Pharmaceuticals major Cipla's rights issue of Rs. 99.95 crores may face devolvement with the company having reported receiving well below five per cent of the issue amount. According to management sources, the subscription amount received a day before the closing of the issue on June 3 was just Rs. 2 crores. The majority of the company's shareholders have decided not to take up the rights offer. Cipfa had come Out with a rights offer of 14.91 lakh shares of Rs. 10 each at a premium of Rs. 660 aggregating Rs. 99.95 crores in the ratio of four equity shares for every 50 held.

Mayawati to prove majority on June 19

The new Uttar Pradesh Chief Minister, Ms. Mayawati, said she would prove her majority during the two-day session of the State Legislature to be convened from June 19 and ensured justice to all sections while making special efforts to uplift dalits, backwards and minorities. The firebrand BSP leader was given 15 days to prove her majority in the Assembly. The Budget session of the State Legislature would begin from July 14.

KPMG submits report on Central Bank revamp

KPMG Peat Marwick, one of the largest accounting and consulting firms, has suggested a comprehensive package to revamp the ailing public sector Central Bank of India. The Dutch firm, commissioned by the RBI to study the working of Central Bank, in its report has suggested several steps to revamp the working of public sector banks, particularly of Central Bank, which has incurred huge losses on account of its non-performing assets (NPA) which stood at Rs. 2717.92 crores, forming 35.59 per cent of the total advances, according to industry sources.

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