Thursday, June 25, 1998
Caltex Petro to take over IBP-Caltex
Caltex Petroleum Corp of the US will take over IBP-Caltex, a 51:49 joint venture with the public sector IBP Co. Caltex will pay back around Rs 40 crore to IBP for the takeover as the Indian partner has already contributed Rs 19.60 crore towards the equity of the joint venture.
Rupee gains, closes at 42.70
The rupee bounced back against the dollar on Wednesday to close at 42.68/70, up 22 paise from Tuesday's close of 42.92. The annualised forward premium fell across the board. The currency had breached the 43-mark on Tuesday to touch a new low of 43.05 against the dollar after Union finance minister Yashwant Sinha on Monday announced that the rupee would not be defended.
CLB clears path for transfer of Calcutta Chemicals to Henkel
The Company Law Board has rejected an appeal to stay the Calcutta Chemicals extra-ordinary general meeting scheduled to be held on June 26. The appeal was filed by a minority shareholder who holds 26% stake in Calcutta Chemicals. The principal bench of CLB, while rejecting both the pleas, directed the company to abide by the final order passed by the Company Law Board.
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