Essar Commvision, Fascel and JT Mobile have failed to meet the deadline for payment of outstanding dues as a pre-condition for migration to revenue sharing. DoT sources said action against the three will be decided in a day or two. JT, Fascel and Essar Commvision had not paid their 20 per cent dues in February as a result of which DoT had encashed their financial bank guarantees.

Panel okays sale of Gail shares

The Disinvestment Commission on Monday approved the sale of 170 million Government-held shares in Gail through GDR between end-September and early October, an official said. The commission also approved the sale of one million shares of VSNL in the domestic market.

Mandatory demat at transfer likely

The Securities and Exchange Board of India has announced a series of steps to speed up the dematerialisation process. The market regulator is likely to make it mandatory for dematerialisation at the transfer stage in order to cutdelays. However, a final decision will be taken by the Sebi board after taking into account the risks involved in such a move.

Passenger car Q1 sales jump 38%

Passenger car sales went up 38.3 per cent in the first quarter of 1999-2000 compared to the corresponding period last year while exports slid down 26 per cent in the same period. The quarter saw multi-utility vehicles sales go up by just 1.4 per cent to 25,908 units from 25,537 units in the same period compared to that in 1998-99.

Bhaskarudu steps down as Maruti MD

RSSLN Bhaskarudu on Monday stepped down as the managing director of the automobile giant Maruti Udyog Ltd. Bhaskarudu, who will assume his new responsibility as a member at PESB, was the managing director of MUL since August 1997.

Indian Rayon share buyback

Taking a step further in its efforts to create shareholder value, Indian Rayon, an Aditya Birla group company, is buying back upto 25 per cent of its outstanding equity from shareholders at a price betweenRs 70 and Rs 90 per share.

Kirloskars deny rift in family

Is the Kirloskar group heading for a split? The response from the family till now is far from convincing. For the first time in the last couple of years, senior family members came out in the open and spoke about the group companies in Pune.

Becosules plus to hit market soon

Pfizer Ltd is set to hit the Indian market with Becosules plus (+), an improved multivitamin formulation which adds `biotin' as a key ingredient. Becosules+ will be manufactured by the Pune-based Omni-Protec Drugs, while Duchem Laboratories will render promotional assistance.

Creditors approve Daewoo's recast

Creditors approved a sweeping restructuring plan for the beleaguered Daewoo group, in what are among the most important steps taken in South Korea's efforts to reform the economy after its financial crisis.

Flexibond-VII fails to enthuse investors

The Industrial Development Bank of India's debt programme, Flexibond-VII, has managedto generate only about half the targeted amount of Rs 1,500 crore and that too primarily from institutional sources. This was indicated by senior IDBI officials.