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Politics	Business	Expressions	General
World	Sports	Leisure	States

Tuesday, May 19, 1998

	SEBI rejects Sterling plea on BTL offer The Securities and Exchange Board of India (SEBI) has rejected the application of Chennai-based Sterling Horticulture & Research Ltd seeking permission for withdrawal of the public offer to acquire a stake in Bharati Telecom Ltd. The market regulator has directed the company to take steps to complete the offer formalities and issue letter of offer to shareholders within 15 days of receipt of SEBI's order.		IRA bill unlikely in budget session The Centre may not introduce the Insurance Regulatory Authority (IRA) Bill in the budget session starting next month. The passage of the IRA Bill as and when it happens will not pave the way for the entry for the entry of Indian and foreign insurance companies.
	CBI told to file report on Mukta-Panna The Delhi High Court has found the statement of a Central Bureau of Investigation (CBI) clerk regarding a missing investigation file "very intriguing" and directed the CBI to file a complete status report on the Mukta-Panna offshore oil field investigation today. A division bench comprising Justice Y K Sabharwal and Justice C K Mahajan also directed the CBI investigating officer to be present in the court with the report.		COFEI, BgSE to sign MoU Coffee Futures Exchange India (COFEI), incorporated to float India's first domestic coffee futures, and Bangalore Stock Exchange (BgSe) will sign a memorandum this weekend for utilising BgSE facilities for trading. Mock trading at the proposed exchange was expected to be held in a week to 10 days time -- after the software system was in place.

Industrial growth slips to 4.2%
Despite strong performances by the electricity and mining sectors, India's industrial growth rate slipped to 4.2 per cent during 1997-98 from 7.1 per cent in the previous year. The robust 6.8 per cent growth in electricity sector and a 4.9 per cent growth in mining during the financial year was offset by a very low growth of 3.6 per cent in manufacturing sector, considered the engine of industrial growth.

800 dyeing units face closure
The immediate future of over 800 dyeing units, employing around 2 lakh workers, in the textile towns of Tiruppur and Karur in Tamil Nadu seems to be in jeopardy following the units' failure to comply with the Madras High Court's verdict to instal effluent treatment plants (ETPS) within the stipulated deadline and subsequent Supreme Court refusal to grant an interim stay on the order.

Bizbits
Sops for steel sector likely
`Sanctions impact negative'
IBA starts wage talks with unions
Prudential ICICI floats 3 schemes
Sensex up by 59 pts
Real estate to bottom out
FISE moots insurance cover
EID Parry cuts cost to boost profits by 28%