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| Tuesday, September 26, 2000, Chandigarh, India   
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Cable TV blackout in Delhi for 3 days Maruti doubts making profit this year
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SBI gets 20,000 cr BSNL account Markfed to disburse
Rs 9 crore dividend Bajaj Auto to enter
insurance Hero Honda
defers stock split plan |
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Cable TV blackout in Delhi for 3 days NEW DELHI, Sept 25 (PTI) — Cable operators in the Capital will go on a three-day strike from midnight tonight to protest “lopsided” amendments to the Cable Act, rejecting the government’s last-minute appeal not to agitate on “non-existent and imaginary fears”. The Cable TV Operators United Front, spearheading the protest, warned that the agitation would be “continued, intensified and carried out in all towns and cities of the country” if the government failed to effectively address their grievances. Though Information and Broadcasting Minister Arun Jaitley saw no rationale behind the strike saying the amendments would not hurt any operator’s “legitimate” business, the cable operators alleged that the government was bent upon giving control of the electronic media to the multinationals. “We will go ahead with the strike despite the minister’s appeal as we don’t trust this government which we voted because of the Swadeshi plank. But the government is helping multinational invasion on the electronic media,” Cable TV Operators United Front member Rakesh Dutta told PTI. Dutta said the cable operators were “not convinced” by the minister’s statements and could only withdraw their protest on categorical assurance of the government on key issues like vertical monopoly being created by satellite channels as also on the pay channel issue. Earlier, Mr Jaitley told reporters the fears expressed by the operators about harassment by the authorities under the amended Act were “purely imaginary” and said the prime responsibility for enforcing the programme and advertisement codes was of the channels and not operators. Asserting that one cannot agitate on “non-existent and imaginary fears”, he said the government would notify any channel and direct operators against showing it, if it was found to be violating codes regarding obscenity and advertisements promoting alcohol, cigarettes and tobacco. “Any channel violating advertising and broadcasting code will not be shown by operators. We will notify the channel rather than leave it to individual operators,” he said. The cable law has been in force since 1995 and the only change is that the programme and advertising codes now applied to free-to-air channels. Mr Jaitley said the government was in touch with television channels and had acquainted them about the legal provisions. He informed that Star and Sony groups have already written to the Ministry agreeing to stick to the codes after fulfilling a few old commitments regarding advertisements, which would take a few days. The minister said he was yet to hear from ZEE but the manner in which the two groups responded was “positive”.
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Maruti doubts making profit this year NEW DELHI, Sept 25 (UNI) — Faced with increasing competition, Maruti Udyog Managing Director Jagdish Khattar today conceded that the company is finding it difficult to even make profits this year. “This year we are working very hard to even make profit...there is no getting away from the fact that the next couple of years are going to be extremely difficult,’’ Mr Khattar said in a circular issued to MUL employees. The implementation of the union’s demands would make the company vulnerable to further erosion in market share. Terming the union’s demands for improved benefits as not in the long-term interest of the company, Mr Khattar said, “The company can ill-afford a commitment of huge financial implication ranging from Rs 51 crore to Rs 60 crore per year.’’ Based on the proposed increase of incentives, the cost of employee per year will increase from the present Rs 2.72 lakh to Rs 4.58 lakh at 2 per cent productivity improvement and to Rs 4.76 lakh with six per cent productivity improvement. This does not include the annual increase and the wage agreement on the anvil. Stating that such a huge increase was unheard of in the industry, Mr Khattar said, “in the present market scenario, we will become vulnerable and weak and the major international players will find it easier to take away more of our market share and threaten our leadership as out ability to further invest in modernisation and new models will become extremely difficult.’’ This is the first time that the Managing Director of the country’s largest car maker has openly admitted the fact that competition is eating into its market share and the company is finding it difficult to record profits. MUL has already invested in expanding capacities and even borrowed from the market, which together are casting a shadow on the company’s bottomline. No plan to phase out Maruti 800 and Zen NEW DELHI, Sept 25 (PTI) — Maruti Udyog today ruled out any plans to phase out its popular Maruti 800 and Zen models even as it is preparing to launch its new small car Alto in two variants later this week. “Maruti 800 and Zen account for 45 per cent of Indian car market and who in the right sense will phase out these models,” Chief General Manager of MUL Rohtash Mal said here. Commenting on reports that MUL would launch two variants of its new model, “Alto”, in its small car range in a bid to phase out its existing Zen and Maruti 800 in a gradual manner, he said “we have absolutely no plans to phase out the two models.”  |
