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Since 1st March, 1999
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Business Briefs

Boeing chief resigns

Chicago, Dec. 1: Boeing Co chairman and CEO Phil Condit has resigned, the aerospace manufacturer said today in a surprise announcement. The company’s board accepted Condit’s resignation after deciding “a new structure for the leadership of the company is needed”, according to a Boeing statement. The board named Lewis E. Platt, former Hewlett-Packard Co president, CEO and chairman, as non-executive chairman and Harry C. Stonecipher, former Boeing vice chairman, president and chief operating officer, as president and CEO, effective immediately.

Cabinet meet

New Delhi, Dec. 1: The Union cabinet, meeting tomorrow ahead of Prime Minister’s foreign tour, is expected to take some far-reaching economic decisions like approval of bids for 21 blocks under NELP IV, mega power projects and fixing minimum support price for sugar, besides prepayment of Rs 523 crore government loan to Kaiga and Rajasthan nuclear power plants.

Cipla fine

Mumbai, Dec. 1: Pharmaceutical major Cipla Limited has received notices from National Pharmaceutical Pricing Authority (NNPA), ministry of chemicals and fertilisers, seeking a fine of Rs 76.75 crore on account of alleged overcharging of drugs from July 2000 to July 2003.

Airport bid

New Delhi, Dec. 1: The government today decided to scrap the tenders to appoint a financial consultant for privatisation of Delhi and Mumbai airports and invite fresh bids within a fortnight, highly-placed sources said.

Gammon arm

Mumbai, Dec. 1: Gammon & Billimoria Ltd, construction and infrastructure company, has become the subsidiary of Gammon India Ltd.

Aurobindo issue

Mumbai, Dec. 1: Aurobindo Pharma Ltd will issue up to 31 lakh equity shares of Rs 5 each at Rs 302 per share aggregating Rs 93.62 crore on preferential basis. The price of Rs 302 is in accordance with Sebi guidelines for preferential issue, the company said.

Tata Fin plan

Calcutta, Dec. 1: Tata Finance Ltd has converted Rs 300 crore of advances received from Tata Sons Ltd and Tata Industries Ltd into equity.

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