Saturday, December 5, 1998
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B U S I N E S S | Saturday, December 5, 1998 |
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Say no to ministers’
demands, PSUs advised NEW DELHI, Dec 4 — Chief Vigilance Commissioner N. Vittal today asked executives of public enterprises to fight “political pressures“ and “backseat driving” by administrative ministries under the protection of CVC.
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IOC
to hike Bathinda pipeline capacity Escorts
to mortgage assets ITC
buying sparks rally Broker
punches wrong ITC order FIs
invested 945 cr in Reliance: Sinha PSIEC
sets up trade info centre |
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Say no to ministers’ demands, PSUs advised NEW DELHI, Dec 4 (PTI) — Chief Vigilance Commissioner (CVC) N. Vittal today asked executives of public enterprises to fight “political pressures“ and “backseat driving” by administrative ministries under the protection of CVC. “Vigilance’s role should be looked upon as an instrument to protect public sector boards from taking corrupt decisions due to external pressures”, Vittal told PSU chiefs at a workshop on “the emerging role of vigilance in public sector”, organised by the Standing Conference of Public Enterprises (SCOPE). He criticised the PSUs for raising the bogey of vigilance for their inefficiencies while repeatedly demanding autonomy and said he had asked the Government to implement the code of conduct and ethics for PSUs and administrative ministries. CVC Secretary Bhurelal wanted to know how many PSUs reported to the vigilance authorities’ unreasonable demands of politicians and ministers like houses, cars and other favours despite a CVC directive to this effect. Some of the participants suggested that CVC should make it mandatory for all PSU boards to resolve “not to give in to such demands” to which Vittal replied that CVC would work out a mechanism for preventing such practices. He said that a new vigilance chapter would be added from next year in the manuals of books to fight corruption and added that a similar exercise could also be taken up for PSUs. Vittal said that there was a need to redefine the role of vigilance as CVC was practically ineffective in today’s circumstances to perform its role vis-a-vis PSUs. Stating that the Bureau of Public Enterprises had restricted the jurisdiction of CVC in respect of below board level appointees in the PSUs in 1986, he said “as a result of this hardly any cases of irregularity in the PSUs came to the notice of the commission despite emergence of various scams in the fertiliser, power, coal and defence sector”. He said that CVC had now forbidden PSUs from any post tender negotiations except with the lowest bidder to stem corruption and a mechanism would also be worked out for cleansing pre-bid negotiations to deter malpractices and cartelisation. In an obvious reference to the agreement between Indian Oil Corporation and private refineries — Reliance and Essar — he wondered how such a contract could be reached and who authorised it particularly when conditions appeared in favour of the private sector. He said he had not gone into details of it, but this was the perception of a common newspaper reader and the issue could even come up in Parliament. Asked if CVC would go into this particular deal before the agreement was approved by the Government, Vittal told PTI: “Technically I don’t see why I can’t enquire into this. But now I am getting my bearings and I will unnecessarily not create any worries.” “However, people will
believe in CVC only if some of the top people are brought
to book,” he added. |
‘Eat frozen food & buy cold
chains’ CHANDIGARH, Dec 4 — Food habits of people largely determine the success of cold chains, said Mr Roy L. Johnson, Chairman of the International Association of Refrigerated Warehouses, while presenting his paper at an Agro-Tech conference on cold chain technologies here today. He said there were countries where people prefer “fresh” products or food items to frozen stuff. In Western Europe the frozen food consumption touched 10 million tonnes and in the USA it was close to 17 million tonnes. He said studies had shown that frozen products could be fresher than products that had come to the consumer in the traditional ways where the harvest time the time of consumption was measured in days or in weeks. Frozen foods lock in nutrition, texture and flavour as the harvest to consumption time is just hours. Mr D. Rajagopalan, Chairman of the Agriculture and Processed Food Products Export Development Authority, said the absence of a supply chain in terms of cold chain linkages, the need for scientific pre and post harvest management practices was felt because of the dire state in which farmers were put to when there was a glut in production of horticulture crops. He said that India was producing around 48 million tonnes of fruits and around 60 million tonnes of vegetables. The country also produce 52 per cent of the total production of the mangoes in the world. So there was a need for establishing a supply chain management at domestic and export level. Among others who spoke in this conference were Mr Jeffery C. Spencer, Mr J. William Hudson, Mr Willianwise, Mr Manmohan Singh. At a separate conference on dairy development, Mr M. Biswas, Manager of NABARD said his bank disbursed Rs 552.35 crore during 1997-98 for the development of animal husbandry sector. He said banks were playing
an important role in the development of the dairy sector
in the country and increasing the disbursement to this
sector year after year. He said that the commercial
activity in the dairy sector was on the increase and
banks were promoting milk processing industry. |
‘We earn our customers’
