Govt funds to revitalize co-op banks
New Delhi: Cooperative banks are likely to get Rs 8,000 crore fund infusion from the Central and state governments to tide over financial crisis.

"The committee appointed to look into the recaptalisation issue has arrived at Rs 8,000 crore to be pumped into cooperative banks for reinvigoration of the sector," official sources said on Tuesday.

The sources said the original demand was for Rs 10,000 crore but cooperatives were unable to shell out their share of Rs 2,000 crore.
Back to News Review index page  

Govt tightens postal ballot rules of companies
New Delhi: The Central government on Tuesday tightened the rules for passing company resolution through postal ballot. Department of Company Affairs (DCA) has issued a notification amending the Companies (Passing of the Resolution by Postal Ballot) Rules 2001, which comes into force immediately.

Companies are now required to advertise in newspapers and use registered mail to inform shareholders in far-flung places about the dispatch of postal ballot papers.
Back to News Review index page  

US company approaches PM for its dues
New Delhi: U.S.-based AES Corporation has sought the Prime Minister's help to settle its grievances.

In a letter to Atal Bihari Vajpayee, AES President Dennis W. Bakke said his company's determination to continue in India was being tested by the Orissa government.

The letter was dated October 1 and reportedly faxed to the Prime Minister's Office.

The Virginia-based energy company operates two power plants in Orissa, holds 49 percent of the Orissa Power Generation Corporation and manages the main power distribution company in the state.
Back to News Review index page