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Sunday,
September 15, 2002,
Chandigarh, India  
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Gates loses $11b, still
richest: Forbes Govt in a
fix over entry tax Row over
Balmer Lawrie sell-off |
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Forex
reserve crosses $ 62 b 10 firms
ink pact with Haryana Repay
loan now, PSIDC to minister
Hijack
bid exposes lax security
Exercising
option
Sikkim to woo
honeymooners
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Gates loses $11b, still richest: Forbes
New York, September 14 The Forbes 400 list will be published in the September 30 issue of the magazine. Gates lost $ 11 billion last year, but still remained ahead of investor Warren Buffett — one of the few on the list to see his fortunes increase in a year when an economic recession brought a sharp drop in stock prices. Buffett holds the No 2 spot, increasing his net worth from $33 billion to $36 billion. Rounding out the top 10 are Microsoft co-founder Paul Allen with $ 21 billion at No 3, the five heirs to the late Sam Walton’s Wal-Mart fortune (each with $ 18.8 billion at No 4), Oracle’s Larry Ellison with $ 15.2 billion at No 9 and Microsoft President Steve Ballmer with $ 11.9 billion at No 10. It took $ 550 million to make the list this year, $ 50 million less than in 2001. The total net worth of those on this year’s list is $ 872 billion, $ 74 billion less than last year. There are 46 women on the list but style queen Martha Stewart is not one of them. With her legal troubles hurting the stock price of her company, Martha Stewart Living Omnimedia Inc., she fell out of the group of America’s richest 400. Forbes said perennial list member Donald Trump consistently complains of the magazine undervaluing his fortune. “You’ve got way the wrong number,’’ he told Forbes this year, after the magazine reported the New York real estate magnate had a fortune of $ 1.9 billion. The youngest on the list is Daniel Ziff, (30), with an inherited fortune of $ 1.2 billion, while the oldest is investor Max Martin Fisher, (94), with $ 750 million. For the second straight year but only the fourth time in 20 years of rankings, the combined net worth of Forbes magazine’s 400 wealthiest Americans declined this year, reflecting the economy’s continuing troubles. Even the benchmark for being ranked dropped.
Reuters
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Govt in a fix over entry tax Chandigarh, September 14 A delegation of the paper industry, along with representatives of the Mohali Industry Association, which met Mr Sardool Singh, Minister of Excise and Taxation, was told that the government was still considering the pros and cons of the proposal. Mr B.S. Baidwan, leader of the delegation, informed the minister that the government's decision to impose an 8.8 per cent entry tax on paper, imported from other states, has caused furore among thousands of packaging, printing, computer stationery and other paper conversion units. Most of these units will be forced to migrate to Haryana, Delhi and Chandigarh if the government implements this decision. There was no entry tax in these states, he said. Insider in the Excise Department said the government was in a dilemma to impose the entry tax due to strong opposition from the industry and its wider implications. Further, the exempted units would also have to pay that tax and they may approach the court against the government decision. The industry has argued that the 8.8 per cent entry tax on virgin paper, basic raw material for conversion units, will result into closure of their units and loss of jobs for thousands of workers. They said there were about 10,000 paper conversion units in Punjab employing about 3 lakh people. At present they have to pay 8.8 per cent sales tax on raw material and paper procured from the state and 4 per cent central sales tax on imported paper. Now they would have to pay 8.8 per cent entry tax on imported paper as well. However, the units in Haryana, Chandigarh and Delhi are exempted from paying any entry tax. Mr Sarv Daman Bharat, Regional President, Laghu Udyog Bharti, Punjab,
said, "The state government's plan to collect Rs 30-40 crore from the entry tax on paper will not
succeed as the price of paper varies between Rs 9 to Rs 60 per kg depending upon the quality.’’ At present there were 61 paper and paper board mills with an annual production of over Rs 1,400 crore. Out of these, units with an annual production of about Rs 630 crore were enjoying tax exemptions. The total turnover of the conversion industry was estimated at Rs 800 crore. Out of this, a total of Rs 500 crore was done in the name of tax-free exercise books. The delegation pointed out that it would be rather cheaper to import computer stationery, exercise books, packaging material and exercise books from other states as trader would not have to pay the entry tax on raw material. Some of the industrialists have proposed that the entry tax should be replaced by 2 per cent turnover tax on the paper mills in the state, besides decreasing the sales tax on paper to 2 per cent at the first stage. |
