The Financial Express -- News

Thursday, November 27 1997

SAIL board to meet tomorrow, discuss top-rung reshuffle

The board of directors of Steel Authority of India Ltd (SAIL), the country's largest steel maker, will meet in New Delhi on Friday to finalise and recommend top-level changes to the steel ministry analyse the company's poor marketing performance. SAIL's high- flying commercial director, UK Mittal, will be retiring by the end of this week, thus ending speculation that he will be given an extension.

PAL shareholders clear auto unit hive off

Shareholders of Premier Automobiles on Wednesday approved of the resolution to spin off the company's automobile business at Kurla as a separate joint venture with Fiat Auto of Italy. Fiat will hold 51% in the new company, PAL Auto, with Premier Automobiles holding the balance. Shareholders have also paved way for the company to buy-back its shares.

Sterling Tree Magnum to branch out, pick up 14 per cent stake in Orissa Tea

VDIS declarants need to furnish proof on silver items acquisition year