The Delhi High Court has adjourned for September 29 the hearing on a petition alleging that Sebi and the finance ministry have failed to check the `fraudulent' activities of a number of plantation companies. Petitioner S D Bhattacharya and other investors, in an application filed before the court, contended that it was necessary to identify and segregate the genuine and fraudulent agro-plantation companies. Details of deployment of funds and insight into the real operations and intentions of the promoters as well as the directors of the company should be treated as the criteria to judge the genuineness of the plantation companies, the petitioner suggested. The asset and liability ratio and the capacity to refund the entire money to the investors within the time-frame should also be used to distinguish between genuine and fraudulent companies, he contended. The petitioner also sought prosecution of all defaulting companies and its directors under sections 409 (forcriminal breach of trust), 420 (cheating) and 120 (B) (criminal conspiracy) of the Indian Penal Code.

Shareholder's plea to Raasi board: A shareholder of Raasi Cement Ltd has asked the company's new management to reclaim the 39.5 per cent stake in Sri Vishnu Cement Ltd (SVCL) transferred by the previous management to B V Raju. M Z Khan has complained to Sebi contending that 9 investment companies had acted in concert, triggering the takeover code, but did not follow the acquisition of SVCL stake with an open offer. On Khan's complaint, Sebi has decided that the public offer by Raju be allowed to proceed and simultaneously it would ascertain whether the process of takeover regulations was violated in the transfer of 39.5 per SVCL shares when Raju was chairman of Raasi Cement.

Mangalam Cement extends rights: Mangalam Cement has been forced to extend its Rs 14.86-crore rights issue thanks to the poor shareholder response. The 14 per cent optionally convertible preference share issue, which wasslated to close on September 8, will now close on September 25. Financial institutions, which hold a majority stake of around 46.31 per cent in Mangalam Cement, are believed to have backed out from subscribing to their rights entitlement. UTI is the largest shareholder in Mangalam Cement with 33 per cent, while LIC holds 7.69 per cent stake.

Income funds more popular: Income schemes have become more popular with the mutual fund industry in the first five months of the current fiscal, according Sebi figures. During the period April-September 1998, a total of 26 schemes have been launched. Of these schemes, 8 were launched by UTI, compared to 12 launched by the private sector and 6 by the public sector. During the same period, of the 26 schemes, 12 were income schemes, 10 were growth schemes and 4 were balanced funds.

Century Plyboard open offer: The promoters of Century Plyboard (India) are making an open offer to the shareholders for acquiring 20 per cent additional stake in the company.This provides a good exit opportunity for investors as the promoters are picking the shares at a good premium to the market price. The price of Rs 12 is attractive considering that Century Plyboard scrip, which is languishing below par, is hardly traded on bourses. The present open offer is to consolidate promoters' stake in Century Plywood.

Change in accounting year: The following companies have intimated to BSE the change in their accounting period : Atlas Copco (India) (March 31, 1998 to December 31, 1998), Bellary Steels and Alloys (March 31, 1997 to September 30, 1998), Bakelite Hylam (March 31, 1997 to September 30, 1998), G Claridge & Company (March 31, 1997 to September 30, 1998), Garware Marine Industries (August 31, 1997 to December 31, 1998), Henkel Spic India (March 31, 1997 to September 30, 1998), Manipal Finance (March 31, 1997 to September 30, 1998), Mold-Tek Plastics (March 31, 1997 to June 30, 1998), Point Plast (March 31, 1997 to June 30, 1998), Riddhi Siddhi Starch & Chemicals(September 30, 1997 to March 31, 1999), SMZS Chemicals (March 31, 1997 to September 30, 1998) and SM Energy Teknik & Electronics (March 31, 1997 to September 30, 1998).

Pivotals improve on NSE: Pivotals improved marginally on the National Stock Exchange on increased buying and closed with moderate gains. The S&P Cnx Nifty opened at 903.15 and ended at 907.40, showing a rise of 3.80 from the last close of 903.60. However, the Cnx Nifty Junior declined by 8.85 to 1487.75 from the last close of 1496.60. S&P Cnx Defty rose by 4.25 to 740.30 from 736.05. At the exchange, 426 scrips advanced while 525 fell and 98 held unchanged. 69 securities hit their price bands.

Select buying on DSE: The Delhi Stock Exchange equity index went up by a modest 3.47 points as FIIs picked up select scrips like HLL, ITC and Hero Honda. However, software shares, the FII favourites, came under selling pressure. Apart from a few heavyweight shares, most of the shares lost values. Since shares with weightage gainedsubstantially, the DSE equity index closed at 697.88 compared with 694.41 points on Wednesday.Modest gains on MSE: Equities moved in a narrow range on the Chennai Stock Exchange and finished with modest gains or losses. The MSE share price index, after touching 3454.63, declined to close at 3445.58 as against the previous day's close of 3436.42, gaining 9.16 points. Reliance improved to Rs 120.30 from Rs 118.60. State Bank of India rose by Rs 2.50 to Rs 204.40. ITC was a shade higher at Rs 675. Sri Vishnu Cement, Wellwin, American Remedies and Federal Bank finished better.

European stocks fall: Stock markets across Europe fell sharply in opening trading in the shadow of declines overnight in New York and Asian share prices. London's FT-SE 100 index fell 40.4 points to 5,270.9 points, with falling sharesoutnumbering rising stocks by 79 to 18, as investors hoping for a Bank of England interest rate cut later in the day looked set to be disappointed. Frankfurt's DAX index fell by 39.04 points to4,919.40, while the Paris CAC-40 Index fell by 1.45 percent.

Hang Seng drops 0.7%: Hong Kong share prices dropped by 0.7 per cent on profit-taking amid higher inter-bank rates after an overnight slump in US stocks and the decline of the Japanese yen. "The fall is due to higher interbank rates," said Sean Li, associate director at Amsteel Securities, adding "the rate cut in Japan was seen as not a positive rate, hence triggering the trimming down in the local market." The key Hang Seng index lost 55.49 points to close at 7,849.96.