The appellate authority in the finance ministry has turned down C Sivasankaran-controlled Sterling Horticulture's appeal against a Sebi order, which had asked the firm to make an open offer to Bharti Telecom's shareholders at Rs 95 a share.

Sivasankaran, who had picked up a 9 per cent stake in Bharti Telecom some time ago, has already sold off the stake to Bharti Enterprises through a negotiated deal.

Centre frees furnace oil import with exceptions: The centre has decided to allow free import of all furnace oils except low- sulphur heavy stock and low-sulphur waxy residues, a petroleum ministry statement said on Tuesday. Earlier, furnace oil was canalised through Indian Oil and was also importable under special import licence. The centre has also decided to allow import of crude oil without any import licence "under actual user condition" by private and joint sector oil refineries.

RBI doubles 364-day T-Bills notified amount: The Reserve Bank onTuesday doubled 364-day T-bills' notified amount from Rs 100 crore to Rs 200 crore in its bid to provide depth and mop up surplus funds through auctions. Analysts say a devolvement stares in the face of the central bank at Wednesday's auction unless the yield is increased. The bank had recently raised notified amounts for 14-day, 91-day T-bills to a respective Rs 300 crore and Rs 150 crore.

Variava to address key questions on July 17: Justice SN Variava of the special court will decide on some crucial questions over distribution of property of the notified parties in the 1992 securities scam on July 17. One of the key questions he will address is whether interest and penalty payments made by FFSL to tax sleuths will have to be refunded and whether secured creditors will stand outside the purview of distribution of assets.

RPG Rajasthan power project's financial closure delayed: Financial closure of the RPG group's Rs 2,300-crore multi-fuel Dholpur power project in Rajasthan is likely to bedelayed by at least three months. People familiar with the project say the group, which was planning to sew up foreign debt and equity for its Rajasthan plan by end-July, is facing hurdles to raise funds from overseas markets owing to the Moody's move and sharp depreciation of the rupee. The project entails foreign equity of 30 per cent and overseas debt of Rs 450 crore.

Haffkine to restart typhoid vaccine output: The Mumbai-based Haffkine Bio-Pharmaceutical Corporation, a government of Maharashtra undertaking, is set to kick off typhoid vaccine's production after a gap of almost two years. Medical experts say Haffkine's drug enjoys an edge over its imported cousins as it could be administered to adults as also children.

Sensex up 49 points: Shares on the Bombay Stock Exchange closed in positive territory on Tuesday in lacklustre trade with business limited to position-squaring, dealers said. The benchmark BSE 30-share Sensitive Index closed the day at 3,371.50 points, up 49.33points.

3-year on-tap bond's coupon at 11.55%: The centre on Tuesday offered to sell an `on-tap' bond of three-year maturity at 11.55 per cent. The Reserve Bank will sell the stock, maturing in 2001, from July 17. It will be repaid at par on July 2, 2001. Bankers say the stock's market-driven yield suggests that short-term interest rates are expected to move in line with the market.

Rupee ends weaker: The rupee ended Tuesday slightly weaker but off intra-day lows against the spot dollar in mainly interbank trade while it ended stronger in the forward market, dealers said. The rupee ended at 42.62/64 - off an intra-day low of 42.66 - but weaker than its Monday's close of 42.58/60.

ABN Amro net jumps 68% to Rs 65 crore: ABN Amro Bank said on Tuesday that its net profit in the 12-month period to the end of March, 1998, had jumped 68 per cent to Rs 65.07 crore, compared with the prior year's Rs 38.78 crore. Deposits spurted 30.17 per cent to Rs 1,458.74 crore, while advances zoomed34.68 per cent to Rs 1,547.58 crore.

Showcause notice to former law secretary: The Supreme Court on Tuesday agreed to issue a showcause notice to former union law secretary VK Agarwal and deputy secretary in the ministry of law AK Sonik in a contempt petition filed by the Income-Tax Appellate Tribunal.

Women's reservation bill deferred: Lok Sabha speaker GMC Balayogi on Friday put off introduction of the women's reservation bill soon after RJD leader Laloo Prasad Yadav and Samajwadi Party chief Mulayam Singh Yadav apologised on behalf of the two RJD MPs who had snatched papers from the speaker on Monday.