Tuesday, October 5, 1999
Panel moots Rs 5,500 cr bail-out plan for 3 banks
The M S Verma panel on restructuring of weak public sector banks has proposed a tough four-pronged strategy including wage freeze, voluntary retirement covering 25 per cent of the staff, recapitalisation, sale of foreign branches and setting up of an Asset Reconstruction Fund to salvage three ailing banks.
Essar seeks 12-yr FRN rollover
Beleaguered Essar Steel Ltd has outlined its proposals to its lenders including a 12-year roll-over and an exit option at a discount for its $ 250 million floating rate notes (FRNs) which it failed to redeem on July 20, 1999.
Zee to invest Rs 100 in ZILS
Zee Telefilms has hived off its Zee Education division into a wholly-owned subsidiary, Zee Interactive Learning Systems Ltd (ZILS).
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