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Business Briefs

Foreign bond rules

Mumbai, Sept. 23: The RBI has allowed Indian companies to issue bonds denominated in foreign currencies to overseas subscribers, which can be converted into shares of another company of the issuer group. The RBI has operationalised the scheme for such papers, called foreign currency exchangeable bonds, a notification for which was issued by the finance ministry in February.

New secretary

New Delhi, Sept. 23: Financial services secretary Arun Ramanathan has been appointed the finance secretary, a post which fell vacant after D. Subbarao moved to the RBI as the governor.

Zandu meet

New Delhi, Sept. 23: The CLB has allowed Zandu Pharmaceuticals to convene its AGM tomorrow but refrained the Mumbai-based firm to pass any resolution.

PF warning

New Delhi, Sept. 23: The EPFO may withdraw Rs 53,000 crore from the special deposit scheme if the finance ministry does not agree to the upward revision of interest rates under the scheme, labour minister Oscar Fernandes said.

ECB norms

New Delhi, Sept. 23: A day after relaxing the norms for external commercial borrowings (ECB) to infrastructure companies, the government said a committee would decide whether to liberalise the guidelines for other firms or not.


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