The Telegraph
Since 1st March, 1999
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Business Briefs

New Delhi, April 8: Som Mittal, president and CEO of Digital Globalsoft, today took over as the chairman of National Association of Software and Services Companies (Nasscom) for the year 2003-04. Jerry Rao, chairman and CEO of MphasiS BFL, will be the vice-chairman for the year 2003-04 and S. Ramadorai, CEO of Tata Consultancy Services, would be vice-chairman for the period 2004-05.

Jessop sale

New Delhi, April 8: Disinvestment minister Arun Shourie today said the government was unable to appeal against the Calcutta High Court verdict quashing the sale of Jessop and Co to a private party as it was yet to get the order.

Electricity Bill

New Delhi, April 8: The government today moved the Electricity Bill 2001 in the Lok Sabha seeking to consolidate the laws relating to generation, transmission, distribution of power besides rationalisation of tariff in the states.

JV funding

Mumbai, April 8: The Reserve Bank has permitted banks to offer credit or non-credit facilities to Indian joint ventures (JV) or wholly-owned subsidiaries aboard up to 10 per cent of their unimpaired capital funds, both Tier I and II.

MF investment

Mumbai, April 8: Sebi has allowed mutual funds to invest up to 10 per cent of their net assets in equity of overseas listed entities, provided such foreign companies hold at least 10 per cent stake in any Indian listed company.

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