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Tuesday, April 21, 1998
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SEBI panel proposes ordinance on buy-back
The secondary market advisory committee of the Securities and Exchange Board of India (SEBI) has proposed that provident/pension funds should be allowed to invest in the securities market and the government should bring out an ordinance to allow buy-back of shares by companies. One way of facilitating this is to allow some of the institutions and mutual funds to float dedicated funds in which pension/provident funds could invest, the committee feels.
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SEBI defends Mehta's tenure
The Securities and exchange board of India (SEBI) has told Delhi high court that public interest petition challenging continuance of its Chairman D R Mehta beyond February 20, 1998 should be dismissed on grounds of delay. In its reply to the PIL filed by Arun Agrawal, SEBI contended that the appointment of Mehta was made on February 21, 1995 and the petitioner sought to challenge it after three years.
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Ministry trips up on fund use
After getting an additional Rs 900 crore from then Finance Minister P. Chidambaram for executing power projects last year, the Ministry of Power has had to eat its words. On March 31, it returned exactly half of this, as it was unable to spend the money on the specific projects it was allocated for.
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Govt willing to hold talks with Suzuki
The Indian government is willing to hold talks with Suzuki for settling the dispute over Maruti Udyog, Sukbir Singh Badal, minister of state for industry, who holds charge of the department of heavy industry said on Monday. On sacrificing RSSLN Bhaskarudu, managing director, Maruti, for peace with Suzuki, Badal remarked that this would be an irrational way of determining the terms of the dialogue.
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