Rupee may gain this week on Finance Minister’s pep-talk

Sand Hill Finance LLC Converts Remaining Balance of IceWEB, Inc. Convertible Debenture

“These reforms will begin to show results in the current year itself and we are hopeful that this will have a reflection on the growth that happens in the next three quarters,” Mayaram told reporters. Outgoing RBI governor D Subbarao had said on Thursday that the forex reserves were enough to manage current situation of declining rupee, and RBI would take more measures to curb rupee volatility as and when necessary. However, some market participants expect the rupee to be range-bound and trade in the 62.50-64.50 level this week. “Fed concerns are here to stay. We may see RBI coming in on the rupee fall, but their presence may not be that strong as it was last week,” said Agam Gupta, managing director and head of fixed income trading at Standard Chartered Bank.

The Finance Co. To Recover Sussex College Investment

As a result of the conversion, based on 392,817,360 common shares of IceWEB, Inc. outstanding which includes the shares issued to Sand Hill Finance, LLC, Sand Hill Finance, LLC holds 9.4% of the issued and outstanding common shares of IceWEB, Inc. As part of the transaction, Sand Hill Finance is releasing its security interest in the assets of IceWEB, Inc. and terminating the financing agreement with the Company. Converting the Sand Hill Finance note to equity is a major achievement for IceWEB, and has significantly strengthened our balance sheet and improved our cash flow position.

Rupee vs Dollar

However in a matter relating to another school, Leeds, the ownership of that business was vested with TFC after the promoters were unable to maintain the repayment schedule. The inequitable situation continues: a building in Galle valued at a staggering Rs 63.4 million is occupied without legal title according to the same report of the Accountants. A senior official at TFC said, this flippant attitude to the legalities is very strange for a company that has been set up using funds from the public. Adding to the strange set of affairs, a further sum of Rs 159 million was written off to other Ceylinco related companies. Although Sussex maintains that the agreements with TFC have been terminated, Sussex continues to occupy property belonging to TFC fuelling a string of legal cases.


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