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Reddy pips Pilot at post
Rajesh Pilot was the biggest loser in the much-awaited Congress Working Committee (CWC) election in Calcutta yesterday, on the last day of the party plenary session, which threw up a mixed bag showing president Sitaram Kesri's limited clout in the organisation.
Quattrocchi diverted $ 19-mn to hawala accused Jain
The Central Bureau of Investigation (CBI) has alleged that Italian businessman Ottavio Quattrocchi, one of the main accused in the Bofors gun deal pay-offs case, had diverted about $19 million to the key accused in multi-crore hawala case, SK Jain, for passing it on to several other beneficiaries.
Chacha indulges "daughter" Mamata
Congress president Sitaram Kesri said he is not contemplating any action against Mamata Banerjee for floating her Trinamul (Grassroots) Congress Committee which effectively split the West Bengal unit of his party.
Gujral Cabinet to debate setbacks in House
Stunned by a series of setbacks in floor management in the Parliament last week, Prime Minister I K Gujral has summoned an unscheduled meeting of the Union Cabinet to devise a strategy aimed at smooth passage of pending Bills of urgent importance.
Aged Cong tries to cash in on UF's failures
The tables may be turning in favour of the Congress, but the party is ill-prepared for elections. So when Kesri stated in Calcutta that he was ready for polls but does not immediately foresee them, he was indicating that he would like the UF to mess up the situation further before striking.
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Hindalco plans market offering for Aditya Aluminium
Hindalco Industries, belonging to the Aditya Birla group, plans to come out with a rights-cum-public issue of around Rs 1,000-crore equity offering next year to part-fund its integrated aluminium complex in Orissa. The company has been christened Aditya Aluminium.
ITC may consider roping in partner for ITC Bhadrachalam
ITC is working on a divestment and rehabilitation strategy for three of its large associates -- ITC Bhadrachalam Paper Boards, ITC Classic Finance and ITC Agrotech.
Hinduja lawyers, ministry to thrash out fuel pact impasse
Lawyers for the 1,040 MW Hinduja National Power Company Ltd (HNPCL) are scheduled to meet coal ministry officials next week to iron out glitches in the company's fuel supply agreement with Coal India Ltd (CIL).
FII holdings in State Bank may be about 18.5%
The holdings of foreign institutional investors (FII) in the State Bank of India after the annual book closure is likely to be around 18.5%. The newly updated register of books is nearing completion and is likely to be presented to the State Bank of India next week.
Political aims trip state power boards as losses mount
The annual losses of the state electricity boards (SEBs) are estimated at Rs 10,500 crore during 1996-97, according to a study conducted by Merill Lynch. Under the provisions of the Electricity Supply Act (ESA), SEBs are permitted to earn a minimum of 3% on their net fixed assets after meeting fixed and operating costs, interests and tax liabilities, however, most SEBs are earning negative returns.
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