Gupta committee wants interest rates on agriculture loans deregulated
The RV Gupta committee on agriculture credit has called for interest-rate deregulation on farm loans. The one-man panel submitted its report to the Reserve Bank of India (RBI) governor, Bimal Jalan, on Tuesday. The committee favours allowing banks to fix interest rates on agricultural loans and offer finer rates to borrowers with a good track record.
Show proof of action taken on Yardi's plaint, Stanchart told
Justice SN Variava of the special court on Tuesday asked Standard Chartered Bank to furnish proof that it had acted and taken corrective measures on the complaint of an executive of its merchant-banking division. The complainant, Prakash Yardi, had informed his seniors in September, 1990, that the bank was exposed to substantial credit-risk.
Sengupta offers to step down as Maruti chairman
Probir Sengupta has offered to resign as Maruti Udyog chairman. In a written communication to Union industry minister Sikander Bakht, Sengupta has said he is ready to put in his papers. The industry ministry reportedly is keen on Sengupta continuing on the Maruti board since the company is entangled in a legal dispute with its foreign partner, Suzuki Motor Corporation, over the appointment of the managing director, RSSLN Bhaskarudu.
Alcan to lobby ministries over Indal stake support
Senior Alcan executives are expected to hold discussions with officials of the finance and industry ministries next week to garner crucial government support for protecting their interest in Indian Aluminium (Indal). Alcan holds 34.6% equity in the company. The executives, led by Alcan's chief financial officer, Suresh Thadani, will be in India to attend a crucial board meeting of its domestic associate on April 29.
Everything official about Coke sop: Pepsi allies
Two key business associates of Pepsi have spilled the beans over alleged attempts by arch-rival Coca Cola to lure them into breaking their contracts with Pepsi by offering highly attractive financial incentives. 21st Century Media Pvt and DNA Networks, music and cricket consultants of Pepsi, have informed Pepsi that they were approached by top Coke executives who offered hefty financial contracts for switching over from Pepsi.
Fourth-tier guarantee for power projects on cards
Plans are afoot to introduce a fourth tier of guarantee for power projects to overcome the limited escrow cover capacity of state electricity boards (SEBs) and weak financials of state governments. The first three-tiers comprise the line of credit of banks and institutions, followed by escrow cover and state government guarantee.
