The Orissa government is still studying the renewal of the memorandum of understanding (MoU) signed with the South Korean steel major Posco five years ago.
The MoU, which was signed on June 22, 2005, expired last week.
As per the stipulated norms, Posco should sign an agreement with the Orissa government within six months of Posco registering as a companyt.
Considered to be the largest foreign direct investment (FDI) proposal in the country, the Rs 52,000-crore project has failed to take off because of protests by the local residents. According to sources, the government is “carefully” examining certain legal aspects that are likely to stand in the way of immediate renewal of the MoU.
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Sebi to scan bankers with shady past
New Delhi, June 27: Misdeeds in the past can make the future tough for investment bankers seeking to advise clients on public offers, as market watchdog Sebi has upped the ante against those with a dark history.
The Sebi scan will not only cover the investment banking entity concerned, but also group entities, promoters, directors and key management persons. I-banks must seek approval from the Securities and Exchange Board of India for new registrations as well as renewal of licence as bankers to public issues.