Norm for PSU bosses

New Delhi, Dec. 28: The government has stated that executives of state-run firms cannot take a sitting fee or share in profit from the subsidiaries and joint ventures of the company that employs them. Many directors in public sector companies in the past have taken a sitting fee, bonus, share in profit or stock options from the subsidiaries or joint ventures of their parent firms. “The same will apply to the government officials on boards of the central public sector enterprises,” the department of public enterprises said.

Power bid

New Delhi, Dec. 28: The Power Finance Corporation will invite financial bids tomorrow for the Rs 16,000-crore Tilaiya ultra mega power project in Jharkhand. In all, there are 11 pre-qualified bidders, including NTPC, Tata Power, Reliance Power, Lanco Infratech and Vedanta, vying for the 4,000MW power project.

Company rule

New Delhi, Dec. 28: The company affairs ministry is planning changes in the companies act to exempt firms with an equity capital of less than Rs 5 crore from having a full-time company secretary, a move that will benefit over 16,000 registered firms. A company secretary co-ordinates among departments of a firm.

RBI directive

Mumbai, Dec. 28: The Reserve Bank of India has asked state governments to impose adequate user charges on various services provided by them and restructure PSUs as investment in them are fetching low returns.

LIC scheme

Mumbai, Dec. 28: LIC Housing Finance has come out with a pan-India scheme of providing community dwelling units to benefit the aged as part of its social responsibility initiative.