CBI raids Rabri's residence:

Central Bureau of Investigation sleuths conducted simultaneous raids on the residences of Bihar chief minister Rabri Devi and her two brothers Sadhu Yadav and Subhas Yadav, both MLCs, and Prabhu Nath Yadav in connection with a fresh case of disproportionate assets filed against former chief minister Laloo Prasad Yadav and Rabri Devi in the special designated CBI court of S K Lal on Thursday. CBI joint director U N Biswas is supervising the raids.

Rs 14,000-cr scam in Prasar Bharati alleged: Minister of state for information and broadcasting Mukhtar Abbas Naqvi on Friday said a major scam of Rs 14,000 crore had been unearthed in the Prasar Bharati Corporation and the government was considering to initiate an inquiry into it by the Central Bureau of Investigation. The scam took place during the last eight months, he added.

10% interim relief to PSE staff: The Centre on Friday decided to allow payment of 10 per cent interim relief of the existing basic pay subject to the condition of minimum Rs 280 per month to employees of central government public sector enterprises with effect from January 1, 1997. No interim relief would be granted to the employees of sick enterprises referred to BIFR and other loss-making enterprises.

SAIL may hive off ASP, Salem Steel: Steel Authority of India Ltd is likely to hive off its loss-making Alloy Steels Plant at Durgapur in West Bengal and Salem Steel Plant in Tamil Nadu. "Faced with serious resource crunch, SAIL is seeking to convert ASP and SSP into joint sector units. Even privatisation cannot be ruled out," said a senior official.

RPG group transferring holdings to Ceat: The Rs 6,400-crore RPG group has initiated the process of transferring holdings in several group majors to Ceat Ltd, the group's tyre flagship. These holdings, totalling around Rs 45 crore, were earlier held by investment companies owned by the group. The move is part of the plan to clean up Ceat's balance-sheet.

Hinduja Finance net up 37%: Hinduja Finance Corporation has recorded a 37 per cent rise in its net profit during the year ended June 30, 1998. The finance company has posted a net profit of Rs 8.41 crore compared to Rs 6.13 crore during the previous year. The board of directors have maintained the dividend at 25 per cent on the equity shares and 9 per cent on the cumulative convertible preference shares.

Forbes Gokak gets buyback approval: The shareholders of Forbes Gokak Ltd have approved the company's resolution to implement a buyback scheme as and when such schemes are allowed by law. The resolution, passed at the company's annual general meeting in Mumbai on Friday, was to authorise the management to buy back its equity shares or such other permissible securities, not exceeding 10 per cent of the paid-up capital of the company from the members of the company either from the open market or from the holders of odd lots or from the holders of the shares that may be issued under the Employees' Stock Option scheme or as permitted by the law.

HDC plans to hive off MP steel unit: Hindustan Development Corporation (HDC) has decided to hive off its composite steel plant at Malanpur in Madhya Pradesh to a new company -- Malanpur Steel Ltd (MSL) -- with effect from April 1, 1998. This scheme is, however, subject to the approval of its shareholders and the Calcutta high court. At a board meeting on Friday, the scheme of arrangement for transfer of the steel plant to the new company was approved.

Sony India to launch new products: Sony India Ltd, the 100 per cent subsidiary of the Japanese electronics giant Sony Corporation, will introduce new products and upgrade existing models to combat the grey market. It will also give a new thrust to its 21 inch, lower end colour television (CTV) sets to enlarge market share, Yoshio Kubo, managing director, SIL, said.

HC asks govt to file counter-affidavit in DoT case: The Delhi high court on Friday asked the Centre to file counter-affidavit in three weeks stating the reasons for purchase of certain equipment with "obsolete technology" by the Department of Telecom during the tenure of former communications minister Sukh Ram. The decision to purchase digital transmission analysers had resulted in a net loss of Rs 30 crore as the `obsolete equipment' is not required and is lying idle.

Bank employees to observe strike on Sept 18: The public sector bank employees all over the country will go on strike on September 18 to protest the delay in wage revision. The united forum of bank unions comprising nine unions of officers and workmen have decided on observing strike following breakdown of talks with the Indian Bank Association last week.

Depository facility at ASE: Central Bank of India and Stock Holding Corporation of India Ltd in a joint venture introduced specialised depository facility at Ahmedabad stock exchange from Thursday with a view to extending trading facility in Demat segment of shares. Later a unique `trader friendly scheme' was launched for the first time in Ahmedabad for providing advances up to Rs 10 lakh to traders. The scheme was suggested by the Gujarat Chamber of Commerce and Industry in January.

RBI gives clean chit to Sahara India: The Reserve Bank of India on Friday gave clean chit to Sahara India Financial Corporation saying that the company had complied with all the guidelines applicable to the non-banking finance companies. RBI report came following a high court order directing the central bank to file a financial status report on 14 NBFCs and residuary non-banking companies including Sahara, Kuber and JVG group firms.

BJP hopeful of resolving differences with AIADMK: The Bharatiya Janata Party declared in Jaipur on Friday that its ties with the estranged ally AIADMK "have not reached the point of no return" and that it was hopeful of differences being resolved even as it asked the Vajpayee government not to succumb to any pressures.

SC orders trial against Jaya in land deal case: The Supreme Court on Friday directed the special judge, Chennai, to proceed with the trial of former chief minister J Jayalalitha and her aide Shashikala Natrajan in the Rs 3-crore Tamil Nadu Small Industries Corporation land deal case of 1992 vacating the high court order directing postponement of the trial till further orders.