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New SEBI chief takes over
MUMBAI:
GN Bajpai has aken over as the new chairman of the Securitiesand
Exchange Board of India. He was chairman of the Life Insurance Corporation
of India. The tenure of the new assignment is three years.
-India
Overseas Ratan Tata takes over as VSNL chief MUMBAI: Ratan Tata, chairman of the Tata group, has taken over as the chairman of the new VSNL (Videsh Sanchar Nigam Limited) board. The Tatas had purchased last week the Government's 25 per cent stake in the company for Rs 1439 cr. They will offer to acquire another 20 per cent from public share-holders at Rs 202 per share, taking the total cost to Rs 2590 cr. India
Overseas Gold Soars High MUMBAI: Gold price has shot up to Rs 4960 perb 10 grams in Mumbai. The price had gone up to the highest-ever level of 5,713 on February 6, 1996. In Chennai, standard gold cost Rs 5150 per 10 grams and in Delhi it was sold at Rs 5080. Traders attributed the rise to a global trend. Besides, they said, when stock markets fall, gold gains as a mode of investment. India
Overseas IBP,
BSNL sold; 10 lakh Govt staff to go; NEW DELHI: The Government has announced a series of measures to boost the current economic reforms of privatisation. Oil marketing firm IBP and international telecom firm VSNL have been sold out for Rs 2592 cr. Public sector undertaking Indian Oil Corporation won the bid for IBP at Rs 1551 per share, ie Rs 1153 cr. The Tatas have won VSNL for Rs 1439 cr. They paid at the rate of Rs 202 a share, against the prevailing market price of Rs 167.
Voluntary retirement scheme is being offered to 10 lakh Government employees. If they do not accept the scheme, the Government has reserved its option to sack them. To make the scheme attractive, every employee will be given 35 days' pay for each completed year of service and 25 days' pay for each year left. The Government also removed restrictions on storage and movement of wheat, paddy, rice, sugar, edible oils etc. This has been done to help farmers get better price for their produce as well as ensure availability of foodgrains in deficit areas. -India
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