Bank promoters may get one-year grace period to cut stake
The Reserve Bank of India (RBI) is all set to allow another extension for the promoters of new generation private sector banks to reduce their stake to 40 per cent. Once through, it will be for the third year in succession that the central bank will be doing so, and the ball has been set rolling with ICICI Limited being given a one-year breather to bring down its stake in ICICI Bank to 40 per cent.Harshad case to come up for hearing on March 30
Securities and Exchange Board of India (Sebi) chairman DR Mehta said on Thursday that the securities watchdog will hear the Harshad Mehta case on March 30. The investigation with regard to the alleged price manipulations in the shares of BPL, Videocon and Sterlite by the big bull, was completed, Mr Mehta said but added there has been some complications regarding the permissibility of cross-examinations of Sebi's inspection report.
BSE appoints Rajnikant Patel as director inspection
As a major step to tone up the surveillance mechanism of the bourse, the Bombay Stock Exchange (BSE) on Thursday appointed Mr Rajnikant Patel as director inspection and surveillance. Prior to this assigment, Mr Patel was incharge of compliance and inspection administration with BNP Paribas, the BSE said in release.
Enron begins operations to link Dabhol phase-II
US energy major Enron-promoted Dabhol Power Company (DPC) on Thursday began operations to link the 740 mw phase-I with the 1444 mw phase-II, which would take the total generating capacity of the power plant to 2184 mw. Enron is constructing the phase-II of the Dabhol project at an estimated cost of $1.87 billion.
Tata International, Graziella in joint venture pact
Tata International has tied-up with an Italian firm `Graziella' for export of footwear. According to sources, it is a 50:50 equity joint venture between Tata International and Graziella with the aim of acting together in manufacturing, packaging and selling footwear in the global market.
Copyright © 2001 Indian Express Newspapers (Bombay) Ltd.
