REC to issue bonds

New Delhi, Dec. 26: Conceding to the demands of investors, the finance ministry has allowed Rural Electrification Corporation (REC) to issue additional tax-saving capital bonds worth Rs 3,500 crore this fiscal. REC and National Highways Authority of India were permitted in June to issue bonds for Rs 4,500 crore and Rs 1,500 crore, respectively.

IndusInd Bank

Mumbai, Dec. 26: IndusInd Bank has received RBI approval to open 19 branches to expand operations, especially in the Northeast. This is in addition to the 21 licences the bank had received from the RBI this year.

Sebi order

Mumbai, Dec. 26: Sebi today prohibited Pentamedia Graphics, which had issued fake share certificates in 2004, from accessing capital markets or dealing in securities, in any manner, directly or indirectly, for two years.

Coal sector

New Delhi, Dec. 26: The finance ministry has refused to grant infrastructure status to the coal mining industry, while also rejecting a proposal from the coal ministry to give tax sops to mining firms and increase the limit of overseas debt these companies can raise.

Steel tussle

Madrid, Dec. 26: ThyssenKrupp has gone to court against Mittal Steel in the Netherlands, accusing it of breaching a letter agreement over the sale of Dofasco to ThyssenKrupp.