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30 December, 1997
  CLB lifts stay on J&N issue, pulls up Turner Morrison
Paints major Jenson & Nicholson has been freed of restraints for the infusion of fresh capital through the equity or preference route. The Company Law Board has vacated an earlier ex-parte ad-interim order secured by the Amit Judge-controlled Turner Morison group. The CLB, while taking serious note of "non-disclosure of material facts" by the Turner Morison group, has said that a restraint order could not be passed on the basis of "apprehended action" but only on "impending, definite and concrete action" if any.
  Move to scrap IA discounts for students, defence
The Indian Airlines board has approved a proposal to scrap discounts being provided to students and defence personnel unless the respective ministries compensate the airline for the losses incurred on that account. The decision has been prompted by the extent of losses the airline suffers on account of these discounts.

Core panel formed to revamp Iisco
The Union Cabinet has set up a four-member core committee to assess the Union steel ministry's proposal to rehabilitate the ailing Indian Iron and Steel Company Limited (Iisco) with Steel Development Fund (SDF) kitty. The four-member panel will comprise Prime Minister Inder Kumar Gujral, Union finance minister P Chidambaram, Union steel and mines minister Birendra Prasad Baishya and Union minister for agriculture Chaturanan Mishra.
Chidambaram decries doubting Thomases
There is a nation-wide clamour for extension of the scheme for three months, even a month. Auditors, tax consultants and the corporate executives plead with the Finance Minister P Chidambaram, and make public their appeals. However, Chidambaram has firmly turns down demands and pleas for extension of the scheme. ``There shall be no extension of the VDIS. The scheme shall come to a close at midnight on 31.12.1997. Finance Minister further maintained that all representations for an extension shall be of no avail.


Dilip Chhabria Design

Ceat Financial Services Ltd.


Asian currencies stifled by year-end inertia
Asian currencies showed little inclination to stir on Monday as interbank activity evaporated, leaving only commercially-driven flows. Dealers said most players had squared their books for the end of the year and were reluctant to get involved in a market characterised by wide spreads and poor liquidity. "The spreads are so wide, you could pass an elephant through them," said Ishak Ismail, market intelligence analyst at IDEA in Singapore.
LML announces 15% dividend as net shoots up
LML has declared a maiden dividend of 15% for the financial year 1996-97 following a significant 17.2% improvement in its net profit to Rs 20.29 crore against Rs 17.31 crore last year. The turnover jumped 21% to Rs 748.72 crore on a sale of 2,94,648 units of scooters. In 1995-96 LML had recorded a turnover of Rs 618.91 crore on a sale of 2,57,037 units of scooters.


  Shell, RIL LNG projects cleared
  Core panel formed to revamp Iisco
  VDIS preferred than to wait for ITAT verdict
  No state tax cover for VDIS assesses
  Focus on literacy
  Sensex spurts by 73 pts
  Kerala clears Enron project
  Move to scrap IA discounts for students, defence
  IA profits may fall short of target
  CLB lifts stay on J&N issue, pulls up Turner Morrison
  Asian currencies stifled by year-end inertia
  LML announces 15% dividend as net shoots up
  Chidambaram decries doubting Thomases
  Kerala gives green signal to Enron

Shaw Wallace