MoF, RBI, FIs get Standing Committee rap
The Parliamentary Standing Committee on Finance has come down heavily on the Ministry of Finance, Reserve Bank of India and several financial institutions for providing large-scale divergent data on diversion of funds of banks and financial institutions by the corporates. The committee has asked a `written explanation' from the ICICI for not furnishing the required data on the issue of fund diversion.Aban Loyd buys out 22.5% in Hitech Drilling
Aban Loyd Chiles Offshore Ltd (Aban) has entered into a definitive agreement with Tata Industries Ltd to acquire 22.5 per cent controlling stake in Hitech Drilling Services India Ltd at a consideration of Rs 42.13 crore. The price paid by Aban Loyd represents 81 per cent premium to the share price of HDSIL, which closed at Rs 50.70 on the BSE on March 16.
GR deal may need Schering, Boehringer approval
Prospective buyers in the fray for acquiring Degussa Huls' 27.72 per cent holding in German Remedies (GR) may need the tacit approval of the other two collaborators, Schering AG and Boehringer Ingelheim, to ensure a smooth transition. Schering AG and Boehringer brands currently account for a significant part of GR's turnover.
Deloitte eyes global share of risk consulting business
Deloitte Touche Tohmatsu (DTT) is looking at a global share of over a billion dollars in the risk consulting business. The Asia Pacific scene is looking increasingly promising with nearly 800 consultants engaged in the practice. With Indian corporates looking outwards for business opportunities, risk consulting is becoming more popular with India Inc.
`SEs should implement corporate governance'
The Indian stock exchanges (SE) should implement corporate governance and act as self regulatory organisations (SROs), whereas Sebi must act in a more responsible manner to face the challenges of a global capital market, a study conducted by management students of Georgetown University has said.
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