The Telegraph
Since 1st March, 1999
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Business Briefs

Ketan Parekh gets bail

Calcutta, April 19: Ketan Parekh, leading Mumbai stock broker and alleged to be involved in the Rs 120-crore scam at Calcutta Stock Exchange in March 2001, was today granted bail by chief metropolitan magistrate S. C. Misra. After spending over 90 days in custody, Parekh was granted bail as Calcutta police failed to file a charge sheet against him during this period. The bail was granted on two sureties of Rs 12,000 each with a condition that he would have to report to police once a week.

FII norms

Mumbai, April 19: The Reserve Bank of India (RBI) is raising the threshold limit beyond which foreign institutional investors and non resident Indians are required to obtain prior clearance from it before investing in the equity of domestic companies having equity base of Rs 1000 crore and more. This threshold has now been increased to 0.5 per cent below the limit up to which non-resident investments are permitted in such companies. Currently, this limit is at 2 per cent below the applicable limits.

Ceat deal

Mumbai, April 19: Tyre major Ceat Ltd, a RPG group company, will merge the rubber business of Kochi-based Harrisons Malayalam (HML) with itself in exchange of 95.03 lakh equity shares of Rs 10 each to HML and 36.91 lakh equity shares to HML shareholders, subject to mandatory approvals.

Forex reserves

Mumbai, April 19: India’s foreign exchange reserves surged by $ 711 million at $ 75,751 million during the week ended April 11. The foreign currency assets of the country grew by $ 711 million at $ 72,213 million during the period under review.

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