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Dhruv Estates reports standalone net profit of Rs 0.01 crore in the December 2016 quarter
Jan 19,2017

Net profit of Dhruv Estates remain constant at Rs 0.01 crore in the quarter ended December 2016 and also during the previous quarter ended December 2015. There were no Sales reported in the quarter ended December 2016 and during the previous quarter ended December 2015.

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Choice International consolidated net profit rises 123.19% in the December 2016 quarter
Jan 19,2017

Net profit of Choice International rose 123.19% to Rs 1.54 crore in the quarter ended December 2016 as against Rs 0.69 crore during the previous quarter ended December 2015. Sales declined 26.23% to Rs 24.21 crore in the quarter ended December 2016 as against Rs 32.82 crore during the previous quarter ended December 2015.

ParticularsQuarter Endedn++Dec. 2016Dec. 2015% Var. Sales24.2132.82 -26 OPM %22.1416.27 - PBDT2.591.38 88 PBT2.050.86 138 NP1.540.69 123

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Board of Walchand Peoplefirst to consider December quarter results
Jan 19,2017

Walchand Peoplefirst announced that a Meeting of the Board of Directors of the Company is scheduled to be held on 02 February 2017, to consider the Unaudited Financial Results for the quarter ended 31 December 2016.

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Board of MBL Infrastructures to consider December quarter results
Jan 19,2017

MBL Infrastructures announced that a meeting of the Board of Directors of the Company is scheduled on 09 February 2017, inter alia, to consider, approve and take on record the Unaudited Financial Results of the Company for the Quarter ended 31 December 2016.

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Madhusudan Industries to announce Q3 and 9M results
Jan 19,2017

Madhusudan Industries announced that the meeting of Board of Directors of the Company will be held on 31 January 2017, inter alia, for considering the Unaudited Financial Results for the quarter and nine months ended 31 December 2016.

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Wanbury schedules board meeting to approve Q3 results
Jan 19,2017

Wanbury announced that the meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, inter alia, to consider and approve the Un-audited Financial Results for the Third quarter and nine months ended 31 December 2016.

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Mini Diamonds (India) to announce December quarter result
Jan 19,2017

Mini Diamonds (India) announced that the meeting of Board of Directors of the Company is scheduled to be held on 14 February 2017, to consider and approve the Unaudited financial results for the quarter ended 31 December 2016.

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Idea Cellular postpones board meeting to consider Q3 results
Jan 19,2017

Idea Cellular announced that the Board meeting convened on 23 January 2017, inter alia, for consideration of Un-audited Financial Results of the Company for the third quarter ended 31 December 2016 has been postponed.

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Siyaram Silk Mills Board to consider December quarter results
Jan 19,2017

Siyaram Silk Mills announced that a meeting of the Board of Directors of the Company will be held on 28 January 2017, inter alia, to consider and approve Unaudited Financial Results of the Company for the quarter and nine months ended 31 December 2016.

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Board of SNL Bearings to consider Q3 results
Jan 19,2017

SNL Bearings announced that a meeting of the Board of Directors of the Company will be held on 31 January 2017, inter alia, to consider adoption of Unaudited financial results for the third quarter ended 31 December 2016.

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UFO Moviez India to consider Q3 and 9M results
Jan 19,2017

UFO Moviez India announced that a meeting of the Board of Directors of the Company is scheduled to be held on 02 February 2017, inter alia, to consider and approve the unaudited financial results of the Company for the quarter and nine months ended 31 December 2016.

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Olympic Cards to announce Q3 and 9M results
Jan 19,2017

Olympic Cards announced that a meeting of the Board of Directors of the Company is scheduled to be held on 14 February 2017, inter alia, to consider, approve & take on record the unaudited Financial Results of the Company for the Quarter/Nine months ended on 31 December 2016.

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Haryana Leather Chemicals to consider December quarter and year end results
Jan 19,2017

Haryana Leather Chemicals announced that a meeting of the Board of Directors of the Company is scheduled to be held on 07 February 2017, inter alia, to consider and take on record the audited financial results (standalone and consolidated) for the year ended and quarter ended on 31 December 2016.

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Bankruptcy code to reduce dependence on bank finance, says Chairperson of Insolvency and Bankruptcy Board of India
Jan 19,2017

Bankruptcy code will reduce peoples dependence on bank finance, said Dr M S Sahoo, Chairman of the recently-constituted Insolvency and Bankruptcy Board of India.

