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RBI rejects Kuber applicationMumbai: In a belated move, the Reserve Bank of India RBI has rejected the application of Kuber Finance In...

RBI rejects Kuber application
Mumbai: In a belated move, the Reserve Bank of India RBI has rejected the application of Kuber Finance India Ltd to function as a non-banking finance company. The RBI, in a release here today, said it had also rejected the application of Kuber Auto General Finance amp; Leasing Ltd. The company has gone bust with lakhs of investors around the country losing over Rs 500 crore in deposits.

Ashok Leyland, Alison in talks
Mumbai: Ashok Leyland is in negotiations with the UK-based Alison and ZF of Germany for a tie-up to source automatic gear-boxes for its passenger vehicles. The company already has a collaboration with ZF for manual gear-boxes, and may go in for a manufacturing tie-up with the firm later.

SAIL searching for strategic partner
New Delhi: Sail is looking for a strategic alliance partner to form a subdidiary power company to run the captive-power plants at its integrated steel plants in Rourkela, Durgapur, and Bokaro. Thecompany wanted to hive off these captive power plants in line with the company8217;s strategy to concentrate more on its core activities.

Parekh cannot hold public position
Mumbai: Markets regulator Sebi has said that Parekh can not hold any public position in capital market-related public institutions as per its March 23, 1999, order, following the Mumbai High Court8217;s refusal to grant any interim relief. The interim relief granted to Parekh on April 8, 1999, permitting him to act as director without any power till April 19 has not been extended and stands vacated, Sebi said in a statement.

Sharp rise in silver prices, gold steady
Mumbai: Silver prices spurted on the bullion market here today in the wake of heavy industrial support in the face of shortage of stocks even as gold held steady. Silver .999 fineness and tenderable silver shot up further by Rs 105 each to Rs 7910 and Rs 7915 respectively. Raw silver .916 fineness also firmed up by Rs 100 to Rs 7760. Standard goldand 22-carat gold both ruled steady at Rs 4430 and Rs 4100 respectively. Ten-tola gold bar .999 purity fell by Rs 100 to Rs 51,900, trade sources said.