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October 21, 2000, Chandigarh, India   
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Settlement
scheme fetches Rs 134 cr Govt constitutes panel
for project implementation Apna
Punjab.com portal launched ONGC eyes Enron’s oil equity:
Bora ‘Passage to India’ for IT is serious
business CII carnival begins |
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No to even
reconditioned car import
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Settlement
scheme fetches Rs 134 cr NEW DELHI, Oct 20 — The four month-long Company Law Settlement Scheme (CLSS), 2000, which ended on September 30, 2000, fetched the exchequer Rs 136.83 crore against the target of Rs 100 crore from the defaulting
companies. Out of a total of 4,95,741 existing companies, 2,54,553 companies were defaulting and they were called upon to avail themselves of the CLSS 2000 to get immunity from the government against prosecutions for violating various provisions of the Companies Act, 1956. A total of 1,27,083 defaulting companies availed themselves of the settlement scheme. These companies would be granted immunity and exemption from further prosecutions by the government.
For the remaining defaulting companies totalling 1,27,482, the government has already launched a fast-track exit route for their deregistration from the list of Registrars of Companies from September 28, 2000 for 60 days from that date.
Meanwhile, more than 2000 defaulting companies have availed themselves of the fast-track exit route for their deregistration so far. The objective is to begin the cooperative partnership between the government and the corporate sector on an even clean slate for a hassle-free electronic corporate governance that the government would introduce shortly now that the Information Technology Act, 2000, has come into force to herald an era of e-governance, including e-commerce, e-business, e-filing of returns and e-transactions. |
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Govt constitutes panel
for project implementation NEW DELHI, Oct 20 — The Centre has constituted a high-level group, headed by Principal Secretary to Prime Minister and comprising the Cabinet Secretary and the RBI Governor, to ensure speedy implementation of large projects and better capital
inflows. “This group will undertake inter-ministerial coordination for speedy implementation of large projects and undertake consultations to accelerate inward capital inflows,” the Union Commerce Minister, Mr Murasoli Maran, said here
today. Addressing the Indo-American Chamber of Commerce here, he asked the American investors to work out concrete strategies to achieve a quantum leap in inflows from the USA.
While there were approvals for the US investments for $ 14.4 billion during 1991-2000, the actual inflow was merely $ 2.54
billion. The inflow approval ratio is only 17.8 per cent for us which is just half of the average ratio of 35 per cent from all destinations, he said adding that “we, therefore, need to jointly think as to how the ratio can be
improved.” “We need to work out concrete strategies to achieve a quantum leap. We require to assess where the investment process is going amiss,” he added. He said the country proposes to shift into higher gears of exports to us targeting $ 25 billion annually in the next five
years. “Though there has been some progress on textiles, the restoration of GSP benefits on Indian exports to the USA on a whole range of products and the anti-dumping levies on unthreatening Indian exports are the issues that need to be resolved at the earliest to boost business confidence,” he
said.
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Apna
Punjab.com portal launched CHANDIGARH, Oct 20 — Canam Technology launched ApnaPunjab.com - the largest portal on Punjab. The portal, targeted at Punjabis across the globe, has more than 45 sections with 720 pages. It contains features on Punjab like history and culture, tradition, famous cities, personalities apart from other sections like health, beauty, model of the week, love and romance. The portal also includes a separate section on NRIs that consists of some worthwhile information for them. This portal on Punjab which will have proper e-commerce transactions. The portal will also render utility services to the surfers like online shopping, property transaction, immigration consultancy and study abroad counselling. Mr Abhineesh Johal, Jt Director (Operations) Canam said for the first time a Punjab based portal has managed strategic tie-ups with some of the major sites of India like Resnetindia.com, the pioneers in online booking of hotels across the country and MapsofIndia.com. Various services like matrimonials, onling booking of marriage palaces, cars and hotels throughout India can also be availed at the click of a mouse, said Mr Anuraj Sandhu, Vice-President. He said it took 11,000 manhours to complete the portal. Mr Sukhmeet Grewal, Sr Vice President added that the portal would soon be launched in Canada, UK and USA. He said that he was looking for a global presence in the coming months.