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Govt announces exit policy for bankrupt firms NEW DELHI, Sept 25 (PTI) — The government today announced a new fast-track scheme to allow non-operational companies to de-register themselves from the Registrar of Companies (RoC). “The new scheme, which will be operational from September 28 to November 26, will allow companies which are non-operational to deregister themselves within 37 days compared to the normal 237 days,” Law and Company Affairs Minister Arun Jaitley told reporters here. He said companies, which have not availed of the Company Law Settlement Scheme 2000, would also be able to make use of the new fast-track scheme. The scheme will also allow RoC to get rid of the excess baggage by removing names of companies which are registered but not operating any business. Mr Jaitley said the government has so far collected Rs 112 crore from the scheme. Of the total 2,54,000 defaulting companies, the scheme was availed by 1,04,700, the Minister said. “Penal action will be taken against the companies who do not apply under the scheme,” Mr Jaitley warned. The Company Affairs Minister also said two more international accounting standards — one for segment reporting and another for related party disclosures has been incorporated in the Indian accounting standards. There are 33 accounting standards specified by the Securities Exchange Commission (sec) of the USA of which 23 have been formally adopted and the remaining 11 are being examined. |
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SBI gets 20,000 cr BSNL account NEW DELHI, Sept 25 (PTI) — The State Bank of India has been chosen to handle the Rs 20,000 crore per annum account of Bharat Sanchar Nigam Limited (BSNL) being carved out of the Department of Telecom Services on October 1. Pursuant to the decision, DoT has asked the Chief General Managers of all its circles to close the RBI account by September 30 and open accounts with SBI branches from October 1. Member (Finance) of Telecom Commission S. Prasad told a meeting of CGMs called here for reviewing the preparations for corporatisation that as the government status of the Department of Telecom Services/Operations would end by September 30, all circles should close account with the RBI on that date and open accounts with the SBI. DTS/DTO had a revenue close to Rs 20,000 crore last year and the entire money was being handled through RBI account because of its government status. Opening account with a commercial bank has become necessary, owing to the corporation status of the new entity being formed. The SBI is also expected to handle the domestic and overseas borrowings of BSNL. “It is a windfall for our bank. This one account will take our business to new heights without adding any human resources or infrastructure in the immediate future”, a top SBI official told PTI here. On the doubts raised by some of the CGMs on the efficiency of the service that SBI can provide, Mr Prasad said top bank officials had promised best service. Considering the networks of BSNL, a bank with network of branches across the country was required and no other bank can match the SBI in networks. The top DoT officials said the SBI could be asked to handle the investment banking requirements and the debt programmes of the new corporation, depending on the quality of services. Till last year, the DTS has been using MTNL for market borrowings, and now that it has become a company under the Companies Act, it could handle borrowings on itself. The SBI could also get into an arrangement with BSNL for bill payments directly at its counters and through SBI credit card, which would bring another business opportunity for the bank, the bank officials said. This will enable the bank to spread its wings further to the extent that every telephone user would have an account with the SBI and at least one-third of them would have an SBI credit card. |
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Markfed to disburse
