Madhavapura Bank may be liquidated
Ahmedabad: With no hope in sight about reviving the troubled Madhavpura Mercantile Co-operative Bank, the second largest co-operative bank in Gujarat, the Reserve Bank of India is considering the liquidation of the bank.

The apex bank has also stated that in keeping with the principles of natural justice, individual depositors should get highest priority. Institutions, companies and banks will have to wait.

The cooperative bank had held deposits of around Rs 1,500 crore, largely from several smaller cooperative banks which are single branch operations catering to local communities.
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Exim policy on used car imports to delight industry
New Delhi: The Indian automobile industry is likely to be delighted if the draft notification on used car imports is adopted completely by the new Exim policy.

According to the note, imported second-hand vehicles should not be older than five years from the date of manufacture, be fitted with a right-hand drive and "conform to the provisions of the Motor Vehicles Act, 1988".

The government has also bowed to the domestic industry demand that the import of used cars be allowed only through a single point of entry and has notified the Mumbai port to be the single point of entry into the country for used cars.

Besides the submitting a certificate from a government-approved testing agency that the vehicle was tested immediately before shipment and conforms to all the regulations, the vehicle has to be cleared by the Ahmednagar-based Vehicle Research & Development Establishment or the Pune-based Automotive Research Association of India for an all-clear certificate, on its entry into India.
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8 drug combinations banned by government
Mumbai: The government issued a notification banning the manufacture and sale of eight drug combinations that it felt had therapeutic value or contained ingredients for which there was no justification.

Manufacturers will have to restrict production of these eight combinations so that no stocks are available after December 31, 2001. The pharma companies likely to be affected by the order are Wockhardt, Nicholas Piramal, Cipla, Glaxo and Ranbaxy wjp have brands that fall in the banned category.

The combinations include anti-infective nitrofurantoin with trimethoprim, anti-epileptic phenobarbitone with any anti-asthmatic drug or with either or both of the antispasmodic drugs hyoscin or hyoscyamine and antipsychotic haloperidol with any anticholinergic agent and the anti-infective nalidixic acid with any anti-amoebic agent including metronidazole.

Also banned are combinations of the anti-diarrhoeal loperamide hydrochloride with the anti-amoebic drug furazolidone and the liver drug cyproheptadine with amino acids lysine or peptone.
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