Bank guarantee of defaulting telecom firms to be encashed
The department of telecommunication issued orders on Monday for encashment of bank guarantees of four companies: Essar Commvision, Tata Teleservices, Hughes Ispat and Birla AT&T. The order followed immediately after the Delhi high court rejected the petition of the four operators seeking an interim injunction against DoT from encashing their bank guarantees.

MSEB declines escrow facility to Reliance's Patalganga power plant
The Maharashtra State Electricity Board has refused to grant escrow facility to Reliance's 410 MW Patalganga power plant. This has effectively put the brakes on further negotiations between the two parties and needs to be resolved by the state government.

Sebi tags offer-revoke rider to Autoriders escrow plea
The Securities and Exchange Board of India has asked the Autoriders group to revoke its earlier open offer for Saurashtra Cement before its dues from the escrow account created for the purpose of the as-yet abortive takeover can be returned.

CORPORATE
HCC ties up with Hyundai, Samsung to bid for core projects
Ailing ECL heads for cash profit

ECONOMY
Proposed agriculture policy may include changes in planning, mang'mnt training
Shift in edible oil import basket to soften prices

EXPRESSIONS
Budget 1999-2000 -- Analysis of tax provisions
Divestment option

MARKETS
Price auction system for gilts on cards
Gilts prices shoot up by 40-60 paise

LEISURE
New scheme to tap 13,000 tonnes household gold
Floriculture marketing, auction centre to come up in Bangalore