Telecom tangle remains unsolved
New Delhi: The Delhi high court, hearing a public interest litigation on the telecom package offered by the government to private operators, did not give any ruling. It simply asked the operators if they would be willing for implementation of the new policy after the next Parliament ratifies it.

The court told the operators that it will allow the continuation of the package if the operators are agreeable to it being placed before the new parliament. It also wanted the operators to give an undertaking that the policy will come into force only if the parliament ratifies it.

The court also clarified that there is no stay on the collection of licence fee arrears. The existing operators have to pay the arrears in order to shift to the revenue-sharing pattern. The court has kept the next hearing on 10 August.

The Cellular Operators Association of India, meanwhile, said it has accepted the court's suggestion . "We respect the court order. We have full faith in parliament that it would stand by the policy. It is one of the policies drafted, and done in a transparent manner," COAI executive chairman T.V. Ramachandran said.
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SBI to have an ADR issue
Mumbai: State Bank of India has decided to adopt the generally accepted accounting principles of the US for its accounts with a view to finally launch an American Depository Receipts issue some time next year. The bank has already raised $370 million through a global depository receipt issue in October 1996 and the proposed ADR , the bank expects, will enable it to maintain its capital adequacy ratio at 12 per cent at all times.

The Economic Times, in a report said, that the bank is planning market shows and road shows in the US in November, in preparation for the ADR.
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Reliance Capital told to provide FDI details
New Delhi: The government has sought details of investments planned by foreign investors in the two mutual funds proposed by Reliance Capital Asset Management. The two funds, Reliance Assured Income Fund and the Reliance Growth Fund, will not be allowed to have foreign investment until this information is provided.

Industry ministry sources said the application from Reliance Capital Asset Management for grant of approval for foreign equity in the two funds does not contain this critical information.
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Moody's may retain same rating for India
New Delhi: Moody's Investor Services in all probability will maintain India's sovereign rating at Ba2 at the next review later this year. This has been indicated by Moody's president John Rutherford.

Mr Rutherford said the concerns that governed the last rating on India, by and large continued to remain. "At the moment, the outlook is to assign the same rating," he said.
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RBI sells $156.7 million in June
Mumbai: The Reserve Bank of India has sold a net amount of $156.75 million in June 1999 in the course of its market operation in foreign exchange market.

A RBI bulletin said the central bank had bought $2.348 billion and sold $2.504 billion during the month. The net outstanding forward sales at June 1999 end is $972 million, the RBI said, which is up from May $732 million.
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