Above board deal with Flex, says Sinha
New Delhi: Defending himself in Parliament, Finance Minister Yashwant Sinha has said he had purchased election publicity materials worth Rs 45,583 from Flex Industries but that cannot be construed to mean that I have a relationship with the promoter of the tainted company, Ashok Chaturvedi.

Clarifying his position on the Flex issue, Sinha said: Neither my dignity as a member of Parliament nor my effectiveness as minister of finance stands compromised as a result of this entirely routine, transparent and above-board transaction.
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Mukesh Ambani changes his family address
Mumbai: The Reliance group vice-chairman Mukesh Ambani is set to move house to Altamount Road in south Mumbai. Ambani has set his sights on a charming, old-world bungalow, which he is reportedly buying for more than Rs 20 crore, a newspaper report said.
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Andersen negotiator to head KPMG
New York: KPMG named Mike Rake, a key player in the firms collapsed merger talks with Andersen, as the head of its international network of accounting firms. The move comes amid unprecedented upheaval in the accounting industry, which is reeling from a loss of confidence since the Enron Corp scandal and the resulting uncertain future of one of its stalwarts, Andersen.

Rake, 54, led KPMGs merger negotiations with Andersens non-US businesses in March 2002 before the talks succumbed to a wave of defections by individual member firms at Andersen.
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Stringent checks on co-ops in insurance
New Delhi: The process of the entry of new faces in the Indian insurance market in the form of cooperatives and brokers progressed further, with the Lok Sabha passing the Insurance (Amendment) Bill 2001. The Bill also seeks to allow the entry of corporate agents into the sector. Brushing aside apprehensions expressed by Opposition members, Finance Minister Yashwant Sinha said there would be stringent checks on the cooperatives taking up insurance business.
Sinha also assured the House that the intermediaries and brokers would not be allowed to operate as surrogate insurance agents and would not be permitted to collect premium or settle claims. He said that the Insurance Regulatory and Development Authority will frame necessary regulations in this regard.
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Rs 70 crore diverted from Seamens PF: Ketan Sheth
Mumbai: Giltedge chief Ketan Sheth, who surrendered before the bank securities and fraud cell of the CID in Mumbai, refused to accept that more than Rs 70 crore was siphoned off from the Seamens Provident Fund and routed to the government securities deals.
A CBI source said: During interrogations, Sheth said of this Rs 70 crore, Rs 24 crore was spent on the advertising blitzkrieg undertaken by Home Trade. He said he lost Rs 25 crore in satta and in speculative trading in the equity market.
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IT security budget of India Inc soars
New Delhi: Security breaches of IT systems have increased significantly during the last one year. But India Inc seems to have realised the importance of having effective security.
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Monsoon advances over the Andamans
Port Blair: Southwest monsoon rains have advanced over the south Andaman Sea on schedule and are following their normal course.
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