Top News - 20th Dec

IFCI invites bids to sell shares in 100 firms

A day after cancelling the stake sale process, IFCI today invited bids from merchant bankers to value and buy shares in unlisted firms to enable the company to sell them.

"We have identified 100 companies wherein IFCI would like to sell off its stake," an IFCI official told PTI.

Merchant bankers and other interested parties are requested to submit bids before January 10, 2008 in this regard, he added.

IFCI has over time acquired stake in many companies either directly or in lieu of debt, he said.

Atul Rai, CEO and managing director, IFCI, had said yesterday: "We need the capital."

IFCI sold its stake in National Stock Exchange and rating agency ICRA this year.

Share of IFCI closed at Rs 76.40 - down 23.6% on the BSE today after the institution aborted the process for equity sale as the highest bidder - the Sterlite-Morgan Stanley consortium - put conditions with its bid.

TVS can sell Flame, says Madras HC

A division bench of the Madras High Court today suspended the interim order restraining TVS Motor Company from booking or selling its recently launched 125-cc bike Flame.

After hearing the arguments of both parties for about two hours on Thursday, the bench suspended the interim order of the single judge and posted the case to January 4 and 5, 2008, for further hearing all petitions. Bajaj Auto had accused TVS of copying its patented DTSi technology in its 125-cc motorbike TVS Flame.

However, TVS responded that the Flame was fitted with a three-valve engine based on CCVTi (Controlled Combustion Variable Timing Intelligent) technology, which is different from the technology used by Bajaj Auto.


Tatas world's 3rd most accountable group

The Tata Group, easily India's most respected business house, has been named the world's third most accountable and transparent company by Britain's One World Trust although US hotel chain Orient-Express has not found it worthy of an alliance.

According to Rob Lloyd, the report's lead author, the assessment is a measure of the extent to which organisations have the policies and systems in place to enhance consistent and coherent accountability to the people they affect." The report ranked GE number 1 and GlaxoSmithKline number 2 among the most transparent and accountable companies.

Tata Group, was however, considered ahead of Coca-Cola, Petrobras, HSBC Holdings, PriceWaterCooopers International and Google, when measured on the parameters of transparency and accountable leadership among global companies.

The annual Global Accountability Report considered the Tata Group at number 10, among the world's 30 most powerful organisations from the inter-governmental, non-governmental and corporate sector, to be accountable to civil society, affected communities and wider public.

Orient-Express Hotels had recently rejected an offer of alliance from Tatas, saying tying up with the "predominantly Indian" hospitality firm will erode the US hospitality chain's brand image. Tata Group's interests range from hotels to steel to salt and software and auto.

One World Trust rated UN Development Programme followed by Asian Development Bank and Christian Aid the most transparent and accountable organisations among world's top 30 organisations.

Stop cartelisation, MRTPC tells cement firms

Anti-monopoly watchdog Monopolies and Restrictive Trade Practices Commission (MRTPC) today held major cement manufacturers, including L&T Cement, Birla Cement, Grasim and ACC, guilty of cartelisation under the aegis of Cement Manufacturers' Association.

Announcing its order after 17 years of judicial investigation, the commission warned cement producers and Cement Manufacturers' Association not to repeat unfair trade practices.

"We issue a cease-and-desist order... And direct them not to indulge in any such arrangement directly or working through CMA," said a three-member bench consisting Justice O P Dwivedi, M M K Sardana and D C Gupta.

Passing the order, MRTPC also directed the cement companies, including Century, Dalmia, Jaypee and Mysore, to file a compliance report within eight weeks.