Vikram Kaushik joins Colgate
Mumbai: Vikram Kaushik, vice-president, marketing and exports, Britannia Industries, is joining Colgate-Palmolive (India) as executive vice-president (marketing), with effect from 1 December 1999. Mr Kaushik’s joining Colgate Palmolive coincides with the company’s plan to develop and expand business in Sri Lanka, Bangladesh and other neighbouring countries.
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Harshad Mehta gets stay
Mumbai: Stockbroker and scamster Harshad Mehta has got a reprieve. The Supreme Court stayed the special court’s five-year jail sentence on him in the Maruti Udyog case. Mr Mehta’s lawyer told the court that Maruti Udyog had not sustained any loss due to the transactions under question. A Supreme Court division bench comprising Justice B.N. Kripal and Justice Rajendra Babu stayed the sentence till final hearing. The court also stayed the sentences of other accused in the case.

Mr Mehta was held guilty by the special court on 17 September 1999, seven years and five months after the scam came to light.
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Daewoo chairman resigns
Seoul: Kim Woo-choong, chairman and founder of Daewoo group, has tendered his resignation from the troubled group, taking responsibility for the group’s problems.

The group said its top 13 executives have also submitted their resignations to a government-run restructuring committee.
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Merrill to re-recruit former employee
New York: US investment bank Merrill Lynch is luring back Seth Waugh, who it had earlier forced to quit as co-head of its fixed income division. Mr Waugh, who joined Merrill in 1988, was reassigned as the firm introduced changes in its fixed income division. He left Merrill in February 1999. The company is now worried over the division’s faltering performance and Merrill’s chief executive officer David Komansky believes Mr Waugh’s return could boost its performance and stem a lot of defections.
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