Early launch of VSNL Euro issue uncertain

The much talked about Euro issue of the blue chip public sector telecom major, Videsh Sanchar Nigam Ltd (VSNL), is again caught in political cross-fires, and the possibility of its early relaunch appears uncertain. The latest hurdle in the way of VSNL’s Euro issue is the fate of its own Chairman and Managing Director, Mr. B. K. Syngal. His three-month extension is to end this month-end and as of now, further extension appears highly unlikely, owing to political pressures at various levels.

UF Govt. underlines commitment to CMP

Emphasis on expenditure management, ensuring steady flow of funds to the core infrastructure sector, augmented allocation to the social sector and tax reforms to sustain higher industrial production with considerable sops to capital markets to woo small investors encapsulate the initiatives of the United Front Government during its first 100 days in office. The Deve Gowda Government, which completes its first hundred days in office on Sunday, has avowed growth with social justice and the common minimum programme (CMP) repeatedly underlines the significance of growth and self-reliance in order to remove endemic poverty and unemployment.

Bihar Sponge being referred to BIFR

Bihar Sponge Iron, headed by Mr. U. K. Modi, is in the process of being referred to the Board for Industrial and Financial Reconstruction on its becoming a sick industrial company under the Sick Industrial Companies (Special Provisions) Act, 1985. After considering the non-provision of depreciation of Rs. 3.35 crores on forex translations and non-provision of penal interest amounting to Rs. 21.87 crores, the entire net worth of the company stands eroded by its accumulated losses of Rs. 38.83 crores.

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