The Government is now planning to substantially reduce the proportion of the primary stock of Container Corporation of India (Concor) shares proposed to be offered in the form of GDRs. The proposal envisages increasing the percentage of secondary stocks to be hawked to well over eight million out of a total of 12.5 million shares. The change in the mix of primary and secondary stock will help the Government realise a slightly higher amount as disinvestment proceeds. According to the earlier proposal, the mix between primary and secondary stock was skewed in favour of Concor.

IBA evaluating banks’ responses on wage structure

Despite bank managements overwhelmingly favouring the continuation of industry- wide wage negotiation for the Seventh Bipartite Settlement, the Finance Ministry and the Indian Banks’ Association (IBA) feel that a dent in the present system could still be made by allowing a clutch of banks, which want to decide their own wage structure, to break away from the rest. “If some banks decide against giving their mandate to IBA for negotiating wages, they would be free to break away from the rest which have a common wage structure,” Finance Ministry officials said.

Laloo rules out resignation of RJD Ministers

The Rashtriya Janata Dal (RJD) President, Mr. Laloo Prasad Yadav, has ruled out the resignation of the three RJD Ministers from the Gujral Government. “They will not resign on their own. It is the prerogative of the Prime Minister to take a decision on the issue,” Mr. Yadav told newspersons when asked about the demand from United Front constituents for their resignation.

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