 |
|
Rs 9,245-cr package for rural coops okayed
A-I to get new Boeings next year
OIL MoU with Canadian co
Review petition of Ludhiana cycle unit workers dismissed
Bank ombudsman scheme from Jan 1
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||
13 debarred from dealing in Yes Bank shares
UP, BJP-ruled states to toe VAT line from next fiscal
Sanyo, BPL announce joint venture
Intel arm makes 3 investments
Visto sues Microsoft
UTI dividend
NTPC contract
|
|
Rs 9,245-cr package for rural coops okayed
New Delhi, December 16 The amount will be provided in next four years, or 68 per cent of the Rs13,596- crore financial package for the revival of cooperatives. The states will have to bear the remaining expenses. The Cabinet took the decision last night while approving a financial assistance to bring the system to an acceptable level of health, introduce legal and institutional reforms necessary for their democratic, self-reliant and efficient functioning and take measures to improve the quality of management. The Centre will provide assistance as a one-time measure only through grant-in- aid, and the states will have to provide the budgetary support or take loans from the market.
Mandate to OIL, OVL
Briefing reporters today on the meeting of the Cabinet Committee on Economic Affairs (CCEA), Finance Minister P.Chidambaram said the Cabinet had also approved of OIL forming an SPV with IOC and in the event IOC was not interested, with any other navratna oil PSU to undertake overseas projects. The CCEA also mandated that proposals for all exploration and production projects would be jointly undertaken by OIL and navratna oil PSUs and would be brought before an empowered Committee of Secretaries (ECS), the same mechanism, as available to ONGC Videsh Limited (OVL). Another proposal approved by the CCEA envisages that any SPV floated by PSUs with OIL for the purpose would be purely need-based and it would be ensured by the ECS that there was no proliferation of such SPV, Mr Chidambaram said. The CCEA has also given approval to ONGC Videsh Ltd (OVL) to invest up to $820 million for acquiring the full equity of Exxon’s Brazilian subsidiary, and a further amount of up to $490 million for participating in the development of the fields. It has decided to authorize the ONGC to provide funding support to its wholly owned subsidiary, OVL, for meeting the acquisition, development, appraisal and exploration costs of the Project. Besides, the CCEA gave its approval to the Council of Scientific & Industrial Research (CSIR) to run a scheme on intellectual property and technology management (IPTM) at a total cost of Rs 145.15 crore till 2007.
|
|
A-I to get new Boeings next year
New Delhi, December 16 The Cabinet Committee on Economic affairs (CCEA)last night approved the A-I fleet acquisition plan. Finance Minister P. Chidambaram today announced the Indian Cabinet’s approval of Air-India’s fleet expansion plans. In addition, subsidiary Air-India Charters Limited which operates no-frills Air-India Express, will start taking delivery of the first of its 18 new Boeings next year and the process will be completed in 2011, sources in the Ministry of Civil Aviation said. Air-India also has an option to buy another 15 Boeing aircraft in a deal that is totally estimated at $8 billion(Rs362 billion). Air-India will acquire B-777-200LR, B-777-300 ER and B-787-8 aircraft powered by GE engines while its subsidiary will purchase B-737-800W powered by CFM engines. The Air-India Board had in April last approved the fleet expansion plan. Air-India currently operates a 40-aircraft fleet comprising 21 Airbus A-310-300s, two B-747-300s, 12 747-400s and three leased B-777-200s. AI would now acquire eight Boeing 777-200 , 15 B777-300 and 27 B787s. A-I Express, which took to the skies earlier this year, flies three B-737-800 aircraft.
Indian inks deal with Airbus “Our challenge is to modernise and grow while delivering a world class service,” Indian Chairperson and Managing Director Sushma Chawla said after signing the agreement. According to the
agreement, the airlines has placed an order for purchase for the 43 new aircraft, all belonging to the Airbus A320 family. The first aircraft is scheduled to arrive in October 2006 and the entire delivery is expected to be completed by March 2010.
