Executive Briefing

Zee Telefilms to drag STAR TV to court

Zee Telefilms will send a legal notice to Star Plus if the channel did not discontinue its 24-hour Hindi programming. quot;If the amendments are not made, we will take Star TV to court,quot; Zee Network chairman Subhas Chandra said informally while fielding questions from news reporters after the company8217;s EGM on Friday.

RIL, Modicom bank-guarantee

The Delhi high court on Friday stayed the encashment of bank guarantees of two telecom operators 8212; Reliance and Modicom 8212; by the department of telecommunications for four days. Justice SK Mahajan also directed the two companies to pay 20 per cent of their licence fee dues including interest by March 30, 1999, and keep their existingbank guarantees alive.

SC orders status quo on Dalal shares

The Supreme Court on Friday ordered status quo on transaction of stock broker Hiten Dalal8217;s shares pledged to Standard Chartered Bank, which wanted to sell them off to recover alleged losses of over Rs 280 crore caused by the broker during the securities scam in 1992.

SC upholds Quattrocchi warrant

The Supreme Court on Friday upheld the arrest warrant issued against Italian businessman Ottavio Quattrocchi, alleged to have got over 7 million as kickbacks in the controversial Bofors gun deal.

IOC to help CRL set up outlet

The Indian Oil Corporation will help Cochin Refineries set up its first retail outlet in the next fiscal. It will, however, have the CRL logo, marking the stand-alone refiner8217;s debut in marketing.

Centre to lose in Nalco divestment

The Government has sold Rs 561.52 crore worth of AAA-rated bonds of Nalco below the market price, which will cause a loss of about Rs 36 crore to the nationalexchequer. The Government had appointed SBI Caps to privately place these bonds.

ACC rights issue

Associated Cement Companies has finally decided to hit the market with its 1:4 rights issue in May, following its failure to convince financial institutions to support a preferential allotment to the Tatas. JM Financial has received the mandate to handle the Rs 189-crore rights offering.

HM Uttarpara unit layoffs

Hindustan Motors said on Friday that the Calcutta high court had set aside a state government order that had refused to allow layoffs at the Uttarpara plant, which makes the Ambassador car. According to a company statement, the court has directed the state8217;s labour department to reconsider the matter.

KPMG to merge Canadian practice

Global audit and consulting major KPMG is merging its Canadian practice with Arthur Andersen, Canada and, thereby, joining the Andersen Worldwide organisation with effect from October 1, 1999. The merger will create the largest professionalservices firm in Canada.

Appellate body to hear Parekh plea

The appellate authority in the finance ministry has fixed April 5 as the date for hearing BSE president JC Parekh8217;s plea against a Sebi order asking him to step down from his post. This means that a stay, if any, would be granted well after Parekh8217;s term as president comes to an end. Parekh8217;s term ends on March 31.

DPC to tie up loan

Dabhol Power Company will sign a 557-million facility with its bankers in San Francisco on Friday, in what is the country8217;s biggest cross-border loan transaction ever. The foreign-currency loan is part of a 1.41-billion debt package for its 1,444mw phase-II.

MSEB to bear Rs 1,800cr burden

The cash-strapped Maharashtra State Electricity Board will have to shell out Rs 150 crore per month and a whopping Rs 1,800 crore annually for purchasing about 650mw from the first phase of the Dabhol power project. MSEB sources said that these figures were arrived at on the basis of the existingforeign-exchange and oil rates.

14-day T-bill yield unchanged

The Reserve Bank kept the yields of both the 14- and 91-day treasury bills unchanged at 7.84 per cent and 8.77 per cent respectively. For the 14-day T-bills, the RBI received bids worth Rs 52 crore, which were not accepted.

BoB takes over IBU International

Bank of Baroda on Friday took over IBU International Finance, a deposit-taking company in Hong Kong, by buying out the stakes of Indian Bank and Union Bank of India. BoB has bought the stakes of the two banks-33 per cent each8211;for Rs 72 crore. It has paid a 55 per cent quot;goodwillquot; premium to buy the stakes, sources said.

CVC to continue beyond April 5

The Cabinet on Friday decided to continue the Central Vigilance Commission through an executive order beyond April 5 when the CVC ordinance lapses. The Centre will issue a resolution to continue the CVC till such time the bill, approved by the Lok Sabha, is passed by Rajya Sabha, Iamp;B minister Pramod Mahajansaid.

Paribas rules out negotiation with BNP

Paribas has ruled out negotiations with BNP to resolve a takeover battle which has shaken up France8217;s traditionally cosy banking market, as regulatory authorities prepared to rule on whether the bid is legal. quot;There is no way this three-way merger with BNP can work,quot; Andre Levy-Lang said in an interview with The Financial Times newspaper.