Friday, March 5, 1999
Select panel caps foreign stake in insurance ventures at 26%
The Standing Committee on Finance in its meeting on Thursday decided to limit foreign equity to 26% in new insurance companies in its recommendations for modifying the Insurance Regulatory Authority (IRA) Bill. The committee decided that the reservation of 14% equity for foreign institutional investors and overseas corporate bodies mentioned in the IRA Bill be scrapped.
Axe accounts fudging from laundering bill -- Members
The standing committee on finance has suggested significant dilution of the Prevention of Money Laundering Bill by asking the Government to exclude crimes like falsification of accounts and imitation of fire arms from the ambit of the Bill.
Ministry in a quandry over new firms demand for slice of SDF pie
The steel ministry is in a fix over the demand made by new steel-makers for access to the Steel Development Fund, a soft-loans corpus managed by the Government-controlled Joint Plant Committee. Some of them have even threatened to go to court if they are denied the facility.