— PTI
|
|
OIL MoU with Canadian co
Guwahati, December 16 An MoU was signed on December 12 at the Canadian High Commission in New Delhi, OIL said here today. The MoU envisages project specific collaboration between OIL and the Canadian goods and service companies in providing exploration and production services within India and abroad. OIL recognised the need for application of advanced technology for rapid growth in exploration and
production services sector after the new exploration licensing policy was introduced by the Ministry of Petroleum and Natural Gas. OIL’s knowledge and experience as an integrated exploration and production company infrastructure, supplemented by state-of-the-art technologies and expertise of the Canadian companies will bring to India a new dimension in providing integrated services in the oil and gas sector, the release
added. — PTI
|
|
Review petition of Ludhiana
Ludhiana, December 16 Finding “no force in the contention of the workers”, Mr Kundal, in a written order, stated that the review application stood dismissed. Workers, on the other hand, today said that they would move High Court against the decision. “So far we have not received any communication pertaining to the dismissal,” Mr Jagdish Chand, Joint Secretary, Centre of Indian Trade Unions (CITU), Punjab, said. Following the order on November 2, 2005, that permitted closure of cycle divisions of Rockman and Highway, the workers filed a review application on November 28. The workers, in their application, had alleged that the companies had sought permission to close the cycle divisions with mala fide intentions. They alleged that the management wanted to engage contract labour later. They also said that the closure was a harsh step that had affected livelihood of hundreds of workers. The management, however, in its reply, contested the workers claim for review and said that after the permission for closure, 247 employees had already received their full and final payment of approximately Rs 2.72 crore till December 5. According to the management, the workers were also given proper hearing. Following the petition, after hearing both sides, the Financial Commissioner stated that the workers union had not raised any new issues in the review application. “It is also clearly made out that the workers were given proper opportunity to present their case at the time of enquiry. The records of the company were also properly scrutinised. There is thus, no force in the contention of the workers and their allegations are not vindicated by the material placed on record,” said Mr Kundal, adding, “Accordingly, in exercise of powers under sub section 5 of Section 25 (O) of the Industrial Disputes Act, 1947, I hereby dismiss the review application.” The union, which had earlier been vehemently refusing to accept compensation, today said that workers “might accept compensation as it does not affect any further change in decision”.
|
|
Bank ombudsman scheme from Jan 1
New Delhi, December 16 Replying to queries of
members, the Finance Minister admitted that he was concerned about the customer complaints, and had asked the RBI to draft a new bank ombudsman
scheme. To improve customers’ access to the customers, the RBI has already instructed the banks to open no-frills accounts with a negligible amount. Mr Chidambaram said the new scheme would be a comprehensive grievance-redressal mechanism for
consumers. He said banks had been asked to open ATM branches in rural areas where a minimum of 50-75 transactions take place daily. A number of public sector banks, including the State Bank of India, Bank of Baroda and Allahabad Bank, had agreed to operate their banks from 8a.m to 8p.m in select cities.
