The Prime Minister, Mr. Atal Bihari Vajpayee, today announced that his Government would unveil unveil over the next month or two a package of measures aimed at reviving the flagging sentiment in the capital markets, reversing the slowdown in several segments of the industry and attracting investments, including from abroad. The comprehensive ‘Big bang’ package includes the long-awaited permission to Indian corporates to buy back their shares, allowing foreign companies to take up minority stakes in the domestic insurance sector, a national road project involving an outlay of Rs. 28,000 crores, a new telecom policy, faster environment clearances for projects, global bidding for oil exploration within two months and a blanket clearance for inter-corporate investments.

Creeping acquisition cap raised to 5%

The 2 per cent-per-year limit on creeping acquisition by promoters to consolidate holdings in a company and the takeover code trigger level of 10 per cent has been hiked by the Securities and Exchange Board of India. SEBI said the revised ceiling for creeping acquisition will be 5 per cent per annum and the trigger level for mandatory open offer is 15 per cent of the total equity of any company.

CLB move to get details on Anubhav

The Company Law Board is trying to ascertain details on the defaulting Anubhav group — its total outstandings to investors and the approximate number of deposit holders. Complaints from investors have already started trickling in at CLB's regional offices. In the light of its experience under similar circumstances in the past, CLB, say informed sources, wants to remain prepared in dealing with the complaints. .

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