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Since 1st March, 1999
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Business Briefs

Centre to cap Esop

New Delhi, June 10: The government proposes to limit the amount of equity a company may offer under an employee stock option (Esop) scheme to 5 per cent of the capital after the issue is made. The government has laid down guidelines for companies wanting to issue Esops in the Companies (amendment) Bill 2003, adding that in the case of listed companies, Sebi norms on Esops will be applicable instead.

Colgate net up

Mumbai, June 9: Colgate-Palmolive India Ltd has posted a 27 per cent rise in net profit at Rs 88.7 crore for the last fiscal compared with Rs 69.8 crore in 2001-02. It has already declared two interim dividends totalling Rs 4.25 per share with an aggregate pay-out of Rs 61.3 crore for 2002-03.

Trai move

New Delhi, June 10: Trai would begin open house discussion on interconnect user charge from June 16. Open houses have been scheduled on June 16 in Bangalore, June 17 in Mumbai, June 20 in Calcutta and June 24 in Delhi.

IRDA chairman

Hyderabad, June 10: Seasoned bureaucrat C. S. Rao today took over as chairman of Insurance Regulatory and Development Authority (IRDA). He succeeds N. Rangachary, who demited office yesterday after guiding the regulatory body since its inception in 1996.

First for RBI

Mumbai, June 10: K. J. Udeshi today took charge as deputy governor of Reserve Bank of India, becoming the first woman to hold the position. Udeshi, who succeeds G. P. Muniappan, would hold charge till October 12, 2005 when she attains the age of 62 or until further orders, the Reserve Bank said in a release here.

Sebi warning

Mumbai, June 10: Sebi today cautioned investors in collective investment schemes (CIS) against accepting post-dated cheques from CIS entities as it may give false impression of guaranteed repayment of money.

Intel plan

Bangalore, June 10: Intel Corporation is looking at India as a major hub for chip design besides developing software for its architecture, said Paul S Otellini, president and chief operating officer.

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