Duty on wheat imports
The Government has imposed a 50 per cent duty on imported wheat with immediate effect. Until now, wheat imports were duty-free. "With a view to rectify the situation and stimulate wheat offtake from the central pool, the Centre has come to the conclusion that it is imperative to impose a customs duty on common wheat and durum wheat," finance minister Yashwant Sinha said on Wednesday.

Cong conditional support to IRA bill
The Congress on Wednesday offered to back the legislation of the IRA bill, provided the NDA-government accepted the four amendments sought by the party. The amendments relate to health insurance, infrastructure, social welfare and penalties. The party wants stiff penalties imposed on those companies which fail to invest in infrastruture projects like water supply, sewerage, housing and power.

Essar Power deal deadline
The Ruias and the US-based Marathon are planning to extend the December 9 deadline set for finalising the $170-million Essar Power deal. A stalemate has crept in with the Gujarat Electricity Board going slow over granting a NOC to the Ruias for selling their entire stake in the company and the institutions reluctance to approve the debt-recast plan submitted by Marathon.

Nirlon recast hits a roadblock
Nirlon Ltd's restructuring plan has gone in for a spin with ICICI and UTI locking horns over a property sale. UTI wants the two floors of Nirlon's headquarters in Mumbai to be sold to ICICI at the current market price and not at the price prevalant in 1987, when the company had leased them to ICICI. ICICI has moved the Appellate Authority for Industrial & Financial Reconstruction to end the deadlock.

Dunlop resolution carried
The Dunlop board managed to clear a resolution pertaining to adoption of the ailing company's P&L statement for the 15-month period ended March 31, 1999 in a poll on Wednesday, overriding the opposition from Life Insurance Corporation and General Insurance Corporation. The percentage of votes polled in favour of the resolution was 43.84 and against was 29.20.

GTB scours for partner
Global Trust Bank is scouting about for a new technical partner after its American ally, Hambrecht & Quist, decided to offload its 6.88 per cent stake in the bank. GTB's other technical ally, Malaysian TA Enterprises, had in October divested its 6.12 per cent holding in favour of seven promoters including CMD Ramesh Gelli's two sons, Girish and Niraj Gelli.

Crude unloading at Vadinar coast
After a week-long imbroglio following the oil slick off the Vadinar coast, the Gujarat government has allowed unloading of crude from three oil tankers which have been stranded at the coast. Indira Gandhi tops millennium pollIndia's first woman Prime Minister Indira Gandhi has been named Woman of the Millennium in a BBC poll.

Compiled by V Keshavdev