Members with corporate interest not to attend meet: JPC chairman
STOCK broker Ketan Parekh and his associates have misused banking funds to the tune of Rs 1,200 crore for manipulating stock market prices, said the Securities and Exchange Board of India (Sebi) in its preliminary report on the stock market scam submitted to the members of the Joint Parliamentary Committee (JPC) on Tuesday.

Media stocks hit upper circuit of 8 per cent
AFTER a three months’ lull, the battered media stocks from tinsel town were once again in the limelight on Tuesday following RBI’s clearance of the scheme for financing films and film producers.

FIs set 60-day notice period for Essar Power to clear dues
FINANCIAL institutions (FIs) led by Industrial Development Bank (IDBI) has given 60 days time to Essar Power to clear the dues of over Rs 150 crore. FIs have threatened to take stringent legal action if Essar Power defaults.

First Global refutes Sebi price manipulation charges
FIRST Global Stock Broking (FGSB) owner Shankar Sharma has refuted a majority of the allegations, including that of price manipulations, made by the Securities and Exchange Board of India (Sebi) against him.

Gujarat government to float SPV for phase-II of Science City project
WITH the phase-I of the Rs 350-crore Gujarat Science City project slated for completion by January 2002, the Government of Gujarat (GoG) has decided to float a Special Purpose Vehicle (SPV) to implement the phase-II of the project on a Built Own Operate and Manage (BOOM) basis.

India announces $50-m line of credit for Malaysia
INDIA has announced a 50 million US dollars Line of Credit to Malaysia to double bilateral trade within three years and said it would review the hike in tariffs on palm oil imported from Kuala Lumpur.

IATO files petition in Supreme Court on CNG conversions
THE Indian Association of Tour Operators (IATO) has filed a petition with the Supreme Court requesting it to reconsider mandatory conversion of all commercial vehicles in Delhi to the compressed natural gas (CNG) mode. It contention is that operating inter-state buses on CNG is not feasible due to the unavailability of the fuel outside Delhi.

MSEB to review DPC rebate payment by month-end
THE Maharashtra State Electricity Board (MSEB) will review the payment of rebate by the Dabhol Power Company (DPC) for misdeclaration and default on the availability of power by the end of this month.