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Friday,
June 7, 2002, Chandigarh, India  
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No grain
sale to exporters at market rate: Shanta SEBI
undecided over probe into VSNL issue HC to hear
PIL against VSNL disinvestment Central
Bank net spurts 251 pc Imported
consumer products in city |
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Bisleri
to solve 'quality' row soon Allahabad
Bank net up
Nirma
net profit falls 26 pc
US-64
investors likely to miss dividend
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No grain sale to exporters at market rate: Shanta
New Delhi, June 6 “To charge an open market price of Rs 7000 a tonne and then reimburse Rs 2650 a tonne a month later is not feasible and will be kept in abeyance till further consultations with the Commerce Ministry,” Food Minister Shanta Kumar told PTI. Last month the government had begun selling wheat and rice to exporters at open market price of different zones and reimburse the difference with the ex-granary export price, showing it as WTO compatible subsidy. The minister said even the current system of selling grains to exporters at prices a little over the rates for Below the Poverty Line families is WTO compatible. The difference with market prices can be shown as subsidy which is permissible under WTO regulations, he said adding there is no need to initially receive a higher amount from traders only to reimburse the differential. “Discussions are on with Commerce Ministry on how to tailor the current mechanism itself in line with the WTO rules rather than implement a roundabout procedure,” he said. Meanwhile, sources said Commerce Ministry is of the view that direct sale of foodgrains to exporters at a price much below the market rates will invite objections by competing countries in the WTO fora. This is all the more possible when India has eaten into the grain export market of countries like the USA, Argentina and Australia.
PTI
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SEBI undecided over probe into VSNL issue
Mumbai, June 6 “We will let you know as soon as we decide anything on the issue’’, said a senior official from SEBI. Its Chairman G.N. Bajpai is away from city and will be back in action tomorrow. The alleged listing violation came into light when the controversial Board meeting on May 28 had in its agenda to make a proposal of diluting the VSNL shareholding in two of its international ventures —Intelsat and Inmarsat — during their initial public offerings in future and this was not informed to the stock exchanges as required under the listing norms. The Tatas, now the owner of VSNL, in a communication to the stock exchanges, said the matters relating to the IPOs are subject of confidentiality agreements which VSNL was required to enter into with these two organisations. “There is no certainty whatever that these IPOs will take place’’, it added. Meanwhile, the Bombay House (Tata headquarters) has sought the legal opinion from solicitor Amarchand Mangaldas whether it could file a civil and criminal writ in the Mumbai high court against the BJP leader Kirit Somaiya promoted Investors
Grievances Forum for its inaccurate and malicious statements against the company.
UNI
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HC to hear PIL against VSNL disinvestment
New Delhi, June 6 The petition, filed by the Forum for Justice and Peace, also seeks the appointment of a local commissioner, preferably a retired judge of the Delhi High Court, to take possession of all the documents pertaining to the VSNL disinvestment to “avoid any further pilferage in the deal made by the Union of India and the Tata Group of Industries.” Counsel for the petitioner R.K. Maheshwari said here today the petitioners have sought an ex parte order to restrain the VSNL management from alienating or transferring the shares or any other property, movable and immoveable, of the original VSNL to the Tata Group of Industries or any other person on their behalf and to maintain status quo during the pendency of the petition. The petition contends that under the garb of transfer of shares, the Union of India has transferred the land and fixed assets of the public sector VSNL, which cannot be done without the amendment of the Constitution. Under the Disinvestment Policy, the government was selling the assets and property of the public enterprises which it was not empowered to do in view of Article 229 of the Constitution. It is merely an executive order which is open for scrutiny. On removing the corporate veil it would be found that the Union Government was transferring the assets of India.
