FMC cracks down on NCDEX
Mumbai: Market regulator, the Forward Markets Commission (FMC) stepped in on Friday and asked the National Commodity and Derivative Exchange (NCDEX) to withdraw its decision to change the contract terms mid-way. The move had sent the commodity markets into a spin on Thursday.

The FMC move followed the NCDEX decision to abruptly change the terms of running contracts of urad and chana — particularly when the January contract was to expire on Friday — wiping out several crores from investors' kitty. Coming down heavily on NCDEX's unilateral decision, FMC chairman S Sundareshan said: ''Definitely, the terms of the contract cannot be changed mid-way. It is a serious offence and a clear violation of our instructions. A committee of FMC met late last evening and decided to cancel the new NCDEX order. We have ordered a status quo as far as the contract settlement is concerned.''
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REVL picks up RIL's 45 pc stake in REL
Mumbai: Reliance Energy Ventures Ltd (REVL) has acquired Reliance Industries Ltd's (RIL) 45.03 per cent stake in Reliance Energy Ltd (REL), a statement to the stock exchanges said. REVL acquired over 9.09 crore shares from RIL or 45.03 per cent stake of REL on January 11.

The High Court of Mumbai had sanctioned the scheme of arrangement for this transfer in December 2005.

This transfer of stake to REVL is part of the procedure of the demerger of the Reliance group.
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Bajaj Auto to buy Maharashtra Scooters Ltd. shares at Rs.151.63
Mumbai: Bajaj Auto Ltd has informed the BSE that it will purchase 27 per cent holding in Maharashtra Scooters Ltd (MSL) from Western Maharashtra Development Corporation Ltd (WMDC) at Rs151.63 per share.

The price at which the shares were to be sold had been referred to a sole arbitrator, Justice Arvind V Savant (Retired). As per the award of the arbitrator dated January 14, the rate at which 30,85,712 equity shares of the face value of Rs10 each of MSL held by WMDC are to be valued for the purpose of sale to the company, has been determined at Rs151.63 per share.

The acquisition would cost Rs46.79 crore.

At the end of December 2005, Bajaj Auto's holding in MSL was 24 per cent. With this acquisition, the auto major's stake would rise to 51 per cent.
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