M S Oberoi passes away
New Delhi: Indias hoteliering tycoon M S Oberoi died peacefully in his sleep at the age of 103.

Only a few days before his death, his surviving son, 72-year-old PRS Oberoi, was drawing up a succession plan for the group's chain of business and leisure hotels.

Oberoi is credited with having created India's first luxury hotel with an international tie-up with Inter-Continental in Delhi, built Bombay's tallest building, and spreading out of the country to own and manage international quality hotels from Cairo to Melbourne.
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Templeton among FDI plans cleared
New Delhi: The government has cleared Foreign Direct Investment (FDI) proposals worth Rs 580 crore, including Caltex Oil Corporation's proposal to increase its stake from 51 per cent to 100 per cent. For this, Caltex Oil will bring in foreign investment worth Rs 219 crore.

The government also cleared a proposal by Franklin Templeton Holding Ltd to issue optionally convertible preference shares to Templeton Asset Management (India) Pvt Ltd, bringing in foreign inflows of Rs 290 crore.

Japanese Kowa Company Ltd has also been permitted to bring in Rs 23.40 crore. The company is involved in the development of port back-up facilities in terms of storages and cargo handling equipments for their dry bulk and liquid bulk cargo.

Inter-Continental Hotels Corporation has also been allowed to bring in Rs 14.10 crore for investing in the hotels and tourism sector.
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Nagpur Bank chairman held
Nagpur: Nagpur District Central Co-operative Bank (NDCCB) chairman Sunil Kedar, an NCP MLA, has been arrested by the Maharashtra CID in connection with the Rs 150 crore securities scam.

He was summoned by the CID and interrogated for nearly six hours and finally put under arrest.

A request has been made to the Reserve Bank of India to check and stop transactions of Home Trade Ltd, dealing with other cooperative banks in the state.

Kedar, a former state minister for energy, had allegedly invested Rs 149.82 crore in government securities, but failed to produce receipts from broking firms.
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BBC launches Internet search engine
London: The British Broadcasting Corporation has launched a search engine that will allow discerning surfers to avoid the crass, commercial side of the Internet.

The BBC said that its BBCi Search engine would be "free from commercial pressures and safe from undesirable sites."

Designed to be "family friendly," the BBC's engine contains no advertising and uses screening technology to weed out pornography, racist material and other offensive sites.
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Sanjay Agarwal arrested
Kolkata: Home Trade CEO Sanjay Agarwal was arrested here on 3 May.

The brokerage firm alongwith the Nagpur District Central Co-operative Bank (NDCCB) was allegedly involved in dubious dealings in the government securities.

The Securities & Exchange Board of India (Sebi) had suspended broking firm Home Trade from 29 April.
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