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Bina Refinery venture cleared at long last
The Rs 6,400-crore joint venture Bharat Oman refinery project in Madhya Pradesh has been given environmental clearance, thanks to prime minister Atal Behari Vajpayee's intervention. Oman Oil Company and BPCL are jointly promoting the six-million-tonne refinery in Bina with 26 per cent stake each.
Fema, money laundering bills to be diluted: The finance ministry is planning to considerably soften and finetune certain crucial provisions of the Prevention of Money Laundering Bill and Foreign Exchange Management Bill to offset the fears expressed by industry. The scope of PMLB is likely to be limited to heinous crimes and a "sunset clause" is being considered to deal with cases being pursued under the outgoing Fera.
UTI to file petition against HLL: UTI has decided to file a petition before the Mumbai high court seeking compensation from Hindustan Lever in the insider-trading case. Although UTI officials did not disclose the trust's next move,sources pointed out that UTI is expected to file a petition at the November 16 hearing in the matter.
Vajpayee to unveil package for NRIs today: Prime minister Atal Behari Vajpayee will unveil a package on Thursday to attract NRI investments, including the much awaited Persons of Indian Origin card scheme, a step towards providing dual citizenship. The package would be announced at the second global Indian entrepreneurs meet, jointly organised by Ficci and the India Investment Centre of the government of India.
P&O withdraws from Vadhavan port project: P&O Australia Ports has officially communicated to the Maharashtra government its decision to withdraw from the Rs 3,500-crore Vadhavan port in Thane district. The company is believed to have said that it will not be possible to work on the project in view of inordinate delays, opposition from locals and the "adverse" judgment given by the Dahanu Taluka Environment Protection Authority.
Gujarat government gets notice on AEC takeover:The Gujarat high court on Wednesday issued showcause notices to the state government and nine others on a special civil application challenging the takeover of Ahmedabad Electricity Company by the Torrent group. The petition sought to challenge a government resolution dated July 16, 1997, which detailed the decision to sell the 28.89 per cent government stake in AEC to Torrent Power.
Modi GBC to increase equity base: Modi GBC, the 50:50 joint venture between the BK Modi outfit Modicorp and the US-based GBC, is increasing its equity base five-fold to Rs 15.4 crore. Currently, the company's equity base stands at Rs 3 crore. Modi-GBC chairman BK Modi said the company will be coming out with a Rs 12.4-crore rights issue to enhance its equity base.
Assocham seeks lower threshold limit for buyouts: Assocham on Wednesday suggested that the threshold limit for full buyout of shares should be lowered to 75 per cent from the proposed level of 95 per cent in the Companies Bill, 1997. In a paper onreforms in the company law, the chamber said that in view of the conditions of the capital market, the limit for buyout should be lowered to 75 per cent.
Sundaram Finance, Fiat Auto arm tie up: Sundaram Finance has teamed up with Fidis SPA, the fully-owned finance arm of Fiat Auto, to form a joint venture car finance company. The new company, Fiat Sundaram Auto Finance Ltd), will have 51 per cent equity participation from Fidis and 49 per cent from Sundaram Finance. The venture will be dedicated to financing only Fiat cars in India.
NELP awaits finance minister's nod: The revenue department has cleared the petroleum tax code for the new exploration licensing policy (NELP) and has forwarded it to the finance minister for approval, revenue secretary Javed Choudhury said on Wednesday. The petroleum ministry is awaiting clearance from the finance ministry for the PTC for the 48 oil blocks to be notified for bidding under the NELP.
Revenue unions' strike continues: The three-day strikeby revenue unions continued on Wednesday, severely affecting work at international airports, ports and cargo complexes. The officials and staff of the customs, central excise and income-tax departments have joined the all-India strike to seek pay parity and protest against the fifth Pay Commission's discriminatory recommendations.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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