SEBI holds back SGML issue

The Securities and Exchange Board of India has ordered Shrijee Cotton Mills Ltd (SCML) to postpone its public issue indefinitely. The lead managers have been directed by SEBI to provide further information about the company and the promoter which was not given at the time of filing the prospectus. The issue thus stands postponed till the information is disclosed in a revised prospectus. The public issue of the company was being offered at a premium of Rs. 10 aggregating Rs. 5 crores. The issue was scheduled to open for public subscription on Tuesday, May 1 ft. with the earliest closing date being May 19.

Speaker applies guillotine, demands for grants passed

With the Lok Sabha Speaker, Mr. Shivrai Patil, coming to the rescue of the Government, the House today voted the demands for grants of all the Ministries without taking up any of the cut motions including those tabled by the dissident Congress (I) member. Mr. Rangarajan Kumaramangalam. The Opposition staged a walkout as Mr. Patil overruled their demand for postponing the 'guillotine' to enable the token cut motions of Mr. Kumaramangalam to be discussed and put to vote.

FICCI-Assocham merger on: Rungta

Serious differences have erupted between the Associated Chambers of Commerce and Industry (Assocham) and the Federation of Indian Chambers of Commerce and Industry (FICCI) over rumours about their merger. While Assocham yesterday categorically denied any such moves, the President of FICCI, Mr. A. K. Rungta, in a hurriedly convened press briefing today debunked the former's claims and maintained that “informal talks” on the merger issue were actually on.

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