Briefly Business

The Supreme Court will hear a petition on Monday that seeks directions to market regulator Sebi to take action on the report.

SC to hear petition on IPO scam and NSDL

Mumbai: The Supreme Court will hear a petition on Monday that seeks directions to market regulator Sebi to take action on the report of a high-powered committee which had probed the IPO scam of 2006 and NSDLs role in it. A bench comprising Justices RV Raveendran and AK Patnaik will hear the petition. On March 28,the court had asked Sebi to reply within four weeks on whether it would revisit its decision to give a clean chit to NSDL in the scam,which related to share allotment irregularities in various Initial Public Offers IPOs between 2003 and 2006.

PNBs life insurance partner by June

New Delhi: The country second largest public sector lender,Punjab National Bank PNB,intends to finalise the partner for its life insurance foray by June. We hope to finalise the partner this quarter, Punjab National Bank Chairman and Managing Director K R Kamath said. The bank shortlisted 10 entities from 41 and further it was narrowed down to three,he said. The three shortlisted life insurers include Bharti AXA,Aviva and Metlife. The bank will finalise the partner for life insurance business based on the evaluation of the proposals submitted by these insurance companies,he said.

NINL to commission R1.8k cr project by Sept

Bhubaneswar: MMTC and Orissa government promoted Neelachal Ispat Nigam Ltd NINL is set to commission a Rs 1,885 crore- steel making facility at its Kalinganagar unit by September this year,six months behind the schedule. NINL,which at present produces about 5.7 lakh tonnes of pig iron crude iron produced in a blast furnace will record an output of 8.5 lakh tonne of billets per annum,to be converted into bars and rods at a later stage,after commissioning of the facility.

Chandra asks for interim replacement

New Delhi: Unitech Wireless chairman Sanjay Chandra,arrested by CBI in the wake of 2G spectrum scam,has asked the company8217;s board to appoint an alternate director to deal with its day-to-day affairs as an interim arrangement,Unitech said on Sunday. Unitech Wireless is a joint venture between Unitech and Norway8217;s Telenor. Telenor holds majority stake in the telecom venture. The company had acquired licences to offer mobile service in 2008,which have come under the scanner. Telenor had demanded that Chandras resignation till the investigations are over.

DoT says SingTel violated ILD norms

New Delhi: The Telecom Ministry has pulled up SingTel for violating ILD licence norms by acquiring and billing customers in India without a licence between 2005 and 2009,while giving a clean chit to airtel and Tatas which provided international private lease circuits to the foreign firm. The committee constituted by DoT recommends that it is a mistake solely on the part of Singapore Telecom Ltd SingTel which invoiced the customers at the Indian end.