Mumbai: The Reserve Bank of India (RBI) will hold a few more meetings with Sahara Indian Financial Corp. Ltd before deciding the fate of the country’s largest residuary non-banking company.
RBI’s meeting with Sahara here on Thursday remained inconclusive. “There will be few more meetings, and neither RBI nor Sahara is going to talk about these meetings to the media,” said a person familiar with the development.
RBI on 4 June banned Sahara from taking fresh deposits. However, the Lucknow bench of the Allahabad High Court stayed the order the next day. The RBI then moved the Supreme Court, which ruled on 9 June that the banking regulator should give a fresh hearing to Sahara. The first hearing took place on 12 June.
- Anup Roy
Rate revision not on agenda of SBI meeting
Mumbai : The country’s largest lender, State Bank of India, is undecided on a rate hike. The bank’s asset liability committee met in Mumbai on Friday but the interest rate revision was not on the meeting’s agenda, said a senior executive, who did not wish to be named.
The bank’s chairman O.P. Bhatt was away in Hyderabad and could not attend the meeting.
On Thursday, Bhatt told reporters here that the bank is seeing pressures on margins and the asset liability committee will discuss the issue.
- Staff Writer
NYT to buy stakein DCHL unit
New Delhi: Hyderabad-based media company Deccan Chronicle Holdings Ltd, or DCHL, told the Bombay Stock Exchange on Friday that The New York Times Co., which publishes 16 newspapers including The New York Times and The International Herald Tribune, or IHT, wants to buy 5% equity stake in DCHL’s wholly owned subsidiary Sieger Solutions Ltd.
The company also said that its recently launched business daily, The Financial Chronicle published from Hyderabad, Chennai and Bangalore will now be published in association with IHT.
“Besides, The Financial Chronicle will also carry a daily special four-page global news section from the IHT,” DCHL said in a statement to the bourse. Mint reported on the development on 13 June. The company’s shares closed at Rs124.60, marginally up from the previous day’s close of Rs124.35.
- Staff Writer
Aditya Birla Retail on hiring spree
New Delhi: Aditya Birla Retail is hiring 1,000 people every month to fill jobs at the supermarkets and hypermarkets that it plans to roll out over the next few years, Sumant Sinha, chief executive officer, Aditya Birla Retail said at a panel discussion on the impact of organized retailing on the unorganized sector.
“We are creating jobs through the entire ecosystem both at the back-end and at the front-end of operations,” he said.
According to Sinha, organized retailers will not be able to ramp up prices even in an inflationary environment because of competition from Rs.kirana’ stores. Wholesale price inflation rose 8.75% in the 12 months to 31 May, rising from the previous week’s 8.24%.
“I think it is a competitive environment. There is competition from Rs.kirana’ stores so prices will not increase,” Sinha said.
In most markets globally, retailers tend to have only 3-4% share in the retail market and the rest consists of the unorganized sector, he said.
- Staff Writer
Darjeeling strike deferred till Monday
Darjeeling: The Gorkha Janamukti Morcha, or GJM, that had called an indefinite strike in the hills of West Bengal starting Saturday, said on Friday it was postponing the strike till Monday evening in the hope that the state government would punish those who incited violence against GJM activists in Siliguri on Thursday.
Alleging that a cabinet minister of the state had incited followers to attack Gorkha students in North Bengal University, GJM leader Bimal Gurung said, “We decided to give the government time to arrest those who were responsible for the violence against Gorkhas on Thursday.”
GJM, which has been demanding a separate state for the Gorkhas, has also decided that its leaders would not meet West Bengal’s chief minister Buddhadeb Bhattacharjee in Kolkata on 18 June because the party wasn’t invited to the all-party meet on the Gorkhaland issue scheduled on 17 June.
- Rajdeep Datta Roy
Metro Cash & Carry workers to? resume? duty
Bangalore: The agitating workers of wholesaler Metro Cash and Carry India Pvt. Ltd in Hyderabad have decided to join work after the company agreed to three of their four major demands, including freedom for employees to join a worker’s union. More than 100 workers have been protesting for the past four days over what they called the “forced exit” of two senior personnel after they joined a union. The Germany-headquartered Metro Cash and Carry entered India in 2003 and has two distribution centres in Bangalore, and one each in Hyderabad and Mumbai.
- Deepti Chaudhary