Danish India negotiated a settlement with the Nayak. Kongsbakke's reports, sent to Denmark via other European vessels, finally convinced the Danish government to relieve him. The frigate "Færø" was dispatched to India, commanded by Capt Sivardt Adelaer, with an official confirmation of his appointment as colony leader. It arrived May 1669 — ending 29 years of isolation. Trade between Denmark and Tranquebar now resumed, a new Danish East India Company was formed, and several new commercial outposts were established, governed from Tranquebar: Oddeway Torre on the Malabar coast in 1696, and Dannemarksnagore at Gondalpara, southeast of Chandernagore in 1698. The settlement with
Commercial paper in India Commercial Paper in Indian money market is an innovation in the Financial system of India. Prior to injection of Commercial Paper in Indian money market i.e. before 1990, the corporate companies had to depend upon the crude and traditional method of borrowing working capital from the commercial banks by pledging the inventory of raw materials as Collateral security. It involved more loss of time for the borrowing companies in availing the short-term funds for day-to-day production activities. The commercial paper has become effective instrument for these corporate companies to avail the short-term funds from the money market within shortest possible