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Since 1st March, 1999
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Business Briefs

Essar Oil rejigs bond plan

Mumbai, April 1: Essar Oil Ltd has decided to reschedule payment of its debentures worth Rs 568 crore. The company had made an application yesterday before the Gujarat High Court in Ahmedabad to call meetings of holders of 14 per cent secured redeemable non-convertible debentures of Rs 105 each to seek their approval, for implementing schemes of arrangement/compromise. As per the scheme, the principal will be repaid in eight equal annual instalments with a moratorium of four years after commissioning of the refinery.

Exports rise

New Delhi, April 1: The country’s exports grew 16.76 per cent to $ 46,070.50 million during the first 11 months of 2002-03 from $ 39,456.36 million in the previous year. Higher oil import bills widened the trade deficit by near 14 per cent to $ 7.8 billion. Imports rose by 16.31 per cent to $ 53,865.65 million during the period under review against $ 46,312.96 million in the first 11 months of 2001-02.

CCEA move

New Delhi, April 1: The Cabinet Committee on Economic Affairs (CCEA) on Monday approved two proposals — the introduction of a new non-plan scheme for reimbursement of Cenvat on hank yarn and the implementation of a centrally sponsored for livestock.

Selloff plan

New Delhi, April 1: The Disinvestment Commission has recommended sale of 49 per cent stake in Coal India’s mining consultancy subsidiary, Central Mine Planning and Design Institute, to a strategic partner. It has also recommended Karnataka Antibiotics, a joint venture of the Centre and the Karnataka government.

ICAI manual

New Delhi, April 1: The Institute of Chartered Accountants of India (ICAI), which begins the first phase of the implementation of the peer review board from today, released a peer review manual to chart out its working mechanism.

Paradip port

Bhubaneswar, April 1: Paradip Port Trust has registered a 12.7 per cent growth in traffic this year compared with the previous year. It handled an all-time record traffic of 23.82 million metric tonnes in 2002-03, surpassing its previous best of 21.13 million metric tonnes.

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