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Wednesday,
December 18, 2002, Chandigarh, India  
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Companies Bill passed
Comparison between India, China not fair
India takes up Polaris chief issue with Jakarta WLL case in
TDSAT, nod for Reliance |
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3,336 cr realised from PSUs sale: Shourie
2 Birla cos honoured
SEBI probes fall in HPCL, BPCL share prices
Haryana to shift to VAT from April 1
Ranbaxy gets royalty on Cipro sales from Bayer
Surajkund trade fair Allahabad Bank notices to defaulters
Cadbury buys Adams for $ 4.2 b
In Graphic: Newsprint
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Companies Bill passed New Delhi, December 17 The Bill, aimed at reviving the sick industries and setting up a national law tribunal, was passed by a voice vote after most of the amendments suggested by the Parliamentary Standing Committee were incorporated. The House also returned the Companies (Second amendment) Bill, 2002, enabling cooperative institutions to voluntarily transform themselves into companies to compete with other enterprises on a competitive footing. Replying to the combined discussion, the Finance Minister assured the Upper House that no employee of BIFR and the Company Law Board will be retrenched when these are disbanded and merged into National Company Law Tribunal. “We will ensure that all in the existing arrangements are absorbed to the maximum possible. Nobody will lose their job,” Mr Singh, said responding to concern expressed by members during the discussion on the Companies (Amendment) Bills. The Finance Minister said if all of them are not being absorbed in the tribunal, they will be absorbed elsewhere in the department. The tribunal will have 63 members and 25 benches, he said. His response came on the question from senior Congress leader Hansraj Bhardwaj. The minister said according to the statement of objects and reasons of the Companies (Amendment) Bill, 2002, its objective is to facilitate or expedite revival of sick companies and protection of workers’ interests. Powers and jurisdiction being exercised by various bodies like the Company Law Board or the BIFR or the Appellate Authority for Industrial and Financial Reconstruction or high courts will now be consolidated and entrusted to the proposed company law tribunal. This will avoid multiplicity of litigation before various courts or quasi-judicial bodies or fora regarding revival, merger, amalgamation or winding up. There will be a fund known as rehabilitation and revival fund. The Finance Minister said the Bill does not infringe upon any of the existing labour laws. Labour leaders with sufficient experience will be represented on the proposed tribunal. This will help a judge to concentrate on judicial work. The Bill did not basically seek to wind up a company but only to enable it to revive. The recent legislation on strengthening the banking and financial sector to recover funds from defaulting companies has already started showing results. The Companies Bill will come into force only after repeal of the Sick Industries Companies Act, he said, adding that a comprehensive legislation on the subject will be brought forward during the coming session.
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Comparison between India, China not fair Ludhiana, December 17 Presenting a paper listing the facts about the industrial production, GDP, foreign exchange reserve and other things, Mr J.K. Jain, an executive member of the All India Textile Manufacturers Association expressed surprise that even well educated people too well versed with the situation in both the countries are running one after another to draw parallels between India and China, which cannot be drawn at any cost “at least for the time being”. He observed, it will need a long time for India to reach anywhere near China not at least in terms of industrial and economic growth. Mr Jain pointed out several facts supporting his arguments. Citing various examples he said, there are various a cursory glance over the two economies should be sufficient to reach to a proper conclusion. In fact, he asserted, the economies of India and China cannot be compared as China is far ahead of India. There are big gaps also in Foreign Direct Investment, Gross Domestic Product and foreign exchange reserves. Against GDP of India which stands at US $ 425 billion, China’s GDP is US$1067. Similarly Chinese foreign exchange reserves stand at US $ 170 billions, while India’s foreign exchange reserves are at US $ 40 billion only. China has excelled even in trade also. Chinese foreign trade (including both exports and imports) crossed $ 491 billion against $75 billion by India. Chinese exports touched $ 260 billion last year against $ 42 billion by India. In tourism sector again, China is far ahead of India with 60 million tourists visiting China last year against 2.2 million visiting India. He disclosed that the annual steel production of China is 103 million tons against only 19 million tons in India. Similarly the annual cement production in China is 650 million tons against 96 million tons in India. There is great disparity in food grain production also. India is in no way near to China despite the fact that there is not much difference in population which is increasing at a rapid pace and could cross the population of China anytime. The annual food grain production in India is 208 million tons, while in China it is 418 million tons. The crude oil production in India is 30 million tons against 160 million tons in China, while coal production in India is 300 million tons against 1300 million tons in China. India lags far behind China in terms of public welfare schemes. There are only 27 million telephone lines in India against 220 million in China. Similarly there are 105 million cellular phones in China against just 4 million in India. Against 3 million internet users in India there are 35 million such users in China. There are other sectors like social, health, family welfare and other developmental areas, where India is far behind China. The experts belonging to different sectors like industry, economy or trade have been maintaining that India still needs to learn a lot from China before coming into competition with it. |
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India takes up Polaris chief issue with Jakarta
New Delhi, December 17 The Indonesian Ambassador here was called to the foreign office to convey India’s views on the issue, an External Affairs Ministry spokesman said. “We have taken it up strongly both in Delhi and in Jakarta,’’ he said, adding that “we hope that the Indonesian authorities will assist in resolving this situation as soon as possible’’. Along with Jain, another company executive Rajiv Malhotra has also been detained due to a commercial dispute with Bank Artha Graha which had given Polaris a $ 1.1 million order for its banking software development. Meanwhile, industry associations here condemned the action. The Telecom Equipment Manufacturers Association said the action of detention is deplorable and it will have an adverse impact on trade activities between the two countries. “TEMA feels that such action will create serious doubts in the minds of Indian businessmen and will force the businessmen to rethink their business strategy in that part of the world”, said Mr N.K. Goyal, President, TEMA.
