Sorrell pay hike rejected

Dublin/ London, June 13: Investors in the world’s biggest advertising agency WPP rejected chief executive Martin Sorrell’s £6.8 million ($10.6 million) pay award, after he sought to defend a big rise unlike some other British bosses who have taken cuts. Almost 60 per cent of shareholders voted against WPP’s remuneration report at an annual meeting in Dublin on Wednesday.

Britannia probe

New Delhi, June 13: Britannia Industries has initiated an internal probe over alleged irregularities committed by some of its staff and 10 employees have already been put on notice. The firm, however, did not specify the financial impact of the alleged irregularities nor the positions of the employees who are on notice.

CIL row

New Delhi, June 13: UK-based The Children’s Investment Fund — the biggest foreign investor in Coal India (CIL) — today warned CIL of legal recourse if the PSU failed to meet the June-end deadline to set the coal price in the fuel supply agreement at market level.

Diesel cars

New Delhi, June 13: The department of heavy industries will soon write a letter to the finance ministry opposing the oil ministry’s proposal to hike excise duty on diesel cars, an official said.

Moser Baer

New Delhi, June 13: Moser Baer India is looking to restructure foreign currency convertible bonds worth $150 million, maturing this month.