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Monday,
September 3,
2001, Chandigarh, India  
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Hospitals
offer attractive health packages Think
before purchasing your dream house
Keep your
money in bank now
Q: While going through the annual report of Swaraj Mazda Ltd. for the year 2000-01, I found the company’s performance had improved substantially over the past fiscal year. Do you recommend that I should add more of its shares to my portfolio? |
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Imparting
education comes under ‘service’ IOC
joins HPCL in race for MRPL Amul
offer to other coops to beat MNCs
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Hospitals offer attractive health packages The scheme is more popular among the businessmen. The salaried sections are not making much use of this scheme. Since the government officials get the benefits of reimbursement of medical expenses, therefore, they are not showing much interest in the same. Rs 1885 66 to 70 Under the mediclaim scheme if a person is insured for Rs 1 lakh, the premium for the age group from 15 years to 45 years is Rs 1,075 per annum; 46 to 55 years — Rs 1,480; 56 to 65 — Rs 1,685; and 66 to 70 years — Rs 1,885; 71 to 75 years — Rs 2,020 and 76 to 80 years — Rs 2,500 per annum, respectively. The insured person is entitled to get reimbursements of medicines, room charges if admitted to a hospital or a nursing home and diagnosis charges. But the total expenses should not exceed the sum insured. He will have to bear the expenses above the insured sum. Under the mediclaim scheme, an insured person gets the expenses for treatment of snake bite also. For ladies, the expenses of delivery are not reimbursed. But the expenses for accidental miscarriage (abortion) are met if the same has happened after 12 weeks of the date of conception. The general insurance companies also have a personal accident policy, under this scheme a person is entitled to all the expenses on the treatment upto the sum insured. The expenses are met for the treatment of injuries caused during the accident and not for any other ailment. Under this scheme, the person is also given weekly benefits if he is confined to bed — in the shape of compensation during the period of confinement to bed because of the accident. There is another policy known as Janata Personal Accident policy (JPA). This policy is meant for the labour class and a person can be insured for a sum of Rs 12,000 with a premium of Rs 12 to 15 per annum. This policy has not gained much popularity. The persons insured under the mediclaim scheme are also entitled to exemption from income tax.
Ludhiana: With more and more people becoming health conscious, major hospitals and nursing homes in the industrial town of Ludhiana have launched health check-up programmes for the benefit of the residents. These are package programmes and are becoming popular among the local businessmen. The Hero-DMC Heart Institute which came into operation in the month of April this year has launched a health checkup programme with a package of Rs 2,500. Under this programme, the person coming for health checkup will have his investigations in blood sugar fasting, lipid profile, blood sugar pp, complete haemogram (Hb. TLC, DLC, ESR, Heematocrit, peripheral Smear), Blood Group (ABO, RH), Serum Creatinine, Serum Uric Acid, Urine Examination, X-Ray Chest, ECG, Exercise Stress Test (TMT), Stress Screening by Psychologist yoga advise and Dietian’s consultation. According to Dr Gurpreet Singh Wander, Chief Cardiologist, Hero-DMC Heart Institute this health check up is valid for three days. Dr Wander says that although they have fixed Rs 2,500 for the check up as total package, they are offering the check up for Rs 500 for the first 500 persons to make the scheme popular. About 350 persons have been registered under this scheme so far. During the checkup, yoga expert and dietician are also made available and complete chart for exercises and diet is provided to the persons. The response to this scheme is very good, claims Dr Wander. The Hero-DMC Heart Institute has performed as many as 83 coronary bypass surgeries, 44 angioplasties, 480 angiographies and 13 ballon valvuloplasties respectively since April. The success rate in the case of surgeries is 100 per cent, claims Dr Wander. The Christian Medical College and Hospital also launched a scheme known-Executive Health Checkup Plan for the executives of the corporate companies about two years ago. According to Dr T.M. Jaison, Chief Cardiologist and acting Director, MCM and Hospital, these are category A and Category B checkup schemes under a package. Under the category A-Rs 1,500 are charged for males, Rs 1,750 for females and for husband and wife Rs 3,000 respectively. The Category B-scheme is known as-CMC and H Executive Cardiac and Comprehensive Health Checkup. Under this scheme, males have to pay Rs 2,350, Females-Rs 2,500 and for husband and wife Rs 4,500 respectively, Under these schemes, the billing is done directly to the companies, says Dr Jaison. The CMC and Hospital