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Row over Balmer Lawrie sell-off New Delhi, September 14 While the Petroleum and Natural Gas Ministry, that administratively controls the company, wants to break it up into four or five units before privatising each segment separately, the Disinvestment Ministry is keen on selling the shares of the undivided company to a "strategic partner" in the private sector. This comes even as the government is trying to end differences between George Fernandes and Arun Shourie over the privatisation of two major oil companies. Set up in 1867 during the British colonial rule, Balmer Lawrie has as many as 14 business divisions ranging from a travel agency to tea blending. Given the diverse and disparate nature of its businesses, the Petroleum Ministry has asked for time to separate the units into different companies before these are privatised. But the ministry wants to push through a programme of privatising Balmer Lawrie as early as possible, presumably because it wishes to achieve its target of raising Rs.120 billion as proceeds of divestment during the current fiscal year ending March, 2003. Balmer Lawrie used to be a subsidiary of IBP (formerly Indo-Burma Petroleum) till February this year when IBP was taken over by IndianOil Corporation. Subsequently, Balmer Lawrie was spun off as an independent corporate entity. Headquartered in Kolkata, Balmer Lawrie has units across the country. Because of its association with IBP, Balmer Lawrie became a public sector undertaking in 1972 when IBP was nationalised together with other petroleum companies. This is also the reason why Balmer Lawrie came under the administrative control of the Petroleum Ministry. Because of its long history, the company came to acquire a wide variety of business units that had no relation to one another. Nevertheless, Balmer Lawrie was strong in specific business segments. It runs the single largest tours and travel agency in India with an annual turnover of around Rs.2.2 billion and is the largest producer of steel barrels with a 60 per cent market share. Balmer Lawrie is also the largest manufacturer of special greases and lubricants and the largest Indian supplier of tea to Harrod's in London. The company has five joint ventures, including one located in Dubai to manufacture barrels, bitumen drums, blow-moulded plastic containers and tin cans. Between 2000-01 and 2001-02, the company's profits after tax rose from around Rs.60 million to Rs.80 million despite turnover coming down from Rs.7.7 billion to Rs.7.4 billion. Significantly, Balmer Lawrie has earned cash profit every year for the past135 years. This is an important reason why the Petroleum Ministry wants to hive off the different divisions of the company into independent companies.
IANS |
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Forex reserve crosses $ 62
b Mumbai, September 14 The foreign currency reserve witnessed a further jump of $ 551 million at $ 62.1 billion during this period largely due to fresh inflows and revaluation of the dollar vis-a-vis the Euro. According to the Reserve Bank of India’s weekly statistical supplement released here today, foreign currency assets saw a rise of $ 591 million at $ 58.8 billion. Gold at $ 3.2 billion declined by $ 40 million while special drawing rights remained unchanged at $ 10 million, it added. Loans and advances to the Central Government for the week ended September 6 were up by Rs 9,666 crore to have the same balance while that to state governments it was up by Rs 727 crore to Rs 4,153
crore. Aggregate deposits of scheduled commercial banks recorded as on August 30 showed a growth of Rs 2,116 crore (0.2 per cent) to Rs 12,09,112
crore, the bulletin said. Bank food credit for August declined by Rs 2,800 crore to Rs 56,277
crore. PTI |
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10 firms ink
pact with Haryana Panchkula, September 14 The Chief Minister said more than 10 companies had signed MoU with the state. Besides agricultural sector, these companies would invest in health, education, tourism, construction and research sectors in the state, Mr Chautala said. He said a London-based company would set up a project which would convert agricultural waste into building material. With the setting up of the project, not only agricultural waste would be utilised but also garbage in towns and cities of the state be cleaned up. In addition, construction material would be made available nominal rates, he claimed. Moreover, two companies had also offered to set up thermal power projects and a six star hotel in the state. |
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Repay loan now, PSIDC to minister Chandigarh, September 14 The Minister is required to submit around Rs 2.40 crore as the first instalment by the current month-end. The Board took the plea that Mr Sekhri was given an extension for two years in 2000. Since he was seeking deferment of loan repayment on the same grounds, which could not be accepted again. Though he had applied earlier also to the PSIDC for extension of repayment date, but his request was turned down. Then upon, he made a fresh representation seeking that his request for deferment should be placed before the Board of Directors, which was also rejected yesterday. The PSIDC Managing Director, Mr Viswajeet Khanna, was not available for comments.
