MR. Rajan Pillai, the NRI tycoon who secured bail on Friday, says he wants to rebuild the snack foods empire which he built up from his base in Singapore. Mr. Pillai, who fled Singapore in the second week of April following an arrest warrant issued against him on charges of cheating, says that while fighting the extradition case he would also slowly start rebuilding his business. Having closed all his business deals in Singapore in 1993, Mr. Pillai would now have to focus on the Bangkok-based Thai Foods which he acquired early this year, and a project in India. Mr. Pillai's plan would essentially revolve around buying time while fighting the extradition case. The Additional Chief Judicial Magistrate of Thiruvananthapuram has sent notices to the Government of India and the CBI.

BSE shifts PSU shares to ‘A’ group

The BSE has decided to shift scrips of 15 firms to the specified group effective from settlement No.4 (A) of 1995-96. Trading will commence in them from May 5. The scrips are of Arvind Mills, Ballarpur Industries, BHEL, HPCL, IPCL, IFCI, Jindal Iron and Steel, MTNL, Mangalore Refineries, Madras Refineries, Reliance Capital, SBI, SAIL, Titan Industries and UTI-Masterplus 91.

SEBI partial to TCS?

Has the Securities and Exchange Board of India forgotten its directive to Tata Consultancy Services (TCS), a division of Tata Sons Ltd, while clearing the prospectus of public issues for which TCS is the Registrar? TCS, whose certificate of registration to act as a Registrar to an issue and Share Transfer Agent expired on August 5, 1994, is still being allowed to continue as Registrar. SEBI has not cleared the TCS application for renewal of its certificate stating that the latter has “failed to apply in time”.

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