Friday, July 10, 1998
US court awards ITC $ 12 million
A US district court has ordered the New York based Chitalias to pay up $12 million (around Rs 50 crore) together with costs to ITC Ltd, the cigarettes and hotels major said on Thursday. The court has also dismissed the surviving $ 14 million counterclaim in the $ 55 million suit filed by the Chitalias against ITC in 1996.
SHCIL seeks Rs 80 cr from BoI Shareholding
BoI Shareholding, the clearing agent for the Bombay Stock Exchange (BSE), will have to shell out Rs 80 crore as the Stock Holding Corporation of India Ltd (SHCIL) has sought compensation for the delay in the delivery of shares. SHCIL had recently moved the SEBI for the delay, and asked the regulatory body that BOI Shareholding should pay interest for the period of delay.
MPs oppose Tata Airline
More than 40 Members of Parliament belonging to various political parties yesterday again opposed the Tatas' proposal to start a domestic airlines in India with foreign equity participation. In a memorandum submitted to Prime Minister Atal Bihari Vajpayee, they said the introduction of the proposed airlines would "definitely have a very serious adverse impact on Indian Airlines and Alliance Air" and also defeats the government's disinvestment policy on the national carrier.
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