MUMBAI: Bimal Jalan will take over as Reserve Bank of India (RBI) governor on November 22 a fortnight after finance minister P Chidambaram announced his appointment. C Rangarajan, the outgoing RBI chief, will take oath as Andhra Pradesh governor in Hyderabad on November 24.

Jalan's stint is for three years. Rangarjan, who also assumed office with a three-year term, received two extensions. He is laying down office, ahead of the expiry of his second extension that expires on December 21.

Apte deputy chairman of JNPT

MUMBAI: Kishore G Apte has assumed charge as deputy chairman of Jawaharlal Nehru Port Trust with effect from November 3, 1997. Earlier, he was deputy chairman, Cochin Port Trust, for last seven months. During 32 years of service at MPT, he has held various responsible positions viz chief mechanical engineer, chief labour officer and traffic manager. He was also secretary to the board of trustees of MBPT.

IBM, VSNL extends network

MUMBAI: IBM and Videsh Sanchar Nigam Ltd (VSNL) have announced that the IBM Global network is being extended to India, providing customers with access to inexpensive, fast and secure communication. IBM Global Network Services will be delivered in India through an alliance between IBM and VSNL. The arrangement will provide IBM with managed data network services deployed over a frame relay and secure IP dial services that allow local call internet access. Lease line wide area network services are available now, while local dial remote access facility will be provided from early 1998.

HLL told to reply to Colgate petition

MUMBAI: The Monopolies and Restrictive Trade Practices Commission (MRTPC) today directed Hindustan Lever Limited (HLL) to file a reply within 3 weeks to a contempt petition filed against HLL by Colgate Palmolive (India) Ltd. Colgate pointed out that MRTPC had given HLL up to a week's time to take steps to discontinue the impugned advertisements.

Grasim raises Rs 200 crore

MUMBAI: Grasim Industries Limited, an Aditya Birla group company, has raised Rs 200 crore by way of non-convertible debentures in the private placement market for a tenure of 7 years. The issue which opened on November 6 was oversubscribed by more than 150 per cent. It mobilised more than Rs 350 crores. Additionally, the interest rate at 12.25 percent per annum has been the lowest in the private placement market for any private sector bonds of similar maturity.

Banks to vote on share collaterals

MUMBAI: The Reserve Bank of India has freed banks from seeking its approval for exercising their voting rights arising out of shares held by them as security against loans. The apex bank has also lifted the requirement on banks to transfer shares in their names when the amount exceeds Rs 10 lakh if the shares held as security by them are in a dematerialised form.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.