The Financial Express -- News

Wednesday, December 10 1997

BoI set to offer dual-currency limit

Bank of India (BoI) is all set to offer "dual-currency limit" to high net worth corporates. Christened as "swing limit", blue-chip corporates, under this scheme, will have the freedom to "swing" from rupee to dollar loans at any given point of time. The scheme will, in effect, enable domestic corporates to take a view on the rupee.

Citurgia Biochemical in pact with US firm

Citurgia Biochemical Ltd, a Wadia group company, has entered into a strategic alliance with the US-based Alkaline Paper Technology International (APTI) for the supply of technology to manufacture precipitated calcium carbonate (PCC). As per the agreement, Alkaine Paper Technology International will supply the technology needed for the setting up of a plant to manufacture PCC.

CAG pulls up SCI for overstating profits

The Comptroller & Auditor General (CAG) of India has pulled up the Shipping Corporation of India (SCI) for overstating profits for 1996-97 to the tune of Rs 4.5 crore. According to CAG, the overstatement occurred because the annual 1.2 per cent guarantee fee (GF) payable to the government was provided short by Rs 4.5 crore as the calculation of the fee was made on the reduced balances of the outstanding principal and interest.

PAL-Peugeot battles to keep plant alive

How LG bridges the communication gap between HQ, branches