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Saturday,
June 8, 2002, Chandigarh, India
  
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Centre
asks VSNL to reconvene meeting
HP
marketing board gears up to meet WTO challenge J and K
invites entrepreneurs PSB net up
73.76 pc |
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HDFC
Life targets 3,000 cr business Kharar
Textile Mills to be modernised Morepen
acquires Lifespring IT
return through ‘Saral’
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Centre asks VSNL to reconvene meeting New Delhi, June 7 Top officials of the Ministry of Communication and VSNL are learnt to have held a series of closed door brainstorming session to find an early resolution to the controversial decision. The Centre is learnt to have reiterated to the top-brass of VSNL to convene a Board meeting to review the decision. The decision taken by the VSNL Board on May 28 to invest Rs 1,200 crore in Tata Teleservices, a Tata group subsidiary, had sparked off a major controversy with Communication Minister Pramod Mahajan terming the decision as unethical. Sources said the Centre has conveyed to VSNL that the government should be made aware of the potential gains and losses of the investment. The Centre’s contention, it is learnt, was that at no cost should the value of investment in any of the companies be diminished. The Tatas are expected to respond to the government’s viewpoints in a day or two.
CII mediator
The CII brought senior officials from Tata industries and the government at the negotiation table in an effort to resolve the ongoing controversy over VSNL’s decision to invest Rs 1,200 crore in Tata Teleservices. According to ministry sources, Tarun Das, Director General of the CII, wrote a letter to Pramod Mahajan on June 1 urging him to resolve the issue through negotiations and also offered himself as a mediator. The CII had brought Suzuki and the government at the negotiation table a couple of years back in the Maruti-Suzuki row.
No HC notice
The Delhi High Court today declined to issue notices on a petition challenging alleged diversion of VSNL funds to one of its group companies by the Tatas which acquired management control of VSNL recently, saying the relief sought by the petitioner was vague. “We are not inclined to issue a writ on such a prayer,” a Division Bench comprising Justice Vijender Jain and Justice Vikramajit Sen said, while refusing to issue notices to the Ministry of Communication and Information Technology, VSNL, Tatasons Ltd and Tata Teleservices. The court, however, gave liberty to the Forum for Justice and Peace (FJP), which filed a PIL petition highlighting the ongoing controversy over alleged transfer of Rs 1,200 crore by VSNL to Tata Teleservices, to amend the prayer part of its petition. “Better think it over if you want to amend the prayer,” the Bench told FJP counsel R.K. Maheshwari, while posting the next hearing on June 17. Senior advocate and former Finance Minister P. Chidambaram appearing for VSNL contended that “a writ of mandamus cannot be issued on a prayer like this.” The petitioner had sought the court’s direction to the respondents to place on record all documents leading to the deal of the VSNL with Tata group of industries or any other such person.
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HP marketing board gears up to meet WTO challenge Solan, June 7 Board Chairman, Virendra Kashyap, who addressed a press conference here today said that Himachali farmers, because of the terrain and non-availability of requisite infrastructure like link roads and ‘mandis’, had to incur comparatively higher costs in addition to toiling hard both while raising crops and also for marketing it. These factors could potentially make marketing of Himachali produce a tough proposition in times to come. As such, the board had decided to pay immediate attention to bring about all possible reduction in irrigation packaging, transport costs. He said that non-availability of adequate water for irrigation was the biggest handicap of the Himachali farmer. The board had decided to repair existing traditional irrigation channels fed by natural springs and nullahs, locally called ‘kuhls’ and also to construct new ones. A sum of Rs 9.5 crore had been earmarked for the purpose. The board had started providing cartons and plastic crates at subsidised rates to farmers. This year over 20,000 re-usable plastic crates would be made available to the farmers at “50 per cent” subsidised rates. An ambitious plan to link all villages with nearest all-weather road heads was being implemented. Till date almost 90 km of link roads costing Rs 95.4 lakh had been constructed. This programme would be supplemented with the construction of ropeways. With a view to provide marketing facilities at short distances from producing areas as many as 100 collection centres and a chain of marketing yards had been planned. While the collection centres would be manned by hitherto educated unemployed youth, shops in mandis were being allotted to established “arthiyas” (commission agents). As of today 39 markets had been set up while work on seven others was in an advanced
stage. Simultaneously an effort was being made to provide upto date marketing intelligence to the growers. All mandis and board establishments would shortly be provided with computers which would be linked with the All-India Marketing Boards websites. Needed marketing intelligence would be made available to farmers from these points round the clock. Mr Kashyap said that the Rs 2.2 crore subzi mandi complex here would be fully commissioned after its inauguration by Chief Minister
P. K. Dhumal on June 18. |
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J and K invites entrepreneurs New Delhi, June 7 Talking to mediapersons here, J&K Information and Transport Minister Ajat Shatru Singh said here today that the exhibition and summit would help showcase the avenues and potential for the investment in the state and will also project its heritage and culture. The areas
identified for investment include power and energy, aromatic and medicinal plants, biotechnology, handlooms and handicrafts, health and healthcare, sports and recreation, floriculture and horticulture,
