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K R Narayanan to succeed Sharma
Kocheri Raman Narayanan was yesterday elected the eleventh President of India. Narayanan, 76, defeated his sole rival, former Chief Election Commissioner TN Seshan with an impressive margin of 3,991 votes of the 4,642 votes polled, by the electoral college of MPs and Legislative Assembly members.
Move to amend Art 356 stalled
While no consensus was reached in the Inter-State Council meeting on the controversial Article 356 and the possible safeguards to prevent its misuse, Prime Minister I K Gujral has assured Chief Ministers that the Article would not be used to dismiss any state government.
IMF asks India to hike petro-prices
While lavishing handsome praise on the United Front Government for its economic policies so far, the International Monetary Fund (IMF) has underlined the need for an urgent and "substantial" increase in petroleum prices and phasing out fertiliser subsidies in order to control the deficit and carry forward the economic reforms.
Reprieve for Joshi Govt
Though there appears no immediate possibility of the Centre imposing President's Rule on Maharashtra, it is keeping close tabs on the situation in the State. The Centre has meanwhiel asked State Governor P C Alexander to send in daily reports.
US moots Council seat for Third World
In a significant shift in its position, the United States has agreed to recommend giving three permanent seats in the United Nations Security Council to developing countries. The decision, a surprise move from its 5-year old policy of supporting membership for only Japan and Germany in an expanded Security Council, will be announced soon.
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ED slaps showcause notice on LM Thapar, BILT
The Rs 1,400-crore Ballarpur Industries Ltd and its chairman LM Thapar have been served with showcause notices by the Enforcement Directorate (ED) for alleged contravention of Foreign Exchange Regulation Act, 1973 (FERA).
Scotiabank to float NBFC firm through joint venture
The Canada-based Scotiabank, is setting up a non-banking finance company in the country. The bank will bring in 75% equity, while the rest come from its Indian partner. The has already sought clearance by the Foreign Investment Promotion Board (FIPB).
SR Batliboi to aid Bata revalue fixed assets
Bata India Ltd (BIL), just back in the black after a huge loss in 1995, has undertaken a revaluation exercise for its fixed assets. Leading consultancy firm SR Batliboi has received the mandate to carry out the valuation.
NPA norms for financial institutions tightened
The RBI has tightened the non-performing assset cassification norms for financial institutions. The central bank has directed the institutions to classify advances as loss assets straightaway if there are potential threats of recovery.
Court puts off hearing on VDIS writ to July 24
The Income Tax Department yesterday claimed that persons who purchased Bearer Bonds and declarants in the Voluntary Disclosure of Income Scheme (VDIS) 1997 were past tax evaders. The court has adjourned the hearing of the writ and the additional affidavit to July 24.
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