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| Monday, November 27, 2000, Chandigarh, India   
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‘Let people take charge in a company’ Haryana plans to hold global investors’
meet
79.29 cr for developing Amritsar
airport
Q: My date of birth is 27.12.1936, I will be entering to 65 year of age on 27.12.2000. Kindly clarify whether I am entitled for tax rebate of Rs 15000 as admissible to the senior citizen in the financial year 2000-2001. |
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Sensex: a ship drifting on windless
sea
6 Indians among top
10 He ate rats & squirrels ‘E-nose’ may replace dogs
Judge confounds
American onliners Plan to privatise
mill
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‘Let people take charge in a company’ PHILADELPHIA, Nov 26 — Speakers at a Wharton India Economic Forum (WIEF) conference panel here agreed that people are the most important resource in any entrepreneurial venture’s success, and this takes precedence over all other elements. They were speaking at the kick-off panel titled “Challenges of Entrepreneurship.” Surya Panditi, CEO and President of Avici Systems, a company that develops revolutionary high-performance backbone switch and routers for next-generation Internet Protocol-based carrier networks, said: “The key is the people and really the most important resource a company could have.” As far as the WIEF is concerned, the recent success of technology-based Indian companies such as Tata Consultancy Services, Satyam, Infosys, and Wipro have provided the theme for this year’s conference titled, “India: Leadership in the New Economy.” Panditi said it was imperative that an opportunity is created for “people to take charge,” and for an atmosphere to be established where “people who took charge had an opportunity to grow.” “I believe that’s very important for people to understand that if you come to an entrepreneurial company, that you have the opportunity to be anybody you wanted to be within that company,” he said. Jagdeep Singh, President and CEO of OnFiber.com, his third start-up, said: “If you don’t have a world class team, you don’t have a lasting company.” Singh, who first founded AirSoft Inc. and co-founded Lightera Networks subsequently said: “If you assemble the right four or five key people, then you can predict the next 50, because people replicate themselves, they tap into their own network and their own talent bases.” “You got to figure out how to have people believe in you, empathise with your vision, that how you assemble your team. That is the core value you bring to the table,” he said. Vijay K. Thadani, co-founder and CEO of NIIT Ltd., a global information technology (IT) solutions corporation, which in recent years has become the leader of IT education in India and a global IT solutions provider with revenues exceeding $200 million, warned the budding entrepreneurs at the conference against starting an entrepreneurial venture “with an exit strategy in mind.” Obviously taking a swipe at the hundreds of start-ups by young Indian Americans who have within a couple of years sold their start-ups for millions of dollars, thus perpetuating a philosophy that has become contagious, Thadani said, “that is not entrepreneurship but opportunism.” Thadani said that entrepreneurship is “about two basic issues — passion and process. Just passion remains ideology and just process does not create risk-taking. You got to marry passion with process, and a third element, which has to ride on top of that is perseverance. If normal business is a game of chess, entrepreneurial business is a game of American football. It’s not only enjoyable for the players but also for the spectators — in this instance consumers.” He also argued that the reason for two of the key industries in India — information technology and the beauty industry — to record enormous success and growth in recent years was because “of an entrepreneurial spirit and because the government had nothing to do with it.” “This is a time where India is very different from 20-years-ago. Opportunities for entrepreneurs are tremendous, and I see 200-odd potential entrepreneurs sitting here. India needs you very badly,” Thadani said. — IANS |
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Haryana plans to hold global investors’
meet NEW DELHI, Nov 26 — Haryana Chief Minister Om Prakash Chautala today said a global investors meet is being held in April next year in Haryana to attract foreign investment. The Chief Minister, who had a meeting today with the Singapore Minister of Trade and Industry, Mr George Yong-Boon Yeo , conveyed his decision to the latter and invited Singapore to participate in the meet in a big way, an official press release said. Mr Chautala stressed that a global investors meet would help in the industrialisation of his state which has emerged as a prosperous agrarian economy. Mr Chautala, who was in Singapore last month, invited Mr Yeo to Chandigarh to make an on the spot study of the potential of Panchkula as a destination of for the IT industry. The Chief Minister said that Haryana was fast emerging as the top IT software exporting state in North India. The State was offering adequate power supply, advanced communication system, sales tax exemption, friendly land