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Business Briefs

Bounced cheque penalty

New Delhi, Nov. 26: Parliament today approved a Bill providing stringent penalties, including imprisonment up to two years, for bouncing of cheques with the Rajya Sabha passing the measure with a voice vote. The Negotiable Instrument (Amendment and Miscellaneous Provisions) Bill, 2002, was passed with finance minister Jaswant Singh saying the issue of frauds and related crimes would be dealt with under the Indian Penal Code and not under the Bill.

Sebi panel

Mumbai, Nov. 26: A Sebi committee on employee stock option (Esops) has recommended that it should incorporate the definition of Esops in its guidelines as mentioned in Companies Act, 1956, revise the definition of fair value of stock option and disclose impact on profit and earnings per share.

Nicholas plan

Mumbai, Nov. 26: The board of Nicholas Piramal India Ltd is to consider a proposal to merge Global Bulk Drugs & Fine Chemicals Pvt Ltd with itself at the November 29 meeting.

Karnataka Bank

Mangalore, Nov. 26: Mangalore-based Karnataka Bank Limited has reduced interest rates for domestic and NRE rupee term deposits with effect from November 15.

Jet Air CEO

New Delhi, Nov. 26: Jet Airways has set up a new management structure, led by executive director Saroj Datta, following the resignation of its CEO Steve Forte with effect from December 1.


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