Vijay Mallya's Mangalore Chemicals gets hostile bid from Deepak Fertilisers

[email protected] (Agencies )
April 24, 2014

Mumbai, Apr 24: Vijay Mallya-promoted Mangalore Chemicals & Fertilizers (MCF) is facing a hostile takeover bid. Deepak Fertilisers has increased its stake in MCF to over 25 per cent and made an open offer to buy another 26 per cent for Rs 190 crore.

Vijay_mallya_in_Mangalor
If the open offer to shareholders succeeds, Deepak Fertilisers, headed by Sailesh C Mehta, will wrest control of the firm, which belongs to the debt-ridden UB Group and owns and operates urea and chemical plants at New Mangalore port in Karnataka.

Deepak Fertilisers and Saroj Poddar-led Zuari Fertilisers have been engaged in a tussle for about a year for control of MCF, which had sales of Rs 2,779.59 crore in FY13.

Deepak Fertilisers which is the largest shareholder of MCF, bought 10,00,034 shares of the company at Rs 62.5 apiece on the BSE through subsidiary SCM Soilfert Ltd, according to stock market data.

After this transaction, its stake in MCF has increased from 24.46 per cent to more than 25 per cent, the threshold for making an open offer in line with regulator Sebi's norms.

The promoter stake in MCF is only 21.98 per cent.

A UB Group spokesperson said: “We will study the offer, review our options and respond accordingly.”

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 8,2024

Mangaluru: The Mangaluru North police have apprehended a minor in connection with alleged voyeurism incident reported in a private medical college in Mangaluru. 

DCP (Law and order) Sidharth Goyal said that the minor was produced before JJ Board as per due procedure. The incident came to light when a mobile phone was found in women's washroom in the college. 

The mobile-phone was discovered as it was ringing even when no one was in the toilet by the security guard of the college. 

Investigations revealed that the mobile phone had been strategically placed in the restroom. As a result, a case has been registered under north police station.

Further scrutiny into the matter uncovered the identity of the accused, a minor male aged 17, who had gained access to the college premises under the guise of being a patient. Following his apprehension, the accused was presented before the Juvenile Justice (JJ) Board in adherence to legal protocols.

The phone has been seized and a case has been booked under IPC section 354 (C), said the DCP.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
April 29,2024

mahilacong.jpg

Bengaluru: All India Mahila Congress President Alka Lamba on Monday accused the BJP and JD(S) of being silent over the alleged sex scandal involving Hassan MP Prajwal Revanna and said the horrifying case of violence against women has shocked the nation.

"More than 3000 videos with hundreds of women being sexually harassed, violated and even brutalised by MP Prajwal Revanna over the past few years have shaken the conscience of Kannadigas and Indians alike," she told at a press conference here.

Prajwal (33) is grandson of JD(S) supremo and former Prime Minister H D Deve Gowda. JD(S) joined the NDA in September last year. He was the NDA candidate in Hassan Lok Sabha constituency, which went for polls on April 26.

According to police sources, he left the country after voting was over.

The Congress government in Karnataka on Sunday constituted a Special Investigation Team to probe the alleged sex scandal.

Some explicit video clips allegedly involving Prajwal had started making the rounds in Hassan in recent days.

Lamba said the horrifying case of sexual violence against hundreds of women has shocked the nation.

"These acts of sexual brutality against hapless women has revealed the depravity of MP Prajwal Revanna, but the silence and sheer apathy of the BJP and JDS in this horrendous case is absolutely shameful," she said.

She alleged that in these videos, some recorded against the consent of the victim, women are seen pleading to be spared but the MP continues to brutalise and sexually violate them. Party 'karyakartas', panchayat members, elderly women, women who came asking for help to him and even maids have not been spared.

"The horrible fact is, that the acts of this sexual predator MP Prajwal Revanna was endorsed by Prime Minister Narendra Modi as he campaigned in Old Mysuru Region on April 14th, 2024," she alleged.

"....the BJP JDS are still silent which shows you their true Anti Woman DNA!! Will the BJP or JDS answer?".

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
May 7,2024

Mangaluru: Former MLC Ivan D’Souza on Monday led a delegation to the Passport Seva Kendra in Mangaluru, urging the authorities to provide basic facilities for applicants. D’Souza addressed the media, highlighting the lack of essential amenities at the Mangaluru PSK. “I have requested the authorities to provide basic facilities for people visiting the PSK.

There are no chairs for the convenience of people who arrive at the PSK. They are forced to sit or stand by the side of the road or on footpaths. Additionally, there is no parking facility, no washrooms, and water has not been provided for the public,” the Congress leader stated.

An average of 500 to 600 people from various parts of the state visit the PSK. They have to wait in the scorching heat of the sun, D’Souza mentioned, urging the govt to address these issues promptly. “Officials have agreed to find solutions to the problems faced by the people. Meanwhile, we have also demanded that the PSK be relocated to a more convenient space. We have suggested that the PSK could be moved to the old DC’s office, where there is sufficient space. If our demands are not met, we will hold a protest,” D’Souza explained.

Ashraf Kinara, vice-president of the Dakshina Kannada Waqf Advisory Committee, echoed the sentiment, stating that the authorities should either provide all basic facilities for passport applicants at the PSK or relocate the centre to a better location.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.