In a bid to ensure greater ease of doing business, the Board is focusing on time-bound resolution for insolvency and exit, Dr Sahoo said at the inaugural session of the Conference on Insolvency and Bankruptcy Code 2016: Impact Analysis organized by CII Eastern Region here today.

The whole exercise is sought to be driven by market, not the Government, Dr Sahoo told a large assembly of MDs, CEOs, CFOs, company secretaries, chartered accountants, finance & tax professionals, corporate advisers, cost accountants, law firms & consultants, asset reconstruction companies, financial institutions coming from across the country.

n++In our vision, the states job is to create a mechanism which will support a system which will let the market have its way and deliver,n++ he said, adding that improving the ease of doing business is all about allowing businesses to granting a freedom of choice. n++That explains why we have moved to a model which is inclusive and participatory where the market takes the call, not the state,n++ he explained.

Mr Sahoo also said Insolvency and Bankruptcy Board of India is working on a framework for direct liquidation bypassing Insolvency resolution. n++We will come out with the framework for voluntary liquidation approach that is direct liquidation by February end or March,n++ he said.

A company has to apply to National Company Law Tribunal to begin the process on the code, he said. The board has selected 974 Insolvency professionals on a temporary basis for six months and begun a certification test for being a regular professional, he added.

On the recommendations of the Parliamentary Joint Committee on Insolvency and Bankruptcy Code, the Board has decided not to recommend any Insolvency professionals and instead will be decided by creditors committee initiating Insolvency action, Dr Sahoo said.

According to Mr Bhupender Yadav, Rajya Sabha MP, the new code will ensure economic freedom which will in turn lead to better economic performance. n++As part of the Governments commitment to promoting a culture of transparency and vibrancy in businesses, the Government is working hard to evolve a culture of making payments. And hence the Code,n++ Mr Yadav, who headed the Parliamentary Joint Committee on Insolvency and Bankruptcy Code, said at a Special Plenary. The insolvency law caters to workmen, employee, unsecured and secured creditors, he explained. Insolvency will create orderliness of resolution and exit causing low default and more recovery bringing in more projects and improving the ease of doing business with an improvement in the debt market.

Mr M R Umarji, Member, Bankruptcy and Law Committee, spoke of the structural changes brought in the code. n++Making payments on time is very critical for trade and industry to grow,n++ he said. In fact, there is a need for creditors and a company to sit together and find out whether the company is viable or not.

Mr Vijai Pratap Singh, Member, National Law Company Tribunal, explained how the new Code will not only help rid the financial sector of bad-debt problems, but will also enable the banking industry to address stressed accounts.

n++The Ministry of Corporate Affairs (MCA) on June 1, 2016 introduced the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT), in place of the Company Law Board (CLB) as per the amendment of the Companies Act of 2013. The NCLT will be a single judicial platform to judge all disputes regarding the affairs of the Indian companies. The objective is to minimize delays in the resolution of disputes, which would serve as a huge relief for the litigants. With the constitution of NCLT, the Company Law Board constituted under the Companies Act, 1956 now stands dissolved. Reports show that around 4,000 cases were transferred to the NCLT after the CLB was dissolved,n++ he said.

Mr Mahesh Shah, Member, Institute of Cost Accountants of India, said n++The code is a milestone for both creditors and companies, he said, adding that the code will ensure quick action to resolve insolvency and bankruptcy.

Mr Vijay Maheshwari, Co-Chairman, CII Eastern Region Economic Affairs, Finance & Taxation Subcommittee & Director, Sumedha Fiscal Services Ltd, said the new Code will strengthen the existing regulatory framework and a new institutional structure, involving insolvency resolution of companies and individuals. The objective of any insolvency procedure is to maximise return to the creditors.

Mr Bijay Murmuria, Director, Sumedha Fiscal Services, said It would also improve the ease of doing business, said the new Code will eventually lead to more investments bringing about higher economic growth and development.

n++It shall serve as a useful tool for creditors and investors, both domestic and international by enabling a better and faster debt recovery mechanism. However, the implementation of the new institutional structure would be a challenge in finally reaping the benefits of the new Code,n++ he said.

Mr Anil Vaswani, Chairman, CII West Bengal, said the new Code may serve a resolution of the companies and factories which have been closed down for years.

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Fortune Financial Services (India) to announce Q3 and 9M results
Jan 19,2017

Fortune Financial Services (India) announced that a meeting of the Board of Directors of the Company is scheduled to be held on 31 January 2017, inter alia, to consider and approve the un-audited (consolidated and Stand-alone) financial results of the Company for the quarter and nine months ended on 31 December 2016.

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