The Financial Express -- News

Saturday, October 4 1997

SEBI may clear modified badla system soon

The Securities and Exchange Board of India (SEBI) plans to clear the modified carry forward system (MCFS) in its forthcoming board meeting on October 15. Union finance minister P Chidambaram has given the final approval to the regulatory body to go ahead with its discussions on the same.

TCIL plans joint venture with MTNL for basic, cellular services

Telecommunications Consultants India Ltd (TCIL) proposes to set up a joint venture (JV) company with the Mahanagar Telephone Nigam Ltd (MTNL) for taking up basic and cellular services in different telecom circles in the country. TCIL has received a number of offers from foreign financial institutions (FIIs) to invest in the JV.

State Bank of Hyderabad shelves float as union sticks to firm allotment plea

State Bank of Hyderabad is indefinitely shelving its Rs 69-crore public issue, slated to hit the market on December 20. The wholly owned subsidiary of the State Bank of India (SBI) has decided against accessing the capital market in the current fiscal as it has failed to settle the stalemate over the firm- allotment issue with the trade unions.

Sumitomo Bank begins local operations with reciprocal LC deal

Centre plans separate revival deal for Hindustan Fertilisers unit