Triveni Greenery barred from accepting deposits: The RBI has prohibited Triveni Greenery Finlease, a Jaipur-based company, from accepting deposits with effect from December 1, 1998. The company has also been prohibited from accepting deposits from the existing depositors in any form, whether by way of fresh deposits or by renewal of existing deposits. The company has also been directed not to sell, transfer, create charge or mortgage or deal in any manner with its property and assets without prior written permission of the RBI, except for repayment of deposits for a period of six months from December 1, 1998.

Crisil downgrades Gujarat Machinery debt plan: Crisil has downgraded the fixed deposit programme and the Rs 5-crore commercial paper programme of Gujarat MachineryManufacturers to A+ from AA and P2+ from P1+ respectively. The revision in rating factors in the decline in demand for glass-lined equipment due to lower fresh investments for capacity creations in end user industries, increased competition and declining sales and profitability. The rating also takes into account the significant increase in debtors and decline in advances from customers that has resulted in pressure on the company's working capital position.

IIB exams deferred: The Indian Institute of Bankers' bi-annual exams, which were slated to commence from December 27, 1998, for three consecutive Sundays have been postponed. The examinations now will be held from February 7, 1999, for three consecutive Sundays.

91-day T-bills auction: The RBI has announced 91-day treasury bills auction for a notified amount of Rs 400 crore. The auction will be conducted using the uniform price auction method. The allocation to non-competitive bidders will be outside the notified amount at the bank'sdiscretion. Tenders should be submitted in the prescribed form on Friday. The results will be announced the same evening.

Crisil rates Growgreen Forests scheme: Crisil has assigned the collective investment scheme of Growgreen Forests (I) a Grade-V rating. The rating reflects an adverse business risk profile on account of the nascent stage of operations, high level of developmental expenses, low agricultural base compared with funds deployed in operations and low level of operational cash inflows. The rating also factors the high financial risk owing to low capitalisation level, high cost of raising investor funds and significant quantum of short-term funds which is likely to result in high dependence on fresh investor funds to meet its operational expenses and repayment obligations in the short to medium term.

14-day T-bills auction: The RBI has announced 14-day treasury bills auction for a notified amount of Rs 100 crore. The allocation to non-competitive bidders will be outside thenotified amount at the bank's discretion. Tenders should be submitted in the prescribed form on Friday and the results will be announced the same evening.

RBI rejects three finance firms' registration: The RBI has rejected the applications for grant of certificates of registration to three finance companies. These companies are Dashmesh Leasing, Sterling Holiday Finvest and Sterling Securities & Futures. The companies have been directed not to transact the business of non-banking financial institutions.

Crisil downgrades Praj Industries debt plan: Crisil has downgraded the fixed deposit programme of Praj Industries to B+ from A. The revised rating reflects a substantial drop in the company's export business, negative outlook for exports in traditionally strong east Asian markets, stagnant domestic market for the last three years, increase in gearing levels and potential losses. These are partly offset by the company's dominant market position in domestic brewery and distillery business,track record in export markets and the management's efforts to consolidate and restructure the businesses.

Icra lowers Torrent Cables debentures: Icra has downgraded the partly convertible debentures of Torrent Cables to LBB- from LBBB. Icra has said that the timely payment of interest and principal are more likely to be affected by present or prospective changes in the business and economic circumstances. The protective factors fluctuate in case of changes in the economic or business conditions.