Bizbits

RBI has also directed that Rajarathinam should not in any way either directly or indirectly be concerned with or take part in the management of any banking company for a period of five years. RBI said it has taken action against Rajarathinam in exercise of the powers conferred under sub-section 1 of Section 36aa of the Banking Regulation Act, 1949.

Hyundai Motor

CHENNAI: Hyundai Motor India is likely to jack up the Rs 2.7-3.10 lakh price band for its 999 cc Santro slated to hit the roads in October 8217;98. The small car positioned neatly between the Maruti 800 and the Zen in terms of pricing is likely to sport a tag in the range of Rs 2.9-3.35 lakh, according to HMIL director B V R Subbu.

Subbu said the post-budget hike in duties had forced the company to rework the earlier priceestimates. He said from initial dealer feedback, the 5-seater car already had enough firm enquiries to account for four months of production. The company plans to produce 10,000 cars in calendar 8217;98.

Strike at Bata

The Bata mazdoor union today went on a flash strike in protest against the dismissal of three employees by the management of Bata India Limited as tension prevailed after Wednesday8217;s assault on company8217;s managing director Keith Weston.

The three employees had been suspended since November 1996 for assaulting the company8217;s welfare officer. They were dismissed on Wednesday consequent to an inquiry which found them guilty, according to the company8217;s vice president M J Z Moula. When the dismissal letters were handed, the union went on a wildcat strike.