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Business Briefs

Debt market recast

New Delhi, July 11: A major debt market reform is on the anvil, which would allow companies to raise more resources through the issue of bonds, said Sebi chairman M. Damodaran. A high-level committee, headed by UTI AMC chairman R.H. Patil, will look into the legal, regulatory, tax and other issues related to the development of the corporate bond market.

IIP base year

New Delhi, July 11: The Centre has revised the base year of the index of industrial production (IIP) to 1999-2000 from 1993-94. Accordingly, the states and Union territories have been asked to follow suit for synchronisation.

BPL feud

Chennai, July 11: The company law board today adjourned for July 30 the hearings of the main petition filed by BPL group patriarch T.P.G. Nambiar against his son-in-law and CEO of BPL Communications, Rajeev Chandrasekhar.

Birla case

Calcutta, July 11: The birlas today claimed before Calcutta High Court that Birla Corp and other MP Birla group firms have not done well under Rajendra S. Lodha. Hence, they have sought the appointment of an administrator for the group.

Kinetic issue

Mumbai, July 11: The board of Kinetic Engineering Ltdhas approved a rights issue in the 2:1 ratio. It will be priced at Rs 40 per share of Rs 10 each, the company informed the Bombay Stock Exchange today.


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