use norms and exemption from pollution control checks to infotech and other environmental friendly industries, he pointed out, adding that Gurgaon because of its proximity to the Union capital has already emerged as the cyber capital of Haryana. GURGAON (UNI): Haryana can shortly emerge as the hub of information technology and research-based units in India in addition to the traditional industries Singapore Trade and Industry Minister George Yeo said here on Sunday. Mr Yeo heading a 15-member delegation including the High Commissioner of Singapore Mr K. P Wong had an overview of the prime industrial estate Udyog Vihar developed by the Haryana State Industries Development Corporation. The delegation also visited the research and development facility of the pharmaceutical giant Ranbaxy and evinced a keen interest in the research work being undertaken by the company. Haryana Finance Minister Sampat Singh briefed the delegation about the facilities offered in the industrial model township at Manesar, near here. He also apprised the delegation of the fact that Gurgaon was the most suitable area in North India for setting up it industries because of its nearness to the international airport and a clean and pollution-free atmosphere. |
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79.29 cr for developing Amritsar
airport A huge subsidy of Rs 79.29 crore has been earmarked for development and upgradation of the Amritsar airport. The Airports Authority of India (AAI), which has been entrusted with the responsibility of upgradation, will have to rise to the occasion to complete the project in double quick time. If the AAI works at its normal speed, the project will become obsolete by the time it is completed. Amritsar, a city of textiles, is one of the pivotal areas for both passenger traffic and cargo movement. There is a sizable population based in the UK and the USA, which would like to travel direct to Amritsar instead of going to Punjab via Delhi. Operations of flights from and to Amritsar will also reduce congestion at the Indira Gandhi International Airport (IGIA) which needs upgradation and development. As there are unprecedented technological development in aviation sector, 600 plus passengers aircraft will be flying to meet the ever increasing traffic flow. It is estimated that international traffic will grow at the rate of 12.5 per cent and domestic 7 per cent in the next decade. In view of this, the need to upgrade airports is imperative. Amritsar is one of the seven airports which are to be developed. Some of them will become international airports. It is alright to make them international airports but there should be facilities befitting international status. Mere new structures will not help. There has to be efficient staff to handle the flow of incoming and outgoing passengers of different nationalities. The reason why IGIA does not function very smoothly is that there is no trouble shooter at airport. There are different agencies, which consider themselves autonomous. During crisis, there is little coordination resulting chaos and confusion. The death of the girl under the wheel of escalator at the IGIA is still fresh in the minds of people, particularly those who travel regularly. The AAI, in particular, has to take effective measures so that similar ghastly accidents do not recur. India’s image in the sphere of aviation is already low. The efforts should be made that the country’s image improves and more and more foreigners decide to undertake trips to this country. Despite bilateral imbalances (export is heavy but import of cargo is lean), many foreign carriers have been operating all-cargo flights ex-India. There are airlines which have bifurcated cargo from passenger traffic. It is estimated that 1.2 million tonnes of cargo will be uplifted in another five years. Indian Airlines’ performance is good but its cargo unit is doing much better. It bagged the prestigious international quality standard ISO 9002. It has been providing shippers quality service. It is committed to improve its functions so that it is able to handle greater volume of cargo than has been the case at present. According to cargo agents, there is a marked improvement in handling of cargo for international destinations. The dwell time in import cargo has been reduced to 10-11 days from 26 days in Mumbai and 8-9 days at Delhi. In the case of export cargo, the dwell time has come down from 15 days to about two days. |
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— by R. N. Lakhotia Q: My date of birth is 27.12.1936, I will be entering to 65 year of age on 27.12.2000. Kindly clarify whether I am entitled for tax rebate of Rs 15000 as admissible to the senior citizen in the financial year 2000-2001. Ans: On the facts stated by you, you will not be eligible for tax rebate as applicable to the senior citizen because for claiming this tax benefit the assessee should have completed 65 years of age as on the close of the Financial Year. Q: I am a house-wife aged 65 yrs. I had been allotted 100 shares of Rs 10 each at par seven years ago. Last year I got 100 more shares as bonus issue. I sold 50 shares, four months ago, for Rs 75000 & 10 shares, recently, for Rs 55000. Please advise me about the tax liability considering the Capital Gains. Can the tax be saved under