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Laloo threatens to split Dal
The Janata Dal sunk deeper into a crisis yesterday with a defiant Laloo Prasad Yadav camp deciding to boycott the party president's election, scheduled for July 3 in protest against the "bogus" voters' list.
Thapar arrested under Arms Act, released on bail
The top industrialist Sameer Thapar, managing director of JCT Mills, who was involved in a drunken brawl at the Gymkhana Club, was arrested under the Arms Act last week for illegally possessing an automatic weapon.
India has nothing to lose by declaring chemical weapons
The Treaty for Prohibition of Chemical Weapons, normally referred to as the Chemical Weapons Convention (CWC), came into force on April 29 this year with India being one of the first countries to sign the treaty. India is a member of the Executive Committee set up to manage the treaty, and in fact the first chairman.
India, Hong Kong sign treaty for extradition of fugitives
India and Hong Kong have signed an extradition treaty, laying down conditions for the surrender of fugitive offenders from one country to the other.
Same rule for all parties: EC
Amid continuing confusion in the Janata Dal on the fate of the party elections slated for July 3, the Election Commission has said it will stick by its rules for defaulting parties.
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UB allowed 50 per cent stake in McDowell
The UB group has received the Union government's approval to hike its stake in flagship company, McDowell & Co, to 50% by converting warrants into equity. With this, the UB group will now convert 6.9 million warrants at Rs 55 per share, thus paying a premium of Rs 45 per share or Rs 37.95 crore.
State Bank, Bank of India slash PLR to 13.5%
State Bank of India (SBI) and Bank of India (BoI) have slashed their prime lending rates by half a percentatge point (50 basis points) to 13.50%. SBI has hinted at a further cut in its lending rate if the credit offtake does not pick up.
IOC net up by 13% at Rs 1,408 crore
Indian Oil Corporation has reported a net profit of Rs 1,408 crore for the year ended March, 1997, an increase of 12.78% on a turnover of Rs 55,389 crore (previous year - Rs 43,862 crore). It has maintained the dividend at Rs 4 per share.
SBI seeks RBI nod to ease interest warrant payment norms
State Bank of India (SBI) has moved the Reserve Bank of India (RBI) seeking relaxation in dividend/interest warrant payment norms. The RBI has imposed restrictions on the dividend/interest warrant facility offered by banks in the wake of CRB scam in which SBI lost Rs 58 crore.
SAIL plans import of high-grade steel for select clientele
Steel Authority of India (SAIL) is trying its hand at becoming a trading house for the silvery alloy as well. The Rs 14,739-crore giant, that produces over nine million tonne steel and exports roughly five lakh tonne, plans to import some for a select clientele.
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