New exim policy to simplify norms
The basic structure of the earlier export-import policy is expected to be be retained while changes/revisions in the policy for 1997-2002 are to be announced by commerce minister Ramakrishna Hegde on Monday. The thrust of these changes will be on consolidation of all the existing schemes with modifications in order to make things easier for the exporting community.
FIs may opt for selling stake in Raasi Cements
Financial institutions which were earlier opposing "hostile" takeovers are veering around the idea of selling their stake in Raasi Cements to India Cements. The latter has already offered to buy the 20% FI stake in Raasi at a price of Rs 300 per share.
RBI mops up Rs 8,364 cr via repo
The RBI mopped up Rs 8,364 crore through the fixed rate four-day repo. This is the highest amount mopped up by the apex bank since the introducion of repos in December 1996. It also pierces the Rs 8,000 crore barrier in repo mop up for the first time.
Govt grants Rs 55 bonus on wheat support price
The Union Cabinet today decided to grant a bonus of Rs 55 over and above the minimum support price (MSP) of Rs 455 per quintal of wheat announced by the previous United Front government for the year 1998-99. The Food Ministry had recommended a bonus of Rs 40. The procurement price of Rs 510 will be effective from April 1 to June 10.
BCML buys 51% stake in Tulsipur Sugar
Balrampur Chini Mills Ltd (BCML) on Saturday signed a memorandum of understanding with the promoters of Tulsipur Sugar Ltd for the acquisition of a 51% stake in the company at a price of Rs 50 per share aggregating Rs 13.50 crore. The funding will be made out of internal accruals.
Co law violation by Escorts Fin
The Department of Company Affairs (DCA) has detected a violation of Company Law in Escorts Finance Ltd, where the company's auditors have signed the accounts for 1996-97, which do not contain the signatures of all the directors. The annual accounts of Escorts Finance for 1996-97 do not bear the signatures of "the requisite number of directors," but copies of the balance sheet have been sent to the shareholders in a gross violation of the Companies Act.
