MUMBAI, November 23: The Reserve Bank of India (RBI) has prohibited Western India Securities from accepting deposits from any person in any form with immediate effect. An RBI release, issued on Saturday, said the central bank in exercise of the powers under sub-section (4) of Section 45 K read with Section 45 MB(I) of the RBI Act, 1934, has prohibited the Delhi-based non-banking finance company from accepting deposits from any person including the existing depositors/certificate holders in any form to any scheme conducted by the company. It has also prohibited renewals of any deposit schemes.

Indbank Merchant Banking profit dips: Indbank Merchant Banking Services has earned a net profit of Rs 1.27 crore for the half-year ending September 30, 1997 against Rs 2.64 crore during the corresponding period last year. The results were taken on record at the board meeting held on November 14. The net income from operations during the first six months was Rs 39.22 crore, up from Rs 36.46 crore last year. The company's provision for depreciation was lower at Rs 8.81 crore against Rs 9.12 crore during the corresponding period in the previous year.

Sagar Suri Estates downgraded: Icra has downgraded the rating assigned to the fixed deposit programme of Sagar Suri Estates & Finance Ltd (SSEFL) to the default category from MB+ to MD. Sagar Suri Estates & Finance is currently defaulting on payments to fixed depositors. The company belongs to the G Sagar Suri group of companies. The company is engaged in the lease and hire purchas financing of plant and machinery and vehicles to corporates of small and medium size. The credit quality of Sagar Suri Estates & Finance has deteriorated with significant defaults in the lease portfolio. Sagar Suri Estates & Finance reported a loss of Rs 70 lakh in 1996-97 against a profit of Rs 1.06 crore in the previous year.

Weizmann waives NSDL charges: Weizmann, the flagship of the Rs 100 crore Weizmann group, has made the one time custody charge payment to the National Securities Depository Ltd (NSDL) for the benefit of its shareholders. With this payment, NSDL will waive forever the custody charge to the depository participants for Weizmann's shares. The one-time custody charge has been worked out on the basis of five basis points on the entire market capitalisation computed at an average daily closing price (for 26 weeks) of company's shares on the National Stock Exchange. Shareholders of the company can now avail the benefits of the electronic form of holding securities by opening an account with any of the depository participants.

ICICI Bank dematerialises 10 lakh shares: ICICI Banking Corporation has dematerialised 10 lakh equity shares of the bank out of a total of 16.50 crore equity shares. In a communication to the Bombay Stock Exchange, the bank has said that equity shares having distinctive numbers 42495601 to 43495600 have been dematerialised. The Industrial Credit and Investment Corporation of India divested nearly 25 per cent of its 100 per cent holding in the bank to the public at a price of Rs 45 per share in August 1997.

Bank of Maharashtra installs ATM: Bank of Maharashtra recently inaugurated its third ATM centre in Mumbai at Versova. The ATM was inaugurated by the bank's chairman and managing director, TS Raghavan. Eight freedom fighters residing in the vicinity were felicitated and honoured at the function.

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