Saturday, August 22, 1998
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B U S I N E S S | Saturday, August 22, 1998 |
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IT raid in Haryana yields
crores RBI
clean chit for Sahara India |
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Diesel Zen launched CHANDIGARH, Aug 21 — Maruti Udyog Ltd today launched the diesel version of the Zen car. Sinha to call meeting of
Chief Ministers
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Office
Expo opens CHANDIGARH, Aug 21 — The three-day Office Expo’ 98, which opened at the CII complex here today, displays state-of-the art office equipment — right from a computer to a Pegasus brand of UPS systems by Autometers Secheion Ltd. that ensures a 24-hour power supply. CGU
Plc to enter insurance sector |
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IT raid in Haryana yields
crores NEW DELHI, Aug 21 — The Income Tax Department raided a Bahadurgarh firm and a travel agent with a branch in Jalandhar yesterday and detected unaccounted money running into crores of rupees. The investigation wing of the IT Department raided a firm manufacturing PVC compounds and PVC pipes in Bahadurgarh, Haryana. The Director General of IT (Investigations) said that during the search unaccounted sales of at least Rs 110 crore has been discovered. “Some incriminating bank accounts were found wherein cash deposit to the tune of Rs 110 crore was traced for the period between 1994 and 1996,” he said. It was later found that all the money came from cash sales of unaccounted production. “The department has detected unaccounted production of 1.2 crore kg of PVC compounds valued at Rs 60 crore. Some seized documents indicate that he has invested heavily in the factory at Bahadurgarh having 20,000 sq yards of plot. It was also detected that he has acquired several properties in different parts of Delhi,” he said. In the second case, the air intelligence unit of the IT Department carried out search and seizure operations on several leading travel, ticketing and cargo agents of some Commonwealth of Independent States (CIS), including their offices at Jalandhar, Mumbai and Chennai yesterday. The travel agents were extensively indulging in cash sales transactions running into several crores of rupees. During the search operations, the IT officials stumbled upon a maze of front companies, foreign accounts, export firms and benami transactions especially investment in real estate in the names of relatives, Mr Narain said. “Cash and FDRs worth
approximately Rs 1.23 crore have been seized. A fleet of
imported cars were discovered at the premises of the
persons and the ownership of these cars is still to be
detected. Search is still in progress,” he said. |
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Diesel Zen launched CHANDIGARH, Aug 21 — Maruti Udyog Ltd today launched the diesel version of the Zen car. The ex-showroom price of diesel Zen in Chandigarh is Rs 4,44,607 which is the lowest in the country. In Delhi it is priced at Rs 4.58 lakh while in Mumbai it costs Rs 4.93 lakh. Diesel Zen is powered by a 1527 cc TUD5 engine supplied by French company Peugeot Citroen Motors. Diesel Zen produces 57 BHP at 5000 RPM and accelerates from 0 to 60 kmph in 7.57 seconds, claims MUL. Maruti Udyog — a 50:50 joint venture between the government and Suzuki Motor Corporation of Japan has so far been making only petrol vehicles with the engines supplied by the Japanese collaborator. The decision to go in for the Peugeot engine was based on the fact that the expertise of Suzuki in compact car technology is matched by that of Peugeot in diesel technology. The launch of the diesel car is significant as Maruti has put an end to the sole technology provider status of Suzuki. This is also the first time Maruti is introducing a new technology in its product profile in many years with the recent upgradations in Esteem, 800 and petrol Zen being only cosmetic changes. The diesel Zen has competitors in Fiat Uno, which is priced lower than the Zen, and the Peugeot “308 GLD”. Zen D was simultaneously launched today in Delhi, Mumbai, Calcutta, Bangalore, Chennai and Chandigarh. NEW DELHI: The Zen D retains all the virtues of the petrol version in terms of performance and handling, while providing the benefit of greater running economy. The fuel efficiency is around 19 km to a litre of diesel. The Managing
Director of MUL, Mr R.S.S.L.N. Bhaskarudu, told
newspersons here that a Maruti Suzuki team worked on the
project for two years. In addition to performance,
special care has been taken to minimise noise, vibration
and harshness with the use of specially designed
hydraulic mounts for the engine and a package of other
noise insulators. |
Office Expo opens CHANDIGARH, Aug 21 — The three-day Office Expo’ 98, which opened at the CII complex here today, displays state-of-the art office equipment — right from a computer to a Pegasus brand of UPS systems by Autometers Secheion Ltd. that ensures a 24-hour power supply. Hewlett Packard has come up with a new generation of rewritable CD drive which allows you to delete or replace files on a CD just like a floppy. Its Surestore provides a solution for network backup. Most of the gizmos are user-friendly, where by just pressing a few keys here and there like in the digital printers of Riso you can change the style of your work. The features of EPABX. by Accord are designed to change the way one communicates. Ricoh’s stall offers photocopiers. A select range of overhead projections, slide projectors and multi-media presentation for conferences, seminars and training programmes by Philips, Total Audio Visuals, Solara International, HCL etc. are on display. Currency counting and
franking machines are marketed by Kores, while
Wipro’s products are on offer for the IT-literate. |
Sinha to call meeting of Chief Ministers NEW DELHI, Aug 21 (UNI) — Finance Minister Yashwant Sinha will soon convene a meeting of all Chief Ministers to do some plainspeaking on the state of the economy. Mohan Guruswamy, the Finance Minister’s new adviser, in an interview to a private channel, said that he will tell the Chief Ministers that “things are going out of hand and “it is high time” good economic sense prevailed”. Mr Guruswamy said the North Block would appreciate foolproof prosecution of businessmen rather than high-profile arrests without sufficient homework. On the exporters’
demand for a still weaker rupee to match East Asian
currencies, Mr Guruswamy clarified that they should not
expect more sops from the government.
