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Business Briefs

Selloff policy slammed

New Delhi, April 21: The standing committee on finance, unhappy with the “casual” manner in which public sector undertakings were being sold, today asked the government to frame a comprehensive selloff policy. It dubbed the February 2003 document as the second edition of a draft the government had dished out earlier. “It was, as admitted by them just a collection of the finance minister’s speeches and other policies announced from time to time,” the panel said.

Rail grants

New Delhi, April 21: The Lok Sabha today passed the Demand for Grants and the Railway Appropriation Bill for 2003-04. Replying to a debate, railway minister Nitish Kumar said safety of passengers would be given the highest priority and funds would not be a constraint for this purpose.

Dabhol case

Mumbai, April 21: The Indian lenders of the Dabhol Power Company today discussed various options, including seeking a stay on the international arbitration proceedings initiated by the foreign lenders in London.

Essar Steel

Calcutta, April 21: Essar Steel Ltd has achieved a record growth of 32 per cent in sales volume at 4.73 lakh tonnes in the quarter ended March 31, 2003 against 3.59 lakh tonnes during the previous corresponding period.

Balco staff

New Delhi, April 21: The standing committee on finance today asked the government to take stern action against the management of privatised companies for failing to comply with their commitments to employees, a problem brought to the fore by defaults on the part of Balco owners.

Tea auction

Calcutta, April 21: The Calcutta Tea Traders Association will hold tea auctions on Tuesday. Tea trade has been affected today across the country following the two-day agitation by tea traders in protest against the 12.5 per cent tax slab under the value-added tax regime.

ABB India

Bangalore, April 21: The name of ABB’s listed company in India has been changed from Asea Brown Boveri Limited to ABB Limited in line with the group’s global identity.


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