Court bar on finance company
Mumbai, Sept. 5: Sanchayani Savings and Investment Company Ltd has been directed by the Supreme Court to follow the Reserve Bank of India (RBI) order not to accept deposits from the public and to stop forthwith the said business. By an order dated August 19, 2002, the Supreme Court directed the company to strictly comply with the RBI order of May 10, 1997. It further directed that the status quo, which had been ordered by the Supreme Court on September 18, 2000 does not come in the way of strict compliance of the Bank’s order dated May 10, 1997 passed against the company.
Mumbai, Sept. 5: Carrier International will make a final offer to the shareholders of its Indian subsidiary Carrier Aircon to acquire 20.71 lakh shares (8.84 per cent stake) at Rs 100 per share, paving the way for delisting the company from the exchanges. The offer will open on September 9 and close on March 7, 2003.
Mumbai, Sept. 5: The Securities Appellate Tribunal has rejected an appeal by stock brokers Harinarayan Bajaj and Rahul H. Bajaj seeking extra information from the Securities and Exchange Board of India about investigations into alleged manipulation in Amara Raja Batteries Ltd’s stock in 2001.
New Delhi, Sept. 5: The sub-committee of VSNL, which is reviewing the controversial decision to invest Rs 1,200 crore in Tata Teleservices Ltd, is likely to hold its next meeting on September 11.