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CGU Plc to enter insurance
sector NEW DELHI, Aug 21 — CGU Plc has chalked out plans to enter the Indian insurance market in both life insurance and general insurance segments. CGO Plc is present in India as two distinct corporate entities — Commercial Union and General Accident. Commercial Union Assurance Company is restructuring, its partnership with The Hindustan Times to focus on the life insurance market. Commercial union and The Hindustan Times had signed a memorandum of understanding in 1997 to jointly develop business area. General Accident Insurance
plans to form a joint venture general insurance company
with the Wadia group.They had signed an MoU in 1995. |
RBI clean chit for Sahara India NEW DELHI, Aug 21 (PTI) — The RBI today gave clean chit to Sahara India Financial Corporation (SIFC) saying that the company had complied with all the guidelines applicable to the non-banking finance companies (NBFCS). In a report filed before the Delhi High Court, the RBI said “physical verification carried out by RBI in June 1998 of the securities held by the company did not reveal any adverse features.” The RBI report came following a high court order directing the central bank to file a financial status report on 14 NBFC’s and residuary non banking companies (RNBC) including Sahara, Kuber and JVG group firms. Besides Sahara Airlines, the RBI named four other companies which do not fall under its jurisdiction. These companies are Sahara India Commercial Corporation, JVG Departmental Stores, JVG Investments and Asia Television Network (ATN). Justice Anil Dev Singh directed the Sebi to file a status report on these four companies within three weeks and fixed October 14 as the next date of hearing. “The company’s reply was found to be unsatisfactory and further information called for is awaited,” it said. In regard to JVG Finance, the RBI report said a winding up petition had been filed before the High Court and provisional liquidator had already been appointed to take charge of its assets. As per the report, application by Hoffland Investments for issue of certificate of registration has been rejected by the RBI on February 9, 1998. Another JVG Group Company,
Hoffland Finance also failed to comply with requirements
of the RBI Act 1934 and a complaint before Chief
Metropolitan Magistrate has been filed in May 1998
against the company and its directors. |
Yash Papers net up
43 per cent DVM ring launched |
Three international firms have shown interest in the purchase of Pakistan Prime Minister’s Secretariat on Constitution Avenue in Islamabad. Two Saudi Arabian companies — Saudi Arabia Tourism Promotion Pakistan Limited and Pal Sons International — have expressed their willingness to buy the palace through the Privatisation Commission. The sprawling palace was put on sale after Prime Minister Nawaz Sharif vacated it as part of his austerity measures to tide over the financial crunch following the nuclear-related sanctions.— (UNI) Plots Another reason for the extension of the last date is that Federal Minister for Labour, Manpower and Overseas Pakistanis Sheikh Rashid is visiting different foreign countries to persuade Pakistani immigrants to buy plots and send home the much-needed dollars to help the country. However, Rashid and members of his delegation have so far spent more than what they have actually collected from the overseas Pakistanis. Till August 13, only 180 overseas Pakistanis had bought the much-publicised residential plots in Islamabad and sent bank drafts for $ 1.56 million. Officials sources fear that if the target of 30 million dollars is not realised till September 14, the whole scheme would flop as the Foundation need a huge amount of money to develop the two planned sectors — E-13 and D-13 in Islamabad. The reason for the poor response to the scheme is stated to be the government’s decision to freeze the foreign currency accounts as the overseas Pakistanis have lost confidence in the government. The prevalent corrupt practices in government department and frauds in residential schemes have also discouraged Pakistanis working abroad to purchase plots.— (ANI) Violence The MQM withdrew from the federal government recently to protest the violence that has engulfed Karachi for years. A party spokeswoman, Nasreen Jaleel, a federal Senator, said: There is no law in the city? Prime Minister Nawaz Sharif can govern without the MQM at the federal level. But Sindh Chief Minister Liaquat Jatoi’s provincial government would topple without MQM support. A few days ago eight MQM party members were killed by gunmen who sprayed a crowd sitting in a park. Two others injured that day later died. The MQM blamed a breakaway faction with whom it has been locked in a violent power struggle. — (APP) Pipeline According to daily ‘Nation’, the consortium will lay 1264-km-pipeline while remaining 160-km extension from the Daulatabad oil fields from southeastern Turkmenistan to Hiraat on the Afghan border would be done by Turkmenistan Government. The consortium had been in touch with both the warring factions of Afghanistan fighting for control in the country, the newspaper said adding that in the first quarter of this year, a delegation of Taliban leaders visited Houston, USA, to discuss various issues on the project with Unocal officials. The project is expected to complete in two years and the pipeline would carry 2 billion cubic feet gas per day or 20 billion cubic meters per year. The pipeline would enter Afghanistan at Hiraat from where it would lead to Quetta and end at Multan at southern Punjab from where it would be distributed to northern and southern parts of the country. Unocal holds largest
equity stake in the consortium at 46 per cent. —
(PTI) |
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