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WLL case in TDSAT, nod for Reliance
New Delhi, December 17 The other beneficiaries of the court decision are the Tatas and basic telecom operators, who are offering WLL services. A three-judge Bench comprising Chief Justice G.B. Pattanaik, Mr Justice K.G. Balakrishnan and Mr Justice S.B. Sinha, by a majority of two to one, held that by allowing WLL operations in the country, consumers would be ultimate beneficiary as they would get the advantage of the advanced technology.
UNI
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3,336 cr realised from PSUs sale:
Shourie New Delhi, December 17 Disinvestment Minister Arun Shourie said during the Question Hour that a decision has been taken divest government equity in 35 public sector undertakings including National Fertilisers Limited, Hindustan Cables, Shipping Corporation of India, State Trading Corporation, Engineers India Limited and five ITDC hotels among others. The Centre has also been approached by several state governments to for guidelines and information for coming out with their own policies for
disinvestment of state public sector undertakings. Mr Shourie said that the Centre was holding discussions with state governments on the issue of divesting stake in seven Ashok Group hotels and added that the open offer of residual shares of Maruti Udyog Limited was already on.
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2 Birla cos honoured
New Delhi, December 17 Birla Cellulisic won the ‘Best of All Award’, while staple fibre division of Grasim Industries received the commendation certificate in the category of Large Scale Manufacturing Industry. Food and Consumer Affairs Minister Sharad Yadav presented the awards. J.K. Tyre and Reliance Industries Ltd’s Hazira Manufacturing Division were the joint winners in large scale manufacturing industry. In the small scale manufacturing industry category, Chola Pumps (Private) Ltd, Coimbatore, was awarded while in the service sector Indian Oil Corporation Ltd’s Kandla-Bathinda pipeline was the winner. Grasim Industries’ staple fibre division and eight other companies got the commendation certificates. In the large scale chemical industry Shree Cement Ltd was the winner, in electrical and electronic division BPL Display Devices was awarded, HEG Ltd got the certificate in engineering and other categories. In food and drug category, the Doaba Cooperative Milk Producers Ltd, and in metallurgy Jindal Steel and Power Ltd were commended.
UNI
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SEBI probes fall in HPCL, BPCL share prices
New Delhi, December 17 In a written reply, Mr Shourie informed the Lok Sabha the details of the investigation were awaited. The prices of these two scrips were active falling just one week before the meeting of the Cabinet Committee on Disinvestment on September 7, this year. In response to another question, Mr Shourie admitted that the IOC had submitted a proposal to the Ministry of Petroleum and natural Gas to sell its equity investment in ONGC and GAIL. He said the government have not yet taken any decision on the proposal so far.
UNI
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Haryana to shift to VAT from April 1 Chandigarh, December 17 Staff would be trained and industrialists would be educated about VAT from January while the new registration certificate numbers would be allotted in March. It was also disclosed that revenue receipts of the state had already touched Rs 3,194 crore during this financial year, showing a more than 12 per cent increase over the revenue receipts of last year. The Chief Minister asked Mr Raj Kumar, Excise and Taxation Commissioner, to check the leakage in revenue with a firm hand. He also asked Mr Chander Singh, Principal Secretary, Finance and Excise and Taxation Departments, to prevent wasteful expenditure at all levels of the administration.
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Ranbaxy gets royalty on Cipro sales from Bayer
New Delhi, December 17 The new formulation, given once a day over three days, is designed to treat uncomplicated urinary tract infections. Cipro XR will be marketed in a dosage strength of 500 mg, and Bayer will begin shipping the product to US pharmacies on January 2 next year. Cipro XR releases the active ingredient from two layers. The first releases ciprofloxacin into the blood within hours. This is followed by a second extended release of the active ingredient to allow sustained levels over 24 hours. Ranbaxy will receive royalty on sales of Cipro XR 500 mg tablets. Bayer submitted an application to the FDA in October to market Cipro XR tablets in a 1,000 mg dosage strength for once-a-day therapy of complicated urinary tract infections.
UNI
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Surajkund trade fair Chandigarh, December 17 He said the festival will exhibit the progress made by the state in engineering goods, automobiles, agro-based food processing units, consumer goods, health care, art and craft, tourism infrastructure and information technology. It will also provide an opportunity to multinational companies, corporate houses, leading global brands and chains to generate brand loyalty and popularise their products among consumers.
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Allahabad Bank notices to defaulters Kolkata, December 17 ‘’We have received positive response from nearly 180 borrowers and have recovered about Rs 4 crore from the process,’’ Allahabad Bank Regional Manager A.K. Bardhan told UNI here today.
UNI |
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