News makers:

19 February 2000

Premji third richest in the world?
Mumbai: Wipro group chairman Azim Premji is now being identified as the third richest man in the world after Bill Gates (who has been credited by Forbes magazine to own assets of $90 billion), and Warren Buffet ($ 36 billion). Mr Premji is reported to have assets of $ 35.25 billion based on the market capitalisation of Wipro shares, of which he owns 75 per cent.

D R Mehta gets two-year extension
Mumbai: Securities and Exchange Board of India chairman D R Mehta has been re-appointed for a two-year period. His earlier five-year term expired on 18 February.

The extension was confirmed by the appointment committee of the Union cabinet. Mr Mehta received the confirmation in the evening on Friday.

17   February 2000

IPCL chief resigns
Mumbai: It is reported that K G Ramanathan, chairman and managing director of Indian Petrochemicals Corporation Ltd, has resigned from his position. He had been asked to continue in his position until the process of a substantial divestment of the government's holding in IPCL was complete.

However, the divestment process has taken much longer than expected. Hence Mr Ramanathan has decided to quit.

Search is on for new Indian Airline head
New Delhi: The Union civil aviation ministry has asked the Public Enterprises Selection Board to find a new managing director for Indian Airlines. The deputation of Anil Baijal, the current MD, comes to an end in May 2000. The government does not want to have him to continue in the position, it is reported.

D R Mehta to continue at Sebi?
New Delhi: It is believed that the Union government has plans to give D R Mehta an extension in his position as chairman of the Securities and Exchange Board of India.

Mr. Mehta, who had earlier been given a five-year tenure as Sebi chairman, completes his term on 20 February 2000.