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| Saturday,
November 18, 2000, Chandigarh, India   
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Committee to formulate foodgrain policy Bonds to offset oil deficit on anvil Hostile takeovers are OK: Parekh Bandh against
octroi Tax raid on
Baddi firm |
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| SIA has good shot at Air India: analysts SINGAPORE, Nov 17 — Singapore Airlines Ltd (SIA), steadily spreading its wings beyond its home hub, has a good chance of adding Air India to its growing string of alliances, regional airline analysts say. Jaldi. com to provide
e-commerce
Himachal targets
2,000 cr exports Site on income tax problems launched Adeptia commences integration services
Nutty Prof on rickshaw All for eating french fries ICICI ropes in Amitabh
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Committee to formulate foodgrain policy NEW DELHI, Nov 17 — The government has constituted a high-level committee for formulating a long-term grain policy for the country. The Committee appointed by the Ministry of Consumer Affairs, Food and Public Distribution under the chairmanship of Prof Abhijit Sen (Chairman, Commission for Agricultural Costs and Prices) will have seven members. They include Mr Radha Krishna of Indira Gandhi Institute of Development Research, Mr Ashok Gulati of Delhi University, Ms Madura Swaminathan of Indian Statistical Institute, Mr M.D.Moses, ex-MD of FCI, Dr S.N.Kaul, Department of Economic Affairs, Prof Suresh Tendulkar of Delhi School of Economics and Mr K.M.Sahni, Joint Secretary (policy) Department of Public Distribution. The terms of reference of the committee include a review of Minimum Support Price and price support operations, FCI related issues, functioning of the public distribution system, grain policy regarding buffer stock, open market intervention, export/import policies and allocation of foodgrains for rural development programmes and other welfare programmes. Under price support operations, the committee would review the current minimum support prices to assess differences if any between MSP and procurement price and issues like inter-crop parities, grade and quality specification, possibility of decentralising price support operations besides encouraging private trade to play an increasingly significant role in MSP/procurement operations. The committee will further examine the current economic cost and the scope for its reduction, possibility of contracting out certain operations like bulk handling of foodgrains and encouraging private investments in handling, storage and distribution activities. The high-level committee will examine functioning of the targeted public distribution and study the situation prior to its introduction and functioning as well as viability of fair price shops. The committee will complete its report within a period of three months.
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Bonds to offset oil deficit on anvil NEW DELHI, Nov 17 (PTI) — More measures to offset the oil pool deficit are on the cards including issue of oil bonds and increased tax collections, Minister of State for Finance, N.G. Ramachandran said here today. “We are considering issue of oil bonds this fiscal year and a decision would be taken after talking to oil companies,” he told reporters on the sideline the “All India conference of Chief Commissioners and Director General of Income Tax”. The minister refused to divulge further details saying that he was not directly involved with the process. The government had earlier announced the issue of petro bonds worth around Rs 8,000 crore in a bid to check the impact of oil pool deficit. Revenue Secretary S. Narayan said the cut in the customs duty from 15 to 10 per cent for petroleum products would bring down the total collection from the present 37 per cent but would be around 25 per cent at the end of the fiscal. He said customs duty would remain buoyant due to encouraging export growth specially in textiles and readymade garments. Significant inflow in forex was also expected from the exports growth in services including that from information technology, he added. Ramachandran said tax collections have touched Rs 71,000 crore till October posting a robust 40.5 per cent growth and we are considering measures to attain the budgetary target. Speaking at the seminar, the minister said the present trend of increasing direct tax collection at 40.5 per cent till October, is quite “encouraging” and this trend must not be allowed to slow down as the government depends heavily on it to curtail budget deficit. On other measures, Ramachandran said concerted efforts are required to tackle tax evasion as well as unhealthy tax avoidance and recover unrealised tax demands aggregating Rs 51,000 crore to the maximum extent possible. “The work of allotment of Permanent Account Number (pan) to existing tax payers is almost complete. The department should
very quickly be in a position to make online and ‘on demand’ allotment on pan to tax payers all over the country,” he said. The ongoing computerisation of the tax departments, the minister said it was the only way of achieving the twin objective of widening the tax base and maximising revenue collections.
