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Business Briefs

Lever buys out Modern

Mumbai, Nov. 28: Hindustan Lever Limited (HLL) has acquired the balance 25.99 per cent equity in Modern Foods Industries (India) Limited (MFIL) from the government for Rs 44.07 crore. In January, HLL had acquired 74 per cent of MFIL from the government, a company release said.

Credit Suisse

Mumbai, Nov. 28: Credit Suisse First Boston’s (CSFB) application for renewal of registration has been rejected by Sebi due to its “inextricable” link with the suspended broking firm, CSFB (I) Pvt Ltd.

VAT panel

New Delhi, Nov. 28: The empowered committee on value-added tax (VAT) today submitted its proposal on the nationwide tax regime to the Kelkar Task Force which is finalising the proposals for reforming the direct and indirect taxation system.

Videocon stake

New Delhi, Nov. 28: The Videocon group and Samsung Electronics have signed a pact whereby the Korean company will buy out Videocon’s 24 per cent stake in Samsung’s Indian operations for a consideration of Rs 200-250 crore.

Poddar arrest

Calcutta, Nov. 28: Ashok K. Poddar, the third defaulter in the Rs 120-crore payments scam that rocked CSE last March, was arrested today. He was taken into custody from the airport as he was returning to the city, travelling under an alias. With this, all the three defaulters—Harish Biyani, Dinesh Singhania and Ashok Poddar—are behind bars.


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