The Telegraph
Since 1st March, 1999
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Business Briefs

IDBI bill wins approval

New Delhi, Dec 15: Parliament today approved the Industrial Development Bank of India (IDBI) repeal bill to enable its conversion into a universal bank. The Rajya Sabha agreed to pass the bill, whose passage through the Lok Sabha had almost seen the BJP government toppled, after finance minister Jaswant Singh promised to pump in Rs 2,500 crore into the bank over a five-year time span to recapitalise it.

Sebi panel

Mumbai, Dec. 15: Securities and Exchange Board of India-appointed Narayana Murthy panel on corporate governance has suggested that the aggregate tenure of independent directors should be for a maximum period of nine years.

Rolta India

Mumbai, Dec 15: Rolta India Ltd has declared a dividend of Rs 3 per equity share for the year ended June 30. The company has appointed J. S. Dhillon, S. K. Shriguppi and S. R. Bhot as board directors.

Syntax stake

Bangalore, Dec. 15: US-based Total Outsource Inc has picked up a 40 per cent equity stake in Syntax Soft-Tech, the Bangalore-based IT consulting firm, for an undisclosed sum.

FDI approval

New Delhi, Dec 15: The finance ministry today permitted Twinstar Holdings of Mauritius to raise its stake in Sterlite Industries (India) from 55.17 per cent to 75 per cent at an investment of Rs 7.13 crore. The Sterlite deal was among a batch of 32 foreign direct investment proposals amounting to Rs 263.046 crore cleared by the Foreign Investment Promotion Board.

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