Krishna Mahesh quits Sundaram Brake Linings board

.

Krishna Mahesh quits Sundaram Brake Linings board Mr Krishna Mahesh has resigned as Executive Director and from the board of the Chennai-based Sundaram Brake Linings Ltd, a TVS group company. Mr Krishna Mahesh is the son of the company’s Chairman and Managing Director, Mr K. Mahesh.
When contacted, Mr Krishna Mahesh declined to comment while Mr K Mahesh could not be reached.
Mr Krishna Mahesh did his masters in mechanical engineering from Stanford University and MBA from Harvard Business School. Before joining Sundaram Brake Linings in 2005 he was with McKinsey and Toyota Motor Corporation. The company communicated the resignation to the stock exchanges on Friday.
Rights issue
The company’s board also cleared a rights issue of shares to raise up to Rs 15 crore at not less than Rs 120 a share of Rs 10.
The ratio of the rights issue will be determined later.
Source : Business Line (Online Edition) (2/7/2009)

Govt working on new vehicle repossession guidelines
The government is working on framing new set of guidelines to address the issues of repossession of vehicles by banks and financial institutions in case of default by borrowers.
"Vehicle repossession is an issue, in which honourable courts have their views, and RBI has guidelines. But, we are again working on those issues, because that is one of the main important things about the commercial vehicles, and that is under our focus now," Heavy Industry Additional Secretary Surajit Mitra told reporters here.
He said the government will sort out the repossession issue.
"Solution is very simple that you bring out an alternative framework of repossession of vehicles, which we are working on," Mitra said.
The automobile industry has been complaining that banks have become reluctant and tightened their procedures for vehicle financing which has impacted auto sales.
Society of Indian Automobiles Manufacturers has said despite the stimulus packages easing of liquidity situation has not have the desired effect on the auto sector as banks are still cagey to provide loans to customers for buying vehicles because of repossession issue.
The RBI already has guidelines on recovery agents and when contacted an RBI official said the central bank is not working on any new norms.
Source : Business Standard (Online Edition) (2/6/2009)