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Anil agreed to reconsider decision, reveals letter
29 pc rise in Reliance Cap profit
Travel agents face tough posture
Jet Airways plans lease
Kingfisher gets A-320 aircraft
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ESCAP projects over 7 pc growth
Non-VAT states ‘face’ raw material shortage
Identical design, two claimants
Corporate news
Potato and tomato get healthier
Indian language fonts must, says minister
More NPAs written off
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Anil agreed to reconsider decision, reveals letter
New Delhi, April 25 Anil communicated his offer to reconsider resignation as Vice-Chairman and Director of the IPCL through a letter dated January 27 after the company unanimously decided at its meeting on January 20 to urge the younger Ambani to reconsider his decision. Extracts from the letter, written by Anil, were revealed today by informed sources after the company informed the BSE on Saturday that Anil had ceased to be on the Board of the IPCL after January 20. Earlier in the day, a spokesperson for Anil had said “Anil Ambani was unaware of any steps taken by the IPCL board concerning his status as Vice-Chairman and Director of the company.” Clarifying that he has not set any conditions, Anil said in his January 27 letter “I have mentioned substantial issues regarding corporate governance, transparency, disclosures related party transactions and conflict of interest, affecting the interests of all shareholders of our company, and concerning business dealings of Anand Jain, a Director on IPCL Board, and his relatives/associates, vis-a-vis IPCL and RIL. “I would be grateful to receive the views and comments of the IPCL Board on these issues,” Anil said, adding that “an appropriate and constructive forward path can then be mutually agreed.” In the light of the new developments, the issue may come up at the meeting tomorrow when the now 11-member IPCL Board meets to consider the financial results of the company for the year 2004-05, among other things. The IPCL Board had “noted” the January 27 letter of Anil at its last meeting on March 30. According to informed sources, Anil, in his letter dated January 27, said “I appreciate the gesture of the IPCL Board in requesting me to reconsider my resignation”, but raised certain issues relating to corporate governance. Ironically, in its letter of January 20, the IPCL had written to the stock exchanges that Anil’s resignation had been considered by the board that day and it had been decided he should reconsider it. This has raised questions as to when the resignation was accepted. After the January 20 board meeting, the stock exchanges were informed by the IPCL that Anil had been requested to reconsider his resignation. The IPCL’s written statement of April 23 that the resignation related letters of Anil, dated January 3 and January 27, had been considered by the board in its meetings on January 20 and March 30, indicates that the fate of the letters was not decided at least till March 30. These are some of the issues which may aggravate the conflict between the two Ambani brothers. The IPCL Board is meeting tomorrow followed by the board meeting of Reliance Industries Ltd on April 27.
— PTI
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SEBI seized of issue
Mumbai: Ahead of tomorrow’s meeting of the IPCL Board, a Reliance group company, SEBI held its “surveillance committee” meeting here today with officials of the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) to discuss the IPCL’s “lapse” in informing the two national bourses about the board’s decision of January 20 on the resignation letter of IPCL Director and Vice-Chairman Anil Ambani.
Though general in nature, the SEBI meeting is slated to take up the issue of listing agreement between the IPCL and the stock exchanges in the wake of removal of a prominent member of the Board of Directors of the petrochemicals company and why the decision was kept under wraps for three months, informed sources said.
— UNI
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29 pc rise in Reliance Cap profit
Mumbai, April 25 Announcing the results here, the company informed BSE that its total income has decreased to Rs 84.25 crore in the quarter under review from Rs 116.22 crore a year ago. The company has posted a net profit of Rs 105.81 crore for the year ended March 31, 2005, as compared to Rs 105.79 crore in the same period the previous year. Total income has dropped from Rs 356.79 crore in FY-04 to Rs 295.69 crore for the year ended March 31, 2005. As per the consolidated results, the group has posted a net profit after minority interest and shares of profit of associates of Rs 35.93 crore for the year ended March 31, 2005 as compared to Rs 172.64 crore in the same period last year. Total income of the group has declined from Rs 458.03 crore in FY-04 to Rs 425.89 crore for the year ended March 31, 2005, it added. The Board of Directors has recommended a dividend of 30 per cent on equity shares of Rs 10 each for the financial year ended March 31, 2005. The board passed the accounts, noting the dissent of one of the Directors, Amitabh Jhunjhunwala, made with respect to disinvestment of entire holding of 50 per cent in Reliance Petroinvestments Ltd, which holds 46 per cent equity shares of Indian Petrochemicals Corporation Ltd, made by the company during the financial year.
