom Limited and Reliance Communications Infrastructure Limited and Reliance Communications Solutions Private Limited and Reliance Software Solutions Private Limited and Reliance Communications Technologies Limited and Ambani Enterprises Private Limited and Reliance Business Management Private Limited and Formax Commercial Private Limited and Panther Consultants Private Limited with Reliance Communication Ventures Limited, the Applicant Company and their respective shareholder and creditors (''the Scheme'').

05-05-2006: Reliance Communication Ventures Limited has informed the Exchange that the board of directors of the company has on May 05, 2006 approved a proposal to sponsor a secondary market offering of Global/American Depository Receipts (GDR/ADRs), to enable Shareholders of the Company to offer their existing shareholdings to financial/strategic international Investor(s) and/or through a targeted offering to retail/institutional investors in Japan, at a premium to the market price, for an amount upto $1 bn (approx Rs 4,500 crore), in one or more branches, as may be appropriate.

02-05-2006: Reliance Communication Ventures Limited has informed the Exchange regarding the Consolidated Financial Results, for the year ended March 31, 2006 on the basis of the proposed scheme of reorganization, considering the same is already in force and had been in force throughout the year April 01, 2005 to March 31, 2006.

02-05-2006: Reliance Communication Ventures Limited has informed the Exchange that the board of directors in its meeting held on April 30, 2006 has approved the following: (1) The board of directors of the company has appointed Shri Deepak Shourie as independent director of the company. Shri Deepak Shourie has more than 37 years' exposure with an emphasis on media, consumer goods, and corporate affairs. He is presently holding the position of EVP and managing director of Discovery Communication india. (2) The board of directors also approved the reclassification of Authorized Share Capital by reclassifying 100 crore unclassified shares of Rs 5 each into equity shares of Rs 5 each. The Authorized Share Capital of the Company now is Rs 1500 crore consisting of 300 crore equity shares of Rs 5 each.

Videsh Sanchar Nigam
08-05-2006: Videsh Sanchar Nigam has informed the exchange that on May 8, 2006 they have signed a Share Purchase Agreement (SPA) to acquire Direct Internet Limited (DIL) and its wholly-owned subsidiary, Primus Telecommunications India Limited (PTIL) for an enterprise valuation of Rs 75 crore (about $16.7 mn). PTIL provides fixed broadband wireless Internet services to Small and Medium Enterprises (SME) in several cities in India. Completion of the transaction is subject to a number of conditions and is expected to be over in the next few weeks.

Equipment Vendors

Aksh Optifibre
02-05-2006: Aksh Optifibre has informed the board of directors at their meeting held on May 01, 2006 that they have decided to acquire all the undertakings of Aksh Broadband by amalgamating Aksh Broadband into Aksh Optifibre with effect from April 1, 2006, subject to approval of the Hon'ble High Court of Delhi, at New Delhi, and the Hon'ble High Court of Rajasthan at Jaipur. The Board of Directors of the company have adopted a fair exchange ratio of 2:7 ie, for every two equity shares of Aksh Broadband held by the shareholders they shall be allotted 7 equity shares of Aksh Optifibre.

21-04-2006: Aksh Optifibre Limited informed the board of directors at their meeting held on April 20, 2006, that it has considered the in-principle proposal of amalgamation of Aksh Broadband, an Associate Company with Aksh Optifibre. The board has requested Dr Kailash S Choudhari, the managing director of the company to prepare a detailed scheme of amalgamation along with a valuation report.

20-04-2006: Aksh Optifibre Limited has informed that a dividend of Rs 1.75 per share ie, 35% of the face value is being proposed by the board of directors of the company for the year subject to approval of the shareholders.

Astra Microwave Products
21-04-2006: Astra Microwave Products has informed that the board of directors at its meeting held on April 21, 2006, have recommended for members approval payment of equity dividend @ Rs 1 per share (Face Value Rs 2)

Avaya Global Connect
12-05-2006: Avaya Global Connect has informed that the board of directors at the meeting held on May 11, 2006 have approved the following: change of financial year of the company: Subject to the requisite approvals/consents, the board has decided to change the financial year of the company from April-March to October-September and has thus decided that the FY 2006-07 of the company be for a period of 18 months from April 1, 2006-September 30, 2007.

12-05-2006: Avaya Global Connect has informed that the board has recommended payment of dividend of Rs 4.50 per share (45%) on equity shares of Rs 10 each for the year ended March 31, 2006, subject to the sanction of the shareholders in the ensuing AGM.

