Friday, June 19, 1998
Sensex crashes 109 pts as FIIs continue selling
Bulls buckled under pressure once again, sending the Sensex (BSE sensitive index) crashing by 109 points on the Bombay Stock Exchange (BSE) on Thursday. While foreign institutional investors (FIIs) renewed their selling exercise, bear operators also joined them, thereby creating uncertainty in the markets.
Hoffland directors fail to appear before CLB
The decision regarding the repayment of deposit money to investors by Hoffland Finance Limited (HFL) has been deferred as HFL directors failed to appear before the Company Law Board (CLB) despite summons issued to them. In its hearing on Wednesday, CLB said it was unable to take any decision due to the absence of the directors of the company. The next hearing has been scheduled for July 27.
Takeover panel seeks industry views
The Bhagwati committee on takeovers, in its review meeting held on Thursday, decided to seek views of industry chambers on certain issues that have cropped up over the past few takeover cases. The issues will now be circulated among various members of the committee, various chambers, investor associations, related intermediaries and others, for a review of the issues and any other issues which might be recommended by these members will be discussed in the August meeting.
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