RBI defines NBFCs: The RBI has clarified that a company with financial assets more than 50 per cent of its total assets and deriving more than half of its income from financial assets would be treated as an NBFC. The two criteria, as per the last audited results, would be considered together as a determinant factor for arriving at the principal business of a company, the central bank said in a statement on Thursday.Precursor to Y2K problem: In what is being described as a precursor to the Y2K problem, computer and electronic systems worldwide maintaining time by tallying a running total of days in a year may create problems for users today, the 99th day of the current year. Experts in India have confirmed that programmes in such computers would read "99-99", the way April 9 of this year is represented, as "end-of-file" and shut down or perform erratically.
BHEL, L&T in race for stake in power station: BHEL and L&T have joined the race for acquiring a 25 per cent stake in VijayanagarThermal Power Station being promoted by Karnataka Power Corporation. According to a top official, both these companies have initiated talks with KPCL to form a joint venture entity in which Karnataka Power Corporation would hold 26 per cent.
Cummins India recovery: Cummins India has made a fast recovery in the last quarter of 1998-99 and registered its best performance during the last quarter of the year. Close to 1,000 engines were manufactured during March 1999, accounting for a turnover of Rs 77 crore.
Collomb calls on Tata: Bertrand Collomb, worldwide chairman and chief executive officer of cement giant Lafarge, met Tata group chairman Ratan Tata on Thursday. The Tata group officials said that it was just a courtesy call and the two chiefs discussed routine matters relating to the transfer of the Tata Steel cement division to Lafarge.
DSQ Software chief ordered to deposit passport with court: The Mumbai high court has directed DSQ Software chairman Dinesh Dalmia to deposit hispassport in the court by Friday. In the meantime, Dalmia has also handed over to the attorneys of Credit Agricole Indosuez, Wadai Ghandy & Co a bankers cheque of Rs 1 crore drawn on Centurion Bank.
`Telecom facility in all villages by 2001': The Centre would extend telecom facility to every village in the country by 2001, Union minister of state for urban development Bandaru Dattatreya said on Thursday. Inaugurating an ultra-modern telecom centre in Vijayawada, the minister said the Government was committed to provide all facilities, especially telephone, to the common man in rural areas.
`New Government on April 14': RJD president Laloo Prasad Yadav on Thursday said "a secular alternative'' would replace the Atal Bihari Vajpayee Government on April 14. "The communal and fascist Vajpayee ministry will collapse on April 13. And a secular alternative will form a new Government at the Centre the following day,'' Yadav told reporters in Patna.
RPI support for Congress: The RepublicanParty of India, which has four Lok Sabha members, has pledged support to the Congress in case the party decides to form a Government at the Centre. The RPI has welcomed AIADMK leader Jayalalitha's stand regarding her support to the Vajpayee Government and has urged her to withdraw support at the earliest.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.