PSU oil firms not to pick Centre's 40% in SCI
Public sector oil majors IOC, HPCL, BPCL, Cochin Refineries, and Mangalore Refineries have decided not to pick up the Government's 40 per cent stake in the Shipping Corporation of India. The surface transport ministry was considering the Disinvestment Commission's proposal to offload 40 per cent equity in Shipping Corporation to the oil majors.High-level IT team to visit US
A high-level team of the information technology ministry and infotech industrialists will visit the US from May 25 to June 5 this year, and project India as an investment opportunity and promote the brand image of the country as an IT investment destination. IT minister Pramod Mahajan will visit Singapore from March 28-30 to formalise the formation of task forces to give a boost to the IT efforts.
Corporate governance norms
Markets regulator Sebi on Monday notified stock exchanges to incorporate the new corporate governance norms in their listing agreements under clause 49. As per the new clause, at least 50 per cent of the board of directors of the company should consist of non-executive directors.
Microsoft anti-trust trial
Microsoft and the US justice department go head to head on Tuesday as they present final arguments in the company's anti-trust trial, in which the government is accusing the world's largest software manufacturer of monopolistic practices. The Redmond, Washington-based corporation said last week that it believed that "a common sense settlement should be possible."
Inertia to sell majority stake
Inertia Industries, manufacturers of the Sandpiper beer, said on Monday it would soon close a deal with an European beer manufacturer by offering a majority stake. Inertia managing director Sunil Tandon said the bidder figured among the top five beer brands in the world and talks were in the final stages.
RBI, bankers to review IPO financing
Alarmed at the sudden flurry among some banks to offer initial public offer financing at lending margins much below the industry standards, the Reserve Bank has called a second meeting of banking heads on Wednesday. The meeting assumes significance, as the central bank is contemplating to come out with measures to regulate IPO financing.
CGU, Norwich create insurance giant
British insurance groups Norwich Union and CGU Plc on Monday unveiled merger plans, creating one of Europe's top insurers, worth around 19 billion pounds. The agreed all-share 'merger of equals' would form the largest British general insurance group and one of the top five life insurers in Europe.
Compiled by S Hariharan
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.