Wednesday, November 11, 1998
SEBI to kick off prosecution against five Hindustan Lever officials
SEBI has decided to initiate prosecution proceedings against five officials of Hindustan Lever Ltd including chairman, KB Dadiseth and former chairman SM Datta, in the insider trading case. Former vice-chairman, R Gopalakrishnan and current directors A Lahiri and MK Sharma are the remaining three who have been charged by SEBI for having indulged in insider trading during the purchase by HLL of 8 lakh shares of Brooke Bond Lipton from Unit Trust of India (UTI).
SEBI board clears buyback norms, Dhanuka report
The Securities & Exchange Board of India (SEBI) board has cleared the regulations on share buyback. These are expected to be notified in a week's time. The board, which met on Tuesday, has also approved the Dhanuka committee recommendations on changes in securities-related legislation.
RBI hides behind bad-loans veil for high interest rates
The Reserve Bank of India has said that the high level of non-performing assets (NPAs) in the banking system--the provisional gross figure for public sector banks is estimated at Rs 45,653 crore for 1997-98--are an impediment to lower lending rates. The net NPA figure for banks is Rs 21,232 crore for state-run banks.
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