Icra has put the rating assigned to the non convertible debenture (NCD) programme of Wockhardt on `rating watch with developing implications' following the firm's announcement of its plans to demerge into two companies that will be engaged in pharmaceuticals and non-pharmaceuticals business respectively. ICRA has an outstanding `LAA' rating for Rs 100 cr NCD issue of Wockhardt.

RBI rejects another NBFC

RBI has rejected the application for certification of registration of Prestigious Finance & Investment ltd., Patna. This company cannot therefore transact the business of a non-banking finance company.

Crisil rates Lakshmi Finance

Crisil has reaffirmed the `FB' rating assigned to the fixed deposit (FD) programme of Lakshmi Finance and Industrial Corporation limited (LFICL). The rating takes into account the difficult business environment for the non-banking finance company (NBFC) sector, continued slowdown in disbursement levels and poorprofitability of the company. The increased risks on these fronts and partly offset by the company's low gearing and negligible fixed deposit levels, a Crisil release said.

Amendment in BR Act demanded

The National Cooperative Agriculture and Rural Development Bank's Federation Ltd on Friday demanded amendment to Banking Regulation (BR) Act to facilitate universal banking by Agriculture and Rural Development Banks (ARDB). Making the demand the federation chairman TD Janardhana Rao said bringing these ARDBS under BR Act would facilitate them to become resource-based institutions by mobilising rural savings effectively and to meet the entire credit needs of their borrowers for various purposes. He added, that there was also a need to amend the Nabard Act in the changed context to remove unnecessary restrictions in extending refinance to cooperatives .