RPG group, Swiss partner slug it out over sale of Benninger India stake
The RPG group and Benninger AG of Switzerland are involved in a spat over the pricing of RPG's 50 per cent stake being bought out by its equal-stake Swiss partner in Benninger India. The RPG group's sellout of its entire stake in Benninger India will get delayed, as a result, by at least six months. The delay is part of the Swiss multinational's ploy to work out a low pricing for the RPG group's stake.
SEBI committee mulls curbs on mutual funds' overseas expenses
The SEBI-appointed committee set up for finalising guidelines for Indian mutual funds investing abroad is contemplating on whether the expenses incurred by these funds abroad should be restricted or not. This is because investment in overseas markets will call for higher costs incurred due to hiring professional there, among others.
Panel moots buyback to prod market up
Buyback of shares should be allowed immediately as a separate ordinance, instead of waiting for amendments to the Companies's Act, was the strong recommendation made by the advisory committee set up by the Securities & Exchange Board of India (SEBI) to recommend ways in which the secondary market could be revived.
Sun F&C MF targets 286% growth in corpus
Sun F&C Mutual Fund, a joint venture between Foreign & Colonial Emerging Markets Ltd and the Sun group, plans to increase its corpus by a whopping 286 per cent to Rs 240 crore in the financial year 1998-99. The current corpus under the fund management is Rs 62.23 crore.
Foreign funds want more transparency in Indal
Foreign institutional investors (FIIs) who have exposure in Indal have informed the company that they expect better information dissemination from it in future. The view of the FIIs was conveyed to the company and its advisors, HSBC Capital Markets, when it visited these FIIs over the past month.
Equities fail to maintain initial sharp gains on heavy selling
Equities failed to maintain initial sharp gains that were trimmed substantially later on the stock market following heavy selling triggered by political uncertainty arising out of AIADMK leader Jayalalitha's demand to dismiss three Union ministers.
