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Friday, May 8, 1998
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BSL to merge with RSWML
Bhilwara Spinners (BSL) of the Bhilwara group is to be merged with its sister concern Rajasthan Spinning & Weaving Mills (RSWML). The exchange ratio will be one equity share of RSWML for every four equity shares of BSL, and the deal will have retrospective effect from April 1, 1998.
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NSE not to introduce badla
The National Stock Exchange (NSE) does not propose to introduce carry-forward trading (Badla) nor will it include trading members on its board, according to R H Patil, managing director, NSE. He said preparations for starting derivatives trading are ready and NSE will introduce derivatives once SEBI decides on the high-level L C Gupta committee report on derivatives.
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Merchant bankers go out of business as issues decline
The declining number of public issues has led to a major shakeout in merchant banking sector. Alarmingly, as many as 175 merchant bankers who had lead managed public issues in 1996-97 did not handle even one assignment in 1997-98. On the whole, a phenomenal 370 Category I merchant bankers did not handle even a single lead management assignment.
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Hoffland Finance CMD arrested in Rs 80 cr fraud
In yet another case of cheating the public, the Delhi police has arrested the Chairman and Managing Director (CMD) of a non-banking finance company, Deen Bandhu Sharma of Hoffland Finance, for allegedly defrauding investors of over Rs 80 crore.
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