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Friday, Nov 15, 2019

MPGIL rejig: Part merger with Anik

MADHYA PRADESH Glychem Industries Ltd (MPGIL) has transferred its SVF business to Ruchi Soya Industries Ltd (RSIL) and Anik Industries Pvt Ltd has been merged with residual part of the company.

india Updated: Sep 18, 2006 05:22 IST
HTCorrespondent
HTCorrespondent
None
Hindustantimes
         

MADHYA PRADESH Glychem Industries Ltd (MPGIL) has transferred its SVF business to Ruchi Soya Industries Ltd (RSIL) and Anik Industries Pvt Ltd has been merged with residual part of the company.

The merged entity will be called Anik Industries Ltd. MPGIL has informed BSE that the company has filed the order passed by the Bombay High Court regarding approval of composite scheme of arrangement and amalgamation, on September 4, 2006 with the Registrar of Companies, Maharashtra and the scheme has become effective from that date.

The company has received fresh certificate of incorporation from the Registrar of Companies, Maharashtra wherein the name of the company is changed from ‘Madhya Pradesh Glychem Industries Ltd’ to ‘Anik Industries Ltd’ with effect from September 8, 2006.

To incorporate effects of the said High Court order in the accounts of the company, the company has sought approval of the registrar of companies for extension of time for holding of the annual general meeting for the financial year 2005-06 by three months and the same has been approved by the Registrar of Companies, Maharashtra. The company will, therefore, hold an AGM on or before December 30, 2006.

MPGIL has recorded 20.67 per cent rise in net profit for the first quarter of the current fiscal. The company saw its profit rise from Rs 3.33 crore to Rs 4.02 crore quarter on quarter. Sales for the quarter declined 26.21 per cent to Rs 233 crore compared with corresponding quarter.

Operating margins improved to 2.65 per cent during the quarter, a rise of 99.48 basis points compared to the corresponding quarter. Net margins rose from 1.05 per cent to 1.72 per cent during the quarter. The company’s earning per share (EPS) on a trailing 12 months basis is Rs 4.88.