RH Patil to head divestment commission
New Delhi—The divestment commission has been reconstituted by the government and will be under the chairmanship of RH Patil, chief of Clearing Corporation of India. The divestment commission will have a two-year term and will advise the government on various aspects of divestment of public sector companies.
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MD Carrier Aircon resigns
New Delhi—Anil Srivastava MD, Carrier Aircon has resigned. G Raghavan, who has been designated president, will replace him.

Srivastava will continue to be on the board of the company in an advisory capacity.
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Daewoo execs slapped with jail terms, fine
Seoul—Nineteen former Daewoo group officials have been sentenced to jail terms and fines for their roles in distorting financial records.

The jail sentences are up to a maximum term of seven years and fines add up to a total of 25 trillion won (19.16 bn)

The fines are among the largest ever levied in Korea in light of the massive movements of capital offshore and illegal foreign loans authorized by the executives Seoul district court judge Jang Hae Chang said while handing out the sentences.

He added that the collapse of the Daewoo group due to mismanagement of the company officials through imprudent and illegal loans caused huge damage to the Korean economy and disrupted Korean society as a whole.

Those sentenced to terms of three to seven years included two former chairmen of trading firm Daewoo Corp, a former Daewoo Motor chairman and a former chairman of Daewoo Electronics.
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Five top executives sacked at Tata Finance
Mumbai—Reportedly, five top executives in the rank of executive presidents and vice presidents in the corporate finance and treasury divisions of Tata Finance and its subsidiary Nishkalp Investments and Trading have been asked to resign for mismanagement of funds. Nishkalp Investments, the Tata Finance stock investment arm, has incurred huge losses estimated at Rs 80 crore during the year ended June 2001. Market sources say that apart from the five who have asked to resign others are also involved in the faulty decisions.

To avert the wrath of the shareholders of Tata Finance the top management of Tata have proposed that Nishkalp be converted into separate company in which Tata Finance will have a 51 percent shareholding.
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