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SEBI to issue show-cause notice to CSE
The SEBI board has decided to issue a show-cause notice to the Calcutta Stock Exchange (CSE) under Section 11 of the Securities Contracts (Regulation) Act asking as to why the CSE governing board should not be superseded in view of the findings of a three-member SEBI team which inquired into the affairs of the exchange between April 18 and 22 last. According to a SEBI press release issued in Bombay today, the report of the inquiry team had been submitted to the SEBI board on May 16, and was discussed by the latter at its board meeting on Thursday. The board, it is stated, took a serious view of the findings, especially in respect of the “arbitrary and ad hoc manner of functioning” of the stock exchange which has serious repercussions on investors’ confidence in the capital market.
ICICI drawing up 10-year corporate plan to go global
Investment intentions tend to be good with sanctions and disbursements continuing to rise in recent months, according to Mr. N. Vaghul, Chairman of ICICI. But he added new projects are still at a discount with increased investments in expansions and modernisations. An analysis of project finance shows that expansion and modernisation schemes accounted for around 75 per cent of all project approvals.
IA offers 45% PF hike to engineers
The Indian Airlines management has offered a total of 45 per cent hike in the provident fund pay to the striking engineers of the airline. The engineers are yet to respond to the offer. The engineers held another round of informal talks with the management today, but they are likely to take a decision only after holding consultation with association representatives from other centres.
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