Saturday, August 29, 1998
Bhagwati may lift creeping acquisition cap to 5%
The revised takeover code, which will be ready by the end of next month, is likely to hike the creeping acquisition limit from 2 per cent to 5 per cent. The justice PN Bhagwati committee, which is reviewing the existing takeover code, is holding another meeting on Saturday. The committee is expected to submit its report next month after one more meeting.
Centre frees sunflower, soyabean seeds' import
The Centre has decided to bring imports of sunflower and soyabean seeds under the ambit of the open general licence in a bid to halt the spurt in the prices of essential commodities. It has authorised the department of sugar and edible oils to import additional quantities of edible oils.
Smaller finance firms may be placed under state governments
The Union finance ministry is planning to take the smaller non-banking finance companies (NBFCs) -- with a networth of less than Rs 5 crore -- out of the ambit of Reserve Bank of India's monitoring mechanism and place them under their respective state governments. The proposal follows the recommendations of the CM Vasudev-headed task force on NBFCs, recently set by the ministry.
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