IT raids pan masala makerKANPUR: Income-tax officials today carried out raids at the offices and residences of the managing directors of Kothari group of companies here, IT sources said. Officials were searching the premises of Vikram Kothari and Deepak Kothari, the sources said. No one was available from the group to comment on the searches. The group is manufacturer of pan masala, Rotomac Pens, `Yes' Mineral Water and `Budget' Detergent. IT sources said raids were also simultaneously conducted at the residences of the MDs in Delhi and Mumbai and also factories in Noida. The establishment of the group's main distributor in Mumbai was also searched, they said.Zenith Infotech IPO premium Rs 100MUMBAI: Zenith Infotech, the software firm of the Zenith group, said on Thursday it planned to launch its initial public offering (IPO) in December 1999. The company will offer 34,75,000 equity shares of Rs 10 each at a premium of Rs 100 to the public, it said. Shares will also beoffered on a firm allotment basis to mutual funds and other institutions at a Rs 125 per share, it said. Zenith specialises in software products for distributed database management.Court penalises Reinz-TalbrosNEW DELHI: A Delhi consumer court has penalised auto component maker Reinz-Talbros Ltd for failure in redeeming the debentures after maturity and directed it to pay penal interest for the same. Consumer disputes redressal forum has ordered Reinz-Talbos to return the convertible debentures worth Rs 12,000 with agreed rate of 14% interest from the date of investment (October 1, 1997) to date of redemption (March 16, 1998) and also to pay penal interest of 18% from March 16, 1998 till final payment. The complainants, M P Bhargava and Tara Rani Bhargave had invested Rs 12,000 with the firm.