Rs 9 crore dividend CHANDIGARH, Sept 25 — Punjab Markfed today decided to disburse dividend to its shareholders amounting to Rs 9 crore. Of this the share of the member societies is nearly of Rs 3 crore and it will be disbursed by January next. This was decided at Markfed’s general body meeting held here today under the chairmanship of Mr K.S. Janjua, Administrator, who is also Financial Commissioner, Cooperation. Addressing the meeting, Mr Janjua said that the profit of Markfed during the year 1992-93 was at its peak and later came down due to various reasons, including higher production of wheat and paddy in other states. He said the procurement of paddy is not a profitable business for Markfed, procurement is made so that farmers may get a remunerative price for their produce. About 1,205 representatives of the Markfed societies participated in the meeting and sought a higher margin of profit and supply of fertilisers and agro-chemicals. Mr D.S. Bains, Managing Director, Markfed, said this year Markfed has passed a profit margin of Rs 400 per M.T. urea to the societies which was the highest so far. Markfed has signed an agreement with Monsanto, an MNC, to provide technical knowhow and raw material to Markfed. Mr Suresh Kumar, Registrar of Cooperative Societies, Punjab, assured the house that the agriculture cooperative societies would be strengthened, their business would be increased so that they were made financially viable. All kinds of technical and other assistance would be provided to the societies. |
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Bajaj Auto to enter insurance NEW DELHI, Sept 25 (PTI) — Bajaj Auto today applied for entering into the non-life insurance sector taking the number of applicants to nine. Insurance Regulatory and Development Authority (IRDA) sources confirmed the move but was unaware of whether the company has tied up with a foreign company or the amount of stake that Bajaj Auto would hold in the company. So far, only Reliance has decided to go solo in both life and non-life insurance ventures. The other companies that have applied to IRDA include Prudential-ICICI, Dabur-Allstate, HDFC-Standard Life, Max-New York Life, Kotak-Old Mutual, IFFCO-Tokyo Marine and
Sundaram-Royal Sunalliance. Hero Honda defers stock split plan NEW DELHI, Sept 25 (UNI) — Hero Honda Motors has for the present decided against splitting its stock, company Managing Director Pawan Kant Munjal said. “We have been deliberating it for sometime. But we do not feel the need to immediately go in for a stock split,” Mr Munjal told UNI here today. The Board of Directors of Hero Honda was expected to take up the issue for consideration at its Board meeting to be held next month. “There are no immediate plans for a stock split now. We will deliberate on the issue whenever we feel we want to go ahead with it.” Though the Board was earlier expected to decide on the ratio of stock split at its next meeting, company sources pointed out that HHML had decided to split its shares with a face-value of Rs 10 each into two shares of Rs 5 each. Hero Honda had closed the 1999-2000 fiscal with a 58.26 per cent growth in the net profit at Rs 192.08 crore as against Rs 121.37 crore a year ago. Its turnover for the year stood at Rs 2,270 crore, up 51 per cent from Rs 1,505 crore in 1998-99. |
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Satyam to acquire Geet Sethi’s portal CHENNAI, Sept 25 (PTI) — Internet and e-commerce major Satyam Infoway today announced its decision to acquire former world billiards champion Geet Sethi promoted kheladi.com. a sports portal. A Satyam Infoway press release said the acquision would assimilate the strengths of kheladi.com. including the network of sports personalities, into its sports portal, Khel.Com. The purchase consideration for the acquision was $ 1.3 million, 5 per cent of which would be paid in cash and the rest to be discharged through issuance of equity shares in Satyam Infoway Limited. Satyam Infoway shares would be valued at Rs 2,965.55 per share. The equity shares issued to kehladi’s share holders were not listed in India and under the present law were nor convertible into ADRs. Tie-up to market Jupiter’s services BANGALORE, Sept 25 (PTI) — Media2india.Net, and Internet media specialist and an end-to-end Internet media solutions company which is part of the Microland group, today announced a tie-up with the US-based Jupiter, to market the letter’s research services in India. Media2india.Net CEO Pankaj Sethi told reporters here the company’s Internet research business aimed at taking a leadership position in the Internet research space in India. He said in India, the Internet user base was expected to go up to 35 million in 2003 and with the e-commerce potential expected to increase to Rs 4,500 crore in 2003 from Rs 450 crore in 2000, the opportunity to tap this market was huge. Jupiter President and Vice-Chairman Gene Derose said in a press release that Asian markets hold great promise for them. The opportunities were significant and India as a market was growing at a phenomenal pace. HFCL Infotel gets DoT connectivity CHANDIGARH, Sept 25 (TNS) — HFCL Infotel has received connectivity with the DoT network as a result of which HFCL subscribers can now receive local, STD and ISD incoming calls and make outgoing calls as well. Earlier during the week the company , which will provide private telephones services under the brand name "Connect", had been given clearance by the Telecommunications Engineering Centre (TEC) followed by a letter from the licensor for a