Briefly Business

The finance ministry said that its new rule requiring listed companies to have a minimum 25 per cent public holding will boost capital markets...

25 norm for better mkt health: FinMin

New Delhi: The finance ministry on Monday said that its new rule requiring listed companies to have a minimum 25 per cent public holding will boost capital markets and help the governments divestment programme. It was announced in the budget. This has been operationalised and in the medium-term and long-term it would be for the better health of the capital market, finance secretary Ashok Chawla told reporters here. Chawla said the 25 per cent norm will play out over a long period of time. So there is really no anxiety,if something is really going to happen to the full extent tomorrow.

RCom,ATamp;T in informal Mamp;A talks

New York: Anil Ambani group firm Reliance Communications is carrying out informal discussions with US telecom major ATamp;T for selling a minority stake in the company,a Wall Street Journal report said on Sunday. The report,which attributed the news to sources familiar with the development,said advisers and officials of both the companies were in touch for the past few weeks but the discussions were informal and still at very early stage. ATamp;T is looking to boost its future growth as domestic markets have saturated.

Khurshid for entry of global auditors

New Delhi: The corporate affairs ministry will initiate talks with the commerce ministry and RBI to allow global audit firms to open shops in the country. This matter is not for us alone to decide,it is a matter which involves the RBI as also the commerce ministry8230; we will have to coordinate with different ministries to see what is the consensus to be reached about the Big Four international auditing firms, corporate affairs minister Salman Khurshid said.

No unapproved stations,GAIL told

New Delhi: Oil regulator Petroleum and Natural Gas Regulatory Board PNGRB has asked GAIL Gas Ltd,a unit of state gas utility GAIL India,to refrain from setting up CNG filling stations at places it has not yet approved. It is to bring to your notice that the activity of setting up CNG stations can be undertaken only in areas authorised by the Board. CNG dispensation cannot be done outside any authorised area without the specific permission of the Board, PNGRB said in a notice to GAIL Gas.

Parekh: Break nexus of builders,politicians

Mumbai: Warning that a nexus between builders and politicians was behind high real estate prices,HDFC chairman Deepak Parekh on Monday asked the government to break it and make it easier for the common man to buy a home. I think scarcity creates more value and scarcity keeps prices up and there is nexus between developers,builders and politicians. The number of approvals that are needed if you have the land and you want to build on your own,it will be nightmare to get these, he said.