The Telegraph
Since 1st March, 1999
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Business Briefs

Syngenta offer for Indian arm

Mumbai, Nov. 5: Switzerland-based Syngenta South Asia is making an open offer to acquire up to 1,56,15,214 fully paid up equity shares representing 49.01 per cent stake of Syngenta India Ltd (SIL) at Rs 130 per share. The offer opens on December 30 and closes on January 28, 2003, the company informed the BSE and added that the face value of the share was Rs 5. If the public shareholding is reduced to 10 per cent or less of the voting capital of SIL, then the entity will be delisted from stock exchanges.

NRI sops

Mumbai, Nov. 5: The RBI has removed the lock-in period for repatriation of the sale proceeds of immovable property purchased in India by non-resident Indians or persons of Indian origin.

EPF housing

New Delhi, Nov. 5: The government will launch a housing scheme for members of the Employees Provident Fund (EPF) on December 25, as part of its commitment to provide “housing for all”.

BSNL tariff

New Delhi, Nov. 5: Cellular operators have sought Trai’s intervention on the issue of Bharat Sanchar Nigam Ltd’s (BSNL) cellular tariffs, saying the package allowed by the regulator to the corporation was ”predatory” and “discriminatory”.

Central Bank

Mumbai, Nov. 5: The Central Bank of India has decided to reduce its prime lending rate (PLR) by 1 per cent in two phases which will come into effect from December 1 and the second from April 1, 2003.

Andhra Bank

Mumbai, Nov. 5: Andhra Bank proposes to return Rs 50 crore of the capital to the Union government during the financial year 2002-03.

Direct tax

New Delhi, Nov. 5: The government appears not to be in favour of adopting the “big-bang” approach suggested by the Kelkar panel for lifting all direct tax exemptions in one go.

Reliance move

New Delhi, Nov. 5: Reliance Industries has acquired Canadian Niko Resources Ltd’s 10 per cent stake in 10 out of the 12 oil and gas blocks the consortium won in the first round of NELP.

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