The Telegraph
Since 1st March, 1999
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Business Briefs

Finance panel chief

New Delhi, Oct. 31: The finance ministry cleared the name of Andhra Pradesh governor C. Rangarajan to head the Twelfth Finance Commission, which would recommend sharing of resources from central pool of taxes between the Union and states during 2005-10. The finance ministry has sent the proposal to the law ministry for vetting the appointment of Rangarajan by president A. P. J. Abdul Kalam, official sources said. The ministry also cleared the names of outgoing cabinet secretary T. R. Prasad and NIPFP economist D. K. Srivastav, as members of the commission.

ITC units

Calcutta, Oct. 31: ITC is merging its paper and paperboards manufacturing divisions Bhadrachalam Paperboards and Tribeni Tissues. The integrated division, to be called Paperboards and Specialty Paper Division, will be operational from Friday.

Fiscal deficit

New Delhi, Oct. 31: The Centre has been able to rein in its fiscal deficit at Rs 57,746 crore during the first six months of the current fiscal, which is 42.6 per cent of the Rs 1,35,524 crore budgeted for entire 2002-03, mainly due to improvement in revenue mop up.

McDowell suit

Mumbai, Oct. 31: The Mumbai High Court today admitted a suit filed by the United Breweries group company McDowell and Co Ltd urging for an order to restrain South African Breweries from acquiring, directly or indirectly, shares or control of Shaw Wallace Breweries Ltd or Shaw Wallace Distilleries Ltd, Skol Breweries Ltd or Maharashtra Distilleries Ltd.

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