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HC moved against Joginder's transfer
While Joginder Singh handed over charge to newly appointed Central Bureau of Investigation (CBI) director R C Sharma in New Delhi before proceeding on a month's leave, the BJP yesterday filed a contempt petition in the Patna High Court against Prime Minister I K Gujral, accusing him of transferring Singh under pressure from Bihar Chief Minister Laloo Prasad Yadav in total disregard of Supreme Court orders.
US tightens its proliferation hitlist
Three Indian firms have taken a bum rap for nuclear proliferation after the Clinton administration moved over the weekend to stem criticism that it was too lax in selling advanced dual technology items to other countries.
Pawar `dropped' from joint panel
The time has probably come for senior Congress leader Sharad Pawar to pay the price for his `revolt' against AICC chief Sitaram Kesri. There are strong indications that Pawar's name has been dropped from the proposed Congress-United Front joint coordination committee.
Sharma gets cracking on first day in office
On his first day in the office, CBI director R C Sharma passed five orders, two reversing the policies of his predecessor Joginder Singh. The CBI has also decided to fight the contempt case challenging the transfer of Singh on the grounds that it violates the court order prohibiting the transfer of officials investigating the fodder scam.
Refugee ship crew held hostage by LTTE
Suspected Liberation Tigers of Tamil Eelam (LTTE) militants yesterday set fire to a ship used to ferry refugees in north-west Mannar coast and took away its nine-member crew as hostages, Army sources here said.
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BSE to shift to T+5 rolling settlement for institutional trades
The Bombay Stock Exchange will shift to a T+5 rolling settlement system for institutional trades by August 18. The changeover from the current weekly settlement will be done in two phases, with the first phase beginning from July 7.
Rating firms in downgradation mood
The credit rating agencies have downgraded the debt instruments of 51 companies in the first quarter of the current fiscal. While the slowdown in industrial growth was the main contributing factor to the lowering of manufacturing companies' debt instruments, the downgradation of finance companies was triggered by the collapse of CRB Capital Markets.
Crompton Greaves mulls switchgears venture in Dubai
Crompton Greaves plans to invest $2,40,000 (Rs 86.4 lakhs) in a joint venture company in Dubai to manufacture and market medium voltage vacuum switchgears. The company will have a 40 per cent stake in the venture styled Power Equipment Ltd (PEL) where the balance will be held by the Dubai-based Link Middle East Limited (LMEL) which manufactures and markets electrical products.
Daewoo Securities to beat a retreat, close local operations
Baffled by the recent multi-crore CRB scam, Korean financial subsidiary Daewoo Securities (India) is planning to close down its Indian operations soon. Daewoo Securities, which had the beleagured CRB as its partner holding 24 per cent, had recently issued termination oreders to 11 of its 22 employees with a one to three months' notice.
Strange customs order allows import of Italian marble
The import of 6,000 metric tonnes of the best Italian marble worth over Rs 8.39 crore has been cleared by the Mumbai customs. The importer, identified as Carrara Marble and Granite Industries, has got the consignment cleared by classifying it under a different chapter heading of the Customs Tariff Act.
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