FIs lose Rs 38 cr in Modern group
Financial institutions have agreed to sacrifice Rs 38 crore -- which includes penal interest of Rs 11 crore and compound interest of Rs 28 crore -- in the proposed bail-out of the Modern group. The group had defaulted in making interest servicing since the middle of 1996-97.
Modistone moves court on commissioner's order
Modistone has filed a writ petition in the Delhi High Court challenging the labour commissioner's order prohibiting lock-out in the local office of the Company. The case is to come up for hearing on April 30.
SEBI reshuffles ED portfolios
Securities and Exchange Board of India (SEBI) has effected a reshuffle in the portfolios of executive director Pratip Kar and senior executive director O P Gahrotra. While Kar has been shifted to the secondary market department where he would share the responsibility with MD Patel, another executive director, Gahrotra has been given the portfolios hitherto handled by Kar, except for mutual funds and depositories.
Birlas to up stake in Malabar Building
The Rs 300-crore Hyderabad Industries, a CK Birla group company, is planning to acquire a controlling stake in Malabar Building Products (MBPL).
BSE gets stern with members failing to join NSDL system
The Bombay Stock Exchange (BSE) has decided to get tough with members who fail to open their clearing accounts with any of the depository participant of National Securities Depository (NSDL) before April 4.
NSE body to quiz authorities about status of exchange
The Association of NSE Members of India (ANMI) has decided to ask the National Stock Exchange (NSE) authorities to clarify whether it is a stock exchange as defined by the Securities Contract (Regulation) Act of 1956, or a private company or a government company.
