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Samir Arora moves SAT

Mumbai, Oct. 17: Samir Arora, chief investment officer of Alliance Capital Fund, has filed a petition with the Securities Appellate Tribunal (SAT) challenging Sebiís order barring him from dealing in capital market until further orders for alleged involvement in insider trading. Arora filed an appeal against the regulatorís order last week and a tentative date for hearing the appeal has been fixed for October 28, SAT sources said today. On August 9, 2003, Sebi had barred Arora from dealing in securities, directly or indirectly, for alleged insider trading and non-disclosure of investments.

Inflation spirals

New Delhi, Oct. 17: A sharp 10 per cent increase in the price of vegetables coupled with costlier primary products, fuel and manufactured products marginally pushed up the inflation rate to 5.08 per cent for the week ended October 4. The point-to-point price change as measured by wholesale price index was 5.03 per cent in the previous week and it averaged to 5.02 per cent for the first six months of this year on provisional basis.

Ficci chief

New Delhi, Oct. 17: Yogendra Kumar Modi was today elected the next president of Federation of Indian Chambers of Commerce and Industry. Modi, chairman of YKM Holdings and the Great Eastern Energy Corporation, succeeds A. C. Muthiah.

Pendse probe

Mumbai, Oct. 17: On a plea made by Maharashtra government, the Mumbai High Court today stayed for four weeks its order asking CBI to probe the complaint filed by Tata Finance Ltd against its former managing director, Dilip Pendse, for allegedly cheating the company to the tune of Rs 400 crore.


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