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ONGC eyes Enron’s oil equity: Bora NEW DELHI, Oct 20 (PTI) — Oil and Natural Gas Corporation (ONGC) today said it was interested in picking up entire 30 per cent equity of Enron Oil and Gas India Ltd (EOGIL) in the Panna, Mukta and Tapti oil projects as the latter sought government’s permission to exit from the joint venture. “We are interested in picking up Enron’s stake... We are looking into Enron’s exit from the JV as part of its asset rebalancing and are exploring all possibilities of acquiring the entire equity,” ONGC Chairman and Managing Director B.C. Bora told PTI here. Stating that EOIGLCountry Manager Larry Morse had met him recently to inform their decision to exit from the venture, Bora said that Larry told him that Enron would soon invite bids for its stake. ONGC was exploring possibilities to participate in bid process, Bora said. EOGIL spokesman was non-committal on whether Enron would consider selling its equity to joint venture partners ONGC and RIL which hold 40 per cent and 30 per cent equity each. As per JV agreement, EOIGL would need government nod on the prospective buyer though production sharing contract did not provide for first right of refusal to other partners. Bora said the corporation would knock on government’s door, if need be, for taking the controlling stake in the $ 900 million ventures which were initially expolred and partly developed by it. Asked if ONGC would take on as operator of the project irrespective of picking Enron’s equity, he said “we are willing to step in once the present operator (Enron) exists from the operator.” The oilfields, developed by ONGC, were handed over to the joint venture after open bidding, but ONGC is still to be compensated about Rs 500 crore towards the cost of development, sources said. The Supreme Court had yesterday upheld the award of the contract for Panna and Mukta for JV while dismissing a petition challenging the contract on the ground that government’s decision to give the oilfields to Reliance-Enron consortium would cause a loss of Rs 5,000 crore to the exchequer. EOGIL officials had met Petroleum Minister Ram Naik on Tuesday to seek permission to exit from the JVs which produces around 300 million cubic metres of gas and around 29,000 barrels of oil per day. EOGIL officials had also written to ONGC Chief informing the decision to sell oil and gas assets in India as part of annual rebalancing of assets and expanding into trading operations and communications infrastructure, he said. |
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‘Passage to India’ for IT is serious
business NEW YORK, Oct 20 — Outsourcing information technology (IT) work to Indian companies has become more serious business today than ever before and North America’s “passage to India” for software development is not flagging, says Forbes in its upcoming
issue. “From the drudge work that used to be contracted out to Indian companies, the USA and Canada are partnering Indian companies like Infosys and Wipro to carry out sophisticated and valuable projects, the magazine notes in two lengthy pieces where it also questions government
policy. “When once outsourcing to India was all about saving money on drudge work such as debugging code and year 2000 testing, now firms like Infosys are winning hugely complex and valuable projects that once went to the USA stalwarts such as IBM, EDS and Andersen Consulting,” says the issue, asking if programmers in Bangalore are simply better than anywhere
else. Nortel Networks has 1,300 developers in India. “In no other place in the world can we find so many qualified people,” says Granic. He has 324 Infosys developers on contract, expected to rise to 650 by the end of next
year. While half the population of India is illiterate, electricity supply is unreliable, and other services hardly up to speed, very limited Internet subscribers and barely 30 million phone lines, and “a corrupt and incompetent government” that “chronically runs yawning budget deficits, starving the private sector of capital,” the magazine says what India has going for it is abundant skilled human capital and a penchant for all things mathematical. “After all, Indians invented the concepts of zero and negative numbers 1,300 years ago. Information technology attracts the best brains in the
country.” Quoting Infosys founder N.R. Narayana Murthy that the quality of work coming out of the country will ensure “India will become the country of choice.... It’s already starting to happen,” Forbes notes that Infosys attracts the best minds in India and has made some 200 employees into dollar millionaires, runs an oasis of efficiency on the outskirts of Bangalore and is rated the highest in terms of ability to produce quality software on time and on budget. In fact, India’s top companies deliver more than 90 per cent of projects on time, compared with a U.S. average of 60 to 65 per
