Whirlpool of India and PG Electroplast

The company has signed a definitive agreement with PG Electroplast for the contract manufacturing of select models of Whirlpool-branded semi-automatic washing machines. PG Electroplast will manufacture some of the SKUs for Whirlpool at its factory in Roorkee. PG Electroplast is already an existing supplier of Whirlpool-branded air conditioners.

Ramky Infrastructure

The NSE and BSE have issued warning letters to the company, advising it to ensure compliance with all applicable provisions concerning the conduct of risk management meetings. The company had conducted a risk management committee meeting in which the gap between meetings was more than 180 days. The meeting was held on August 10, 2023, and subsequently on February 12, 2024.

MMTC

The company has received a warning letter from the NSE and BSE due to the non-holding of the stakeholders' relationship committee in FY24. It assured the exchanges that this would not be repeated in the future.

HG Infra Engineering

The company's subsidiary, HG Banaskantha Bess, has entered into a battery energy storage purchase agreement with NTPC Vidyut Vyapar Nigam for the procurement of 185 MW/370 MWh on a long-term basis.

Muthoot Capital Services

Thomas George Muthoot has resigned as Managing Director of the company, and Thomas John Muthoot has resigned as Non-Executive Chairman, effective December 23. Furthermore, the Board has approved the appointment of Tina Suzanne George as Executive Director and Ritu Elizabeth George as Additional Non-Executive Director.

Bharat Forge

The company has received approval from the Board to infuse $64.50 million in its subsidiary Bharat Forge America Inc. The entire infused amount will be utilized for repaying debt.

TVS Motor

The company has completed the acquisition of 7,914 equity shares (or a 39.11% stake) in DriveX from its existing shareholder. With this, the company's shareholding in DriveX has increased to 87.38%, and consequently, DriveX has become a subsidiary of the company.

TVS Holdings

The company's subsidiary, TVS Emerald, has completed the acquisition of 100% equity shares and compulsorily convertible debentures in Radial (Phase II) IT Park and Radial (Phase III) IT Park. With this, both entities have become wholly owned subsidiaries of TVS Emerald and, consequently, step-down subsidiaries of the company.

Kirloskar Brothers

Ravish Mittal has resigned as Chief Financial Officer and Vice President of Finance and Accounts of the company, effective December 23.

MIC Electronics

The Competent Authority has approved the capacity and capability assessment (CCA) of the company for GPS location-based Public Address & Passenger Information System (PAPIS) and LED destination boards in AC and Non-AC ICF & LHB coaches.

SPML Infra

The Board will meet on December 30 to consider the re-appointment of Subhash Chand Sethi as Chairman and Whole-Time Director of the company.

Allcargo Gati

The Board has approved the sale of the company's fuel station at Belagavi, Karnataka, for Rs 3 crore. The agreement for sale will be executed by January 2025.

Dr Reddy’s Laboratories

Dr Reddy’s Laboratories SA, Switzerland, a wholly owned subsidiary of the company, has incorporated a new wholly owned subsidiary in Finland, Dr Reddy's Finland Oy. Accordingly, Dr Reddy's Finland Oy is now a step-down wholly owned subsidiary of the company.

Symphony

The company has entered into a second addendum to the loan agreement (dated June 28, 2023) with its Australia-based subsidiary, Symphony AU Pty. The agreement size has increased to A$ 15 million from A$ 10 million. The loans will be provided in one or more tranches to meet the working capital requirements of Symphony AU Pty and for general corporate purposes.

Nava

Shareholders have approved the sub-division of equity shares of the company in the ratio of 1:2 (i.e., existing 1 equity share of face value Rs 2 each into 2 equity shares of face value Re 1 each).

Indian Bank 

The Central Bank of Sri Lanka's Financial Intelligence Unit has imposed a monetary penalty of Sri Lankan Rupees (LKR) 2 million (Rs 5.85 lakh) on Indian Bank for failure to comply with the provisions of the Financial Transactions Reporting Act, No. 6 of 2006 (FTRA) of Sri Lanka. Indian Bank operates in Sri Lanka through its two branches.

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