which has been facing financial crunch also launched Gold Card Holder and Platinum Card Holder schemes to generate funds for hospital. Under the Gold Card Holder scheme, the donor is supposed to donate Rs 1 lakh and he will be entitled to 10 per cent discount on treatment after appropriate investigations are complete. Under the Platinum Card Holder’s scheme, the donor is entitled to 15 per cent discount on treatment for him and his family members and free annual health check-up. According to Dr Nitin Malhotra, Head Medicine, Satluj Hospital, they are also planning to launch an executive health check-up scheme in their hospital very soon. Some of Delhi hospitals have also registered a number of nursing homes which do the health check up or investigations on their behalf. According to Dr Gurinder Singh Grewal of S. Avtar Singh Grewal Memorial Hospital and Nursing Home, Apollo Hospital, Delhi has registered five nursing homes where the diagnostic tests are done. Dr Grewal says that the Apollo Hospital authorities refer the local people for check up with them and they send the bills to the Apollo Hospital and not to the persons coming for the checkup. According to Dr Grewal executives of the companies also come for checkup with them and bills are paid by the companies. Lately, Ludhiana has also got a number of health clubs which are attracting a number of clients. These clubs are for both sexes.
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Think before purchasing your dream house Knowledge of the key elements of buying and selling is essential. Sale Deed All immovable property can be transferred by sale, will or gift. Before purchasing an immovable property, one should study the mode by which the earlier owner acquired it. If the previous owner purchased freehold property by a valid, duly stamped sale deed, and is transferring the same by valid sale deed, then the prospective purchaser will get a marketable and valid title. The prospective purchaser must also see whether minor interests are involved in the property or no if they are he should contact and advocate for guidance. Lease If the previous owner got the property on lease, then check that the lease rentals were paid. The general misconception is that a 99-year lease is a perpetual lease as good as freehold property. In the case of leasehold properties the lessor (owner of the land) is generally the government. All leases should be renewed only after the expiry of the initial period by paying renewal fees. To avoid all confusion, one should study the original lease deed, and ascertain whether the lease rights can be transferred on payment of fees or whether any other restrictive condition was imposed for the renewal of the lease. If there are conditions, steps should be taken to fulfil them. Power of Attorney In the metros, transfer of property worth crores of rupees takes place every day on the strength of a single document — a power of attorney. Such transfers are now accepted in court because they have become common practice. There is no irrevocable power of attorney; the person, who has issued it even without prior notice can revoke it at any time. The death of the person who had issued the power of attorney will automatically cancel the instrument. Generally the power of attorney is of two types: General power and special power of attorney. In general power of attorney, the holder is empowered to deal with the property as he likes except to destroy its very nature. A holder of special power of attorney is empowered to handle the property for those specific purposes for which he has been appointed. In case of a sale or transfer of immovable property on the strength of a power of attorney the buyer should always ensure that:
*The power is irrevocable and *The power of attorney holder also has special powers to deal with all matters relating to the property. Including the execution of a sale deed. As a matter of further caution the buyer should always obtain a letter from the original owner to the effect that the power of attorney issued by him is still in force and has not been withdrawn by him. Clearances The first clearance you need from the government is usually from the income tax department, through not if the sale consideration is less than Rs 5,00,000.00 (Sec 230 A). Since the Urban Land Ceiling Act has not been repealed, clearances under it are also necessary. Comply with all statutory requirements at the initial stage. For example, in Delhi, From 37-1 must be submitted to the income tax department for property transactions of more than Rs 50,00,000.00. The certificate is conclusive proof that all the documents are in order. Similarly, soon after the sale is registered, necessary mutation entries at the office of the Tehsildar and other municipal authorities should also be made. The property should also be properly insured by an insurance company. Documents From the beginning both the prospective buyer and seller should keep their documents clean and try to discuss any possible shortfalls with one another. Dissimulation will only postpone troubles, not give permanent relief.
