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29 January 1998


RBI rejects CSB takeover bid

MUMBAI: The Reserve Bank of India has quashed the Bangkok-based Sura Chansrichawla-led Siam Vaidya group's attempt to take over the Thrissur-based Catholic Syrian Bank (CSB) once again. This is for the second time that the RBI rejected a proposal from the bank's board of directors to transfer a controlling stake of 36.23 per cent to the group.

The decision is likely to put to rest the ongoing tussle between the Siam Vaidya group and the Syrian Catholic community of Kerala to gain control over the bank. The move is expected to spark off a legal battle, since Chawla had earlier said that he would seek legal redress if the shares are not transferred to his group.

Net FII outflow of $ 57 mn

MUMBAI: The net FII investment on the stock markets upto January 27 was a negative $57 million. The gross purchases recorded were to the tune of Rs 652.8 crore while the gross sales stood at Rs 862.5 crore. Sales to the tune of Rs 2.5 crore were also seen in thedebt market. The cumulative net investment till date is $8,923.4 million.

Pan Asian study on rural areas

MUMBAI: The Pan Asian Management & Rural Research Organisation (PAMARRO) has published a report which includes a synopsis of 17 research projects completed at the Ram Tarneja Rural Marketing Research Centre, Narsee Monjee, Institute of Managment Studies, Mumbai. These projects have been conducted by the first batch of the rural management students. The publication would provide a valuable sources of information to the corporate sector.

Christian Cloche to visit city

MUMBAI: Christian Cloche, managing director of Corporate Resources Group, Geneva, is coming to India. Rich with an extensive experience in international banking, finance and human resources, Cloche would be speaking in Mumbai on February 2.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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