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Hostile takeovers are OK: Parekh MUMBAI, Nov 17 (UNI) — Housing Development Finance Corporation (HDFC) Chairman Deepak Parekh has welcomed the practice of hostile takeover in the corporate sector because such activity unleased the value of the company in favour of the shareholders. Commenting on the HDFC’s line of credit to Mahindras to acquire the shares of GESCO Corporation, the construction subsidiary of Great Eartern Shipping Company, Mr Parekh said, the hostile takeover of a company is necessary where the management does not perform well and the promoters have low equity stake in the company. HDFC as a leading housing finance company did not have any intention to invest in any other company’s equity, but if required, “we would provide finances towards merger and consolidation of the construction industry in the country,” he said. “We intend to see the growth of large contracting firms to undertake large construction works,” he observed. On Dalmias move seeking counter-offer funding of GESCO from HDFC, Mr Parekh said that he is examining the proposal of Dalmias and will take a decision, depending on the transparancy and financial strength of the company that HDFC would be funding. “Technically, we could finance both the firms for bidding for same chunk of business takeover,” he said. However, in case of GESCO, HDFC brokered a deal between GESCO’s promoters Sethias and Mahindras to prevent the takeover bid of GESCO by the Delhi based Abhishek Dalmia, the promoter of Renaissance Estates at an open offer of Rs 27 per cent. HDFC offered a line of credit of Rs 30 crore to Mahindras to acquire 45 per cent stake in GESCO at a counter-offer price of Rs 36 per share. Mahindra is bidding for GESCO shares through its 100 per cent subsidiary, Mahindra Realty Infrastructure and Developers Limited. In a letter to
HDFC, Mr Dalmia said that he and his company are willing accept the same terms and conditions subjected to
MRIDL and associates and would like to discuss with the terms of the credit line as well as maximum price for the bid which the
HDFC would regard as a comfortable risk fit to finance. Mr Parekh said that it would be easy for the financial institutions to offer finances to both or several parties for bidding for same kind of business licenses or acquisition. There were cases when two potential bidder approached us during the Telecom sector licensing bids, he said.
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Bandh against
octroi JALANDHAR, Nov 17 — The local wholesale cloth merchants observed a complete bandh against the alleged increase in octroi by 200 times on cloth by the Jalandhar Municipal authorities here today. The Jalandhar Municipal Corporation had increased the octroi on clothes by 200 times from November 15, which had irked the cloth merchants, who resorted to bandh to register their protest against the hike. More than 200 cloth merchants participated in the bandh and shops remained closed in Peer Bodla Bazar, Attari Bazar and Rainak Bazar in the city today. Mr Ranjit Singh, President of the Committee, threatened that if the civic body would fail to reverse the octroi rates the cloth merchants would stop getting deliveries of their consignments which would amount to a daily loss of Rs 25 lakh to the civic body. He further alleged that neither the mayor nor the commissioner had shown the copy of notification of new octroi rates. Tax raid on
Baddi firm SHIMLA, Nov 17 — Incriminating documents have been seized by the Income Tax Department during a raid on the premises of Time Packaging Ltd in the industrial area of Baddi in Solan district. According to Income Tax Department sources, raids were simultaneously conducted on Tuesday in the four factories of the company at Baddi, Houser (Tamil Nadu), Kachigam Daman (Union Territory), Trapur in district Thane (Maharashtra) and its head office at Andheri in Mumbai. These raids were conducted by the investigation wings of the department. It is alleged that the company was evading huge amounts of tax through unfair means by misusing various concessions available in the Income Tax Act in respect of newly established industrial units. |
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SIA has good shot at Air India: analysts SINGAPORE, Nov 17 — Singapore Airlines Ltd (SIA), steadily spreading its wings beyond its home hub, has a good chance of adding Air India to its growing string of alliances, regional airline analysts say. SIA is bidding in tandem with the Tata group for the 40 per cent stake in the flag carrier that the government is expected to sell next March. “SIA has a strong chance because of the local partner. That will be a beneficial influence,” said Mark Tan, airline analyst at UOB Asset Management in Singapore. The Indian government has capped maximum foreign holdings in Air India at 26 per cent but the stake can rise to the full 40 percent up for sale if the bid is made with an Indian partner. SIA is the only foreign contender bidding with an Indian partner, which could give it a crucial edge. “According to recent reports, security considerations in the final selection of a buyer may lead the country to prefer a bid from India’s Tata group of companies in its team-up with SIA,” investment bank ING Barings said in a research report this week. Rival bidders include Dubai’s Emirates airline and the Air France and Delta Airlines SkyTeam Alliance. The airline’s pilots union has also submitted a bid. SIA’s pursuit of Air India caps a busy year for the airline, which suffered the first fatal accident in its 28-year history on October 31 when one of its aircraft crashed on take-off in Taipei killing 82 people. In the last 12 months the Singapore carrier has bought stakes in Virgin Atlantic, giving it a crucial transatlantic connection, and in Air New Zealand and Ansett Australia, extending its reach into Australasia.
