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Saturday, December 04, 2004

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SAT sets aside SEBI order, allows First Global to trade
THE Securities Appellate Tribunal (SAT) has set aside SEBI's order that cancelled the registration of First Global Stockbroking Ltd, the securities trading firm owned by Mr Shankar Sharma. The Securities and Exchange Board of India had passed ... More

SC tells Reliance Info to pay up entire demand made by BSNL — Refers case to Delhi HC
THE Supreme Court on Friday referred the dispute between Reliance Infocomm and Bharat Sanchar Nigam Ltd to the Delhi High Court even as it directed the former to pay the full amount of Rs 182.7 crore as demanded by BSNL for illegally routing ... More

IA back in black after 3 years
INDIAN Airlines has reported a net profit of Rs 44.17 crore during 2003-04 against a net loss of Rs 196.56 crore during 2002-03. At a press conference shortly after the annual results were cleared by the IA board, the IA Chairman and Managing ... More

`SEBI probe reveals no insider trading in GTB shares before merger'
THE Finance Minister, Mr P. Chidambaram, has said that a probe by the Securities Exchange Board of India has found that there was no insider trading in the shares of erstwhile Global Trust Bank during the process of its merger with Oriental Bank ... More

`Misappropriation and mismanagement of funds' — Ministry to prosecute Daewoo Motors
DAEWOO Motors India Ltd's (DMIL) troubles seem to be far from over. Based on the recommendations of a high-powered team, the Ministry of Company Affairs is initiating prosecution against DMIL after following due process of law. The Ministry ... More

Essar buys 9.9 pc stake in BPL Mobile
IN a surprise move, the Essar India group has bought 9.9 per cent stake in BPL Mobile Communications Ltd for an undisclosed amount from France Telecom (Orange SA). France Telecom, which had a 26 per cent equity stake in BPL Mobile ... More

PAN made mandatory for more transactions
THE Finance Ministry has expanded the list of transactions for which permanent account numbers (PAN) will have to be specified in all documents pertaining to such transactions. A person making an application to a bank or a credit card company ... More

India, Russia identify banking, IT for future cooperation
"Both sides agree to encourage and assist investments in the energy sector by Indian companies in Russia and those by Russian companies in this sector in India." More

Union Bank-BoI merger likely to be one-off case this fiscal
"We would watch the mood of Parliament before going ahead with any merger. In any case, we do not see more than one merger going through this financial year." More

Banks fail to meet farm credit target
TWO thirds of the public sector banks in the country have not been able to meet the agriculture-lending target fixed by the Reserve Bank of India. Loans to farmers are considered a priority sector item. Banks are expected to extend 18 per ... More

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