Emami Limited has informed the Exchange regarding Emami International FZE, Sharjah, the Wholly Owned Subsidiary Company of Emami Ltd has disposed its entire stake of 85% held in Fravin Pty Ltd, Australia, consequently, Fravin Pty Ltd and its step down subsidiary companies, namely Diamond Bio Tech Laboratories Pty. Ltd and Abache Pty Ltd have ceased to be subsidiary Companies of Emami Ltd. Fravin Pty Ltd, Diamond Bio Tech Laboratories Pty. Ltd and Abache Pty Ltd were inoperative and there was no contribution in the consolidated revenue/ turnover of Emami Ltd; therefore, there will be no impact on the operations/ financials of the Company. .
The RBI on Tuesday said it has cancelled the licence of The Karad Janata Sahakari Bank Ltd, Karad, Maharashtra, as it does not have adequate capital and earning prospects. More than 99% of the depositors of the bank will get full payment of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the Reserve Bank said in a statement.
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