The stage is set for the first courtroom battle on insider trading in the history of corporate India. Leading lawyers of the country will be appearing for SEBI, Hindustan Lever Ltd and UTI in the insider trading case before the Chief Justice of the Mumbai High Court tomorrow. The list of legal luminaries appearing in the case reads like who's who. Mr. Anil Dewan, Mr. Shyam Dewan, Mr. Kumar Desai, Mr. Rafique Dada and Mr. Dhananjay Chandrachud will appear on behalf of SEBI and UTI. Mr. Arun Jaitley, Mr. Harish Salve and Mr. Ashok Desai, who was here on Saturday, are expected to argue for Hindustan Lever. The seven directors of HLL are also expected to appear with senior counsel.

IOC opens bids for ferrying POL products

Indian Oil Corporation has finally opened bids for its tender inviting vessels to ferry POL products on the Indian coast brushing aside the controversy over treating ships acquired under the bareboat charter-cum-demise (BBCD) route as Indian flags. The bids made by Pratibha Shipping and Amer Shipping, which have offered product tankers acquired through the BBCD route, are said to be among the lowest for the lucrative IOC tender.

Tatas approach RCF on pact for LNG supply

The Tatas have approached RCF for entering into a longterm agreement for supply of LNG to its units at Thai and Trombay. The Tata Electric Companies have crystalised plans to set up an LNG terminal near here in joint venture with Total of France. While RCF already has a memorandum of understanding in place with Enron, the company is "keeping its options open" for sourcing of LNG from the proposed Tata project.

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