Fiscal deficit set to overshoot target on back of small-savings liability
The fiscal deficit of India for the year 1997-98 is likely to overshoot the budgeted estimate of Rs 65,464 crore by about Rs 6,000 crore. The Union finance ministry has projected its re-revised fiscal deficit at 4.9% of the gross domestic product (GDP).
Assam refinery may act as Bangla supply base
The 3-million-tonne Numaligarh refinery, due for commissioning in Assam in December, is likely to cater to Bangladesh's requirements for petro-products. The government is seriously considering the idea as it makes a lot of economic sense to both countries. Besides, there is also a likelihood of substantial savings for both the countries.
Chawlas ask Catholic Syrian Bank not to return shares
The four-year-old Catholic Syrian Bank Ltd's share transfer row has taken a new turn with the Thailand-based Siam Vidya Group (SVG) asking the bank not to return the shares to the NRI group. The bank has communicated the decision duly to the apex bank and the Company Law Board.
Court asks liquidator to lease out sick unit in bid to salve workers
The Mumbai high court has paved the way for the production units of a liquidated company to continue its operations uninterrupted. The judgment, seen as a precedent, will help workers keep their jobs should the company they are working for go into liquidation.
Excise staff resort to pre-appeal detention
In a bid to boost indirect tax revenues, Excise officials are on a detention spree and are attaching the property of the assessee (and in some cases threatening to auction these), even before an appeal on the case is heard. The move comes amid industry allegations of being denied Modvat credit facility up to March 31, 1998.
Orkay sells prime city property
The Kapal Mehra-controlled Orkay has sold its corporate office in south Mumbai. The move comes in the wake of the company's botched-up sellout bid to the JVG group. The deal is reportedly negotiated for around Rs 14-16 crore.
