Saturday, October 24, 1998
Controversial clause in MLB to go
The government is likely to drop the controversial clause of "falsification of accounts'' in the Prevention of Money Laundering Bill 1998, following various representations from the corporate sector.
Spic settles Arochem row with hefty compensation to MRL
The out of court deal struck by Southern Petrochemical Industries Corporation Ltd (Spic) with Madras Refineries Ltd (MRL) in the disputed joint venture National Aromatics & Petrochemicals Corporation Ltd (Arochem) is awaiting Cabinet nod after getting cleared by the ministry of petroleum and natural gas, it is learnt. Spic has agreed to pay MRL a total of Rs 27 crore, covering MRL's investment of Rs 13 crore in Arochem over the years and Rs 14 crore towards interest on its investments in Arochem.
Caltex pays Rs 200 cr to Spic
Caltex has paid in excess of Rs 200 crore to Southern Petrochemical Industries Corporation Ltd (Spic) for acquiring a majority stake in its on-going liquefied petroleum gas (LPG) venture. The move will aid Caltex import, distribution and market LPG in the country.
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