The Financial Express -- News

Friday, December 19 1997

Apex court verdict frees CBI to probe PSU, bank officials sans centre okay

A three-member bench of the Supreme Court yesterday allowed the Central Bureau of Investigation (CBI) to file FIRs and launch preliminary investigations against officers of joint secretary rank in public sector undertakings, the Reserve Bank of India and chief managing directors of banks on corruption charges without taking advance permission from the government. The apex court ruled that the government will have the right to specify the class of offences without involving itself in the investigation.

Ficci outlines reform agenda for inclusion in poll promise-list

The Federation of Indian Chambers of Commerce & Industry (Ficci) has identified 12 crucial economic issues it feels should be included in election manifesto of political parties. The foremost issue, in the opinion of Ficci, is demand-stimulation, which it considers to be a necessary pre-condition for arresting the current industry slowdown.

SEBI respite for merchant bankers on leased assets

The Union finance ministry has allowed merchant bankers to run down their existing leased assets to their full course of maturity. This runs contrary to the earlier Securities & Exchange Board of India's (SEBI) pronouncement merchant bankers would have to dispose of their leased assets within two years of the effective date of the new rule on them. According to the new rule, merchant banks are banned from carrying out non-securities-based business such as leasing, hire purchase, etc, with effect from December 9.

RBI steps in to stop carnage in forex ring

Unit Trust likely to resume sale of CCCGF units with lower returns