The Supreme Court has granted a stay till September 18 on the seven-year rigorous-imprisonment sentence of scam-tainted broker Hiten P Dalal and former Canara Bank Financial Services assistant vice-president S Mohan. Both were sentenced by justice SN Variava of the special court on August 27 in a case involving siphoning out around Rs 33 crore from Canfina, a wholly-owned subsidiary of Canara Bank.

Six-, ten-year papers devolve on RBI:

Both the six- and ten-year double-bond auctions held on Monday devolved on the Reserve Bank and primary dealers. About 42 per cent of the Rs 2,000- crore six-year paper and 34.6 per cent of the ten-year paper devolved on the central bank and primary dealers at the auction held on Monday inspite of higher yield fixed by the RBI, compared with the existing yield in the secondary market.

Ajit Kerkar to develop film city:

The ruling Shiv Sena-BJP government in Maharashtra has decided to hand over thedevelopment of film city, situated in the North Mumbai, to the former Indian Hotels Company managing director Ajit Kerkar. The announcement was made by the Shiv Sena chief Bal Thackeray on Monday during an interaction with the industrialists at the Indian Merchant's Chamber.

Amit Burman to head Dabur Foods:

Amit Burman, son of Dabur India vice-chairman and managing director GC Burman will head Dabur Foods, the proposed wholly-owned subsidiary being hived off from the flagship company. The Rs 700-crore Dabur group will hive off its food division as a wholly-owned subsidiary. It plans to get shareholders' approval for the move at the AGM of the company scheduled for Wednesday.

WorldTel to pump $50m into TN Internet plan:

WorldTel chairman and CEO Sam Pitroda said in Chennai on Monday that he would invest $50-60 million by way of equity in the Internet Community Centres project in Tamil Nadu. The former C-DoT chairman said that the cost of access to the Internet services through thesecentres will be 50 per cent cheaper than the going rate of Rs 60-80 per hour charged by private service providers.

Maruti to hold its AGM today:

Maruti Udyog will hold its AGM in the capital on Tuesday, preceded by a board meeting where the introduction of new car models in the country will be discussed. The meeting, which follows the August 26 meet in Japan, is expected to give a final shape to the company's already-announced decision to introduce a new model, people in the know of the matter said.

Air India's securitisation deal:

Air India is expected to finalise a time frame of seven years for its proposed multi-million dollar securitisation deal with a coupon-rate mark-up over the five-year US Treasury. The carrier's original plan to raise $200 million, which is approximately Rs 800 crore, may also be modified.

Forbes Gokak puts optics division on block:

Forbes Gokak, as part of a restructuring drive, has decided to put its optics division on the block and exit from thelens-manufacturing business. In the process, the diversified Tatas-controlled firm has jettisoned hopes of tying up with Israeli companies to turn the division around.

Suspended Hotel Corp MD approaches court:

Kamal Sharma, former managing director of the Hotel Corporation of India, has approached the Mumbai high court against the civil aviation ministry's decision to suspend him. Sharma's suspension order, signed by VJ Menon, under secretary in the ministry, says that Sharma misused his position by providing free tickets and free boarding and lodging in Centaur Hotel to Tripurari Rai, research officer in the National Commission for scheduled castes/scheduled tribes.

Silver rises on firm global advices:

Silver prices zoomed up on the bullion market in Delhi on Monday on hectic buying by stockists and industrial units coupled with firm overseas advices, and closed with significant gains. While silver shot up by another Rs 145 to Rs 7,575 per kg, standard gold rose by Rs 35 to Rs 4,105 perounce.

RBI circular:

To enable banks to have the current instructions regarding bank finance against shares and debentures, the RBI has issued a master circular containing all existing guidelines on the subject. ``We advise that this master circular supersedes all the previous instructions contained in the circulars issued by the RBI so far,'' said a circular issued by the department of banking operations and development on August 28.

`Domestic price stability must':

The sustained maintenance of low interest rates and stability in the exchange rate will be possible only with a reasonable degree of domestic price stability, Andhra Pradesh governor C Rangarajan said in Mumbai. The soundness of the financial system has acquired a critical significance in the context of the East Asian crisis, said the former governor of the RBI.Manipur to get Rs 425 cr this fiscal:

An annual plan for Manipur was fixed on Monday at Rs 425 crore for the current fiscal in a meeting between the deputychairman of the Planning Commission and the chief minister of the state W Nipamacha. The state's proposal for capital complex would also be considered by the centre.

Court's direction to SS Gill:

The Delhi high court on Monday asked ousted Prasar Bharati chief executive officer SS Gill to satisfy the court whether an ordinance issued by the president could be challenged on grounds of "malafide intention" of the ministers. Questioning Gill's petition seeking to strike down the ordinance, attorney general Soli Sorabji said: "Ordinance is a law. Law cannot be challenged even on the ground of malafide."

Chernomyrdin rejected again by Duma:

In yet another major political jolt to Russian president Boris Yeltsin, the Duma on Monday rejected for the second time his nominee and acting premier Viktor Chernomyrdin's candidature for prime minister. Chernomyrdin's bid to become the prime minister was defeated by 138-273 votes with one abstention. He required a minimum of 226 votes to secure the post.