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May 1997

Defer disinvestment in OIL, ONGC: Commission
The Disinvestment Commission has suggested strategic sale of five companies and offer of shares in case of three companies. Outright sale was recommended in case of two companies while it had deferred its decision in case of two companies.
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CBI panel to probe CRB case
The Central Bureau of Investigation has decided to set up a coordination committee which will probe the multi-billion rupee CRB group financial scam and will submit a report within a month.
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'People like me will never invest in the stock market'
CRB investors speak about the disaster that has befallen their lives.
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Action likely against SEBI, RBI officials over CRB fiasco
Chidambaram is worried about questions that will come up in Parliament about CRB and is moving swiftly to clean up the regulating bodies.
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Political uncertainty, scandals hit stock market in 1996
The International Finance Corporation says the gains made by the Indian stocks early in the year were overshadowed by political and economic concerns that dampened enthusiasm for stocks. More

Oil industry to invest Rs 150 billion in Andhra
Minister for Petroleum and Gas T R Balu said the investment on refineries and other downstream areas would Rs 97 billion.
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Power sector may trigger eco disaster
The director of the Tata Energy Research Institute believes the country lacks a clear-cut energy policy which should be reviewed immediately.
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Govt to recast automobile investment policy
The new policy will stipulate a minimum initial investment of $100 million for foreign direct investment ventures besides higher levels of indigenisation in the initial years.
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CBI seeks public aid to nab CRB chief
CBI sources said it would screen photographs of Bhansali and his wife on television and publish it in other media, seeking information regarding their whereabouts from the public.
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'Cluster' co-operation gives small firms a global punch
Using the method, Pakistan could become the second largest exporter of surgical instruments in the world.
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RBI, CBI effort to judge extent of CRB scam
RBI Deputy Governor S P Talwar said he would set up a separate cell to deal with the grievances of those who invested in CRB.
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Official liquidator to take over CRB assets
Arun Jaitley, appearing for the RBI, said the central bank had received complaints from various sources about the company.
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Haryana decides not to restructure power sector
Orissa may have handed state electricity to three separate companies, for generation, distribution and transmission. Haryana, which considered the option, finally decided it won't.
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RBI files winding up petition against CRB
The RBI moved after CRB group chairman C R Bhansali failed to respond to the RBI show cause notice within the stipulated time.
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CBI seeks Interpol aid to nab CRB chief
All airports have been asked to keep a look out for Bhansali though he is believed to have left the country.
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CRB group faces closure
The company's liabilities are placed at around Rs 6 billion as against assets and recoverables of Rs 2.3 billion. The group used to manage a mutual fund, a custodial service and a broking firm.
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CPI-M's measures to stall petrol price hike
The common man need not pay for "government profligacy," the Communist Party of India-Marxist has said.
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Indian electronics firm faces US export sanctions
Bharat Electronics Limited faces export curbs from the US commerce department. The Americans suspect the Bangalore-based company is contributing to India's missile programme.
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Air-India's pact with China Air to bring down fares
Beijing will be the new stop-over for India-bound passengers.
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Furore over closure of three AP govt units
More companies face the same fate as total loss crosses Rs 10 billion.
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Govt's boon for automobile joint ventures
Flexible export norms are on the cards to bail out tottering firms.
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Smooth sailing for Chidambaram's baby
The Lok Sabha passes the Finance Bill; the finance minister blasts tax evaders.
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People's Campaign jolts Kerala ministers
Afraid that they would lose their control over local bodies if the campaign's projects are implemented, the ministers have raised a banner of revolt against the state planning board.
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Finance minister provides excise relief worth Rs 1.11 billion
While granting concessions worth Rs 1.11 billion, he vows to widen the tax net.
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Goa gets Rs 5.5 billion foreign investment in the last five years
The foreign investment would have been much higher had it not been for the poor infrastructural facilities in the state.
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Mormugao port registers 12 per cent growth
With iron ore exports declining, the Mormugao Port Trust shifted focus to general cargo and registered a 12 per cent growth.
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Enron to set up fully owned subsidiary
With all the major controversies behind it, the US power multinational Enron Corporation has decided to strengthen its presence in India.
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Poor response to international pepper exchange in Kerala
The response to the International Pepper Futures Exchange, likely to be commissioned shortly at Kochi in Kerala, has been poor.
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'Stability and predictability are being replaced by uncertainty, complexity and rapid change'
Bank of Baroda chairman K Kannan discusses the challenges for Indian banking in 2000.
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