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Journalism of Courage
IDBI clears steel bailout package
New Delhi: After deferring the issue several times, the Industrial Development Bank of India IDBI on Tuesday approved Rs 772 crore of additional loans for six steel projects on condition that the promoters pledge their shareholdings with the financial institutions and bring back funds diverted from the ventures.
Other conditions stipulated by the IDBI include option to convert up to 100 per cent of additional loans into equity at par, maintenance of trust and retention account, appointment of lenders8217; engineers and concurrent auditors. The six projects are Ispat Industries, Ispat Metallics, SJK Steel, Usha Ispat, Jindal Vijaynagar Steel and Essar Steel.
Pawar summons
Mumbai: Congress rleader Sharad Pawar, All India Congress Committee general secretary Madhavrao Scindia, State Congress leaders MLA Madhukar Pichad and Dilip Valse-Patil were issued summons to be present in the Bombay High Court in the Kanhaiyalal Gidwani election petitiontoday.Adoption racket
Hyderabad: Four persons, including the prime accused in the sensational child adoption racket in AP, were remanded to 15 days8217; judicial custody by the metropolitan magistrate K V Rao here today. Police said Peter Subbaiah was allegedly involved in illegal sale of infants .
