NEW DELHI: The Supreme Court on Friday dismissed the special leave petition filed by Spic with regard to its Rs 2,000 crore joint venture with Madras Refineries Ltd (MRL).The Supreme Court's judgement implies that the project will be stalled indefinitely in which Spic claims nearly Rs 800 crore has already been invested. The two companies has entered into the joint venture named Arochem Ltd for manufacture and production of purified terephthalic acid (PTA) and aromatic products like orthoxylene and benzene from naphtha.Maurti posts Rs 4,000 cr turnoverMUMBAI: Maruti Udyog Ltd (MUL) has recorded a turnover of Rs 4,000 crore in the first-half of current fiscal as compared to Rs 3,700 crore recorded in the same period of previous year. The company hopes to post a profit of Rs 850 crore by the end of fiscal 1998. R S S L N Bhaskarudu, managing director of the company, said that the company has earmarked Rs 1,500 crore for its expansion programme during 1998-99. This amount will be raised through a combination of internal accruals and debt The company has set a target of production of additional 1 lakh vehicles by 1999 which would be further increased to 5 lakh by 2001. Bhaskarudu said MUL would produce 3.5 lakh vehicles by the end of the current financial year.SEBI suspends 2 NSE brokersMUMBAI: SEBI today held guilty two members of National Stock Exchange, Libra Management Services Ltd and Vipul Securities Ltd, for violating SEBI Act 1992 by introducing fake shares in the market and suspended them for a period of two years. The suspension is effective from October 30, 1997. The regulatory board has also issued a warning in a similar case, to the another stock broker, Ramesh Biyani, member on the Bombay Stock Exchange.AIAI call to review reformsNEW DELHI: The All-India Association of Industries (AIAI) has urged Prime Minister Inder Kumar Gujral to review the pace and priorities of economic reforms in the country. In a memorandum submitted to the Prime Minister, association president Vijay G Kalantri stated that while the country had generally accepted the process of economic reforms it still was confused by the priorities and their haphazard pace. ``The situation is indeed grim and the priorities and pace of economic reforms need to be reviewed to revive the industry and the capital market,'' Kalantri said. He suggested that credit decisions should be decentralised in the banking system and the widespread fear psychosis be rolled back.
