Friday, April 23, 1999
Lok Sabha clears Finance Bill, railway budget
The Union budget, including the Finance Bill and the railway budget, were passed in the Lok Sabha by voice vote on Thursday, removing apprehensions of an impending financial crisis.
RBI asks FIs to treat preference shares as Tier-I with riders
The Reserve Bank of India (RBI) on Wednesday allowed all term-lending and refinance institutions to treat long-term preference shares as perpetual shares -- and therefore as a part of Tier-I capital -- with stringent conditions.
Chhabria shares not to be counted in Herbertsons poll, rules court
Vijay Mallya has won a major battle in the fight for control of Herbertsons. On Thursday, the Mumbai high court ruled that Kishore Chhabria's disputed 20% shares in the company will not be counted in the crucial vote taken at the last annual general meeting of the company for the removal of nine board members.
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