The RBI will go ahead with its monetary and credit policy for the first half of fiscal 2000, slated to be unveiled on April 20, despite the fall of the BJP-led government. "The monetary policy is independent of the central government. The question of postponement does not arise," a central bank source said. This is one of the rare instances where the central bank will unveil its credit policy with uncertainties looming large over the fate of the Finance Bill.

Probe against Arun Bhatia

The state government has ordered an inquiry by a retired HC judge against Pune municipal commissioner Arun Bhatia to find out whether he has breached service rules or indulged in wilful insubordination in connection with the recent controversy involving him and the state chief secretary. Chief Minister Narayan Rane said on Saturday that in course of the inquiry if some negative facts emerged in the specific case, then action will be taken as pernorms.

Bachchan restrained from selling house

The Mumbai high court has restricted Amitabh Bachchan from selling off his property to any other party till disposal of a Canara Bank petition. The bank's plea seeks to attach the film star's assets following default by ABCL to pay back a Rs 10-crore loan. Canbank had moved a notice motion on April 15 on a civil suit filed by them in the high court seeking to recover dues from ABCL.

Kalyani Sharp recovery plan

Kalyani Sharp India said on Saturday that "recovery plan on a war time urgency" has been embarked on for resumption of CTVs production as the plant-I at Koregaon Bhima area in pune was gutted in a fire on April 14. The company said Sharp Corporation has assured to provide full resources and support for early commencement of production.

Metal Box hearing

The Rs 114-crore revival package of closed Metal Box India case would come up for hearing before Delhi high court on April 21. A package of Rs 107.8 crore, which was underappeal before the court, has been increased to Rs 113.8 crore after a joint meeting of banks and institutions in January last.

Satyam to open offshore centres

Satyam Computer Services plans to increase the number of its offshore centres and strengthen existing ones, the company chairman said on Saturday. Satyam, which has seven offshore centres, is setting up two more centres, one in Singapore and the other in Santa Clara (US), said B Ramalinga Raju.

Goldstone Engineering

Goldstone Engineering (GEL) has taken over Newtech Stewing Telecom, a joint venture between Newtech and Germany-based Stewing Gmbh and Company. GEL plans to provide the Hyderabad-based NWT with technical know-how and access to its manufacturing facilities to enable it expand its product range.

British Airways-appointment

Simon J Ratcliffe has been appointed British Airways general manager south Asia, at the airline's global business unit in Gurgaon. Ratcliffe will be responsible for BA's presence andoperations in the region, which comprises India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan.

CSE crackdown on unofficial badla

The committee of Calcutta Stock Exchange at its meeting on Saturday resolved to take strong action against brokers indulging in unofficial badla. Sources said that in a resolution passed at the meeting, it has been decided to take all possible steps to put an end to such practices. The committee also set a deadline of 15th september regarding Y2K compliance.

Principal markets closed

All the principal markets including bullion, oilseeds, cotton, sugar, grains, pulses, metals, spices and forex remained closed on Saturday on account of Shivaji Jayanti.

Syndicate Bank business grows 22%

Syndicate Bank has registered a 22 per cent growth in its business, pushing it up to Rs 30,000 crore during 1998-99. The bank also recorded an 18 per cent increase in deposits and 30 per cent growth in its credit portfolio, an official release said on Saturday. Ithas also opened 38 new branches and extension counters in 1998-99, taking the total to 1,846 branches in the country.

Bank securitisation

RBI deputy director YV Reddy on Saturday called for formulation of a clear-cut and transparent regulatory framework for the development of a securitisation market in the country. Provisions of transfer of property act, stamp act, registration act and the income tax act had to be examined in detail to facilitate securitisation in a cost-effective manner, he said.

FIEO seeks cut in export credit

The FIEO has sought reduction in interest rate on pre and post-shipment credit and a hike in lendable resources for exporters. President Navaratan Samdria in a statement said that exporters should be provided with rupee credit at 7 per cent. Total lendable resources for exports, said Samdria, should be hiked from 12 per cent to 15 per cent in the ensuing credit policy.

GSLV delay

The ISRO's much-delayed and most-ambitious geosynchronous satellitelaunch vehicle programme, hit by the sanctions imposed by the US, is likely to suffer further delay and the first developmental flight is now slated for the first quarter of 2000-2001. Chairman Kasturirangan said work on the GSLV would commence immediately after the launch of the polar satellite launch vehicle PSLV-C2 in May.

Pakistan reaction

Following the collapse of BJP-led government, Pakistan said on Saturday said it remained committed to negotiations regardless of who is in power. The confidence vote that brought down Vajpayee's government "was an internal affair of India's" said a Pakistani foreign ministry statement. However, the statement said that "Pakistan desires political stability in the region.''

EU raids on Renault

IN a new show of force against the auto industry, the European Commission has raided France's Renault for allegedly telling its Irish distributor not to sell new cars to British residents, European Union sources said. New car prices in Britain are the highestin the 15-nation European Union and Britons are increasingly travelling abroad to buy cars at lower prices.

Honda car plant in North America

Japanese carmaker Honda Motor Co said it is considering building a new car plant in North America to keep up with growing demand in the region. A Honda spokesman said that, while no final decision had been made yet, building a new plant would be one option either in or after 2001.