Birla Ericsson Optical
26-04-2006: Birla Ericsson Optical has informed that normal production activities at the company's plant have been affected to some extent by disruptive action and illegal strike by a section of the workers. The company has already initiated appropriate legal proceedings against the erring workers without loss of time.

Finolex Cables
02-05-2006: Finolex Cables has recommended dividend @ 60% (Rs 6 per equity share) for the financial year ended March 31, 2006.

GTL
28-04-2006: GTL has informed the exchange that the board of directors of the company at its meeting held on April 28, 2006 has considered and approved the change of the accounting year from March 31, 2006 to June 30, 2006 in view of the current restructuring process.

Himachal Futuristic Communication
17-05-2006: Himachal Futuristic Communication has informed that Goldman Sachs Investments, Mauritius (GSIMI) has sold 7,693,000 shares aggregating to 2.19% of the total share capital of Himachal Futuristic Communication during the period from May 06, 2006 to May 10, 2006. The mode of sale is through market disposal of shares and the shareholding of GSIMI after the said sale is 11,194,500 shares aggregating to 3.20% of the share capital of Himachal Futuristic Communication.

Himachal Futuristic Communication has appointed VR Jain, vice president (finance) & company secretary as the compliance officer.

ITI
10-05-2006: ITI has appointed Mathew George as director (finance), ITI with effect from May 08, 2006.

MRO-Tek
03-05-2006: Mro-Tek has informed that in addition to interim dividend of 25% (Rs 1.25 per share) disbursed in February 2006, the board, at its meeting held on May 03, 2006 has now recommended a final dividend of 20% (Rs 1 per share) on paid-up equity, for approval of the members at their AGM to be held on June 28, 2006; the total dividend for the year thereby, totaling 45% (Rs 2.25 per share).

03-05-2006: Mro-Tek has informed the exchange of the following: on-going development in mobile telephony, railway network, banks and financial institutions would drive the market, in future, for the company's products; products recently released out of in-house R&D section are delivering satisfactory results; at the behest of discerning prospective customers, certain units have been sent for evaluation to a few overseas countries. With the above, the guidance for future would be 15-20% y-o-y growth.

Sasken Communication Technologies
08-05-2006: Sasken Communication Technologies has informed that the board of directors of the company has, by a resolution dated May 05, 2006, decided to place before the shareholders, at the Annual General Meeting to be held on June 17, 2006, a proposal to issue/offer of equity shares, debentures, bonds whether non convertible or partly/ optionally/fully convertible and/or securities linked to equity shares including but not limited to depository receipts/Foreign Currency Convertible Bonds (FCCB), etc, in the course of domestic/international offerings in the aggregate amount not exceeding $50 mn or its Indian rupee equivalent. The issue proceeds will enable the company inter alia finance acquisitions, other strategic initiatives and/or other general corporate purposes.

Shyam Telecom
16-05-2006: Shyam Telecom has informed that a company's subsidiary ie Shyam Telecom, UK  has been awarded wireless telegraphy license for the 1,781.7-1,785 MHz paired with 1,876.7-1,880 MHz band by OFCOM for operating GSM services in UK. License enables the licensee to provide coverage in office buildings and campuses so as to provide seamless coverage. The license is for the initial term of 10 years and extendable at the discretion of OFCOM.

15-05-2006: Shyam Telecom has informed that the company has received orders from the Hon'ble High Court of Rajasthan approving the scheme of arrangement filed earlier by the company without any modification. The main highlights of the scheme are: a) Shyam Telecom Manufacturing, a wholly owned subsidiary of the company involved in manufacturing of telecom/transmission equipments amalgamates with Shyam Telecom (the amalgamated company) b) Transfer of liabilities of the amalgamated company to the tune of Rs 200 crore and in lieu their of, transfer of investments in equity shares of Shyam Telelink to Shyam Basic Infrastructure Projects c) Distribution of residual investment of amalgamated company in equity share of Shyam Telelink to the shareholders of the company, in terms of the scheme approved by the Hon'ble High Court d) Reduction of share capital and reserves of the company and reorganization of Shyam Telecom (amalgamated company) e) Listing of Shyam Telelink.

Sterlite Optical Technologies
28-04-2006: Sterlite Optical Technologies has informed the Exchange that the board of directors in its meeting held on April 28, 2006 has recommended a dividend at the rate of 10 percent for the year subject to the approval of the shareholders.

Pravin Prashant
pravinp@cybermedia.co.in