NTPC, Rlys sign pact on power plants
New Delhi: The National Thermal Power Corporation (NTPC) will create an additional capacity of 2000 MW from its joint venture with the Indian Railways by setting up power plants to meet the energy requirements of the Railways. The projects are likely to be commissioned in around five years time.

Besides capacity addition, the tie-up will help the Indian Railways save close to Rs 1,000 crore annually on their energy bill.

The investment requirement in the joint venture, which will be financed through a debt equity ratio of 70:30 would be around Rs 8,000 crore. The Railways and NTPC will hold 50 per cent of the equity each. However, the MoU also allows for entry of new partners in the venture besides setting up of subsidiaries.
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Govt receives bids for SCI stake
New Delhi: At least six shipping companies, including Malaysia International Shipping and Essar Shipping, have put in their initial bids for acquiring the government's 51 per cent stake in Shipping Corporation of India.

Others in the fray include Great Eastern Shipping, Videocon, and Shreyas Shipping.

Canada's Teekay Shipping is also believed to have bid for acquiring government's stake in SCI, which has a fleet of 94 ships, about 40 per cent of India's total shipping fleet by tonnage.
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Mauritius turns down Sebi request
New Delhi: Mauritius offshore business activites authority has turned down Sebis request to share information related to the Indian stock market scam.

The Mauritius authority infomed Sebi that the investigations carried out by Sebi fell outside the ambit of offences under MOBA Act for disclosure order and hence the authority was not in a position to provide Sebi with information sought by it.

Sebi has now approached director of economic crimes office of Mauritius to look into the issue.

Sebi had requested MOBAA to provide information on names of actual beneficiaries of overseas corporate bodies, sources of funds that had been used for carrying out the transactions, how the funds remitted to Mauritius had been used, whether the net worth of directors/stakeholders of these companies were sufficient enough to carry out transactions.
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Govt limits company loan to directors
New Delhi: The government has limited company loans to its directors to 25 times the gross salary in the last six months and pegged the interest rate to more than 4 per cent of RBIs bank rate.

The stringent guideline said the loan proposal to a director should be approved by the companys board with a certified copy of such a resolution.
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SCI seamen to go on strike on 22 Feb
Kolkata: The CITU-sponsored union of seafarers from the Shipping Corporation of India has given a call for a day's strike on 22 February in protest against the centre's move to disinvest SCI shares.

Those working in the high seas have been asked to demonstrate before the captain's chamber in the vessel and have their protest entered in the log book.
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