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Hot off the press
There’s really no room for revolution in the design of a book. Makers and users — not professional designers — have perfected its form and features over millennia. (The real revolution, if we’re looking for one, was the invention of the alphabet by the Phoenicians 5,000 years ago.) After all, a book is basically a text-bearing surface, organised for convenience. http://smallpersonalloans.org.uk

Centre may relax jute packaging norms
With uncertainty prevailing over the supply of jute bags due to the indefinite strike of the jute mills in West Bengal, the Centre plans to allow Food Corporation of India (FCI) and the other government procurement agencies to place orders for polymer bags for packaging of food grains.

News of the day

Diversion of cane to gur units led to shortfall this year
The Union government has finally accepted that in spite of a major setback in cane production during the season ended September 2009, the country’s sugar production would not have been as dismal as 14.6 million tonnes compared with 26.33 million tonnes in 2007-08, had there not been such a massive diversion of the crop to gur and khandsari units.
Small Business

FMC rejects USE's 10% stake buy in Indiabulls-MMTC bourse

Indiabulls-MMTC promoted International Multi-Commodities Exchange is looking for another investor after the markets regulator FMC rejected the United Stock Exchange of India"s (USE"s) 10 per cent stake buy in the bourse, sources said. - Indiabulls Fin raises Rs 960 cr via QIP - Indiabulls Financial Services raises $200 mn via QIB - Indiabulls Power files for IPO with Sebi - Indiabulls Sec posts Rs 13-cr loss - Indiabulls Securities FY"09 net loss at Rs 13 cr - Indiabulls Fin up on fund-raising plan While Forward Markets Commission (FMC) Chairman B C Khatua confirmed the rejection, officials at the International Multi-Commodities Exchange (IMCE) could not be contacted. A top MMTC official refused to comment on the issue. "We have not accepted the 10 per cent equity to be held by USE in IMCE," Khatua said. He, however, declined to elaborate. Sources said that the FMC has rejected the USE"s application to buy a 10 per cent stake in IMCE on the grounds that the stock exchange is yet to be fully recognised. It has got only "in-principle approval" from Sebi, sources added. Khatua said that IMCE will get the clearance to commence trading in the commodity exchange after it meets the shareholding guidelines. "IMCE has taken two months (till September-end) to achieve a closure of its entire Rs 100 crore capital structure," he said. Initially IMCE was floated as a joint venture between Indiabulls and MMTC, holding 74 per cent and 26 per cent, respectively. Indiabulls had to look for partners to dilute its stake after the FMC issued guidelines that did not allow a single shareholder to hold more than 40 per cent in a commodity exchange. So far, Indiabulls has diluted 24 per cent to HDFC Bank, Yes Bank and Indian Potash Ltd, sources said, adding that it is looking for investors to sell the remaining 10 per cent, which was to be sold to the USE. Indiabulls shares were trading down by 0.45 per cent at Rs 210.95 at 1300 hours on the BSE.


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