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Exercising option Que: When tenancy granted for nine years with option of renewal, whether notice can be given within a reasonable time? Ans: This point was being considered by the Delhi H.C. in Bhanu Mehta v Dato Briz Kishore [2001 (1) RCJ 382] as under: No time is mentioned for exercising option and in such like situation where no time is mentioned for giving notice, it will suffice if notice is given within reasonable time. Such a question that whether notice ought to have been given within a reasonable time, prior to the date of expiry of the term of lease deed or even subsequent thereto within a reasonable time will have to be examined in the suit for specific performance filed by the defendant and not in this suit. In this suit, the H.C. noted the fact that admittedly the two notices alleged to have been sent by the plaintiffs were not actually served on the defendant. The plaintiffs have alleged that the notices were received back with the endorsement of refusal. The defendant has denied that the same were offered to him by the postal authorities. It will be a question of fact to be determined by the court during the trial of the suit as to the effect of the report of refusal by the postal authorities. Needless to add that when covenant of renewal is subject to
certain conditions precedent, the right of renewal arises only when a notice is given to the lessor by the lessee in terms of the renewal clauses and the lessee has performed all the conditions precedent as provided in renewal clause. The renewal clause provides that lease will be renewed after every nine years on same terms and conditions subject to observance of the covenants contained. It is also a question of fact that whether or not the defendant had violated the covenants of the registered lease deed. In view of the disputed questions of fact and law, it was necessary for the trial court to have framed issues thereon and then proceeded with the trial of the suit on merits in accordance with law instead of making his own observations that the plaintiff was entitled to a decree of possession on the alleged implied admission, which is imperissible in law. The H.C. thus allowed the appeal and impugned judgement and decree was set aside with direction to the trial court to proceed to dispose of the suit in accordance with law.
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Sikkim to woo honeymooners
Gangtok The department had planned to arrange honeymoon packages and had already requested various travel operators to take into consideration this aspect to promote tourism in the state.
UNI
Star TV to cut 100 jobs in Hong Kong
Hong Kong: Asia satellite broadcaster Star TV is to sack or redeploy 100 Hong Kong employees, many of them highly paid technical experts, a report said today. The broadcaster is also planning to close its expensive headquarters in Clearwater Bay and contract out its “uplinking” — the transmission of its programmes to a satellite, which beams them back to viewers, the South China Morning Post reported. But Star TV, will maintain its corporate base here relocating to HungHom, Kowloon.
AFP
ICICI, Derek O’ Brien’s School tie up
New Delhi ICICI Pru Smartkid, an
insurance plan for children, will form the cornerstone of this arrangement. The programmes run by Derek O’ Brien’s KQ School Advantage seeks to identify and develop soft-skills that complement a formal education and arm the child with confidence to face different situations.
UNI
Eight Boeing planes grounded
Melbourne Qantas spokesperson Martin Sharp said the airline grounded six jets after receiving the notification overnight from Boeing. He did not elaborate on the nature of the concerns or the affected parts. He said five of the six jets would be ready to fly again by this afternoon. Virgin Blue was forced to ground two of its aircraft, spokespersons David Huttner said.
AP
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IFCI bond I
have sent IFCI Hi growth bond x series (placement portion) of folio no 53510742 certificate no 0008263 for redemption to IFCI office, 61 Nehru Place, New Delhi, by registered post on June 19, 2002 which was acknowledged by company office dated June 21, 2002. However, no payment has been received which was due on July 15, despite reminders. Sanjeev Manktala, Ferozepore
Release dividend
I have 50 debentures of Hindustan Development Corporation, Kolkata, folio S 114700 certificate 293934-934934. Despite repeated reminders for dividend and change of address, the
company has not taken action. Please release my dividend and change address. Satya Devi, Budhlada
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bb
UBI, Nabard pact Chinese ceramics L&T investment PNB coin mela ASEAN India IBM bazaar Essar mobile |
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