agriculture and food processing, water resources, IT industry, communications, industrial development, infrastructure, science and technology and tourism. Prime Minister Atal Behari Vajpayee has been invited to inaugurate the exhibition, being organised by the Wisitex Foundation. More than 200 companies will participate in the mega event covering all sectors of the economy. The Minister said the exhibition would make the people aware of the latest developments in the field of industry, science and technology and environmental protection. The Minister pointed out that the Prime Minister’s recent announcement of more than Rs 6,000 crore relief package for the state would considerably help in reviving the state’s economy. He said the state will extend incentives to entrepreneurs including central excise exemption, capital investment subsidy upto 15 per cent, insurance scheme and sufficient power supply. |
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PSB net up 73.76 pc Chandigarh, June 7 In a press release issued today, Mr N.S. Gujral, Chairman and Managing Director of the bank, said the aggregate deposits of the bank have increased from Rs 11904.71 crore to Rs 12,482.61 crore during the period. Similarly, the gross advances have increased from Rs 5,561 crore to Rs 6,003 crore in one year. Elaborating the improvement in performance of the bank, he said,
‘‘the cost of deposits of the bank have dropped by 0.32 per cent, from 7.91 per cent in 2000-01 to 7.59 per cent in 2001-02. This was mainly due to shedding of Rs 1000 crore of cost deposits and the mobilisation of Rs 132 crore of low cost deposits by the bank. The net NPA ratio has also dropped by 0.57 per cent to 11.70 per cent from 12.27 per cent last year.’’ |
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HDFC Life targets 3,000 cr business Chandigarh, June 7 This was disclosed by Mr Paresh Parasnis, General Manager (Distribution), HDFC Standard Life Insurance here today. Talking to the media persons, he said, “Though there are apprehensions among the public about the security of their deposits with the private companies due to bad performance of different private finance companies, the company has taken due care of funds by investing at least 80 per cent of the funds in the Government of India Securities, government backed investments and infrastructure, as per IRDA guidelines.” Regarding the Punjab market, he disclosed that after its successful launch in Chandigarh and Ludhiana, the company has rapidly extended its services to other cities in Punjab and Haryana. The company has opened its 29th office at Amritsar yesterday. At present, the company is operating in Ludhiana, Jalandhar, Amritsar, Phagwara and Patiala in Punjab and in Ambala, Panipat, Karnal and Samalkha in Haryana. The company expects to get a business of total sum assured of Rs 200 crore from Punjab market during the current financial year. Asked about the performance of the company, Mr Parasnis informed that the company had already announced 8 per cent dividend on single premium policies and 4.25 per cent dividend on regular premium policies. He claimed, “The focus of the company is to provide customised policies to the policy holders. The company has introduced different critical riders such as benefits in case of accidental death and critical illness including cancer, bypass graft surgery and
stroke. The company has also introduced a new policy of loan covered term
insurance. In case of policy holder’s death, the company would take care of the loan amount taken from HDFC
bank. The customers would have to pay about Rs 7,500 annual premium for a 15 year policy for Rs 3 lakh loan.” he added.
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Kharar Textile Mills to be modernised Kharar, June 7 This was stated here yesterday by Mr
C. P. Radhakrishnan M. P. Convener, Sub-Committee on Textiles while talking to mediapersons when committee members visited Kharar Textile Mills to know the actual position here. The convener along with Mr
S. P. M. Syed Khan, MP (Rajya Sabha). Mr Jeachim Barle, Mr Pushap Jain and Mr Girdhari Lal Bhargav (all MPs) visited the mill and had discussions with officers and leaders of its employees union. The government has decided modernisation of this mill with the aim to get profit and to take care of welfare of the workers. At present NTC has nine units in Delhi, Punjab and Rajasthan and out of these Ajudhia Textile Mill, Delhi, has been permanently closed and assets of this unit were currently being disposed of. Under the revival package sanctioned by BIFR, Edward Mills Beawar, Dayalbagh Spinning and Wyg Mill, Amritsar and Panipat Woollen Mills, Kharar were to be closed.
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Morepen acquires Lifespring New Delhi, June 7 Morepen would have a 95 per cent stake in Total Care Private Limited, the original promoters of Lifespring, and the existing management would retain 5 per cent stake. Lifespring will operate under the umbrella branding of Dr Morepen, which will now expand its franchise into a retail format. Lifespring currently has six stores in Delhi in different areas and has an annual sales turnover of Rs 5 crore. Lifespring was launched in August 2000 by Total Care Private Limited, a company that was incorporated by Tenzo Private Holdings Limited, an overseas corporate body based in Mauritius.
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IT return
through ‘Saral’ New Delhi, June 7 The Finance Ministry, which offered the same option only to non-corporate tax payers with income below Rs 2,00,000 on June 5, extended the facility to all tax payers irrespective of the income slab. “It has now been decided that all eligible non-corporate taxpayers will have an option either to file their returns of income in the old Form No-2D (Saral) or in Form No 2 and Form No 3, as the case may be,” the ministry said in a release here today. Under the existing Income Tax rules, non-corporates other than charitable or religious trusts and persons covered under One-by-Six scheme are required to file their returns in Form No 2, if the income is from business or profession and in Form No 3, if income comes from other sources.
PTI |
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Escotel roaming on pre-paid
New Delhi, June 7 |
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Bata plans buyback
Kolkata, June 7 A special resolution for buy-back of shares would be moved in the company’s forthcoming annual general meeting, company sources said. The move is dubbed in market circles as an attempt to push parent company, Bata Shoe Organisation’s (BSO), stake over 90 per cent to ultimately get delisted from stock exchanges. The company has lined up plans to launch new products during the year 2002 as part of its efforts to emphasise itself as a family brand with products at all price points.
PTI
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Polycab Wires Tata Engineering Weavco outlets Bharti Tele FCI new MD |
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