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Business Briefs

City gas bid

New Delhi, Sept. 11: Petroleum and Natural Gas Regulatory Board chairman L. Mansingh said the bidding process for city gas distribution networks would begin next month and authorisation for the networks would start by March. The board would release the technical specifications in a few days.

Cheque fee

Mumbai, Sept. 11: The RBI has proposed to put a ceiling on charges for the collection of outstation cheques ranging from Rs 25 to Rs 100 depending upon the value. Under the scheme, a bank will not be allowed to charge more than Rs 25 for collection of outstation cheques up to Rs 10,000.

Sebi move

Mumbai, Sept. 11: Sebi has proposed to introduce e-trading in rights issues to help people with demat accounts to buy and renounce the rights entitlements on electronic platform.

Indian Hotels

Mumbai, Sept. 11: Indian Hotels Company Ltd has launched its new hospitality brand, Gateway. The company is planning to have 50 properties under this brand in three years. Already 16 hotels of the company have migrated to this brand.

Insider trade

New Delhi, Sept. 11: The Supreme Court has upheld Securities Appellate Tribunal’s ruling, which held Wockhardt’s chief financial officer Rajiv B. Gandhi and others guilty of insider trading. The bench rejected Gandhi’s plea challenging the tribunal’s judgment to uphold the penalty imposed by Sebi for violation of its regulations.

Aviva capital

New Delhi, Sept. 11: Aviva Life Insurance has announced an increase in its capital base by Rs 344.3 crore to meet its growth plan for the year. The fresh investment will raise the insurer’s total paid-up capital to Rs 1,348.8 crore.

Glaxo rights

New Delhi, Sept. 11: The Supreme Court has asked the joint controller of patents to reconsider GlaxoSmithKline Plc’s appeal for exclusive marketing rights for anti-diabetic drug compound rosiglitazone.


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