Tuesday, September 29, 1998
Ministry slams its doors on oil PSUs
The Ministry of Petroleum and Natural Gas has decided to close its doors to all liaison officers, or at least those working for public sector oil companies such as ONGC and IOC. The Ministry has directed all oil companies under its charge to surrender the photo-identity cards issued to their officers.
HC stays MoF panel order in HLL case
Giving a shot-in-the-arm to the Securities and Exchange Board of India (SEBI), the Mumbai High Court on Monday stayed the order of the Appellate Authority in the Finance Ministry which had held that the SEBI has no powers to award compensation or file prosecution proceedings against those guilty of insider trading during Hindustan Lever and Brooke Bond Lipton India merger.
RBI clears commodity hedging
The Reserve Bank of India (RBI) has permitted Indian corporates, having genuine underlying foreign exchange exposure, to access international commodity exchanges for hedging of their commodity price risks. RBI on Monday issued a detailed circular to all authorised dealers in foreign exchange providing the operative procedure which is aimed at ensuring hedging of genuine exposures and checking incidence of speculative transactions.
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