S. L. Kirloskar dead

Mr. Shantanu Laxman Kirloskar, the grand old man of Pune’s industry and patriarch of the Kirloskar group of companies, passed away in the early hours of Sunday at the N. M. Wadia Institute of Cardiology here. He was 91. Mr. Kirloskar’s nephew, Mr. Vijay Kirloskar, who is now Chairman-cum-Managing Director of Kirloskar Electric, Bangalore, will take over as head of the Rs. 1,000- crore Kirloskar group. Mr. Kirloskar was hospitalised on March 28 after he suffered a paralytic stroke.

BIFR locks horns with RBI

Sharp differences have surfaced between the Reserve Bank of India and the Board for Industrial arid Financial Reconstruction over their efforts to put an end to the growing recklessness on the part of banks and financial institutions while entering into one-time settlements with their borrowers. Sources say that while the RBI is of the opinion that a set of guidelines regarding the quantum and the manner of such settlements should be issued, the BIFR has pointed out that general guidelines cannot be implemented and that banks and FIs should have the freedom to decide on sacrifices on a case-to-case basis depending on the situation.

Telecom policy impasse may continue

The suspense over the new telecom policy is unlikely to be resolved for another two weeks. According to informed sources, the Chairman of the Telecom Commission, Mr. N. Vittal, left for Cairo last night to attend an International Telecommunications Union (ITU) conference on African Telecom. Mr. Vittal is expected to present a paper at the Cairo meeting on April 27.

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