Friday, February 5, 1999
Foreign funds put ICICI on sell list, cite violation of RBI norms
Term-lending institution ICICI, in violation of Reserve Bank of India norms on capital adequacy ratio, has included Rs 350-crore worth of preference shares into its Tier-I capital.
Tax holiday for EPZ units may be doubled
The corporate tax holiday period for 100% export-oriented units and units set up in export processing zones will be raised from 5 years to 10 years by amending sections 10-A and 10-B of the Income-tax Act, 1961.
ONGC may join hands with Indian Oil for paraxylene venture
Indian Oil is likely to replace Bharat Petroleum Corporation as partner in the Rs 2,600-crore paraxylene venture planned with the Oil and Natural Gas Corporation.
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