The Indian Express -- Business

Saturday, December 13 1997

FOREX RATES INDICES STOCK

Govt relents on foreign banks

India has offered to allow foreign banks to open 12 branches instead of eight as at present, but there was no concrete offer on opening up the insurance sector. The offer on opening up the banking sector was in line with RBI directive to allow upto 15 branches for foreign banks as part of the Indian government's financial sector reforms.

SEBI to probe GE stake in PPL

The offer of GE Capital to sell 30 per cent stake in PAAM Pharmaceuticals Ltd (PPL) has come under the scrutiny of the Securities and Exchange Board of India (SEBI). The SEBI move is to ascertain whether GE - which got the stake in Paam following default of loan - offer attracts the provisions of the takeover code.

SEBI orders Nestle to make open offer

In a far-reaching move, the Securities and Exchange Board of India (SEBI) has rejected an application made by Nestle S A of Switzerland seeking exemption from making a public offer to acquire a 3.62% stake in Nestle India Ltd (NIL) from B M Khaitan group. Simultaneously, the multinational has been ordered to make an open offer to buy shares from other shareholders as well.

OIL explores Porbandar coast for new reserves

CBI drags feet in Central Bank fraud case

Pravara Sugar first to cash in on state's new captive power

SEBI to probe GE stake in PPL

Korean won, stocks crash pummel Asian markets

SEBI orders Nestle to make open offer

Govt relents on foreign banks

Govt pleads for time to auction petrol pumps

Pivotals close steady

Daley sees growth in small cos

Bizbits -- Re recovers after initial fall

Praxair acquires Asiatic Oxygen, Deep Oxygen