Monday, August 17, 1998
RBI to moot common act to govern financial intermediaries
The Reserve Bank of India (RBI) will soon recommend a unified piece of legislation to govern the gamut of financial intermediaries. In effect, it will suggest that the disparate banking acts be merged.
ACC set to buy out Nihon Cement holding in castings JV
Associated Cement Companies (ACC), the country's largest cement-maker, is set to assume total control of ACC Nihon Castings, a joint venture with its Japanese partner Nihon Cement Company. The company plans to do this by buying out Nihon Cement's holding in the venture.
Centre to shut down 9 state-run units this year
Union industry minister Sikander Bakht said on Sunday that the government would close down nine sick public sector undertakings this year as part of its policy to close non-revivable units. "There's no deadline (for closing down), but 1999 is too far away. I think it should happen earlier than that. They could be closed down by the end of the year. I hope so and I think so," Bakht said.
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