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Sikhs resent Gujral's stance on Queen visit
Prime Minister Inder Kumar Gujral has been caught on the wrong foot again. His reported suggestion to British Queen Elizabeth II to skip Amritsar during her forthcoming visit to India is threatening to snowball into a major controversy.
A-I owes its staff Rs 175 cr in dues
Air-India owes Rs 175 crore in arrears to its retired and current 18,000 employees. Interestingly, A-I's projected profit of Rs 90 crore in 1997-1998 does not take into account the arrears due to its employees.
Brigand Veerappan offers to surrender
Sandalwood smuggler Veerappan yesterday offered to surrender without insisting on amnesty. He also agreed to release the eight forest department employees he has held hostage for 37 days. The announcement of Veerappan's surrender offer was made today by Tamil Nadu Chief Minister M Karunanidhi.
NATO bid to capture Karadzic
A combined US, British and French commando force has been deployed in Bosnia to capture Radovan Karadzic. A night exercise that NATO carried out on Wednesday in mountains north of Pale, the former Bosnian Serb leader's stronghold, was widely seen as a dress rehearsal for his seizure.
Govt bungling may hit 10,000 workers
The recommendations of the Board for Industrial and Financial Reconstruction, for the closure of Mahashtra State Textile Corporation, will leave about 10,000 workers jobless. However, the state government has committed to the task of creating new job to the employees.
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ICI buys 9.1% Choksey stake in Asian Paints; other promoters wary
ICI Plc yesterday announced that it had purchased a 9.1% stake in Asian Paints (India) Ltd. The stake was bought from Kotak Mahindra Capital Company (KMCC) at Rs 351 a share. Kotak, in turn, had bought the shares on Sunday from Atul Choksey, managing director and one of the company's four main promoters, at Rs 347.50 a share.
ICI begins wooing other promoters, but gets a brush-off in return
The Danis, the Choksis and the Vakils, who together hold around 45% in Asian Paints have been approached by ICI Plc for negotiations on a possible buyout of their stake. Control over Asian Paints will give ICI a virtual monopoly in the domestic paints industry.
Draft Income Tax Bill proposes 20% dividend tax to target MAT-evaders
The draft Income Tax Bill has proposed a 20% dividend tax on corporate payouts as an alternative to the minimum alternative tax (MAT) from the assessment year 1999-2000.
Clarion ties up with Bates Worldwide
Clarion Advertising Services has announced an equity tieup with Bates Worldwide. However, the terms of the arrangement have not been decided yet. The announcement coincides with the resignation of Ram Ray as president and CEO of Clarion with the mantle being taken over by Kiran Khalap.
Great Eastern Shipping set to buy oil tankers from Samsung
The Great Eastern Shipping Co has recorded a 20% rise in operating profit in the first quarter of the current financial year. The company has finalised an agreement for the purchase of two Aframax crude oil tankers with South Korean conglomerate Samsung Corporation.
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