ITC Ltd has recorded a 30 per cent rise in its net profit during the six months ended September 30, 1994, compared with that during the corresponding period of the previous year. The ITC board, which met today to consider the company's half-yearly financial results, has formally resolved to focus on food and power. A key decision has been the formation of, with immediate effect, a nomination committee comprising chairman, vice-chairman and non-executive directors for all future board -level appointments. This is the first such move by any corporate house, said Mr. K. L. Chugh, Chairman.
SEBI picks holes in MSE functioning
The Securities and Exchange Board of India (SEBI) has found out certain irregularities in the transactions of members of the Madras Stock Exchange (MSE) and in its style of functioning. Business Line learnt that SEBI, in a report prepared on the basis of an examination of the books of select brokers and the records of the exchange recently, has noted certain violations such as “gala” (giving the wrong price to customers), fictitious transactions in the books and trading in unlisted securities.
Citizen has no right to trade in liquor, rules SC
In a historic judgment delivered on the October 19 on a petition filed by Khoday Distilleries Ltd against the Government of Karnataka, a full constitutional bench of the Supreme Court has held that “a citizen has no fundamental right to do trade or business in liquor. Hence the trade or business in liquor can be completely prohibited.” The court held that potable liquor is an intoxicating beverage dangerous to health and is, therefore, an article, res extra commercium.
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