Vijay B Raheja resigns from Parsvnath board | business | Hindustan Times
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Vijay B Raheja resigns from Parsvnath board

business Updated: Dec 31, 2008 16:46 IST

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Real estate player Parsvnath Developers today said that Vijay B Raheja ceased to be the director on board.

In a filing to the Bombay Stock Exchange Parsvnath Developers said that consequent upon Raheja's resignation from the board of directors he ceased to be on the board.

Further, the resignation has come into effect from December 29, 2008.

Magma Fincorp recalls shares transfer deal * Retail asset financing firm Magma Fincorp on Wednesday said the acquisition of its 38.80 per cent stake by the Glacier Farms has been recalled due to current economic crisis and down trend in the market conditions.

Transfer of 84.49 lakh shares, which constitutes 38.80 per cent of the total issued and paid up equity share capital of the company, to Glacier Farms has been reversed, Magma Fincorp said in a filing to the Bombay Stock Exchange.

The global financial crisis, which affected the Indian stock markets, consequently made the transfer of shares unviable and unprofitable for shareholders of both the parties, the company said.

Earlier, Celica Developers and Microfirm Softwares, who were holding 84.49 lakh shares in together in Magma Fincorp, had transfered their stake to Glacier Farms.