20 oct 2001
okays fdi proposals worth $79.1 m
delhi: the government has cleared 33 foreign direct investment
(fdi) proposals worth rs 3.8 billion ($79.15 million) across
the cleared projects include a rs 2.3-billion proposal by leather
footwear manufacturer dps universal ltd to establish a
wholly-owned subsidiary in west bengal. a rs 1.05-billion proposal
by uk-based tour and travel company thomas cook overseas ltd, to
raise its equity to 60 per cent from 40 per cent in its indian
subsidiary has also been cleared.
17 oct 2001
policy for fis
delhi: finance minister yashwant sinha on tuesday announced
that the government will henceforth pursue a "hands-on
policy" with regard to public financial institutions.
"we will constantly oversee their overall position and hold
their boards of directors and top management fully
accountable", sinha said while inaugurating the three-day
economic editors' conference here.
he clarified that the government will not interfere with the
day-to-day functioning of the financial institutions, but it will
keep a close watch, call for reports on their functioning and give
them the necessary advice and support.
sinha announced the constitution of a team of experts which will
regularly interact with him and other senior functionaries of the
finance ministry and advise on measures to reform and strengthen
the country's financial sector.
the team - comprising former sbi chairman m s verma, deepak parikh,
k.v. kamath of icici, ravi narayan of nse, ravi mohan of crisil,
c. bhave of nstl, omkar goswami of cii - will be a standing body.
relaxes buyback norms
delhi: the government on tuesday relaxed the norms allowing
companies to buyback their shares. the government decided to allow
buyback of up to 10 per cent equity by companies every six months
against the prevailing restriction of two years.
under the new norms, the board of directors of the company would
be authorised to approve to buyback shares up to 10 per cent of
its paid up equity capital and free reserves without any special
resolution. till now, promoters were allowed to hike their stake
by 5 per cent in a year.
15 oct 2001
reserves rise to $44,979 mn
india's foreign currency reserves have again inched towards the
$45 billion mark with a rise of $210 million at $44,979 million
for the week ended october 5.
the foreign currency assets (fca) rose by$102 million to $42,050
million in the reporting week, according to the reserve bank of
india's weekly statistical supplement.
the country's gold reserves also jumped by $108 million to $2,925
million. they had last shown a rise of $46 million at $2,817
million in the week ended august 31, 2001.
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