Financial institutions including LIC, GIC and UTI on fRIDAY refused to ratify Escorts' key resolutions, the most important being halving the equity base. At a stormy AGM in the capital, the FIs and a section of shareholders forced the management to amend nearly all the crucial resolutions relating to the equity-restructuring scheme, the extent of funding of the proposed rights issue by group company Escorts Finance, investments in other firms and the hike in the authorised equity capital.Tatas `still interested' in airline project: Tata group chairman Ratan Tata has held the government entirely responsible for the withdrawal of the Rs 1,475-crore domestic airline project. Tata said in Hyderabad on Friday that he continued to be interested in taking up such a venture at a future date if it was dealt with in a `transparent' manner.

India, Mauritius enter pact to boost investments: India and Mauritius on Friday signed an agreement to promotebilateral investments in the two countries during the visit of prime minister Atal Behari Vajpayee. Under the Indo-Mauritian Bilateral Investment Promotion and Protection Agreement signed by the two nations' officials, India and Mauritius will strive to create conditions for greater flow of investments in either country.

India Cements seek FIs approval for altering rights ratio: India Cements has approached the financial institutions to convince them that effectively doubling the company's equity base through a 1:1 rights issue, instead of the originally more conservative ratio of 1:2, will not erode the worth of their substantial holdings in the firm. Analysts feel the changes have been prompted by a ballooning debt-equity ratio.

Lancer rolls out with Rs 7 lakh tag: Hindustan Motors' premium-segment car, the Lancer, rolled out of its Tiruvallur factory premises near Chennai on Friday. The plant, which was set up in a record time of one year had commenced production in April, but customerdeliveries would start from October. The car has been priced at Rs 7.29 lakh in Chennai and Rs 7.7 lakh in Mumbai. But even as the vehicle got ready for launch, its tyre suppliers are claiming that it is rolling on their tyres. MRF and Bridgestone have placed advertisments in a leading daily claiming association with the Lancer.

Parent puts Batanagar factory under watch:

The Canada-based Bata Shoe Organisation (BSO) has put the Batanagar factory in West Bengal ''under watch'' in view of the assault of the managing director of Bata India, Keith Weston, on July 22. Bata India vice-president MJZ Mowla said that the incident in the world's largest footwear factory at Batanagar had upset the BSO top brass. Bata India is the subsidiary of BSO.

Forum threatens petition against HLL: The Investors' Grievances Forum has threatened to file a public interest litigation in the Mumbai high court against Hindustan Lever, Sebi, UTI and the finance ministry on the alleged insider-trading case involvingHLL's purchase of eight lakh shares of Brooke Bond Lipton prior to the merger. According to the forum's president Kirit Somaiya, in the deal, UTI and small investors have lost about Rs 7.52 crore.

Ashok Leyland mulls share buyback: Commercial vehicles giant Ashok Leyland is mulling a share buyback ``at an appropriate time.'' Chairman RJ Shahaney told shareholders that it was the recession in the industrial sector which had contributed to a fall in the market for commercial vehicles.

Indian Rayon commissions plant: Aditya Vikram Birla group major Indian Rayon & Industries has commissioned its greenfield 35,000-tonne per annum carbon-black unit taking the company's installed capacity to 95,000 tonnes per annum. The company is now the second-largest carbon-black manufacturer in the country after the RPG group's Phillips Carbon Black, which has an installed annual capacity of 1,20,000 tonnes.

Cipla to seek nod to buy back shares: The Mumbai-based Cipla is moving an enabling resolutionto facilitate the buyback of its shares at its forthcoming annual general meeting. Shareholder approval is being sought in anticipation of an amendment to the Companies Act, 1956, permitting share buyback.

Sebi for sale of assets of plantation firms: Markets regulator Sebi has suggested the sale of assets of plantation companies, which have not repaid investors. The move follows the Mumbai high court's directive asking Sebi to chalk out a detailed plan on how the investors can get back their deposits with plantation firms, which have defaulted on repayment obligations. The scheme, being finalised by Sebi will be submitted before the high court on Tuesday.

Brokers delivering demat shares rises: The number of brokers delivering dematerialised shares at the country's two leading bourses is on the rise since markets regulator Sebi allowed such shares to be delivered in the physical segment of the exchanges from April 6 last. In August, 494 NSE brokers and 302 BSE brokers delivereddematerialised shares in the physical segment of their respective exchanges.

Nuke powers' stance discriminatory: NAM The non-aligned countries on Friday criticised the five nuclear powers for insisting on keeping their nuclear arsenals terming it as "highly discriminatory" and endorsed India's call for a global meet by 1999 to find ways to eliminate such weapons within a specified time frame. The 12th NAM summit, which concluded in Durban, dropped critical references to India's and Pakistan's nuclear tests, but noted the "complexities" arising out of the explosions.

`Ordinance to repeal Ulcra soon': Union urban development minister Ram Jethmalani said on Friday in Mumbai that an ordinance to repeal the Urban Land (Ceilings & Regulations) Act (Ulcra), 1976, will be issued by the end of this month. Jethmalani said its abolition would make available land to fulfil the BJP-led government's election promise of providing two million houses.

Asian markets slide on global falls: Asianstocks felt the tremors on Friday as slumping global markets rekindled fears of a world-wide equity rout. Tokyo stocks fell 1 per cent in early trade on worries a world-wide economic slowdown could weigh on Japan's multinationals, and the rising yen sparked concern over exports, traders said.

Foreign investors wary of Malaysia: Foreign investors may continue pumping money into Asia despite its economic crisis, but they will be very careful and probably shun Malaysia, a leading US management consultant said on Thursday. Malaysia announced a slate of forex and capital controls on Tuesday.