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Business Briefs

Lever bonus gets nod

Mumbai, Dec. 19: The Bombay High Court has approved the Scheme of Arrangement between Hindustan Lever (HLL) and its shareholders for issue of bonus debentures and payment of special dividend. The arrangement had earlier been approved by shareholders on August 9 at a court-convened meeting. It provides for issue of bonus debentures, from the General Reserves, for Rs 1,321 crore in the ratio of one bonus debenture of Rs 6 for every share of Re 1 and a special dividend of Rs 2.76 per share of Re 1.

Income Tax

New Delhi, Dec. 19: In an important ruling relating to levying of interests on undisclosed income by income tax authorities, the Supreme Court has held that it would become payable from the date charged on the disclosed income.

Budget session

New Delhi, Dec. 19: The Budget session of Parliament is likely to begin on February 17. The session will have a four-week break from mid-March. It will end in May.

Rupee hardens

Mumbai, Dec. 19: The rupee breached the psychological 48.10-dollar barrier and spurted to the year’s new closing peak of Rs 48.0800/0850 per dollar on the back of sustained strong trade inflows and a lingering weak dollar against other currencies.

BoI notice

Mumbai, Dec. 19: Bank of India (BoI) has served notices to 640 defaulters under the Securitisation Ordinance for recovery of over Rs 200 crore.

Indian Rayon

Mumbai, Dec. 19: Indian Rayon & Industries has signed an agreement with Citibank to provide two-way fungibility facility for its American and global depository receipts.

Selloff policy

New Delhi, Dec. 19: A parliamentary standing committee today demanded that the government come out with a comprehensive policy to inject transparency in the privatisation process.

Sugar price

New Delhi, Dec. 19: Prime Minister Atal Bihari Vajpayee said that the Centre will raise the statutory minimum price for sugarcane from Rs.64.50 to Rs.69.50 per quintal.


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