Bizbits

In London, silver crashed by 15.25 cents per ounce to 607.75 cents while gold ended at 301.00 per ounce in the afternoon fixing overnight.

Silver ready .999 fineness slumped by Rs 235 per kg to Rs 8375 from the last close of Rs 8610. Raw silver .916 fineness and tenderable silver also nosedived by Rs 235 each to Rs 8265 and Rs 8380 from the previous close of Rs 8500 and Rs 8615 respectively.

Standard gold dropped sharply by Rs 45 to Rs 4105 from the last close of Rs 4150. 22-carat gold was nominally quoted lower at Rs 3800 from Rs 3840. Ten-tola gold bar .999 purity declinedby Rs 500 to Rs 48,200 from Rs 48,700 previously.

ModiLuft to challenge HC order

NEW DELHI: ModiLuft intends to challenge the Delhi High Court ruling ordering the winding up of the airline. In a press statement issued on Thursday, ModiLuft said that the court order has come at a time when the company had finalised and signed agreements with Platinum Securities and Montreal Bonds to raise the 50 million required to re-launch the airline. ModiLuft stopped operations in 1996.

The S K Modi promoted airline has also prepared a business plan which not only established its viability but will also help create over 2,000 jobs, the release stated. ModiLuft has filed a suit against Air UK Leasing claiming damages to the tune of Rs 168 crore. The suit, which is pending in the Bombay High Court, has been filed by ModiLuft due to Air UK8217;s inability to supply aircraft and for having supplied defective aircrafts to ModiLuft.

The Delhi High Court on Wednesday ordered the winding up of ModiLuft onpetition from Air UK Leasing Ltd alleging non-payment of dues. Air UK Leasing had alleged that ModiLuft had failed to pay 14 million which included aircraft lease money and Inland Air Travel tax IATT. While the tax was due to the government, the lease money was to be paid to the British company. ModiLuft had leased three Boeing aircraft from Air UK for the one year period ended September 1996.

Bank unions plan strike

VIJAYWADA: Forum of Bank Unions UFBU convenor and National Confederation of Bank Employees Coordination Committee NCBE general secretary P Lakshmi Narasaiah today said public sector bank employees would observe a one-day token strike in July end protesting against the Narasimham committee-II recommendations on banking sector reforms.

Talking to newsmen here, Narasaiah warned that implementation of the recommendations would encourage privatisation of public sector banks. He said this would affect the country while benefiting big industrialists and the affluentsections.

He said prior to the token strike the UFBU, consisting of nine unions representing 1.3 three million bank employees and officers, would hold an All India Protest Day on May 20 besides observing Defence of Banks Nationalisation on July 19.

Massive rallies at Mumbai, Delhi, Calcutta, Chennai and other state capitals would be held on May 27 to coincide with the start of the budget session of parliament, he added. Charging the government and the IBA with failing to initiate a dialogue on their long pending charter of demands, he said the UFBU would fight for wage revision which was due from November 1, 1997. He said the UFBU had decided to extend solidarity to the LIC and GIC employees unions.