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Drumbeat: Ad Buzzaar

Wednesday, May 13, 1998

	US to impose sanctions against India The world on Tuesday reacted sharply to India's nuclear tests with US president Bill Clinton declaring that he intended to implement fully tough sanctions against India for carrying out the nuclear tests. While Germany decided to freeze fresh development aid worth DM300 million to New Delhi, Japan held out threats of reviewing its billion dollar aid loans.		Centre defers Rs 5,200-cr liabilities per year as staff retirement age goes up In a populist decision, the Union government has increased the retirement age of government employees including defence personnel by two years to 60 years and in the process deferred liabilities to the tune of Rs 5,200 crore per annum. The decision to increase the retirement age will become applicable with immediate effect and all those employees due to retire on May 31 or after that will get the benefit.
	RBI modifies NBFC prudential norms The Reserve Bank of India (RBI) on Tuesday directed non-banking finance companies (NBFCs) to take into account the value of underlying assets while making provisions for non-performing assets (NPA) in hire purchase and lease assets. It has also barred NBFCs from creating any new asset by granting fresh loans or making investments as long as they are defaulters in repayment of public deposits under section 45QA(1) of the RBI Act.		KK Bajoria pulls out of Mobar KK Bajoria's flagship Willard India has divested its entire stake of over 50% in Mobar India, the trading house launched in 1993 by former steelman Russi Mody, Bajoria and German company ROE Rohstofftechnologie GmbH. Both Mody and his partner Bajoria said the divestment is just another corporate move, but industry sources said the two stalwarts had fallen out over the control of Mobar.

Escorts thinks global, to pick up 49% in US tractors firm
The Rajan Nanda-controlled Rs 1,700-crore Escorts Ltd is picking up a 49 per cent equity stake in Long Manufacturing Incorporated of the United States. Escorts is initially acquiring a 32.66 per cent stake for $6 million in the United States company, which has a huge distribution network for sale of tractors and agricultural products.

Sun Pharma buys out export arm
Sun Pharmaceuticals Industries has converted its partnership export firm, Sun Pharma Exports, into a 100 per cent subsidiary, effective May 5. The export firm has played a significant role in Sun Pharma Industries' tax-saving strategy.

CORPORATE
Crisil net spurts 30% to Rs 10 crore
Videsh Sanchar Nigam teams up with Puncom

ECONOMY
Maharashtra may mop up Rs 600 cr via taxes in 1998-99
Policy on oil-pipeline cost in the offing

EXPRESSIONS
A futuristic step
At public expense

MARKETS
Market sees 38% jump in Corporation Bank net
Raiders on the prowl send Bank of Madura scrip soaring high

LEISURE
Retirement-age revision for state-run companies' employees on the cards
Leela Beach set to re-open next monthsun