The Telegraph
Since 1st March, 1999
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Business Briefs

Norms on ARCs in place

Mumbai, April 23: To facilitate the smooth formation and functioning of securitisation, the Reserve Bank today issued final guidelines and directions for setting up of asset reconstruction and securitisation companies. These firms should raise their funds through instrument of security receipts given by the trust or trusts set up by these entities, the RBI said in a notification here. These guidelines have been finalised based on the feedback received from the financial sector players.

EPF rate

New Delhi, April 23: The finance and investment sub-committee of Employees Provident Fund Organisation today pitched for interest subsidy from the government while deferring any decision on revising the interest rate on provident fund for the current fiscal.

Telecom case

New Delhi, April 23: The Telecom Dispute Settlement Appellate Tribunal today adjourned the hearing on limited mobility case to Monday since Supreme Court will hear the Centre’s plea against TDSAT’s order on April 25. The order has asked the government to make public official notings pertaining to its policy on the limited mobility issue.

Bank strike

Calcutta, April 23: Bengal Provincial Bank Employees Association, the state unit of All India Bank Employees Association, has called a state-wide strike in West Bengal on April 25.

Fascel stake

Mumbai, April 23: Kotak Mahindra Bank, along with its subsidiary, has sold its per cent stake in Fascel, the cellular telecom provider in Gujarat, to Usha Martin Telematics for Rs 92.44 crore.

Bilt net up

New Delhi, April 23: Ballarpur Industries Ltd (Bilt) has reported a rise of 3.5 per cent in net profit to Rs 17.95 crore for the third quarter ended March 31 as against Rs 17.34 crore in the corresponding previous quarter. Turnover grew by 1.5 per cent at Rs 382.22 crore compared with Rs 376.62 crore last year, a Bilt release said.

Grasim offer

Mumbai, April 23: Sebi today allowed Grasim Industries to make an open offer to L&T shareholders to acquire up to 20 per cent stake at Rs 190 per share.

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