India Cements acquires Raasi
The three months-long "hostile takeover" drama over the Hyderabad-based Raasi Cements has abruptly ended with the executive chairman and chief promoter of RCL, Dr B V Raju selling out his entire 32 per cent holding to ICL. The deal was struck at Rs 286 per share in Hyderabad at 3.30 am after protracted negotiations through the night with an India Cements team which flew down from Chennai to negotiate the price.
Don't expect big slices of coalition pie: Vajpayee
With Cabinet expansion expected soon and demands for ministerships pouring in, Prime Minister Atal Bihari Vajpayee issued a veiled appeal to BJP leaders and allies to water down their expectations for a slice of power. He urged his saffron constituents to understand the concept of coalition politics better. Vajpayee also warned that the government may be forced to take some hard decisions as the economic situation was "worrisome".
Pak test-fires N-head capacity missile
Pakistan yesterday successfully test-fired its intermediate range ballistic missile (IRBM), Ghauri, capable of carrying nuclear warheads, that Pakistani scientists claim can target most major Indian cities. The latest surface-to-surface missile with a range of 1,500 km and a payload 700 kg is the most powerful weapon in the country's defence armoury.
AIADMK to demand reopening of Sarkaria commission findings
Union Minister for Surface Transport R Muthiah said that AIADMK MPs would demand reopening of Central Bureau of Investigation (CBI) cases filed in the mid-1970s, on the basis of the findings of the Sarkaria Commission against Tamil Nadu Chief Minister M Karunanidhi on corruption charges, and later withdrawn in 1980.
SC ruling favours regular employees
The Supreme Court has ruled that the services of a confirmed employee in both private and Government sectors cannot be legally terminated by a simple notice. The ruling was handed down by a Division Bench comprising Justices S Saghir Ahmad and MJ Rao, while dismissing a Special Leave Petition (SLP) by a public sector undertaking, Uptron India Ltd, challenging a judgment of the Allahabad High Court.
Sweden script stunning victory
Davis Cup holders Sweden pulled off an amazing comeback in their World Group first round tie against Slovakia coming from 0-2 down to win it 3-2, Magnus Gustaffson replacing Mikael Tillstrom to beat Dominik Hrbaty in four sets. The Swedes will now play Germany in the quarter-finals after the Germans thrashed South Africa 5-0.
