A civil court in Ahmedabad has directed DoT to encash bank guarantee worth Rs 57.6 crore of the Hinduja group's cellular licensee, Fascel. This forms only 20 per cent of Fascel's licence fee dues. DoT had earlier encashed bank guarantee worth Rs 163 crore.

CBI traces `urea scam money'

In a breakthrough in the Rs 133-crore urea scam case, the CBI has traced an amount of $2 million of the "scam money" in a bank in the US. The amount was received by a US-based NRI businessman on behalf of Sambasiva Rao, CBI sources said.

Usha group restructuring

The Delhi-based Usha group has put in place a major organisational recast, inducting professionals in the top management. Brothers Vinay Rai and Anil Rai are chairman and co-chairman respectively of all the group firms.

No export obligation waiver for Rothmans

The commerce ministry has ruled out any concession to Rothmans of the UK from the minimum 75 per cent export obligationproposed to be imposed on it for setting up a wholly-owned subsidiary. The ministry, following a reference from the finance ministry, has stated that the company will also have to adhere to the condition of employing local labour.

Guptas bag development rights

The Guptas of the Lupin group are back in the property market. They have acquired complete development rights over two properties, comprising Bandra Talkies and a stretch of property at Goregaon, for a consideration of about Rs 10.75 crore.

AI defers $100m securitisation deal

Air India has deferred plans for its $100-million securitisation deal on future ticket recievables in the US. AI's decision is based on two factors. According to the airline, market conditions are not right at present. Plus, AI does not need the funds from the deal in the near future.

Skindia GDR Index ends on firm note

The financial year 1998-99 ended on a firm note with the Skindia GDR Index up by 33.79 points in the week ending March 31 on thesupport of institutional buying.

Inflation falls below 5%

The annual rate of inflation fell below the 5 per cent-mark for the first time in five weeks to 4.96 per cent for the week ended March 20 from 5.14 per cent (P) a week ago. The inflation rate stood at 5.25 per cent a year ago.

IDBI plans Rs 6,000cr umbrella issue

IDBI will launch a Rs 6,000-crore umbrella issue in financial year 2000 to meet a part of its resource requirements. The financial institution has moved markets regulator Sebi with a prospectus submitted on March 31, 1999.

Interest rates may soften

The Reserve Bank has indicated that it wants interest rates in the medium term to soften by 5-10 basis points so that banks do not book losses on account of higher year-end YTMs. So far, the yields on the short and long end have responded to the rate cuts announced by the Reserve Bank on March 1.