Section 54EA/EB. If so, please elaborate Section 54EA & 54EC, and that whether the amount received after three years shall be fully exempt from income tax or not. Further is the time period of investment under Section 54EA/EB been enhanced in the recent budget. Ans: On the facts stated by you the benefit of Section 54EA/54EB could have been achieved by you only if you had made the investments by September 30, 2000. As the same has not yet been done, you cannot expect to avail the tax benefit in terms of the above sections. You are hereby advised that you should file your Income-tax return voluntarily after computing the long-term capital gains taking advantage of ‘Cost Inflation Index’. As you are a senior citizen very likely you will not be liable to pay Income-tax after availing the tax rebate applicable for senior citizen U/S 88B. Q: On my retirement under VRS from a public under-taking I have received, apart from the salary for the balance period of my service, the other payment including earned leave and sick leave (half pay) at my credit, during the current financial year. I am told that any payment received towards leave at the credit of the retiring employee is not taxable. Could you kindly confirm. Ans: The payment received under VRS is exempt from Income-tax up to Rs 5 lakh. The amount received on account of leave encashment at the time of retirement is also exempt from Income-tax subject to certain limits. |
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Sensex: a ship drifting on windless
sea LAST week the stock market was almost immobile and
directionless. In fact even during the last fortnight the stock exchange indices have been moving within a narrow range of 0.50 points on the Sensex and 0.20 points on Nifty. The trading volumes are declining and the broker’s terminals look deserted. It is futile to expect the improvement in the market even during the current week. The stock market looks like a sailing ship on a windless sea. Some cement shares improved their market prices largely because of two factors. First, major cement companies have by mutual understanding cut down production to lower their inventories, and secondly, they have raised the selling price of cement bags. There is also a rumour that the price of cement would be hiked again. These measures might give some relief to the cement companies but this would not increase their profitability significantly at least during the current accounting year. The stock market is unlikely to recover even in December. It is no time to make long-term investments. The general rule is that the long-term investor makes purchases when the market is depressed and books profit in a booming market. The present market is no doubt depressed but further fall is expected. In this column, it had been indicated three weeks back, when the majority of analysts were hailing some revival in the market as the onset of a bullish phase that the revival is nothing more than a technical correction and not a fresh bull phase. There are near-famine conditions in Gujarat, Madhya Pradesh, Orissa and Rajasthan. The industrial growth rate is lower than for the corresponding period of the last year. Some sectors of industry, like the automobile sector, are ailing. Even the demand for consumer goods is declining. It is no surprise that some FMCCs like Hindustan Lever have cut down their advertisement budget to maintain their bottom line. Some
scripts like Sterlite Optics and Aksh Optifibre which had climbed to new market price heights have lost their glamour. Sterlite (Rs 5 face value share) soared up to Rs 1180 but now it has come down to Rs 900. It may subside even to a lower level. Aksh Optifibre had touched Rs 170 but now it is available at Rs 135/- or so. Even, Vikas WSP which has excellent fundamentals and growth rate has come down from Rs 570 to Rs 505 for its Rs 10 face value share. According to some authentic reports, Vikas WSP has started bulk exports of 800 tonne of guar gum product per month to the USA and Europe, of which each assignment is worth about $ 1.85 million. It is a new product which the company has developed in addition to guar polymers. This product has been developed by its own research team and is used for exploration and transport of natural gas and some petroleum products. This company is expected to announce excellent results during the current accounting year. Even its third quarter results would mark an improvement on its first six month results. Long-term investors as well as traders can invest in this scrip, and so the share may be kept on the watch list. I expect this share to decline further but even at the current rate of Rs 505 per share, it is a good buy. Analysts are recommending investment in cement and pharma shares. Another share which may be kept on the watch list is Aksh Optifibre which has received big export orders from the USA. For the present, it has a low EPS, but it would improve during the current year. It has also a low book value. I expect, this share too to move down in its market price during the next fortnight or so. I also rate Moser Maer as a share with good potential for both short-term and long-term gains. Coates India should also be kept on the watch list, though I doubt whether it will move lower from its present market rate of Rs 115 or so) per share.
