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Kelkar panel to meet tomorrowMUMBAI: The Vijay Kelkar committee on Air India's restructuring is meeting for the last time on Wednesday to fi...

Kelkar panel to meet tomorrow

MUMBAI: The Vijay Kelkar committee on Air India8217;s restructuring is meeting for the last time on Wednesday to finalise the restructuring plan for the loss-making airline. The committee will look into the request made by Air India8217;s management for a Rs 1,000 crore bail-out package on the line of a similar package already granted to Indian Airlines. Finance Secretary, Kelkar would be making the recommendations after Wednesday8217;s meeting and submit the report to the government.

The managing director of Air India, Michael Mascreanhas 8211; who is a member of the committee 8211; has made fervent plea for a financial package from the government in a bid to turn corner. The panel met entire top brass of Air India, besides talking to its board of directors and union leaders to gauge the problem.

Rouble in for trouble, falls by 2.4 pc

MOSCOW: The rouble slumped Monday, losing 38 kopeks against the dollar as Russia8217;s 90-day moratorium on repayment of all commercial loans toforeign banks expired amid fears that the banking sector might collapse. The rouble slipped to 16.80 against the dollar in a special a morning currency trading session, a drop of 2.4 per cent, amid lively trading of 130 million dollars. Russia8217;s nearly-bankrupt government on August 17 imposed a 90-day moratorium on the repayment of an estimated 30 billion owed in commercial debts.

Allianz AG, Alpic sign joint venture

MUMBAI: Allianz AG and Alpic Finance Ltd have formed a joint venture called quot;Allianz Alpic Industrial Risk Management Servicequot; to offer consultancy services. The venture with an investment of about Rs 1.25 crore initially will operate from Mumbai and Chennai and would focus on industrial sectors like power plants, refineries and petrochemicals industries including the automobile section.

Sand and soil export banned

NEW DELHI: Government has banned export of soils and sands to avoid adverse economic and environmental consequences. The ban was imposed through a notificationon November 12. Consequently, the ban on these non-renewable natural resources had been incorporated in the 1997-2002 export-import policy, a release said.

5 finance firms denied NBFC status

MUMBAI: The Reserve Bank, in exercise of the powers conferred on it under Section 45IA of the RBI Act, 1934, has rejected the applications for grant of certificates of registration submitted by five finance companies. These companies include Pigeon Finance amp; Investment, Rich Capital and Financial Services, KMC Finvest, Ramauji Finance amp; Investment and Allen Leasing amp; Finance. These companies cannot transact the business of non-banking financial institutions.

NSE trading

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MUMBAI: The National Stock Exchange NSE will conduct a live trading session on Saturday, November 21 from its Pune office. This will be the second such a trading session the NSE is conducting. The trading will not be available in the dematerialised segment, and all the trades during this period will be part of the trading cycle fromNovember 18, 1998 to November 24.