CVC ordinance challenged: The constitutional validity of the recent Central Vigilance Commission ordinance was on Wednesday challenged in the Supreme Court. The government has sought time till September 22 to explain its position on the same. Amicus curiae Anil Divan submitted that the ordinance was "not only contrary to the recommendations of the Law Commission, but is entirely subversive of the Supreme Court's judgment in the Jain hawala case."

Disinvestment through depository route:

The finance ministry has decided to disinvest government holding in the primary market only through the depository route. The government is of the view that no fresh paper should be created in the capital market. A decision to this effect was taken by top ministry officials, including the new finance secretary, Vijay Kelkar, on Tuesday.

Samman scheme launch: The `Samman' scheme, which proposes to reward taxpayers by doling out incentives to them, will have packages tailored to suit different levels of assessees. The scheme is likely to be launched next month. This was disclosed by CBDT chairman Ravi Kant on Wednesday.

Rahul Bajaj elected WEF council chairman: Bajaj Auto chairman and managing director Rahul Bajaj has been elected chairman of the council of the World Economic Forum. The council is the decision-making organ of the WEF and has over 40 eminent representatives of its member companies.

Oman-India project's funds tie-up delayed:

The financial closure of the $1.2-billion Oman-India fertiliser project, being set up as a joint venture by Oman Oil Company and Rashtriya Chemicals & Fertilisers and Kribhco, has been delayed by three months. A meeting has been convened to discuss vital financing issues, sources said.

UTV promoters may buy News Corp stake:

The promoters of United Television have made an offer to the Rupert Murdoch-controlled News Corp to buy out its 37 per cent stake in the television software company. Chairman Ronnie Screwvala, who is the single largest shareholder in UTV, said that News Corp has already agreed to the offer. "Both the parties have arrived at an in-principle understanding," he added.

Falcon Tyres to set up horse pump unit: The MR Chhabria-owned Falcon Tyres Ltd is setting up a horse pump manufacturing facility in Mysore. The Rs 30-crore project will be located adjacent to the company's tyre unit. Interestingly, the project was conceived earlier by Dunlop India managing director PJ Rao as part of his diversification plans.

Honda Siel to break even next year: Honda Siel Cars India Ltd expects to break even next year with sales of 20,000 cars at the current pricing structure. The company's sales during the first four months totalled 3,377 units. It had earlier scaled down its target from 20,000 units to 12,000 units for the 12-year period ending in March 1999.

Dabur recast begins: The restructuring of Dabur India's business portfolio along the lines suggested by McKinsey & Co got underway on Wednesday with the company getting shareholders' approval for hiving off its food division into a 100 per cent subsidiary. Dabur India will also sell its natural gum business as part of the restructuring exercise.

Parle-Coca Cola talks in jeopardy: Parle group promoters Ramesh and Prakash Chauhan have fallen out with the latter opposing his brother's move to sell their bottling and marketing franchise rights to Coca Cola, putting the entire deal in jeopardy. Prakash Chauhan controls the two bottling units in Mumbai while Ramesh Chauhan controls the two Delhi plants.

Enron case hearing: The Delhi high court on Wednesday said that further hearing in the case pertaining to the transfer of the Pana Mukta oil field in Maharashtra to the Reliance-Enron consortium would take place only after perusal of the CBI reports submitted in "sealed cover".

Buy offer compulsory on delisting: A number of companies which are seeking voluntary delisting from stock exchanges other than the regional exchange will have to compulsorily make a buy-offer to the shareholders in that region. A senior Sebi official has clarified that these companies will have to follow the buy-offer norms introduced by the markets regulator at its board meeting on March 27, 1998.

RBI to divest stake in STCI: The RBI has taken an "in-principle" decision to divest its 14 per cent stake in the Securities Trading Corporation of India to domestic or international financial institutions in the current financial year. This is line with the apex bank's policy of exiting from the secondary market for government securities as a participant.

BoB to buy IBU International: Bank of Baroda has decided to pay Rs 35 crore each to Union Bank of India and Indian Bank to buy out their stakes in the Hong Kong-based IBU International Finance Ltd. According to BoB chairman K Kannan, the depreciation of the rupee will ensure a profit of Rs 10 crore to Rs 15 crore for the two sellers.

RBI hikes yield on 364-day T-bills: The RBI on Wednesday hiked the yield on 364-day treasury bills by 56 basis points to 9.6 per cent from 9.04 per cent, signalling higher interest rates at the shorter end. With the hike in the yield, the RBI has attempted to correct the short-term yield curve which is still skewed.

AAA rating for Exim Bank bonds: Icra has assigned a triple-A rating to the Rs 500-crore bond issue of Exim Bank. Icra has also reaffirmed the triple-A rating assigned to the existing Rs 500-crore bond issue of Exim Bank and the triple-A rating for the Rs 800-crore medium-term programme consisting of fixed deposits and certificates of deposit.

BKBS shows interest in Jaigarh port:: Things seem to be picking up in the port sector in Maharashtra. After a long lull, BKBS, a part of the Rs 200-crore Beekay group, has expressed its interest for Jaigarh, the second minor port that the Maharashtra Maritime Board wishes to develop.