Govt stake in Kochi Refineries goes to BPCL
The government stake in stand-alone Kochi Refineries Ltd (KRL) was on Monday transferred to Bharat Petroleum Corporation Ltd (BPCL) for a consideration of Rs 659.10 crore. KRL'S 7.58 crore shares of Rs 10 each constituing 55.04 per cent of its shares held by the president, have been transferred to Central Depository Services (India) Ltd, beneficiary being BPCL, the BSE was informed on Monday.

CBI raids on gold dealers continue
The CBI raided for the second day on Monday several places in Ahmedabad and Mumbai in connection with an alleged Rs 50 crore gold import racket run by jewellers in connivance with some bank officials. Raids were carried out at nine places in Ahmedabad and five places in Mumbai and a case was registered by the CBI under section 120-8 (criminal conspiracy) and 13(2) of the Prevention of Corruption Act against directors of two bullion dealers and unknown officials of two Ahmedabad-based co-operative banks, CBI sources said.

MoF backs FI funding of MNCs for takeovers
The finance ministry has taken a favourable stand on the issue of financial institutions funding multinationals for acquiring domestic companies. According to the ministry, the funding of the acquisition of Indian companies by multinationals needs to be within the framework of the national polcy and commercial considerations.

RBI proposes 3-tier body for corporate debt recovery
The Reserve Bank of India (RBI) has submitted to the Union finance ministry a detailed proposal for a three-tier corporate debt recovery body that will work independently to recover non-performing assets.The first tier of the debt recovery body will be a policy-framing forum, with representatives of all banks and financial institutions (FIs). It will frame policies relating to NPA management.The second tier will be a policy implementing forum and will have select members of the Indian Banks' Association and financial institutions.