Parliament on Friday approved the Companies (Amendment) Bill, 1998, with the Rajya Sabha endorsing it by a voice vote. The bill provides for share buyback and eases procedures for transfer of company shares. It replaces the Company Amendment Ordinance promulgated on January 7.

Task force to trace vanishing firms

The Centre has set up a core group headed by Sebi chairman DR Mehta to coordinate the crackdown on vanishing companies, with seven task forces put in place in as many cities. The decision to take collective action was taken following a meeting between the department of company affairs and Sebi top brass on Friday.

Manohar Joshi to quit assembly seat

Stung by the strictures passed by the Mumbai high court against him in the Girish Vyas case, former Maharashtra Chief Minister Manohar Joshi on Friday announced that he would quit as a member of the state legislative assembly. "I have taken this decision following the adverse observation andcomments by the court," Joshi said in Mumbai.

VSNL may cut Internet charges

The state-owned VSNL is considering a 15-20 per cent cut in Internet-subscription charges. It has also announced a 20 per cent reduction in charges for those renewing subscription.

P&G India cuts detergent rates

Procter & Gamble India on Friday reduced the maximum retail price of its premium detergent brand Ariel Hi Power Compact following the budget announcement of cutting excise duty on detergents to 16 per cent from 18 per cent. P&G has reduced the price of the detergent from Rs 72 for a 500gm bag to Rs 71. The MRP on a 1 kg bag has been brought down to Rs 123.50, from Rs 125.

Wartsila in control of Madurai project

Balaji Power Corporation, which is implementing the 106mw furnace oil-based power project at Samayanallur near Madurai, has given up control of the project to its Finnish equity partner Wartsila. Till recently, the corporation and Wartsila held 40 per cent stake each in the Rs 130-croreequity of the project.

Cadila inks alliance with Nichiiko

The Ahmedabad-based Cadila Pharmaceuticals has entered into a long-term alliance with Japanese major Nichiiko for sourcing and cross-marketing its formulations worth $20 million in phase-I. The first consignment from Cadila to Japan is expected to materialise by June.

Mobil, Petronas eye HPCL plan

Leading groups like Mobil, Petronas, the Mittals, and Birlas have evinced interest in joining hands with the state-owned HPCL in the 13,000-crore Bhatinda refinery project from which US multinational Exxon has walked out. According to people in the know of the matter, HPCL could also tie up with another state-owned company like BPCL to execute the project.

Sensex up 29 points

Stock prices recovered from the two-day-old correction and ended higher on renewed buying at the software and bank counters. The Sensex closed 29.30 points higher at 3702.81 points as operators squared up their positions in side counters, while takingfresh positions in software stocks.

HDFC cuts loan rates

HDFC on Friday slashed its interest rates to an 18-year low across all slabs above Rs 10,000. The new rates will be effective from March 15. The quantum of cut varies between 50 basis points and one percentage point.

Select panel on IRA Bill

The standing committee on finance has proposed that no single company should be allowed to enter both the life- and general-insurance sectors. The committee has said that the reading of Section 2(7A)(C) of the IRA Bill gives the impression that an insurer can undertake composite business, which apparently is not the Government's intention.

RBI cuts yield of 14-day T-bills

The Reserve Bank of India on Friday slashed the yield of 14-day T-bills by 52 basis points to 7.84 and the 91-day T-bills yield by four basis points to 8.77 per cent. The market was, however, expecting the RBI to hike the yield of short-term T-bills by a few basis points to align it with with the 364-day T-billyield in the secondary market.