cent. In an accompanying piece, Forbes warns against over-bureaucratisation even as it shows appreciation for IT Minister Pramod Mahajan. It credits the minister with getting the IT Bill through Parliament, setting a legal framework for the sector and laying down laws to curb cyber crimes, as well as pushing for continuing the tax break on software
exports. “That’s two cheers for Mahajan,” Forbes said. IT giants like Wipro, Satyam Infoway and Infosys now appreciate the creation of the IT ministry. The next important issue is addressing the telecom infrastructure and the high cost of Internet access, it said. — IANS |
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CII carnival begins CHANDIGARH, Oct 20 — Parade ground today wore a festive look with as many as 150 companies participating in the CII carnival. The show was inaugurated by the UT Administrator, Lt. Gen. JFR
Jacob. IT carnival in which nearly 40 companies are participating was the major attraction. Among the participants are Web Duniya , the first Hindi portal which facilitates sending of e-mails, chat etal in HIndi and 11 other languages, including Punjabi, Tamil, Bengali and others. V Splash.com announced the lowest priced domain for Rs 199 along with one page multimedia website. HFCL is providing free local calls from the fair premises from “Connect” phones and free Internet browsing and e-mail from the Internet kiosks. CICST, Sharekhan, Wipro, ICICI are among the other participants in the IT
carnival. Some companies are providing guidance on investment , online trading, education on Internet. Home appliances, including the latest refrigerators, televisions, etc, at discounted prices are available at the
show. In the auto show, participants are Daewoo, Mahindra, Bajaj, Maruti, Toyota, Hyundai, Ford and Yamaha. A stall of Vintage cars has also been put
up. Good Health 2000 has participants, including Dabur, Verka, Prime Bodies and several others. |
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No to even reconditioned car import NEW DELHI, Oct 20 (UNI) — Minister for Commerce and Industry Murasoli Maran today rejected the demand for making a distinction between second-hand and reconditioned cars, reiterating that the unrestricted imports would be curbed in both these segments. “How do you make a distinction between second-hand and reconditioned cars?” asked Mr Maran when a section of the industry called for the import of reconditioned cars in the interest of consumers at an industry meeting here. Mr Maran was addressing members of the Indo-American Chambers of Commerce and Industry which has prominent presence of automobile majors like Ford and General Motors. While India is committed to remove the remaining quantitative restrictions under the WTO commitments after March 31, 2000, the government has said that it would use tariff and non-tariff measures to check the import of second-hand cars. “I cannot agree with you to allow import of reconditioned cars because an investment of Rs 50,000 crore has already been made in the Indian automobile industry, which employs over 12 million people”, Mr Maran said. The Commerce and Industry Minister said that India would help in all possible ways, the interest of the US investors. “We want to make every American investor a success story”, he said. The minister also rejected the demand for allowing the hire-and-fire policy for labour even in the new economy sectors of information technology. “We cannot fight with the labour. Telecom strike for a few days had paralysed the entire country.” he said. In any case, the government would await the recommendations of the Labour Commission. However, the Central Government has an open mind for letting women work after 8 p.m. “If women are willing to work, we have no problem. It is a question of law and order which has to be looked into by the state governments,” Mr Maran said.
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FII investment falls CALCUTTA, Oct 20 (PTI) — The Foreign Institutional Investors (FII) investment has shown a drastic fall by about 42 per cent to Rs 1,980 crore during April-September, 2000 as compared to Rs 3,403 crore over the same period last year. The rapid fall in Rupee and hike in oil prices have kept the FIIs away from the capital market, according to Fitch Ratings India’s (FRI) India Economy Update
report. The net investment in equities during the same period fell by around 37 per cent to Rs 2,283 crore as against Rs 3,603 crore in the corresponding period last year, it said.