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6 Indians among top 10 LONDON: Six non-resident Indians topped the list of Britain’s 10 highest paid Asians. Ashok Vaidya, founder of the successful Scipher technology business, is ranked second on the top 10 Asian high-flyer list. Vaidya, who earned £ 10.904 million, said: “Success has been achieved through hard work and team work. I have been lucky that I have a very supportive family.” Madan Singh is in third place with £ 10.125 million. As the financial director of the company, Rakesh Patel is the youngest of the four and ninth on the list. He earned £ 2.501 million last year. As the operations director of the company, Kristi Patel ranked fourth, grossing £ 4.16 million. Executive Chairman of the company, Ajit Patel with an earning of £ 3.865 million, in the last year was listed fifth. Its Executive Director Ajay Patel came sixth with £ 3.78 million.
— PTI He ate rats & squirrels LONDON:
British celebrity traveller and Indophile author Mark Shand’s disclosure that he consumed rats’ intestines and squirrels’ tongues as a local delicacy in a remote Indian village has raised eyebrows among his friends in India and Britain. Intrepid Shand happens to be the brother of Prince Charles’ long-standing girlfriend, Camilla Parker-Bowles. He is also the award-winning author of “Travels On My Elephant” and the proud owner of a 40-year-old elephant called Tara, which was bought a decade ago for £
4,000. Shand’s experience with rat and squirrel curry is revealed in a soon to be broadcast television documentary series titled India Diaries, in which he travels through the country with his friend and photographer Aditya Patankar. One confession that will not endear him to the British establishment is 49-year-old Shand’s admission to the Daily Mail’s Weekend magazine that he repeatedly experimented with cannabis during his earlier visits to India when he was in his 20s and that the drug is imbibed in India as something “you do in ceremonies”. Shand’s nephew, Tom Parker Bowles, a close friend of Prince William, has attracted criticism for his involvement with cocaine. Shand himself reveals he was kicked out of boarding school after being caught with drugs. “My father said he didn’t mind me smoking dope, but wondered how I could be stupid enough to get caught”, he says in a recent interview. “Obviously he did mind, but he was upset I was found out,” he adds. Rome-based Shand says his future plans include setting up a travel agency in Delhi, Tara Travels, and the setting up of an Indian elephant camp. “I would have like to have lived about 100 years ago. The days of exploration were so much better then,” he tells Weekend.
— IANS SYDNEY:
The legendary truffle-sniffing dogs of France and Italy could soon find themselves hounded out of a job by a hi-tech Australian machine. The electronic nose, or E-nose, will soon be tested in Europe by a Tasmanian truffle grower, Tim Terry, and scientists from the University of New South Wales. Mr Terry was the first person to farm truffles in Australia last year, but he became frustrated with the two specially trained labradors he used to harvest the elusive delicacy. “Using dogs is not only time-consuming but it’s costly,’’ he said. “They will only work for about an hour before they start to lose concentration.’’ Mr Terry helped scientists at the Centre for Chemosensory Research develop the E-nose, a combination of sensors fitted to an all-terrain vehicle. After gathering air samples, satellite-positioning technology is deployed to detect the whereabouts of the pungent fungus, which grows 10 to 15cm underground. In France, the scientists will pit the E-nose against the finely-honed olfactory organs of Europe’s top truffle hounds.
