march 3, 1995
Draft all-risk policy cover for industry ready
The draft of the much-awaited Industrial Risk Insurance Policy, covering a wide range of industrial risks is ready, and some modifications are being effected before its launch. While the policy was set for release on April 1, it is unlikely and The Board of the Tariff Advisory Committee (TAC), the pricing body for the general insurance industry, is meeting on March 9 to consider the draft and the amendments.
Essar Shipping plans Rs. 300-cr public issue
Essar Shipping Ltd. plans to go in for a Rs. 500-crore public issue in April or May. The equity shares are likely to be priced at a premium of Rs. 50 per share. The proceeds of this public issue will be used lo bring down the debt component of the company which completed its fleet expansion programme in 1994. Essar Shipping had gone in for a major fleet expansion spread over three years. It had acquired four Suezmax tankers, one product carrier and 12 mini-bulk carriers at a total cost of Rs. 791 crores.
New members cut up over HSE move
The Governing Board of Ihe Hyderabad Stock Exchange (HSE) is again facing criticism from the members suspecting its motives in “swiftly” amending the articles relating to multiple and corporate membership. “Certain amendments were unequivocally intended to warp the fate of the new members with the Board discriminating against the new members and hurting their rights and privileges, alleged some members. The SEBI has deleted Article 5(a) facilitating the members to convert individual into corporate membership any time. However, the HSF Board, inslead of deleting the article, has proposed an amendment imposing a minimum of five years standing
as the eligibility criteria for conversion.
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