Anil camp reacts
In a yet another controversy involving the Ambani brothers, a group company, Reliance Capital today passed its financial accounts with one of the directors, an aide of younger brother Anil, protesting against sale of its holdings in the petrochemical venture. “The Board of Directors passed the accounts, noting the dissent of one of the directors, Amitabh Jhunjhunwala, made only with respect to disinvestment of entire holding of 50 per cent in Reliance Petroinvestments, which holds 46 per cent equity shares in group’s petrochemical company IPCL,” the company said in a communication to the stock exchanges. It was, however, not clear for what consideration and to whom Reliance Capital sold the holding in Reliance Petroinvestments Ltd.
— Agencies
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Travel agents face tough posture
New Delhi, April 25 Reports here suggested that the representatives of travel agents are due to meet Air- India officials in Mumbai on Wednesday to thrash out the issue. Having been forced to fall in line for a commission cut from 7 per cent to 5 per cent on the sale of Air- India tickets, the travel agents are now apparently trying for a moratorium on the 5 per cent commission. Travel agents want that Air India should agree for a moratorium of at least five years on the 5 per cent commission rate. They also fear that the step by Air- India will also give other airlines the leverage to carry out a similar commission cut. Incidentally, around the world the procedure followed is of offering zero per cent commission to travel agents, which is also what is being looked at in India now. The travel agents are also looking to rationalise their working with the airline and would bring up such issues at the meeting on Wednesday. They are specially upset with the airline debit memos and want to work out a solution for it also.
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Jet Airways plans lease
New Delhi, April 25 The aircraft will be used for international operations,” Jet Airways added. Jet will lease two Boeing B 737-700 aircraft from GE Commercial Aviation Services for domestic operations. “The first aircraft will be delivered in August 2005, and the second one is expected in May 2007,” said Jet.
— UNI
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Kingfisher gets A-320 aircraft
New Delhi, April 25 Dr Vijay
Mallya, Chairman of the UB Group, the parent company of Kingfisher Airlines, accepted the aircraft at a special ceremony held in Toulouse, France. Each of Kingfisher’s A319s and A320s will seat 144 and 174 passengers, respectively, and will be powered by International Aero Engines V2500s.
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ESCAP projects over 7 pc growth
New Delhi, April 25 “Assuming no major internal or external shocks and no political instability, India should be able to sustain real GDP growth rates in the range of 7 to 7.5 per cent in 2005-07, supported by a growth rate of 2 to 4 per cent in agricultural value added, 7.5 per cent to 8 per cent in industry and 8.5 per cent in services”, the annual UN Economic and Social Commission for Asia and the Pacific (UNESCAP) survey said. In India, GDP growth decelerated from 8.5 per cent in 2003 to 6.9 per cent in 2004 owing in large part to the slow growth in agricultural value added caused by poor weather conditions. However, industrial growth accelerated from 6.6 per cent in 2003 to 7.8 per cent in 2004 owing to stronger private consumption and investment, as well as more rapid export growth.
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Non-VAT states ‘face’ raw material shortage
New Delhi, April 25 Raw material suppliers have started holding back stocks for manufacturers in non-VAT states due to the billing confusion, Assocham said adding that feedback collected from constituent chambers all over the country revealed that traders and political system of non-VAT states were under pressure from manufacturers for restoring supplies of raw materials. Manufacturers in engineering, textiles, consumer goods and automobile sectors are the worst hit, facing massive shortage of raw material supplies. Assocham President Mahindra K Sanghi said a large number of manufacturers in north alone had complained of severe shortage of raw materials that their industrial locations in different sectors have been facing on account of confusion on billings for goods between VAT and non-VAT states. As a result of this, monthly production targets of industrial units located in Uttar Pradesh, Himachal, Uttaranchal, Rajasthan and Madhya Pradesh might be affected.
— UNI
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Identical design, two claimants
New Delhi, April 25 Television reports showed Varma taking pot shots at Narula on Monday, charging him with “copying” and plagiarising his designs and using it in a song sequence featuring Rani Mukherjee in a yet-to-be-released movie, Bunty aur Babli. “The clothes used in that particular sequence (in the movie Bunty aur Babli) are a complete rip-off from my fall/ winter 2003 collection and I have no doubt about it,” Varma was quoted by the television channel, as saying Varma further went on to say that he is seriously thinking of taking legal action against Narula as well as Rani Mukherjee. “I have consulted my legal team and will serve a notice on all the persons involved, including the actress,” Varma told reporters here. “I have not designed those clothes for her, which I have used in my campaigns for the collection,” he added. Narula, on the other hand, claimed that he had bought the clothes from a store called Options and they didn’t have any label on it. Varma countered by saying that this was simply not possible. The Fashion Design Council of India (FDCI) said that the matter didn’t come under its jurisdiction and the copyright law would deal with the matter.