Point of Interconnect (POI) with the DoT network. With this, there will now be a transparent flow of incoming and outgoing calls between DoT and Connect network.Connectivity with the cellular network will also be available through DoT. Site for news, events on web launched NEW DELHI, Sept 25 (UNI) — Webinfo Media Private Limited today announced the launch of its beta site, www.click2newsites.com, which is respository of information on newly launched sites. It will also give information on best sites, events and news on the web. Mr V.K. Madhok, CEO of Webinfo, said “this site banks heavily on its research team, and by implication, human intellect, to keep the web-community updated on what’s latest on the web”. The site offers enterpreneurs and web-property owners to capture a mind-share of the users, a company release said here. The site also intends to monetise its knowledge base and its research team’s efforts by bringing out customised research and feedback reports. Domain name can now be registered for Rs 299 CHANDIGARH, Sept 25 (TNS) — Pugmarks InterWeb Pvt Ltd, India’s leading web solutions provider, today announced the lowest domain name registration offer . Mr Atul Gupta, CMD, Pugmarks, said the domain name registration at Rs 299 is the lowest in the world today. It would help individuals, small and medium enterprises and others to take their first step towards getting a foothold in the new economy.” “The offer is without any hidden cost and very transparent,” he added. |
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Indians test US politics SAN FRANCISCO: Indian immigrants at the forefront of Silicon Valley’s economic growth are embracing the political clout that goes with financial and professional success. As their prowess in intelligence technology, as in other fields, brings economic rewards and status, Californian residents with family ties to the Indian subcontinent are increasingly aware of the importance of making their voice heard. And all the more so in a US election year. The Indian population in the USA numbers about one million, and its median family income ranks among the highest in the nation, notes Mr Vinod Gupta, founder and President of InfoUSA, a company operating a business information database from Foster City, California. “You don’t have to run for office, but you need to be a force in the process,” said Gupta, who was last week listed among the major Democratic Party supporters who had been an overnight guest at the White House or Camp David. Gupta was credited with raising $ 500,000 for President Bill Clinton and Democratic presidential candidate Al Gore at a fund raising event earlier this year. “If you don’t spend the money, you don’t get heard,” Gupta (54), said of the US political process. Gupta founded InfoUSA here 26 years ago. Now he and other successful Indian entrepreneurs and executives in Silicon Valley are actively sought out by both the Democratic and Republican parties. “It has gone from not talking about (US politics) to talking about it every time groups meet,” said Arjun Malhotra of e-commerce consultancy Techspan in Sunnyvale. Malhotra (51), said he has been invited to “a fair amount of fund raisers,” - most of them Democratic. Gupta, who came to the USA 33 years ago, explains that the first generation of Indian immigrants concentrated on what were seen as safe careers — in medicine, engineering and the sciences — which brought status and financial success. Now the achievements of the first generation of migrants have freed their offspring to pursue more prosaic careers, art, acting or politics.
— AFP
Hindi novel goes online HYDERABAD: The world’s first multi-lingual interactive novel “Beautiful Enemy” was launched online the Hindi portal hamarashehr.com by Paruchuri Brothers here on Monday. Portal Director K. Shankar Rao said the novel will be available at http://www.hamarashehar.com free of cost. The novel will be published weekly in English, Hindi and Telugu until it finishes on the 20th week. The novel was authored by G.V. Amareswara Rao. Keeping in mind the senior citizens the novel is being made available in large edition.
— UNI
Tourism as usual PRAGUE: THE group of 70 people looked menacing. Dressed mostly in black and carrying near identical shoulder bags and furled umbrellas, they were being addressed by a woman in Spanish. Then, as one, they surged forward and started to march through the empty streets and over Cechuv bridge. But the visitors were not neo-Nazis, communists, anarchists, environmentalists or representatives of any other non-governmental organisations converging on the Czech capital at the weekend to disrupt the annual meetings of the World Bank and the International Monetary Fund. This was a group of wealthy Colombian tourists who had each paid more than $2,800 for the 10-day tour. None professed to know about the meetings of the lending institutions, or to have heard of third world debt.
— The Guardian |
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IDBI VSAT United Bank Bolero drive Ford plans |
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