|
|
13 debarred from dealing in Yes Bank shares
Mumbai, December 16 Of the 13 entities, Roopalben Nareshbhai Panchal and Sugandh Estates and Investments Pvt Ltd have been found by the market regulator to manipulate the IPO allocation in collusion with others. The remaining 11 entities included Devangi Dipakbhai Panchal, Seer Finance P Ltd, Excell Multitech Ltd, Zenet Software Ltd, Tauras Infosys Ltd, Rajan Vasudev Dapki, Barghav Panchal (HUF). The market regulator also said there was likelihood that benami and front entities, which worked as a conduit for Roopalben Panchal and Sugandh Estates and Investments, might end up acting as conduits for laundering of ill-gotten funds that might arise out of proceeds of crime, drug trafficking, terrorist financing and a host of other related activities. Sebi also said the role of Karvy-DP in opening of accounts of benami entities appeared to be an act of either gross negligence or active collusion. SEBI also highlighted the need for a further probe to examine the systemetic fault of registrar of the Yes Bank issue — Karvy Computershares P Ltd and lead managers DSP Merrill Lynch and Enam Financial Consultants Ltd — in identifying and weeding out the benami applications. Sebi sources said the order was not against Yes Bank but related to the manner of allocation of
shares. — PTI
|
|
UP, BJP-ruled states to toe VAT line from next fiscal
New Delhi, December 16 While agreeing on the reduction in Central Sales Tax (CST) from 4 to 2 per cent, states today demanded full compensation for the loss in revenue on account of CST estimated at Rs 9,000 crore next fiscal. The Empowered Committee of State Finance Ministers on VAT, which met here today, also sought greater powers for collection and appropriation of service tax. “The unified view is — CST reduction from 4 to 2 per cent from April would take place subject to full compensation, which would be Rs 9,000 crore next fiscal,” VAT panel chairman Asim Dasgupta said after the meeting. Moreover, he said the states want more powers to collect and appropriate service tax. Today’s meeting was also crucial as the five BJP-ruled states expressed willingness to implement VAT although the time frame is yet to be set. “Is it good to know that BJP-run states have taken an in-principle decision to implement VAT. The exact date is being discussed,” Mr
Dasgupta, who is also the Finance Minister of West Bengal, said. Indications are that VAT may be implemented in Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh and Jharkhand from April next year. Uttar Pradesh Agriculture Minister Ashok Bajpai also said his state was willing to implement VAT but the date is yet to be fixed. The state government is firming up the VAT legislation. Apart from UP and five BJP-ruled states, the only state that is yet to decide on VAT is Tamil Nadu. Welcoming the decision of BJP high command, Mr Dasgupta said the five states had expressed their views on CST phase out and the compensation package. After remaining adamant for almost nine months, BJP granted in-principle permission to the party-ruled states to introduce VAT from next year.
— PTI
|
|
Sanyo, BPL announce joint venture
Bangalore, December 16 BPL would transfer its existing business undertaking to the joint venture, comprising BPL’s colour TV business, including manufacturing, sales, service, marketing and distribution infrastructure, a Sanyo BPL release said. Sanyo, on its part, would bring its “cutting edge” technological know-how, the benefit of established R and D and globally proven expertise in the consumer electronics business, it said.
— PTI
|
|
|
Intel arm makes 3 investments
Mumbai, December 16 The companies receiving investment from Intel Capital India Technology Fund are Mobiapps, Persistent Systems and Maya Entertainment, Intel said in a press note here. “Mobiapps is new to the Intel Capital portfolio, and Maya Entertainment and Persistent Systems are follow-on investments in companies that have been part of the Intel Capital portfolio since 2000,” the press note said. However, it did not disclose the sum invested in these firms.
— PTI
|
|
Visto sues Microsoft
Toronto, December 16 Closely held Visto said it was seeking a permanent injunction to stop Microsoft from “misappropriating” technology from Visto and its co-founder, developed nearly 10 years ago. The suit comes as Visto’s biggest rival, Research In Motion Ltd., faces a possible shut-down of its Blackberry mobile e-mail service in the USA after patent holding company NTP Inc. won an infringement ruling against
RIM. Visto said on Wednesday that it had signed a licensing agreement with NTP, which already licensed to Good Technology Inc., another rival, and Nokia. But Visto Chief Executive Brian Bogosian said the Microsoft lawsuit was completely unrelated to the NTP licensing deal, or NTP’s legal battle with Research In
Motion. Visto said its lawsuit filed in the US District Court for the eastern district of Texas asserted that Microsoft’s Windows Mobile 5.0 product infringed on three Visto patents. Visto was also seeking monetary damages but declined to say how much.
— Reuters
|
|
UTI dividend
Amritsar, December 16
|
|
NTPC contract
New Delhi, December 16 The consortium led by NTPC Limited has won the block against international competitive bidding under the fifth round offer of NELP-V of the government.
— UNI
|
bb
IDBI not to take over IFCI Inflation up Hyundai prices Reliance Cadila jv Douglas Baillie |
| HOME PAGE | |
Punjab | Haryana | Jammu & Kashmir |
Himachal Pradesh | Regional Briefs |
Nation | Opinions | | Business | Sports | World | Mailbag | Chandigarh | Ludhiana | Delhi | | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