Concluded
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Keep your money in bank
now In 1999 when the stock market was at its peak, quick gains were definitely an allurement. That was the time when I used to invest almost 90 per cent of my money in equities. But today, after having lost most of the investment in shares, high returns are no longer my priority. Today I want my money to be absolutely safe. The ratio of putting 90 per cent of my earnings in the market , the remaining in bank, has reversed. In fact I am still in the process of recouping from the set back due to the share market. I used to trade heavily and take big risks. It is not that I only suffered. I did make money and today I am managing well only because I was very clear of my priorities even then. I invested in real estate, run my cold storage business and have my farms. Investments in these things assure regular returns.
On recessionary trend in market The recession in the market will continue for some time , but I still believe that those who have surplus money can still trade in equities. It has to be long term and one has to know the market, study it well. Even today there are people who have really made it via shares only. There are the ones who have inherited shares of companies like Colgate etc and will not lose in the long run. Investment has to be in top rung companies. I am not investing more than 15 per cent of my money in the equities as I have suffered. However, I still believe it is a cycle and once again the market will come out of this recession.
On other investment options So far as Mutual Funds are concerned I don’t really prefer them as they are mainly dependent on the share market only. I have invested in NSCs and also put my money in bank. The returns here are of course not very attractive, but money is safe and moreover, bank offers the highest liquidity.
On where to invest Investment choice purely depends upon one’s portfolio — the money one has, the risk taking ability, priorities etc. Someone, for instance, who is freshly appointed will have tax saving or long term investments as his priority. Insurance, Provident Fund etc will be important here. At this stage one can put 10 to 15 per cent in shares. Later, long term planning , that includes income after retirement and fulfilling other liabilities too has to be taken into consideration. The best option right now I feel is to hold on your money in the bank for another five to six months at least. After that market would change on the basis of which one can decide his investment options.
On investment preferences
in future After few months, when market would change I think I would put around 50 per cent of my surplus money in the equity market and the remaining I would prefer keeping in bank. This I can think because I have already invested money where I am assured of regular returns. |
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by Lalit Batra Q: While going through the annual report of Swaraj Mazda Ltd. for the year 2000-01, I found the company’s performance had improved substantially over the past fiscal year. Do you recommend that I should add more of its shares to my portfolio? — Puneet Gupta, Chandigarh. It seems from the balance sheet of the company that its working has improved considerably. But reading it between the lines, one finds that the net profit of the company has actually declined in the last year compared to the previous fiscal. Let’s see how it is. The company reported a net profit of Rs 2.48 crore in 1999-2000 after providing for the loss on the foreign currency transactions of the Rs 1.87 crore. Last year (2000-01) the company reported a profit of Rs 3.98 crore after taking into the account the profit on the foreign currency transactions of Rs 1.01 crore. Since the foreign exchange transaction is not the company’s main line of business, reworking the above figures we get a profit of Rs 4.35 crore for the year ended 1999-2000 compared to Rs 2.97 crore reported in the year 2000-01. Moreover, the company has not provided for Rs 4.88 crore on account of lapse of Modvat credit receivables. The matter is pending in the SC. Had the company provided for that full amount, it would have suffered a loss of Rs 1.91 crore in the last fiscal year. Nevertheless in the quarter ended June 2001, the company has reported a profit before tax of Rs 1.35 crore compared to Rs 75 lacs for the corresponding quarter of 2000-01. But given the shenanigans, that the company has been using one should rather wait for the audited results to make a buy call on it. Thus you should not to add shares of Swaraj Mazda to your portfolio for the time being. Q: Tata Steel (Tisco) declared highest ever profit during the year 2000-01. Its share price now is at its 52 week low. Should I start accumulating Tata Steel shares with a long-term perspective? — Satwant