VSNL: Sukh Ram blames global coordinators

New Delhi: The Minister of State for Communications, Mr. Sukh Ram, has squarely blamed the global coordinators to the VSNL issue, Salomon Brothers and Kleinwort Benson, for the deferment of the Euro issue. Mr. Sukh Ram said that before launching the Euro issue, he had told the VSNL chief “if they (coordinators), are so confident about the share price, let them underwrite the entire issue.” But they were hesitant to do so. It was not proper to insist on it, since if the price obtained from the market was less, it would be a problem for them, he said.

Banking operations hit

Banking operations were disrupted across the country on Thursday with a section of bank officers going on a token strike, demanding better medical facilities and an additional increment as compensation for computerisation... Three of the 28 nationalised banks — Bank of Baroda, State Bank of Indore and the Oriental Bank of Commerce — functioned normally since the All India Bank Officers’ Confederation, the sponsors of the strike, has not more than a token presence in them.

PEL merger plan with UB draws flak

Palakkad: The proposed amalgamation of the Palakkad-based Premier Breweries Ltd. (PBL) with United Breweries Ltd. has been criticised by some shareholders of PBL. It is felt that the scheme, which allots four equity shares of

Rs. 10 each in UB for one equity share of Rs. 100 in PBL, is not an equitable one. Shareholders told Business Line that there were “serious infirmities” in the allotment ratio. PBL, incorporated as a public limited company in August 1970, started commercial production in 1973.

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