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CLB lifts stay on J&N issue, pulls up Turner Morrison
Paints major Jenson & Nicholson has received a green signal for the infusion of fresh capital through the equity or preference route. The Company Law Board has vacated an earlier ex-parte ad-interim order secured by the Amit Judge-controlled Turner Morrison group in this regard. The CLB, while taking serious note of the "non-disclosure of material facts" by the Turner Morrison group, has said that a restraint order could not be passed on the basis of "apprehended action" but only on "impending, definite and concrete action" if any.
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UK firms, NCCL team up on infrastructure projects
Nagarjuna Construction Company Ltd (NCCL) has entered into two separate agreements with UK-based infrastructure companies, Bovis International and Scott Wilson Kirk Patrik to bid for major infrastructure projects in the country, particularly construction of expressways and pipeline projects. With a gestation of two years, the project are likely to be executed along with NCCL's new partners.
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Three IPPs finalise fuel supply agreements with Indian Oil
Three independent power producers, with an aggregate projected output of over 2,000 mw, have concluded fuel supply agreements with Indian Oil Corporation. The corporation has signed agreements with the STI Power India Ltd, STI Ltd, and Madhya Bharat Energy Corporation Ltd. Promoters of this project includes Japanese major Marubeni Corporation, the seventh largest corporation as per the Fortune 500 listing.
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SBI sets up global-link office for correspondent-banking services
The State Bank of India (SBI) has set up global-link services to offer correspondent-banking services to domestic banks. It has appointed Natwest Bank as its clearing agent in London. The London-based bank will represent SBI at the British Clearing House for faster clearance of all pound- sterling instruments. The London-based bank will represent SBI at the British Clearing House for faster clearance of all pound- sterling instruments. SBI is now the first Asian bank to venture into the international correspondent-banking services segment, traditionally dominated by a handful of foreign banks.
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Kannur Power Project to tie up funds by June
The promoters of the 513 mw combined-cycle Kannur Power Project plan to tie up funds by June next year. The project is jointly promoted by Enron International, a wholly-owned subsidiary of Enron Corporation, and the KPP Nambiar group.The modalities of the fuel-supply arrangement are to be finalised by the January 15 deadline set by the centre, according to project chairman KPP Nambiar.
Core panel set up to review Iisco revival plan with SDF
The Union cabinet has set up a four-member core committee to assess the Union steel ministry's proposal to rehabilitate the ailing Indian Iron and Steel Company Ltd (Iisco) with the Steel Development Fund (SDF) kitty. The four-member panel will comprise prime minister Inder Kumar Gujral, Union finance minister P Chidambaram, Union steel and mines minister Birendra Prasad Baishya and Union minister for agriculture Chaturanan Mishra.
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 Tower Insurance, UK company plan venture
CLB decides on repayment plan for Modern FD holders
Dunlop accepts resignation of finance director
Kirloskar Brothers records sales growth, but bonus issue mars earnings
UK firms, NCCL team up on infrastructure projects
CLB lifts stay on J&N issue, pulls up Turner Morrison
Corporate Briefing
Indian Airlines wipes out 8-month losses
Cabinet okays Shell, Reliance LNG plans
Three IPPs finalise fuel supply agreements with Indian Oil
SBI sets up global-link office for correspondent-banking services
Rajan Pillai associate nabbed in Singapore
Cheminova plans to launch new pesticides
Delay in fund infusion hits IDPL revival
Arvind Mills weaves no magic for investors
Birla Global Finance scrip spurts on dividend of 20%
Kannur Power Project to tie up funds by June
4 high-fliers set to grace Tata Industries' board
Mahindra Ford plays cheap finance card in bid to drive up Escort demand
IBM sees more network computer sales in '98
Smart car to start serial production in July
ICI Plc subsidiary out of group recast net
Compaq is Forbes' company of the year
Income-tax officers look for VDIS success to improve their lot
Local unions call shots in Bengal jute mills
Movers & Shakers
Core panel set up to review Iisco revival plan with SDF
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