Former Express group director Narayan passes away: Indian Express group of newspapers former director CA Narayan passed away at in Mumbai on November 10, 1998. Born on December 5, 1918, Narayan, popularly known as CAN, started his professional life under C Rajagopalachari. He joined the Indian Express Group of Newspapers at Madras in 1940. Posted to Mumbai as the advertisement manager and public relations officer in 1954, he went on to become the director of advertising and PR for the Indian Express group. He joined the board of directors of Indian Express Madurai and remained an advisor to the group.

Jaiprakash Ind fails to sell cement unit: Jaiprakash Industries' plan ofselling one of its cement plants in Bela, Madhya Pradesh, has fallen through with bidders offering quotes far lower than the reserve price of Rs 600 crore. The Gaur group flagship has now appointed I-Sec as merchant bankers to conduct a second round of bidding for the 1.5 million tonne plant. The sale of the plant is crucial for the company's future which has logged a net loss of Rs 40 crore in the last fiscal and requires funds for its diversification plans.

Japan lifts sanctions against Pakistan: Japan has decided to lift economic sanctions on Pakistan imposed in protest against its nuclear tests in May with effect from November 18. Japan is Pakistan's largest aid donor. Japanese foreign minister Masahiko Komura had said in September that Tokyo might ease sanctions on Pakistan if it showed readiness to sign the nuclear test ban treaty.

Sri Lanka to sell tea to Iraq: In spite of strong US objections Sri Lanka will sell 4.5 million kg of tea to Iraq in exchange for oil in an effort to bailout its cash-starved tea industry badly hit by the financial crises in Russia and eastern Europe. Sri Lanka was expected to receive $ 12 million worth of oil from Iraq.

Mafatlal sells off Nocil offices: Mafatlal Industries has sold off four floors of the company's prime property at Mafatlal Centre at Nariman Point in Mumbai, each measuring 15,645 square feet, to private investment and trading companies. The deal, which also includes Nocil corporate offices located at the Nariman Point building is worth Rs 107.2 crore. With this sale, the entire possessions of Mafatlal Industries at Mafatlal Centre have been sold off.

Tata Ind transfers stake: In an in-house strategic move, the Tata group has transferred Tata Industries-owned Oriental Seritech, which was established as the world's largest integrated silk project and which has pioneered the cause of bivoltine silk technology in India, to group associate Rallis India.

Himalaya to take on Dabur: Himalaya Drug Company has decided to takeon Dabur India Ltd, a leading ayurvedic over-the-counter product manufacturer, with the launch of shampoos in bottles and sachets, pain balm, digestive capsule and syrup, cleansing solution, cough capsule and syrup and body and hand moisturing lotion. An anti-dandruff product is also on the cards under the company's derma care range.

DSE finds Modi GBC reply unsatisfactory: The Delhi Stock Exchange is not satisfied with the reply filed by B K Modi-controlled Modi GBC to its show-cause notice regarding violation of listing agreement. Modi GBC has meanwhile decided to postpone its rights issue till January. The company will file the offer document with the Securities & Exchange Board of India by this month-end for the same.

ONGC-Videsh, US co to scout for oil in Russia: ONGC-Videsh has teamed up with US oil exploration company Samson International to scout for oil in Russia. The overseas oil exploration arm of ONGC will have a 40 per cent stake in the unincorporated joint venture forexploiting hydrocarbon reserves in a mixed block in the Udmort Republic of the Russian Federation. The medium sized property, comprises roughly 12 discovered fields and some unexplored oil blocks.

Lowest duties on textiles industries demanded: The PHD Chamber of Commerce and Industry has demanded that the textile industry should attract lowest customs and excise duties and finance should be made available to the sector at the internationally comparable rates as it has to face the challenge of competition from other developing countries and threat of non-tariff barriers by the developed, importing countries.

Bharti BT applies for ISP licence: Bharti BT Internet Ltd, the joint venture company between British Telecom India and Bharti Enterprises, has put in a proposal with the DoT for a category A (nationwide) ISP licence. The company's name did not figure in the 47 names who had applied for the licence before the ISP policy was spelt out.

HC denies bail to Laloo, Mishra, Nishad,Verma: The Patna high court on Tuesday rejected bail applications of former Bihar chief ministers Laloo Prasad Yadav and Jagannath Mishra, former ministers Vidya Sagar Nishad and C P Verma and the controversial RJD legislator R K Rana in a conspiracy angle case of the fodder scam. The case RC 64(a)/96 deals with fraudulent withdrawals of more than Rs 97 lakh from the Deoghar treasury by the state animal husbandry department officials through ``forged and fake'' bills between 1991-92.

Pak MFN status in `due course': Indo-Pak talks on economic and commercial cooperation ended on Tuesday with Pakistan promising that it will accord most favoured nation status to India in ``due course'' and that it was keen to sell power to India. P P Prabhu, commerce secretary, said India proposed that double taxation be avoided between the two countries.