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Narayanan next President
Vice-President K R Narayanan will be the next President of India following an understanding reached between the Congress and the United Front. The issue was clinched in a one-to-one meeting between Congress president Sitaram Kesri and UF convenor Chandrababu Naidu.
Left stonewalls petro hike
The United Front steering committee still hasn't been able to reconcile the differences among its constituents over the issue of a hike in petroleum prices. The Left parties once again forced the United Front to defer the decision, which will now come up for consideration on June 27.
HC: Prima facie case against Mulayam
Union defence minister Mulayam Singh Yadav suffered a severe setback when the Lucknow bench of the Allahabad High Court stayed the operation of a sessions court judgment on what is termed as the infamous guest house incident of June 1, 1995.
Court appoints two agents to decode CRB accounts
The Delhi High Court has appointed two agents to help the Official Liquidator (OL) in decoding the computerised account books and other documents of CRB Capital Markets, which allegedly has siphoned off Rs 1,200 crore to sister concerns by defrauding the investors.
Share of govt profits for oil PSUs mooted
The Union petroleum ministry has recommended that ONGC and OIL be given the government's share of profits from the oilfields and exploration blocks which were given to the private sector in 1994. The decision has come in the wake of strong criticism from various quarters.
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Local content, export norms for foreign car companies to be relaxed
The Directorate General of Foreign Trade (DGFT) has prepared a fresh set of recommendations for foreign car ventures which will be submitted for cabinet approval this week. One of the key suggestions is to relax export guidelines for these projects by granting a 7-year timeframe instead of the existing five.
Benz says no move to buy out Telco
Mercedes Benz India (MBIL), the joint venture company of Telco and Daimler Benz, has indicated that the decision to raise the foreign stake to 76% was necessitated by Telco's unwillingness to increase its capital contribution.
Carbon & Chem merges with Phillips Carbon Black
Kochi-based Carbon & Chemicals India will merge with R P Goenka's Phillips Carbon Black (PBCL), following a decision taken by the boards of the two companies. The merger will turn PCBL into the world's seventh-largest manufacturer of the key input used by the tyre industry.
Eicher Tractors, European major tie-up for expansion
Eicher Tractors has signed a technical collaboration with $510-million Sisu Tractors Inc, one of the largest tractor producers in Europe, for the manufacture of higher horse power (HP) tractors and engines to be launched in 1999.
Exclusive rights for Unicorp Ind to market ICS, TBS software in India
Delhi-based Unicorp Industries (UIL) has entered into a tripartite marketing and sales agreement for banking software with International Computer Systems (ICS) of the UK and TBL, a subsidiary of Telecom Consultants India (TCIL). Unicorp will execute the marketing and sales operations for ICS's software termed `BANKS'.
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