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FIs may back Sterlite offer
Sterlite Industries' bid to acquire a stake in Indal is likely to be endorsed by the financial institutions. Even the Union finance ministry is reportedly in favour of Sterlite. Sterlite had earlier made an offer for picking up a 10% stake in Indal.
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Over 200 cos fall in CLB net for defaults
Over 200 companies, including a number of public sector undertakings, have been dragged to the Company Law Board (CLB) for defaulting in repayment of deposits. These include heavyweights such as Modern group, Lupin Laboratories, GTC Industries, etc. Many of these companies owe their depositors Rs 1-2 crore or much more as interest and principal repayment.
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ONGC plans another subsidiary
The Oil and Natural Gas Corporation (ONGC) board will shortly consider incorporating a new subsidiary for taking on contract jobs at home and abroad. The new subsidiary will be an independent company, with a separate balance sheet for taking on services outside ONGC, both in India and overseas.
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IA plans to tap market for funds
National carrier, Indian Airlines (I-A), is planning to go tap the markets to raise funds expansion of its fleet. I-A's move is in line with the recommendations of the Kelkar Committee which had suggested that I-A raise at least Rs 922 crore to renew its fleet. I-A, however, will approach the markets only after its balancesheet is refuelled by the government.
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