20 years ago today

Twenty years ago today: June 20

June 21 | Updated on July 12, 2021

Super luxury cars on driveway

After being a drab, small car-dominated market for decades, the Indian passenger car industry is likely to witness a dose of josh with car-makers drawing up plans to import super luxury cars to cater to demand from corporates, both domestic and multinational. The list of cars lined up for import is mind-boggling. The BMW 3-series and their best-selling sports utility vehicle BMW X5, Mercedes Benz SLK and CLK, Chrysler’s Jeep Cherokee, the Volkswagen Golf Cabriolet, the Lotus Elise, the Audi A4, the Suzuki Grand Vitara, the Toyota Corolla, Mitsubishi Pajero and the Volkswagen Beetle among others.

Arzoo winds up operations

Another high profile dotcom, whose plans were announced with much fanfare last year, has bitten the dust. Arzoo.com, founded by the creator of Hotmail, Mr Sabeer Bhatia, has wound up operations, citing postponement of purchasing decision by customers to later this year or even next year. "For a small company like ours, we cannot survive on promises of future purchase," says Mr Bhatia hi a letter displayed on the Web site. "Therefore, our board and management have decided to shut down operations in these tough economic tunes.

Rs 1,264-cr package for Madhavpura bank

The Government has approved a Rs 1,264-crore revival package for the scam-tainted Madhavpura Mercantile Co-operative Bank based on the recommendation of the committee appointed by the Central Registrar of Co-operation. The package envisages a contribution of Rs 800 crore by over 350 Gujarat co-operative banks with the balance Rs 464 crore to be forked out by the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Published on July 12, 2021

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