IDBI STRINGS STEEL LOANS WITH RIDERS
Article Abstract:
The Industrial Development Bank of India (IDBI) is laying down conditions for offering new loans to steel companies. While Ispat Industries has been asked to revamp its board of directors, Essar Steel has been asked to get permissions for all new investment proposals of over Rs5 crore. The expert committee of IDBI has asked the promoters of Jindal Vijaynagar Steel Limited (JVSL) to pledge their property and shares. It has also asked the Jindals to raise Rs1.63 billion from Jindal Iron and Steel Company (Jisco) or any other group company by March 31, 1999. IDBI also wants an undertaking Jisco that it would pay the money if JVSL fails to repay the loans. The IDBI has laid down the conditions to see to it that the funds are used properly and that the steel companies repay their loans. IDBI is also laying down other conditions like conversion of loans into equity and appointment of concurrent auditors. (ag)(m)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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INDIAN STAFF ALLOWED TO REMIT FOREX FOR ESOPS
Article Abstract:
The Reserve Bank of India (RBI) which is the process of softening rules for employee stock options for software companies has decided to allow remittance by Indian employees in the sector. The remittances can be used to buy shares of global joint ventures or fully owned subsidiaries in the software sector by employees of Indian promoter firms. The remittance must not exceed $10,000 per employee over a span of five years. The shares allotted to Indian employees must not exceed five percent of the paid-up capital of the foreign firm. RBI has also made it clear that this method must not be used for diluting of holding by the Indian promoter. (gs)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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