The Prime Minister, Mr. Atal Bihari Vajpayee, has made out a case for reining fiscal deficit and taking immediate steps to strengthen the domestic financial sector, for improving the quality of asset portfolios, reducing the problem of non-performing assets and ensuring adequate finance for the infrastructure sector. Fiscal deficit, he said, can be contained by evolving a sensible expenditure policy and improving revenue buoyancy. The key concern in the short term, according to him, was to evolve measures to re-activate growth impulses of the Indian industry and improve confidence levels.

Pond's, Hind Lever merger through

The merger of Pond’s (India) Ltd (PIL) with Hindustan Lever Ltd (HLL) was through today, with HLL filing the order of the Mumbai High Court approving the merger before the Registrar of Companies (RoC). The merger is with retrospective effect from January 1, 1998, the assigned date for the merger under the scheme of amalgamation. The Mumbai High Court had approved the amalgamation on September 10, 1998. Pond's had already filed the drawn-up order of the Chennai High Court with the RoC.

BSE tightening badla break-up position norms

The Bombay Stock Exchange (BSE) is tightening controls on members in the badla break-up position as it has come to light that some members are exploiting the system to avoid margins. Top officials said that the exchange has "warned" members on the false declarations to avoid paying margins on actual positions in the days of volatile market movements, sources said. Some of the members were netting out positions among their clients and were paying margins only on the company's net positions.

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