Worldlink Finance ordered to pay penal interest: A Delhi consumer court has ordered Worldlink Finance, a non-banking finance company, to pay depositors penal interest for not returning matured fixed deposits on time. The Delhi district consumer dispute redressal forum-VI, delivering a series of orders on separate petitions filed by depositors, asked Worldlink Finance to return the deposit money with 18 per cent interest and pay litigation cost of Rs 1,000 to each of the depositors. The consumer forum in its order said the company was guilty of deficiency in service and hence would have to pay 18 per cent interest and thelitigation cost.

United Phosphorus debt rating downgraded: The rating assigned to Rs 40-crore commercial paper programme of United Phosphorus Ltd has been downgraded by Crisil from P1+ To P3. Crisil, in a release, said the revision in rating is based on the company's increased and high levels of short-term exposure to its loss-making subsidiary Search Chem Industries Ltd. This exposure has been backed by ICD borrowings and has affected the company's liquidity position, the rating agency said.

Corporation Bank draws up new scheme: Corporation Bank has formulated a new scheme titled "Corp Cash Demat Scheme" exclusively for extending short-term credit facility to individuals against the security of approved shares in demat form. The facility is primarily intended to provide liquidity to investors to meet contingencies or personal needs or for subscribing to the rights/fresh issues of shares or for purchase of shares in the secondary market, according to a Corporation Bank release. The quantumof loan in the scheme will range from the minimum of Rs 50,000 to a maximum of Rs 20 lakh per borrower, with a margin of 25 per cent of the market value of the shares pledged.

364-day T-bills auction: The Reserve Bank has announced the auction of 364-day treasury bills for a notified amount of Rs 750 crore. According to an RBI release on Monday, tenders should be submitted in the prescribed form on Wednesday and the results will be announced the same evening. Payment by successful bidders will be on January 29, 1999.

Three-day repos results: The Reserve Bank has accepted one application amounting to Rs 2,000 crore for three-day 8 per cent fixed-rate repos held on Monday, according to a Reserve Bank release.