Mesco group chairman denied bail
A Delhi court on Thursday rejected the bail plea of the chairman of the Mesco group of companies Jitender Kumar Singh and his nephew Deepak Singh, accused of financial bunglings worth several crore rupees. Chief metropolitan magistrate RK Gauba rejected the bail applications as the investigation was still in progress and more arrests were likely to be effected in the case.

No-objection certificate for BSES plant
The Maharashtra State Electricity Board will give a no-objection certificate to BSES for its 495mw Palghar project. The certificate will be given under Section 44 of the Electricity (Supply) Act, 1948.

Ministry distances from free phone
The finance ministry on Thursday distanced itself from the decision to provide free phones to telecom employees, saying its secretary Piyush Mankad did not attend the meeting of the Full Telecom Commission which endorsed the communication minister's controversial proposal. The Government clarification came a day after finance minister Yashwant Sinha criticised the scheme and said everyone should "pay proper user charges".

LG Electronics, LG Info to merge
South Korea's LG Electronics said on Thursday it has endorsed a merger plan with affiliate LG Information & Communications at a board meeting. LG Electronics said in a statement its board had approved exchanging one common share of LG Information for 2.12 LG Electronics' shares.

Marathon asks Essar to act fast
Marathon Power Company has made known its concern to the Essar group about the latter's failure to fulfil certain obligations after it signed a pact to acquire Essar Power. Sources in financial institutions said Marathon wrote to the Ruias last month over the delay in securing the Gujarat government's approval for continuing with the direct sale of power to Essar Steel after the acquisition of Essar Power.

Sun Pharma to launch 24 new drugs
The fast-growing Sun Pharmaceutical Industries plans to launch 24 new drugs in the current fiscal. It is also set to finalise a five-member scientific advisory board, comprising eminent international and national personalities, shortly.

OCC clears Rs 300cr dues
The Oil Coordination Committee has cleared dues worth Rs 300 crore to IBP and MMRPL. These pertain to under-recovery of delivery charges, payments on retention margins, etc. While the dues to MRPL hover around Rs 220 crore, those to IBP are in the range of Rs 85 crore.