UNI
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Central Bank net spurts 251 pc Chandigarh, June 6 The total income of the bank in the reporting period was also higher at Rs 5,258.12 crore as against Rs 4,734.70 crore in FY-01, according to the Central Bank of India Chairman and Managing Director Dalbir Singh in a press release. The profit on sale of investments was higher at Rs 318 crore (Rs 144 crore in FY-01), he said adding interest income in FY-02 stood at Rs 2,169.37 crore (Rs 1,968.17 crore). On entering the capital market with an initial public offering (IPO), he said “We are thinking about a Rs 300 crore issue in this fiscal but the exact timing is not yet decided. It could be before September or later”. Referring to introduction of a second round of VRS, Singh said, “not immediately, but we have sounded that there are certain pockets where surpluses are present. We are in discussions with unions to see whether deficit areas can be filled from the surpluses and if this is not possible we will have to think about VRS”, Singh added. The net non-performing assets (NPAs) were down to 7.98 per cent (Rs 1,699 crore) from 9.72 per cent (Rs 1,829 crore). The total deposits at Rs 47,137 crore were up by 13.53 per cent while gross advances increased by 13.38 per cent at Rs 22,968 crore, he said.
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Imported consumer products in city Chandigarh, June 6 Talking to newsmen here today Mr M. Mansoor, Chairman, and Mr Ahmed Zakaria, Director, of the company, said their new venture — Import Bazar — aims to make available imported durable consumer items including glassware, cookware, kitchenware, dinnerware, tableware, baby products, toys and stationery at affordable prices. The company will launch its products in Chandigarh and Punjab tomorrow. Mr Mansoor said most of multinational companies have organised on a large scale in the consumer products but there is no organised company or import house in the consumer durable sector. “We will provide quality imported goods at affordable prices and ensure that all imports are legal and there is a complete backup support for replacing defective or damaged items on 100 per cent guarantee. “Realising the need for an organised distribution system to fill the gap between the spread manufacturers and retailers, the group has set a mission to strengthen its position as a premier Indian multinational company in the gifts and houseware category”. “Our main task is to source high volume, time sensitive products from around the world and marketing them in India. Import Bazar has heavily invested and organised a wide distribution network throughout the country to ensure delivery of the products at the doorsteps of the consumers at highly competitive prices,” Mr Mansoor said saying that company has fixed a modest target of Rs 12 crore for the current financial year raising it to Rs 60 crore in the next financial year.
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Bisleri to solve 'quality' row soon
New Delhi, June 6 The company, which has been taken to task by the BIS for allegedly violating safety and health standards at its plant here, says the issue will not affect its business. "It's just media hype. We are talking to the government and BIS to explain our position. Everything will be resolved in a couple of days," said a senior marketing official of New Delhi-based Parle Bisleri Ltd. Bisleri lost some of its sparkle after BIS recommended suspension of operations of the company's bottling plant on issues of safety and health. The appellate authority of the consumer affairs ministry will take a final decision on BIS' recommendation. A ministry official said the government would take a decision on the recommendation after talking to both Parle Bisleri and BIS. "Our Delhi plant is functioning normally at the moment and we really don't see any problem in the days ahead," the Bisleri official who did not want to be named told IANS. The "show cause" notice from BIS to Bisleri was issued in April after the BIS quality certification was found missing on some of the water bottles produced at its New Delhi facility. The company official said the "mistake" was the result of it outsourcing the labels for a brief period. The firm, which supplies printed labels to Bisleri, used last year's labels "by mistake" when quality certification notice for bottled water was not mandatory, the official claimed. The Bisleri brand commands over 50 per cent of the Rs.10-billion bottled water business, streets ahead of Coca-Cola's Kinley and PepsiCo's Aquafina. It has manufacturing operations in 18 cities across the country.
IANS
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Allahabad Bank net up Chandigarh, June 6 According to Mr B.K. Madan, Senior Manager of the bank, the Capital Adequacy Ratio has improved to 10.62 per cent from 10.50 per cent during that period. He added that the total
deposits of the bank have increased to Rs 22,666 crore by March 31, 2002, from Rs 20,106 crore. During that period, the gross advances have increased from Rs 10,316 crore to Rs 11,815 crore. Regarding the future plans, he said that the bank has fixed a target of Rs 41,500 crore total business to be achieved by March, 2003, a growth rate of 20 per cent. The bank is also in the process of opening additional 100 retail banking boutiques during 2002-03 to increase the number to 306 and has also planned fresh disbursement over Rs 1500 crore in the retail credit during the current financial year. The bank would computerise 150 branches taking the total number of computerised banks to over 800 branches and to install at least 100 ATMs by March, 2003.
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