Monday, June 15, 1998
$ 900 million WB loan to India in jeopardy
The World Bank's near 900 million dollar loan for infrastructure projects in India in the 1998 fiscal has come under a cloud with the G-8 led by the US deciding to block all multilateral non-humanitarian loans to the country. World Bank documents reveal that G-8 nations, which have a combined voting strength of 45.35%, need to muster only 4.66% votes more to block loan approvals to India.
MTNL proposes to bid for basic services in TN, WB
Mahanagar Telephone Nigam Ltd (MTNL) plans to bid for basic services in the states of Tamil Nadu and West Bengal. Given a chance MTNL would like to bid for these two states in a joint venture with Telecommunications Consultants India Ltd (TCIL), MTNL chairman and managing director S Rajagopalan said.
HC directs foreign insurance company to pay Rs 3.5 crore
The Mumbai High Court has directed the UK-based Osprey Underwriting Agencies and its agents, Allied Marine Consultants International, to deposit Rs 3.5 crore towards the cost of removal of wreckage of M V Sindhu V11, a vessel owned by Oil and Natural Gas Corporation (ONGC) which sank in Mumbai harbour three years ago. This is for the first time that a foreign insurance company has been pulled up for its failure to discharge its obligations in India.
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