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Business

Thursday, May 7, 1998

	Orkay comes under liquidation Orkay Industries, once touted as a blue chip company but subsequently fell into bad times, has come under liquidation. The Mumbai High Court has appointed its official liquidator as provisional liquidator of the company. Simultaneously, the Bombay Stock Exchange (BSE) has decided to stop trading in the shares of the company.		Govt now plans to regulate inter-corporate investment The government is all set to initiate measures to regulate the inter-corporate investment to protect the interests of the shareholders. The decision was taken following several complaints which the government had received from shareholders regarding diversion of funds by corporate companies to their sister institutions.
	SEBI show-cause to plantation body The Securities and Exchange Board of India (Sebi) has issued a show-cause notice to the Association of Agri Plantation Companies of India (AAPCI) and its members asking them why they should not be prosecuted for abetting investors to invest in plantation companies despite a ban.		Indian Rayon net down marginally The net profit of Indian Rayon and Industries Ltd, an Aditya Birla group company, has declined marginally to Rs 213 crore during the year ended March 1998 from Rs 215 crore last year despite an 11 per cent increase in turnover to Rs 1817 crore from Rs 1641 crore.

HDFC net profit rises 18 pc
Housing Development Finance Corporation Ltd (HDFC) has rewarded its shareholders by announcing a 75% dividend to mark the completion of the company's 20th anniversary. The directors have recommended a dividend of Rs 55 (55%) per equity share for the fiscal ended March 1998 - as compared to Rs 45 announced for the previous year - besides a special `anniversary' dividend of Rs 20 per share (20 %).

CII sets up 3 export councils
The Confederation of Indian Industry (CII) has announced setting up of three national councils to help the country expedite economic growth. These councils are: National Population Management Council, National Technology Council and National IT Council.

Knoll announces 1
Pepsi case adjourned
HC orders winding up of Modiluft
IOC forced to start Panipat refinery
RCF net profit up
Sensex dips on unloading
Trade gap zooms to $6.79 bn