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Hazare scare hits Sahara India project in Sahyadri
The Maharashtra government has ordered immediate suspension of work on Sahara India's controversial 5,000 acre private hill-lake city project in the Sahyadri ranges near Lonavla. The Urban Development Ministry discovered that Sahara India had not honoured stringent conditions laid down in the letter of intent. Hazare is yet to take a action against this project.
Ruling party MPs heckle PM
The United Front government wanted to score a politically correct point that it was very sincere about the Women's Reservation Bill by bringing up for consideration on yesterday. But it did not reckon with the wreckers from within its own ranks -- a substantial number of Janata Dal members from Bihar.
Dissenting official booted out of CBI
A CBI law officer, C Sahay who reportedly told the Bofors SIT that it needed more evidence before preparing charge-sheets has been transferred by director Joginder Singh. According to him, the evidence collected so far is not sufficent to accuse the people involved in the Bofors Scam including the former Prime Minister, Rajiv Gandhi.
BJP may veer round to back Narayanan
The Bharatiya Janata Party (BJP) is veering around to the idea of supporting Vice President K R Narayanan for the country's top job. The BJP has decided to plump for Narayanan following widespread speculation in political circles that Congress president Sitaram Kesri as well as Congress deputy leader G Venkatswamy, are keen on seeing themselves as the next President.
Advani's rath may race ahead of monsoons
Bhartiya Janata Party president L K Advani's "Swarna Jayanti Rath Yatra", which will be flagged off by senior leader Atal Bihari Vajpayee from the August Kranti Maidan in Mumbai, will be a race against the monsoons. His 55-day tour over 15,000 kilometres has been intricately planned to keep him two days ahead of the rains at every stop.
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NBFCs face a run on their deposits
The CRB Caps episode is likely to trigger off large-scale withdrawal of fixed deposits on most of the non-banking finance companies. If the trend of the past few days were any indication, some of the stand-alone finance companies are already feeling the heat as depositors queue up to withdraw money.
Finance ministry commits to recap funds for Uco Bank
Union finance minister P Chidambaram committed to recapitalisation funds to Uco Bank to finalise the revival plan for the ailing Calcutta-based bank. A memorandum of understanding was signed between the unions and the management at which staff re-dedicated itself to the three-year revival plan drawn up jointly.
RBI issues ultimatum to CRB Capital
The Reserve Bank of India issued an ultimatum to CRB Capital Markets directing the CR Bhansali-managed NBFC to submit a detailed plan for settling Rs 180 crore worth of liability to the fixed deposit holders within the next 72 hours. The RBI has threatened to take "drastic action" if CRB Caps fails to submit the action plan.
Air India posts Rs 280 cr losses
Air India is expected to return to the black in 1997-98 with a net profit of Rs 91 crore. The airline has suffered losses for two successive years and ended 1996-97 with a net loss of Rs 280 crore. It airline had last recorded a profit of Rs 40 crore in 1994-95.
PNB Premium repurchase yet to resume
The stalemate over repurchase of PNB Premium Plus, which was suspended last December, continues. Repurchases are not likely to resume before June 30. Following the suspension of repurchase the fund went in for postal ballot to seek unitholders' views. The response to the postal ballot, is still being compiled.
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