Singh, Nabha Tata Steel is India’s largest private sector steel producer commanding 13 per cent domestic market share. The company ranks amongst the lowest cost steel producer in the world. The financial year 2000-01 was a rewarding year for Tisco. On a sale of Rs 6,838 crore the company reported a record profit of Rs 553.44 crore. This was indeed the highest ever profit after tax reported by the behemoth. However, the company posted an 80 per cent drop in net profit to Rs 20.53 crore for the first quarter ended June 2001. Its top line fell by 8 per cent to Rs 1,404.64 crore reflecting the general slowdown in domestic economy. Lack of demand has forced Tisco to cut down on cold-rolled products, which fetched higher profit margins than hot-rolled products. Further, exports of Indian steel were restricted due to trade restrictions imposed by the USA and other countries. Exports were down by 31.6 per cent to Rs 121.7 crore. Also, its first quarter witnessed the lowest flat product prices in the international price cycle, which impacted on domestic flat product prices. As a result, flat product prices were much lower than the prices prevailing during the first quarter of the previous year. It was the culmination of these two factors that brought down the overall performance of the company resulting in a crash in its stock price from a high of Rs 169 in March this year to the current Rs 80. But all the negatives have been factored into the stock price at the current rate. Moreover, over the long term the company stands to gain significantly from the step in infrastructure spending and rising demand for automobile and other durables. Therefore, you can start accumulating the company’s shares with a 2-3 year perspective. |
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by Pushpa Girimaji Imparting education comes under ‘service’ Universities in the country had better watch out. Students can now haul them up before the consumer courts for deficient services rendered by them. For the first time since the Consumer Protection Act came into being, the apex consumer court has asked a university to compensate a student for its negligence. In its recent order in the case of Sreedharan Nair. N. vs Registrar, University of Kerala (FA no 643 of 1994) the National Consumer Disputes Redressal Commission has asked the university to pay Mr Nair Rs 50,000 for the loss and suffering caused to him as a result of the university’s failure to give him a law degree even after completion of a three-year course in law. Coming as it does in the wake of the commission’s earlier order in the case of Bhupesh Khurana vs Vishwa Budha Parishad (OP no 168 of 1994), where it held that imparting education for a consideration came under the purview of consumer courts, this order of the commission has far reaching significance. While the order of the commission in the case of Bhupesh Khurana answered the basic question of whether education came under the definition of “service” provided in the Act, the commission’s order in this case reinforces that verdict with specific reference to universities. Mr Nair, a retired government servant, joined the Law Academy Law College, Peroorkada, Thiruvananthapuram, for a three-year LL.B course. He attended the evening classes regularly and was declared passed in the examinations conducted by University of Kerala. After completing the three-year course, he submitted an application with necessary fees to the university for obtaining the provisional LL.B. degree certificate. To his utter shock, he was informed that the qualifying examination passed by him, which was the B.G.L. degree examination of the Mysore University, had not been recognised by the Kerala university. The question of issuing a provisional certificate of LL.B. examination could be considered only on recognition of the qualifying degree awarded to him by Mysore University. And this issue was still under consideration of the Kerala university. The complainant’s case was that if the BGL degree of Mysore University had not been recognised by the Kerala university for the LL.B. course, he should have been informed of it at the time of admission to the course. The university not only failed to do so, but also allowed him to take the examinations for three years and declared him passed. To deny him a certificate now was unreasonable and unfair. More so because such denial had prevented him from practising as an advocate, even though he completed the course in 1991. He, therefore, prayed that the university should be directed to issue him a provisional LL.B. degree certificate and also pay compensation of Rs 5 lakh for its negligence on account of which he had failed to earn an income from the practice of legal profession. He also pointed out that he had regularly paid the tuition fees and also paid the examination fee for all the three years to the