20 years ago today

Twenty years ago today: June 14

June 15 | Updated on July 12, 2021

VST board backs BAT move to hike stake

The board of directors of VST Industries Ltd has decided to. support the move of British American Tobacco Pic (BAT) — VST's principal stakeholder and foreign collaborator — to hike its holding in the company. At a meeting held here on Thursday, the VST board considered favourably BAT's proposal to enhance its equity holding in the company and passed a resolution accordingly. However, two of the nominees on the VST board — representing the financial institutions and the Andhra Pradesh Government with a holding of around 22.44 per cent — have abstained from voting.

Govt asks DPC to drop arbitration proceedings

The Government has told Dabhol Power Company (DPC) not to insist on continuing with the arbitration proceedings, a condition which the power utility has put forward for agreeing to extend the conciliation process by two months. The Finance Ministry has written to DPC saying that since the issue involved is the same before both the forums, there is no point in carrying on with the arbitration proceedings.

Banks will say no to 'dirty' money

The next time you walk into a bank with suitcases full of cash, don't be surprised if the manager does not give you the customary red carpet treatment. He may be making a dash for the telephone to alert the authorities concerned. Or he may refuse to "touch" the money and turn you back. Surprised? The Indian Banks' Association (IBA) is formulating a procedure to ensure the elimination of money laundering in the country. The IBA procedure, when finalised, will be the first formal plan against money laundering in the country.

Published on July 12, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like