The Executive Director of the Bombay Stock Exchange, Mr. A. N. Kolhatkar, has issued a notice to the Vice-President of the exchange, Mr. Bharat Sheth, asking him to appear before the Disciplinary Action Committee (DAC). The action has been taken against Mr. Sheth for not delivering shares to an investor. The DAC will be meeting on October 18. Earlier, Ms. Alka Gupta, a Chandigarh-based investor, had complained to the Securities and Exchange Board of India and BSE that Hiralal Liladhar, a broking firm owned by Mr. Sheth, had not delivered shares bought by her. The investor is believed to have placed orders for buying shares worth around Rs. 3 lakhs between 1992 and 1994.

Ford to acquire 7% Mahindra stock

Ford Motor Company of the US will acquire about seven per cent of the equity in Mahindra & Mahindra stock, subject to the approval of M&M’s shareholders. At a board meeting here on Friday, the M&M directors agreed to place the proposal at an extraordinary general meeting of shareholders to be held on November 10. The pricing of this issue of M&M stock will be in accordance with the guidelines of the Securities and Exchange Board of India.

RBI panel to review NRI schemes

The Reserve Bank of India has constituted a working group headed by its Executive Director, Mr. O. P. Sodhani, to look into the various schemes and incentives available to non-resident Indians (NRIs) for investment. The working group will review the procedures prescribed for the purpose and make recommendations to the Government for modification and amendment to the schemes and procedures by the end of December 1994, RBI said in a release here today.

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