Bizbits

Commasia98

MUMBAI: An infotech event targetted at CEOs and CIOs will be held in the city for three days starting October 28. Called Commasia98 Networking Internet 98 CNI98, the event will feature a conference, exhibition and a discussion involving policy makers and leading names from the industry. The keynote speakers atthe conference include S Ramadorai, Tata Consultancy Services CEO, Justice S S Sodhi, Telecom Regulatory Authority of India chairman, and Amitabh Kumar, acting CMD, Videsh Sanchar Nigam Limited, a press release from the organisers said.

PSI-ITamp;T tie-up

MUMBAI: Maintenance and support company ITamp;T has signed an agreement with PSI Datasystems to service their ATMs throughout India. Under the terms of the deal, ITamp;T will first service all Times Bank ATMs and ensure their functioning 24 hours of the day, a press release from the company said.

TVS Suzuki

MUMBAI: TVS Suzuki Ltd has posted a 27 per cent jump in its bottomline for the first six months of the current fiscal 1998-99 on a turnover which increased by 28 per cent. For the period April-September 1998 the company has posted a turnover of Rs 609.42 crore compared to Rs 475.61 crore in the corresponding period of the previous year. During the H-1 the company has sold 3,34,377 vehicles an increase of 21 per cent.

20th Centurydowngraded

NEW DELHI: Credit rating agency ICRA has downgraded rating of 20th Century Finance Corporation Ltd from MAAA8217; to MAA-8216;. The ratings of the non-convertible debenture and fixed deposits of 20th Century Finance were also placed under rating watch with developing implications in view of a merger proposal being considered, ICRA said.

The revised rating indicates high safety. The downgrade takes into account decline in asset quality and increase in non-performing assets NPA of 20th Century Finance, largely on account of delay in repayment of corporate clients and an overall economic slackness which affected commercial vehicle segment, ICRA said. The company has ceased its car finance operation, which would henceforth be done by joint venture set up along with General Motors Acceptance Corporation.

Onida directed to refund money

NEW DELHI: The Company Law Board CLB has directed defaulting non-banking finance company NBFC Onida Finance Ltd OFL to repay the fixed deposit amountsto the depositors in the next four years. The board member Dr A K Doshi in a suo motu order directed the company to repay all remaining deposits after taking into consideration the inflow and outflow of funds of the company.

CLB has directed the company to repay the money in four years as OFL has been facing severe liquidity crisis and was not able to discharge its fixed deposits liability immediately.

OFL had also stated to CLB that it was financially sound and stable, liquidity was the major problem which resulted in default in payments of deposits.

LTCB seeks state control

TOKYO: The ailing Long-Term Credit Bank of Japan LTCB will apply to the government to be placed under temporary state control tomorrow when a set of financial revitalisation laws take effect, bank sources said. Prime minister Keizo Obuchi, who will be taking charge of banking reform until a formal independent panel is established, is expected to place the effectively collapsed bank under state control, Kyodo reportedtoday.

Under the laws that cleared by the Diet on October 12, the government may temporarily nationalise a collapsed bank by making a forced purchase of all the bank8217;s common shares.