Four senior officials of the Reserve Bank of India and the Central Board of Direct Taxes have been appointed in key posts at the Securities and Exchange Board of India (SEBI), to strengthen the capital market watchdog. While the RBI officials joining SEBI on deputation to take up key posts are Mr. K. Sivaraman and Mr. R. Gandhi, the CBDT officials to be inducted are Mr. L. K. Singhvi and Ms. Anita Kapoor. Confirming the appointments, the SEBI Chairman, Mr. D. R. Mehta, said the inclusion of these officers would inject the much-needed expertise to the regulatory authority and add momentum to its ongoing revamp process.

ITC entry into power still open

The ITC board has unanimously resolved not to press ahead with resolution No. 2 of the controversial March 23 EGM, pertaining to entry into the power sector, seeking shareholders’ approval under Section 149 (2B) of the Companies Act 1956 for commencement of “all such new businesses”. This means that resolution No. 1 on change in the objects clause, which was passed at the EGM amidst protests by BAT nominees on the ITC board, has become null and void, eliminating a court battle on this count, according to corporate sources.

Indo Biotech acquires Joy Frozen Foods

Joy Frozen Foods Private Ltd., manufacturers of the Joy brand of ice creams, has been taken over by the Bombay-based Indo Biotech Foods Ltd. belonging to the Dahanukars. The ice cream company, owned by the Java family, had run up huge losses following suspected mismanagement, although the ice cream market in general had been growing and the Joy brand had enjoyed a strong equity owing to its decade-old track record.

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