Freeze on local banks
Mumbai, Aug. 26: The Reserve Bank of India will not issue any new licence for a local area bank (LAB). RBI has taken this step to strengthen the existing LABs. LABs with their present capital base of Rs 5 crore cannot become viable institutions and the existing LABs would be required to reach a net worth of at least Rs 25 crore over a period of five to seven years for attaining viability.
Mumbai, Aug. 26: Sebi today asked listed companies to comply with amended listing guidelines, including improved financial disclosures and proceeds of public offerings, by March 2004.
Bilt net up
New Delhi, Aug. 26: The net profit of Ballarpur Industries Ltd (Bilt) for 2002-03 rose by 37.7 per cent to Rs 98.2 crore. Revenue was up by 37.6 per cent at Rs 2,115.8 crore.
Relief to Coke
New Delhi, Aug. 26: Mumbai High Court yesterday lifted an earlier order by the Maharashtra Food and Drug Administration prohibiting sale of a particular batch of products from the Pune plant of Hindustan Coca-Cola Beverages. The high court issued the order after receiving test reports of Coke, Limca, Thums Up and Sprite which met the Indian, WHO and European standards.
New Delhi, Aug. 26: Former Prime Ministers, V. P. Singh, H. D. Deve Gowda and I. K. Gujaral, today said that they will oppose any move by the government to toe the line of developed countries at the Cancun ministerial meeting in a manner that may be detrimental to the interests of the country.