Barely a fortnight after the Government announced its intent to disinvest shares in four public sector units, there is mounting scepticism in official circles over raising the targeted amount of Rs. 4,800 crores during the current fiscal. Highly-placed Finance Ministry officials caution that there could be slippages in achieving the targets fixed for disinvestment proceeds in the 1997-98 Budget, in view of the perceptible “lack of urgency” among the ministries concerned over the divestment process.

Essar Shipping-Sisco merger swap at 3:1

The boards of Essar Shipping Ltd and South India Shipping Corporation Ltd. (Sisco) approved the share swap ratio of three shares of ESL for one share of Sisco. The merger of Sisco with Essar Shipping will be effective from April 1, 1996. Under the scheme, shareholders of Sisco would be issued three shares of ESL in lieu of every one share of Sisco. The paid-up capital of the merged firm would rise from about Rs. 149 crores to Rs. 197 crores. The share exchange ratio was worked out on recommendations of the valuers, N.M. Raiji & Co., and Fraser & Ross, Chennai.

Broadcasting Authority by year-end: Minister

Direct-to-home service will be permitted in the country only after the Broadcasting Authority of India is set up, the Information and Broadcasting Minister, Mr. S. Jaipal Reddy, has clarified. Responding to questions at a press conference here on Wednesday, Mr. Reddy described as “purely temporary” the July 16 Government notification banning DTH operations in the country. The Minister said the notification was issued by the Department of Telecommunications after obtaining prior consent of the Information and Broadcasting Ministry.