Second time lucky? This is SIA’s second attempt to get a foothold in the Indian market. In the mid-1990s, SIA and Tata teamed up to try to set up a domestic airline but failed to win approval from three successive governments. They gave up three years later. “But this time the intention is quite open to privatising Air India and they’re definitely looking for a quality carrier to impart skills from foreign partners...SIA will be looked upon quite favourably,” Tan at UOB said. Peter Hilton, who covers airlines for Credit Suisse First boston in Hong Kong, said SIA stood out by any airline industry criterion as one of the best-run carriers in the world. Air India has lost more than Rs 10 billion ($214 million) in the last five years, but analysts said it would make an attractive partner because of its lucrative bilateral and traffic rights to
Europe, Africa and southeast Asia. It would also give SIA a foothold in the fast-growing Indian travel market as well as another regional hub. Chin Lim, an airline analyst at Morgan Stanley Dean Witter in Singapore, said a presence in the big domestic Indian market would enable SIA to spin a much denser web of connections around the globe. “Once SIA has a stake, they can do a lot of strategic planning and can move a lot of flights into India,” he said. SIA declined to comment on what it might do with Air India if it won the race for the carrier, but, by offering more passengers a richer menu of connections, analysts said it stood to increase its global market share. “We think a stake in loss-making Air India would be positive for the strategic development of a key regional hub as well as SIA group’s regional network in the longer term,” ING Barings said. — Reuters |
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Jaldi. com
to provide e-commerce NEW
DELHI, Nov 17 (UNI)— Jaldi.com, an online shopping portal promoted by klg Systel, was been today appointed a Commerce Service Provider (csp) by leading Indian websites. The sites that have signed on Jaldi.com for its e-commerce expertise include Rediff.com, Mantraonlone, Gharapna.com and Go4i.com. Through these alliances, each of the websites will use Jaldi.Com as the backend for e-commerce procurement and fulfilment. In return Jaldi.Com will feature links to the websites on its home page. “We will see more such alliances where players choose their niche and leverage core competencies of others to deliver customer value,” said Kumud Goel, Managing Director, klg Systel Ltd and founder, Jaldi E-commerce Ltd. |
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Himachal targets 2,000 cr exports NEW DELHI, Nov 17 — Aiming for big strides in the IT sector, the Himachal Pradesh Government is drawing up a plan to take up software exports from the state to Rs 2,000 crore by 2005. Chief Minister Prem Kumar Dhumal said here today that according to a Nasscom study, the state could raise its exports to Rs 4,000 crore by 2010. He said that an IT policy was also being prepared for the state. As part of the moves to boost IT, the government has decided that people using residential premises for IT units need not take permission from the government. Detailing the initiatives taken by the government, Mr Dhumal talked of the progress in improving the investment climate in the state, apart from the steps taken to boost tourism and power generation. Besides the Rs 30-crore JP Institute of Information Technology that is coming up at Patnaghat in Solan, the state has also agreed in principle to the proposal of the Manipal group for setting up a deemed university devoted to information technology. Effort is being made to make admissions to JPIIT from the coming session. NRIs have also shown interest in setting up units in Una and elsewhere in the state. Mr Dhumal said that Rs 3 crore grant had been approved by the Commerce Ministry for the Software Technology Park. He said that major initiatives had also been taken in biotechnology. The Chief Minister said that apart from improving the three existing airports, the state government would provide land for expansion of Pathankot aerodrome. “Major thrust is also being given towards promotion of winter tourism, he said. Mr Dhumal said that another area where private investments were being encouraged was of hydel power generation. The state government, he said, had made a major headway in starting small hydel projects which were also providing local employment. While showing keeness to start joint projects with
Punjab and Haryana, the Chief Minister said that new projects could be started after old issues were settled. Mr Dhumal also presided over a function in connection with the Himachal Day at the India International Trade Fair. Site on income tax problems launched CALCUTTA, Nov 17 (PTI) — To handle income tax problems, Indiaallinfo.com today launched a vortal, incometaxinfo.com. which would help taxpayers in getting all information relating to it. Launching the vortal, the Director of allindiainfo.com, Santosh Jain, said the site would be the first of its kind which is totally focussed on income tax. The site would provide online solution to tax problems, apart from providing information on taxation matters. The vortal would have information on different aspects of income tax, cost inflation index, appeal fees, and tax statutes. It has roped in a number of experts like former Director-General of income tax S.C. Mishra and former Judge of Calcutta High Court, B.L. Jain. The revenue model had been based on the assumption that Internet users, numbering around 10 lakh, would be required to file IT returns. In such a case, a fee of Rs 1500 per annum if charged from them would fetch a revenue of Rs 1.5