— ANI
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Corporate news
New Delhi, April 25 Micro Inks net dips
Micro Inks Ltd has posted 3.61 per cent dip in net profit at Rs 26.4 crore for the quarter ended March 31 as compared to Rs 27.4 crore in the corresponding quarter last year. Total income has increased 34.72 per cent to Rs 234.67 crore for the fourth quarter against Rs 174.19 crore in the year-ago period, the company informed the Bombay Stock Exchange. The Board of Directors have recommended dividend of 60 per cent on the equity capital aggregating to Rs 17.02 crore, including corporate dividend tax of Rs 2.09 crore for the year ended March 31.
Bharat Forge shares
The Reserve Bank of India has notified that Foreign Institutional Investors (FIIs) could now purchase under Portfolio Investment Scheme (PIS) equity shares and convertible debentures of Bharat Forge and Divi's Laboratories through the primary markets and stock exchanges. The FIIs can purchase up to 40 per cent paid up capital of Bharat Forge and 30 per cent of Divi's Laboratories, as these companies have passed resolutions to this effect at their Board of Directors' and General Body Meetings.
Siemens net up
Siemens Ltd has posted a 88.97 per cent growth in net profit at Rs 79.37 crore for the second quarter ended March 31, 2005, compared to Rs 42 crore for the corresponding quarter in previous fiscal. The board of directors has recommended an interim dividend of 45 per cent (i.e. Rs 4.50 per share) on equity shares of Rs 10 each, the company informed the Stock Exchange, Mumbai (BSE), here today. Total income grew at Rs 744.60 crore for the quarter ended March 31, 2005, against Rs 498.24 crore in the quarter ended March 31, 2004, it said.
— Agencies
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Potato and tomato get healthier
New Delhi, April 25 The NCPGR, set up in 1998 with a mandate to undertake research on applied molecular/genomic plant biology, has developed transgenic protein rich potato developed with AMA I gene that would enhance yield levels by 30 to 50 per cent, besides a similar increase in essential amino acids. The institute has also developed transgenic tomato with lower content of oxalate. Both these plants are now in the final stages of field trials. Appreciating the major breakthrough, parliamentary committee associated with the Ministry of Science and Technology, said: “The committee believes that agriculture can be made sustainable only through the use of biotechnology… This can only be achieved by developing better varieties and are resistant to various diseases and pests, through genetic modification.” Experts said after the Bt cotton developed by MNC, India may emerge as a major beneficiary by developing these mass consumption items. It will not only bring down cost of production with low use of pesticides, but also put more money in the pockets of vegetable growers and enhance the nutrition level of the public. The Committee has asked the Department of Biotechnology, working under the Ministry of Science and Technology, to ensure that the “results of the achievements in the laboratories are disseminated to the farmers at the earliest.” The NCPGR is also working on some other major projects, including genomics for nutrition and quality improvement of crops and structural and functional genomics of foodgrain crops.
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Indian language fonts must, says minister
New Delhi, April 25 “After we (government) complete the initiative to distribute fonts in mother tongues freely, we will make it mandatory for OEMs to load these fonts,” Communication and IT Minister Dayanidhi Maran told reporters on the sidelines of Elitex 2005. He said as less than five per cent of the country’s population spoke English it was necessary to have fonts of major Indian languages freely available in computers.
— PTI
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More NPAs written off
New Delhi, April 25 As against Rs 4500 crore written off in 2000, the amount of NPAs written off in 2004 rose to Rs 13490 crore, which has more than trebled, the estimates committee said in its sixth report tabled in Parliament today. As per the existing procedure, the loans are written off only at the head office level and remain recoverable at the branch level. It also expressed concern about the growing number of suit- filed and non-suit- filed accounts of wilful defaulters in public sector banks. The number of non-suit- filed accounts of wilful defaulters which stood at 439 involving an amount of Rs 1114.06 crore as on March 31, 2002, increased to 513 involving an amount of Rs 1643.22 crore by March 31, 2004. |
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