SEBI approves Alcan proposal
The Securities & Exchange Board of India (SEBI) has approved Alcan Aluminium's proposal of accepting two out of every five Indian Aluminium shares offered to it by Indal's other shareholders in response to the Canadian company's open offer to pick up 20% equity in Indal. The formula leaves room for adjustments to ensure that a small investor is not left with an odd lot.

Govt waters down proposal to professionalise PSUs
The Government has watered down a step taken by the United Front government to professionalise the boards of public sector units. In a recent decision, the Government quietly disbanded the `search committees' set up to select non-executive directors on the boards of PSUs. While independent directors will still be appointed on the boards, the decision will be made by minister of the ministry under which the PSU operates.

Modern incurs Rs 180 crore loss
The Modern group of companies have incurred a whopping loss of Rs 180 crore during the year ended March 1998 due to heavy interest burden and the crisis facing the textile sector. The audited financial results of five Modern group companies released on June 30, 1998 clearly indicate that all the modern group companies are in the red.

  SEBI revises price band, margins
  IOC refinery gets nod
  Rupee declines against dollar
  Indian Bank nets Rs 301 crore loss
  Sensex falls 50 points
  Bizbits
  IPOs fall to seven in first quarter
  SEBI suspends 3 brokers
  Bayer, Zydus form venture
  ICL posts lower profits
  FII holding in cos declines drastically