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HCL proposal
cleared NEW DELHI, Oct 20 (PTI) — Commerce and Industry Minister Murasoli Maran today cleared HCL Technologies Ltd’s proposal to issue American Depository Receipts (ADR) for Rs 2250 crore besides 36 other Foreign Direct Investment (FDI)
cases. HCL Technolgies’ application to raise money in the USA via ADR worth Rs 2250 crore got a nod, the proceeds of which will be used for setting up offshore development facilities amongst other expansion
activities. Maran, on the advice of Foreign Investment Promotion Board (FIPB), also cleared Honda Siel Car India Ltd’s proposal to hike equity to 99 per cent from the existing level of 90 per cent for a consideration of Rs 14.4
crore. Pacific Netinvest Pvt Ltd’s proposal to set up telecommunication services with an investment of Rs 38.31 crores with 49 per cent foreign equity and Asia Pacific Exports application for issue of preference shares worth Rs 106 crore were also cleared. |
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IPCA Lab clocks 6 pc net growth NEW DELHI, Oct 20 (UNI) — After making higher provision of Rs 1 crore for taxation, IPCA Laboratories has reported a net profit of Rs 16.88 crore up 6 per cent for the half-year ended September 30, 2000 as against Rs 15.94 crore for the corresponding period in the previous financial year. The company also declared an interim dividend of 35 per cent for the financial year 2000-01 as against 30 per cent in the previous year. The total income for the period went up by 11 per cent to Rs 197 crore as compared to Rs 177 crore for the corresponding period last
year.
Maars Soft sales rise 22 pc CHENNAI, Oct 20 (PTI) — Maars Software International has recorded a 21.8 per cent increase in sales to touch Rs 22.22 crore during the quarter eneded September 30 last. The figure during the same period last year was Rs 18.24 crore, according to a company release here. The gross profit after interest, but before depreciation and taxation, stood at Rs 5.37 crore as against Rs 4.32 crore for the same period last year indicating an increase of 24.37 per
cent.
Hinduja Fin net surges 287 pc MUMBAI, Oct 20 (PTI) — Hinduja Finance Corporation has recorded a 287 per cent growth in its net profit at Rs 9.53 crore for the second quarter ending September 30 against Rs 2.46 crore for the corresponding quarter of last year. The company’s net profit for the first half stood at Rs 25.63 cr as against the profit of Rs 14.40 crore for the entire previous year (nine months). Its revenues in Q2 rose by over 170 per cent to Rs 15.14 crore (Rs 5.6 crore). The board, which met today, also approved the EQOP scheme.
Gujarat Gas net grows 26.84 pc NEW DELHI, Oct 20 (UNI) — The net profit of Gujarat Gas went up by 26.84 per cent to Rs 12.76 crore in the second quarter as against Rs 10.06 crore in the corresponding period last fiscal. The sales of the company went up by 23.84 per cent to Rs 79.78 crore during the same period as compared to Rs 64.42 crore during the same period last year The earnings per share of the company is on the steady rise and stands at Rs 31.24 for the nine months ending September
2000.
Grasim net profit rises 11 pc MUMBAI,
Oct 20 (UNI) — grasim has reported a net profit of Rs 82.97 crore during the second quarter ended September 30, 2000, registering an increase of 11 per cent from Rs 74.85 crore recorded in the corresponding period a year ago. The company has reported a turnover of Rs 1192 crore (Rs 1030 crore) reflecting a 16 per cent increase over the corresponding quarter of the previous year. Grasim’s gross profit stood higher by 14 per cent at Rs 158
crore.