— The Guardian |
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Judge confounds American
onliners LONDON: Anyone who doubts the ingenuity of French judges has never appeared before one. Ask Yahoo! — a poor defenceless little multi-billion dollar company that was taken to court by French groups fighting anti-Semitism because it allows sales of Nazi memorabilia on its US (.com) website (though not on Yahoo.fr). The charge was that the company had violated French laws prohibiting the advertisement, exhibition or sale of any objects likely to incite racial hatred, and that it had offended the ‘collective memory’ of the country — an allusion to the Holocaust years — by allowing online auctions of Nazi paraphernalia. In the court case last May, Yahoo’s lawyers smiled indulgently and patiently explained to Judge Gomez in words of one syllable that the Internet was a borderless phenomenon, that the laws of France could not possibly apply to a US company based in California and that in any event it was technically impossible to block French users from accessing the offending websites. The judge, however, was neither intimidated nor impressed by this transatlantic guff. Nor, one suspects, did he take kindly to being patronised. Instead he handed down a verdict against Yahoo, but with a stay of execution until a panel of three established experts in Internet technology, headed by Vint Cerf (one of the godfathers of TCP/IP, the protocols that still underpin the net), could advise him on whether it was indeed technically impossible for a US-based site to identify and exclude French surfers. The experts duly deliberated and reported — with a perceptible uneasiness on Vint Cerf’s part at least — that a filtering system based on inspecting the ISP addresses of site visitors and keywords used in searches could block 90 per cent of French users. The judge then confirmed his ruling, and gave Yahoo 90 days to comply, telling the company it would be fined $13,000 for every day thereafter that it was in breach of his order. It is not yet clear what Yahoo’s response will be, though the company lawyers were making the ritual noises about appealing the verdict to a higher court. There are some delicious ironies here. To those of us who have endured decades of cultural imperialism, in which American companies claim an apparently God-given right to impose their values on every territory they choose to occupy, US outrage at the French verdict raises, at best, hollow laughter. A society that thinks that the writ of its Digital Millennium Copyright Act should run worldwide is hardly in a position to be affronted by the temerity of a French judge’s assertion that French law should prevail over an American company. There was some huffing and puffing about how impotent the French courts would be if Yahoo decided to ignore Gomez’s judgment. US legal experts seemed unanimous that Yahoo could not be extradited. (How, one wonders, would you extradite a server farm?) But the Jewish groups that brought the original court actions promised pressure to prosecute Yahoo’s owners individually if the company does nothing about the Nazi memorabilia sales on its auction site. Some optimists argued that Yahoo is effectively immune to legal pressure since it has no assets in France. But this falls at the first hurdle — a thriving website named www.yahoo.fr. And besides, the revelation last week that Yahoo has entered into a partnership with Minitel — France’s pioneering but now antiquated online system — to provide email and other services to Minitel users, suggests that the company really does want to operate in France. So the smart money is on Yahoo swallowing its Californian pride and playing ball with the sainted M. Gomez. C’est magnifique! — Observer News Service Plan to privatise
mill MANSA, Nov 26 — Mansa Co-op Spinning Mills Ltd. is going into private hands from November 30 due to the move of the Punjab Government to privatise public sector undertakings running in loss. The employees of the mill have opposed the government move. Reliable sources say that the machinery of the mill is being sold for Rs 2.50 crore. This mill has an electric generator costing Rs 70 lakh which can supply electricity to the whole of Mansa town. In addition, the mill has standing trees valued at Rs 20 lakh Spinfed Chandigarh, has issued notice to Mansa Central Coop Bank Ltd. to vacate the rest house of the mill before November 30. The bank has its head office in the rest house of the mill. The mill owes Rs 3.12 crore. The bank has been paying Rs 10,000 per month as rent since September 1999 to the mill. |
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i2k2 systems Flls net sellers Inflation up |
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