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Business Briefs

IDBI buys Tata Fin subsidiary

Mumbai, Sept. 8: IDBI today completed the takeover of Tata Home Finance Ltd, a Tata Finance subsidiary, by acquiring 100 per cent equity. Tata Homefinance would now be a fully-owned subsidiary of IDBI and the name would change to IDBI Home Finance after obtaining necessary legal approvals The deal was initiated on May 30, 2003, with the signing of a share purchase agreement with TFL after Icra Advisory Services conducted the due diligence exercise. The acquisition of THFL was a step towards proposed transfiguration into a commercial bank.

Tax returns

New Delhi, Sept. 8: The government today extended the last date for filing tax deducted at source returns by a month to November 30 in respect of tax deducted in 2002-03.

BSE move

Mumbai, Sept. 8: The BSE will shift 667 scrips to “Z” category where transactions are conducted on “trade-to-trade” basis, this week, to protect investor interests. The action was initiated for non-compliance of listing agreement provisions and as a surveillance measure.

Volvo plan

Calcutta, Sept. 8: Volvo India plans to export components worth Rs 100 crore by December this year, managing director Ulf Nordqvist has said. The company, which launched a host of models here today, plans to grow 15 per cent in the current year.

WiLL wrangle

New Delhi, Sept. 8: Cellular operators may go back to the telecom tribunal to plead for enforcement of the WiLL order, in an attempt to ensure that the limited mobile handsets are restricted within the local area.


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