Sebi refers dotcom valuation to sub-panel
The Securities & Exchange Board of India has referred setting out accounting standards for valuation of Internet companies to a sub-committee of the regulator's accounting standards committee. The main issues which it would look into are: gross versus net (in terms of revenues), revenue recognition, pre-paid/intangible assets versus period costs.RBI sets limit for raising CPs
The Reserve Bank of India has imposed a limit on the amount to be raised by corporates without prior sanction from banks through issue of commercial paper to 50 per cent of their working-capital limits. Corporates raising CPs will be required to have a minimum net worth of Rs 4 crore.
Harshad to face day-to-day trial
A Mumbai court has ordered Harshad Mehta, his brothers Ashwin, Sudhir and Hitesh, and two associates Niranjan Shah and Jairaj Java to appear in person from July 20 to face day-to-day trial in a case filed by the enforcement directorate for allegedly using $600,000 in the securities scam in the early 1990s. Additional chief metropolitan magistrate Usha Iyer on Wednesday rejected the ED's plea to defer the trial.
IOC plans pipeline in phases
Indian Oil Corporation has planned a product pipeline in phases from its nine-million-tonne Paradip refinery scheduled for commissioning in 2003-04. The first phase, costing Rs 580 crore, will link Paradip to Rourkela, and will be promoted by IOC and Petronet India.
Aggregate market cap of 95 IT firms
The aggregate market capitalisation of 95 select information-technology companies rose by 208.6 per cent to Rs 2,59,522 crore as on June 30, 2000, from Rs 84,100 crore as on June 30, 1999.
UTI forms corporate positioning panel
The board of trustees of Unit Trust of India decided at a recent meeting to constitute a corporate positioning committee for the efficient delivery of financial products and services in an era of rapid changes in the financial services sector. The board felt it was "appropriate to have the benefit of assessment and advice from expert professionals on corporate positioning of UTI in the new millennium."
Icra downgrades IFCI long-term debt
Icra has again downgraded ratings of its promoter IFCI in view of its continued high level of non-performing assets. IFCI's long-term rating is down by two notches from LAA plus to LAA minus, while the medium-term rating has been downgraded from MAA plus to MAA minus, a statement said.
New BJP president on Aug 13
The BJP has announced that its new president will be elected on August 13 amidst indications there may be a consensus choice between incumbent Kushabhau Thakre and senior party leader Jana Krishnamurthy. Thakre's two-year term has already expired.
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