university. On his first plea of directing the university to grant him a degree, the commission said whether a course is to be recognised or not was a matter to be decided by the Academic Council of the university and the commission cannot give directions in that regard. However, it pointed out that if the Kerala university had not recognised the B.G.L. degree of Mysore University as a qualifying degree for taking LL.B. degree examination, the student should have been told at the time of admission to the LL.B. course or at the time of writing the first year LL.B. examination. Instead, the university allowed him to write the examinations and also declared the results. And then when he demanded the professional certificate of LL.B. degree, it informed him that he did not possess the recognised qualifying degree for the LL.B. course. This, said the commission, was a clear case of deficiency in the service provided by the university, as a result of which the student had wasted three years without any fruitful results. He had also spent money on his tuition fee and examination fee. In the circumstances, it would be fair to award him a compensation of Rs 50,000, besides Rs 2,000 as costs of litigation. Failure of the university to pay within two months would attract an interest of 12 per cent per annum till the date of payment, the commission said. This order of the commission represents a very positive development in the area of consumer protection because it finally gives students who are victims of negligent services rendered by universities, access to the parallel consumer justice system. It should also force universities to be far more responsible in dealing with the academic careers of students. |
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IOC joins HPCL in race for MRPL
New Delhi, September 2 “We are interested in MRPL. It would add to our presence on the West Coast,” IOC Chairman M.A. Pathan said here today. India’s largest oil refiner has indicated its willingness to the Ministry of Petroleum and Natural Gas to buy the Birla g company Indian Rayon’s stake in the loss-making joint sector project, he said. When contacted HPCL Chairman and Managing Director Z.L. Zutshi declined to comment on the issue. HPCL is equal parnter with Aditya Birla Group in MRPL. For IOC, the acquisition is of strategic importance because it gives the company a refinery on the West Coast. IOC, which has a refining capacity of over 48 million
tonnes, at present does not have any refinery on the West Coast, Pathan said.
PTI
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Amul offer to other coops to beat MNCs Bangalore, September 2 Kurien, who has pioneered a milk revolution — known as the white revolution — in India through a chain of village-level cooperatives, says he considers all milk cooperative federations in India as "his brothers". "If the Karnataka milk federation has a problem selling its Nandini butter, tell us, and we will withdraw some of our Amul butter and make space in the market for Nandini butter. "This is an offer to all other milk federations in the country. They are my brothers, and we will join hands to fight the multinationals," Kurien told IANS. The Chairman of the Gujarat Cooperative Milk Marketing Federation (GCMMF) is convinced that "we can beat the MNCs in milk products. "Of course there will be conditions. The products have to meet the quality standards of Amul," says Kurien. Kurien is awaiting implementation of the proposed amendment to the Companies Act that would permit taking milk producers' cooperatives out of the Cooperative Societies Act. "This will definitely help in having professional management of milk producers' companies. "There are far too many restrictions under the cooperative laws. To end political interference, it is better to register these cooperative societies as cooperative companies," he says. "What we need is a level playing field to compete with the multinationals." "Mozzarella is by definition produced from buffalo milk. But Denmark de-colourises its milk to produce mozzarella. They have fiddled with the law. This is the difference between us and them. "The global battle in dairying is not even. So we have ensured that at every international meeting relating to the
WTO, the Indian delegation will have a representative of the National Dairy Development Board so that we do not end up as losers by default," he says.
IANS |
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Inflation rises LIC of India Bharti Group |
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Buying
healthcare at early age is cheap
The Mediclaim scheme is said to be the brain child of Mr Ashok Goenka, a former Chairman of the GIC, who introduced this scheme in 1986. Mr Goenka had gone on a foreign tour and had studied the scheme during his tour. On his return, he introduced the scheme.