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Status quo at Jessop

Calcutta, May 19: A division bench of Calcutta High Court today stayed the order of a single bench that had nullified the sale of Jessop and Co to Ruia Cotex. It has asked all the parties involved in the case to maintain status quo as on date. The division bench comprising Chief Justice A. K. Mathur and Justice Jayanta Biswas directed the four appellants in the case to file paper books within two weeks and fixed the case for final hearing on June 17.

Tax mopup

New Delhi, May 19: Gross direct tax collections showed an impressive 19 per cent growth in the first month of this fiscal but net collection resulted in negative growth with refunds outstripping collections. Gross direct tax mopup stood at Rs 5,473 crore till April 2003-04 compared with Rs 4,587 crore in the previous year. Refunds stood at Rs 6,365 crore, 89 per cent higher than Rs 3,363 crore in the corresponding previous period.

Satyam tieup

Hyderabad, May 19: Hyderabad-based Satyam Computer Services Ltd has entered into a partnership with Yahoo to deliver solutions centred on Yahoo portal and messenger platforms.

Bayer merger

Mumbai, May 19: Bayer Cropscience India Ltd’s (BCIL) board has approved its merger with Bayer India Ltd (BIL) in a share swap ratio of five equity shares of BIL of face value of Rs 10 each for every three equity shares of BCIL of Rs 10 each. The merger would take place with effect from april 1, with all assets, liabilities and obligations of BCIL vesting with BIL, BCIL informed the Bombay Stock Exchange today.

Colgate payout

Mumbai, May 19: The board of Colgate Palmolive India Ltd will consider a proposal for a second interim dividend for 2002-03 at its meeting scheduled on May 28. The record date for an interim dividend has been fixed as June 18, the company informed the Bombay Stock Exchange today.

Oriental Bank

New Delhi, May 19: Oriental Bank of Commerce today said it will soon form a joint venture for its new business activity in non-life insurance sector. “We are scouting for a partner,” said B. D. Narang, CMD of the bank.


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