crore. Adeptia commences
integration services NEW DELHI, Nov 17 — In response to unprecedented services, a team of former 3Com and GE Capital executives have launched Adeptia, a Chicago-based company providing application integration and custom engineering services. The company has secured $ 1 million in initial funding and services from NetFuel ventures. Focusing on CRM (Customer Relationship Management) and supply chain management integration, Adeptia has targeted a niche in two of the fastest growing sectors in the new economy. Forrester estimates the market for integration services will top $ 18 million by 2003. Almost half of the current integration planning efforts are geared toward CRM and more than one-quarter focus on supply chain management. “We are poised to capture a significant portion of the booming integration services market”, says the CEO, Mr Deepak
Singh. |
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Nutty Prof on rickshaw KANPUR: Residents of this city watch with amusement as a university Professor goes about riding a cyclerickshas, campaigning for the mayor’s election, which he is contesting as a non-party candidate. Prof V.N. Pal (45), who has taught mathematics in a dozen colleges, including the prestigious Indian Institute of Technology (IIT) here, and has authored many books, stops his cyclerickshaw at busy inter-sections or crowded markets, stands on the foot rest and spews venom against politicians, attracting much attention. While many feel his method is just a gimmick, some say he may get votes in the November 20 election simply because people are disillusioned with mainstream politicians. Professor Pal, who many feel is eccentric, says he is so disenchanted with the social and political systems that he has entered politics to set things right. “There are only two ways to bring changes in society — you either become a politician or a Vice-Chancellor, only then will people take you seriously,” he says. “If the first method fails, I will adopt the second one,” he adds. This is Professor Pal’s second attempt to enter elected office. He ran in the last parliamentary poll with a book as his election symbol. He got just 790 votes. Of his failure in that election he says: “Kanpur perhaps is a city of illiterates, so they did not read my ‘book’. I feel that I have to educate people from scratch, so this time my symbol is a blackboard.”
— IANS All for eating french fries WASHINGTON: It was the unexpected call that any law-breaker dreads. The policeman stepped out from his hiding place and said: “Put down your fries.” Ansche Hedgepeth (12) had never been in trouble. But all that changed when she wandered into a Washington DC underground station last month eating a bag of french fries — and fell victim to “zero tolerance” policing. Ansche was stopped, searched, handcuffed and arrested by the police, who took her to detention centre where she was fingerprinted and registered for compulsory community service and counselling. All for eating french fries. “We really to believe in zero tolerance,” said a defiant Barry McDevitt, chief of the transit police for Washington’s Metro, whose officers arrested 35 people during a week-long undercover operation targeting travellers ignoring a ban on eating, drinking and smoking in stations and trains. “I can’t believe there isn’t better way to teach kids a lesson,” said her mother, Tracey.
— The Guardian ICICI ropes
in Amitabh MUMBAI: ICICI Ltd has signed Amitabh Bachchan for an undisclosed sum as its brand ambassador for a two-year period. Under the agreement, the film star and TV host will endorse and promote the products and services offered by India’s financial service providers and its group companies. Speaking at the signing of the agreement, Amitabh Bachchan said: “I look forward to the challenging task of communicating a financial brand message to ICICI group’s diverse customer base”. ICICI’s Joint Managing Director, Lalita Gupte said: “Oour aim is to be a significant player in the area of retail financial services and his presence is expected to provide further impetus to the remarkable strides we have taken in this sector in such a short time”. According to an ICICI release, Amitabh Bachchan during his term as brand ambassador would play a key role and endorse the ICICI brand through corporate and product campaigns. He will also participate in select events such as new product launches, which could include the proposed insurance programme, and customer reward programmes. |
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Role models Youth card Verka plant Housing loans Water purifier New cellphone |
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