Indian Express Publications
Tuesday, August 5 1997
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Pay revision put on hold by Govt
The Government has decided to withhold the implementation of the Fifth Pay Commission's recommendations for its 52 lakh employees involving a package of Rs 13,500 crore.

Dalit leaders not to demand ban on Shourie's book
Instead of seeking a ban, the Dalit leaders in Maharashtra have decided to bring out a book on Ambedkar as counter to Arun Shourie's Worshipping False Gods.

HC picks holes in Kesri probe
The Delhi high court has asked the Central Bureau of Investigation to ascertain the acquistion of property by Amarnath Kesri, son of Sitaram Kesri, after observing loopholes in investigations.

HC against shunting Biswas
The Patna High Court said it will take steps in the event of the transfer of Central Bureau of Investigation Joint Director (East) U N Biswas, heading the agency team probing the fodder scam.

CBI won't let off Karsan despite settlement offer
The Central Bureau of Investigation will not drop criminal charges against officials of Turkish firm, Karsan limited, in the light of their out-of-court settlement offer in the Rs 133 crore urea scam case.

SEBI queries HLL on purchase of BBL before merger
The Securities and Exchange Board of India (SEBI) has shot off a letter to Hindustan Lever (HLL) and its directors seeking an explanation as to why the company purchased some eight lakh shares of Brooke Bond Lipton barely a month before the decision to merge the two companies was taken.

Sheraton to pick up stake in ITC Hotels plans
International hotel chain ITT Sheraton, in a major policy shift, has decided to pick up equity stake in hotel projects planned by ITC Hotels for the next five years.

ONGC keen on buying out Centre's stake in Lubrizol at book value
Oil and Natural Gas Corporation (ONGC) has informed the Union ministry of petroleum and natural gas that it will buy out the Centre's 60% stake in Lubrizol India, if shares are offered at "book value."

Piaggio, Singhanias to hike stake in LML via preferential issue
The Piaggio of Italy and the Singhanias are jointly increasing their holdings in LML to 50% through a preferential issue. Currently, both these promoters hold 23.60% each in a total equity of Rs 41.44 crore.

Fiat to pick up majority stake in PAL Kurla venture
Fiat Auto of Italy is likely to pump in around Rs 400-450 crore in the proposed new auto manufacturing business to be created as a joint venture with Premier Automobiles.

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