Moser Baer net rockets 300 pc NEW DELHI, Oct 20 (TNS) — The net profits of Moser Baer India, the data storage manufacturer, grew by 300 per cent during the second quarter ending September 30. The total revenues grew to Rs 786.83 million from Rs 305.30 million during the corresponding quarter in the previous financial year. |
Eating insects in vogue LONDON: If you are organising a dinner party and are keen to offer your guests some unusual nibbles, why don’t you offer them a plate of
insects? While the idea of eating crispy crickets or lightly fried beetles probably fills most of us with absolute horror, insect eating is apparently becoming highly fashionable in dot.com land. Swarms of trendy new media types are reportedly logging on to wacky Thai food websites and ordering samples of freshly cooked insects to serve at their hip dinner parties.
This bizarre form of snacking — known in some circles as ``critter cuisine’’ — apparently goes on at Revolution magazine, the glossy bible of the UK’s new media industry. Where, rumour has it, journalists work with open tins of freshly cooked insects sitting on their desks. Not content with revolutionising the way we work, it now appears that the architects ofthe new economy want to try to revolutionise what we
eat. Christopher Edwards, an advertising executive at the Revolution magazine, would like to see insects re-appraised as food items. He argues that they are high in protein and low in fat. But until attitudes to food fundamentally change he believes there will only be a niche market for edible
bugs. ``I think the British are too squeamish,’’ he explains. ``It’s just a case of educating people to try them. I scoffed a cricket. I saw this bug in my hand and thought `Oh my God, I can’t eat it!’ It had all its legs and its antennae. They were all there. But I shoved it in and crunched it.’’
So how did it taste? ``It was slightly crispy and soft on the inside. It was quite a bland taste,’’ he says, adding that insect mini-buffets could go down well at parties. ``I think you need to have dips with them — probably some
garlic.’’ To reassure highly sceptical UK consumers, the Thai food website (www.dcothai.com) explains that all its bugs are carefully sterilised, preserved and spiced before being packed. But the news of the campaign to market insect snacks to the UK has received a mixed response from leading Thai restaurant chefs in this
country. While some of them privately admit that insects are actually quite tasty when cooked with pepper and a bit of seasoning, many believe that insect-eating will never become socially acceptable over here. They argue that a cooked Thai bug is about as welcome to the British palate as a cooked French frog. — The
Guardian Japan the biggest donor TOKYO:
Japan was the world’s biggest donor of overseas development aid for the ninth straight year in 1999, but six smaller countries gave a greater proportion of their national wealth, the government said
today. “Japan was the top ODA (Official Development Assistance) donor in the world in 1999. That makes nine consecutive years since 1991,” that japan has led the donor rankings, a foreign ministry official
said. Japan’s ODA rose by $ 4.7 billion, or 44 per cent from the previous year, to $ 15.3 billion in
1999. In yen terms, ODA rose 352.7 billion yen, or 25.3 per cent to 1.75 trillion
yen. “The yen surged significantly against other currencies. Japan focused on dealing with Asian currency and economic crisis,” the ministry explained in a
report. Japan donated about $ 3.3 billion to Asian currency crisis assistance funds via the ADB, the ministry
said. Japan’s bilateral ODA to Asian countries in 1999 was $ 6.6 billion, up 23.4 per cent from $ 5,372 million in 1998, accounting for 62.8 per cent of its bilateral assistance to the world, slightly up from 62.4 per cent in 1998.
— AFP
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New website for Indian
exporters Portal on Calcutta Intel’s PC Power Contest consists of a series of exciting contests, where kids and parents get to experience the creative possibilities and benefits of the 1GHz Intel Pentium III processor-based PCs, while getting the chance to win a number of fabulous “Mega prizes”. The PC Power Contest will also demonstrate how to use the power of the Intel Pentium III processor as an effective educational and communications tool. Mega prizes will be awarded during the contest, and contestants will get the chance to win the following: a first prize trip to the USA, eight second prize Samsung DVD players, and 15 third prize Samsung mobile phones. For a demonstration of the 1GHz Intel Pentium III processor, as well as information about the PC Power Contest, please visit Intel’s Web site at http://www.intel.com. |
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SBP branch New branch Henkel TVS SBI RPG Ent |
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