vote’ CHANDIGARH: When you think of McDonald’s, the American icon, you really expect a quintessential Yank to head it. Then you meet the honcho — Ragvinder S. Rekhi, General Manager, McDonald’s India, married to a girl from Ludhiana, talking to suppliers from all over India. Rekhi passed out of Yadavindra Public School, Patiala, in 1965, after which he did his Bachelors in Hotel Management at Cornell University, New York, USA, and then shifted to South America for 15 years. He joined McDonald’s in 1983. Rekhi had come to showcase the fast food behemoth’s cold chain at Agro Tech ’98, and as he puts the fast-food giant’s supply chain is unique. “When I was setting up the supply chain in West Asia for example, I could tap into my computer and see at least 10 if not 20 or 30 suppliers from around the world who could supply me the exact requirements. It is because of the supply chain that in a typical burger, the sesame seeds come from Ghaziabad, buns from Ludhiana, vegetarian sauce from Phillaur, cheese from Baramati, Maharashtra, lettuce from Ootacamund, etc. Of course, the cold chain concept and its execution have a special value for India where food stuff worth over Rs 50,000 crore is wasted because of lack of proper infrastructure for storage and transportation under controlled conditions. The cold chain cuts down operation wastage, as well as helps in maintaining the freshness and nutritional value of food. Is his company trying to foster an American lifestyle in India? “Our business is to sell food to the customer, we earn the customer’s vote every time he comes to us. Nobody can force customers to do something they don’t want. McDonald’s has served over 10 million customers since we opened our doors in India. That’s telling you something. “What is important is to keep pace with the changing lifestyle, not carry on the old lifestyle. We operate in 115 countries, obviously we would not be there if the customer did not think we offered value for money.” When is McDonald’s
going to expand beyond Mumbai and Delhi? “We have to
make sure that we don’t get ahead of ourselves, we
have to deliver the quality that the customer expects
from us. Within two years, we have 14 restaurants in
India, that’s great for us.” |
THE ROVING
EYE Hey! Agriculture is lots, besides farmers and grains. It’s a whole little world in itself. That’s what a round of the Agro Tech’98 fair reveals. Foreign collaborations. Hi-tech machines. Insurance. Telecom. Food processing and packaging. These are some of the ‘invisible’ factors that come into play before anything edible is consumed. * * * * While the star of the show — Sonia Gandhi — did not get clearance from the security to visit the mega event, a minister from Punjab was garlanded by IFFCO officials manning the stall in true jee hazuri style. This act of sycophancy stood out starkly in this pure business-like atmosphere as everybody else chose to be cool and unruffled by this “dignitary’s” presence. For Panjab University students — Deepika, Anu Dua, Kunjana — it’s an education of a different kind. Dressed in smart saris, the young girls attend to visitors proficiently and gain an insight into interaction with people — both urban and rural and educated and not-so-educated. And get some pocket money in the bargain. University lectures can wait. * * * * The beautifully done-up pavilions, hangars and offices replete with fans, ACs, carpets, computers, screens and monitors bely the fact that the rugged Parade Ground is the base of the huge structure and that till last week it was just a vast open space. The stall of General Insurance has been aesthetically designed, with a scene of a rustic life depicting the value of crop insurance with figurines. That nobody was manning it around 12 o’clock and the visitors were helping themselves to brochures and pamphlets is another matter. During the morning business hours, all visitors — men,women, children, village folk, cellphone and laptop weilding technocrats — had one thing in common. An attractive blue plastic bag with the logo Ford New Holland screaming from far along with a calendar that was presented to all at the entrance. The ‘mela’ did not appeal much to ordinary women but they derived pleasure out of seeing their kids and young boys try out tractors and pick-up vans. Though of no direct use to many, the exhibition served as an eye-opener and the light outing offered cola, pop corns, coffee and juice as the eats. * * * * Cops dotted the venue. Both inside and at the various parking slots around the structure. There was not much problem of law & order except for some confusions regarding who is to park his vehicle where and slight skirmishes at the entrance gates. Men and women in uniform leisurely strolled about the place. Like all — whether exhibitors, invitees or presspersons, the cops too had badges pinned on their shirts for identification. * * * * At the show where the theme seemed to be “technology all the way,” the stall displaying strong and healthy flowers from the Netherlands is a welcome break. Bright red and yellow tulips, purple irises and white lilies and gladioli and roses from Columbia are irresistible. No wonder that they solicited maximum inquiries. All wanted such flowers in their gardens. But, unfortunately the climate is not conducive and controlled and cultivation is the answer to it. The stalls radiate a “feel-good” feeling. * * * * Most of the exhibitors like Mr Ayushman Kachru, Marketing Engineer of GKN Walterscheid Gripwel Ltd, a tractor parts firm, are happy with the exposure provided by Agro Tech’98. They have all received enthusiastic inquiries, a lot of which promise to turn out to be long-term business deals. * * * * The Hotel and Restaurant
Association of Chandigarh and CITCO have extended a
unique reception to the delegates and participants. All
the hotels have displayed welcome banners. The passengers
alighting from Shatabdi Express on December 1 and 2 were
accorded a floral welcome by students of the Institute of
Hotel Management. Cookies and chocolate boxes have been
placed in the guestrooms of all hotels where the
delegates are staying. |
Flower power still untapped CHANDIGARH, Dec 3 — Among the crowd-pulling stalls at Agro-Tech are those of companies engaged in floriculture. Most of them — like Moerheim Roses & Trading and International Bloembollen Centrum (IBC) — are from the Netherlands and they have brought flowers from their own country, which is worldwide famous for its flower power, to display them here. “The flowers at our stall— like tulips, gladiolus, lilium, iris, daffodil and hyacinth — are eight days old and they will continue to bloom for a few days more even after Agro Tech is over,” said one stall owner. Was transportation a problem? “No, not at all,” said Mr Jos Eijking, Exhibitions Manager of the IBC. He keeps coming to India to deliver lectures on floriculture and guide those interested in growing Holland beauties. The untapped market potential for tissue culture, floriculture and flowerbulbs is enormous. The market is growing at a healthy rate of 15 per cent, according to one estimate. The Indian government has listed floriculture among foreign exchange earning sectors and offered incentives. Moerheim of Holland has provided plants and technical knowhow to an Amritsar company called Roses Floriculture. Asked about returns from the cultivation of flowers, Mr Tejeshwar Sabharwal, General Manager (Marketing) of Moerheim, said the project cost, including the expenses on land, cold storage, greenhouse and plants, works out to Rs 1.6 crore per hectare in Punjab and Rs 1.2 crore in Bangalore where Moerheim has an office. The returns, according to him, are tremendous — Rs 3 crore per hectare. Another company, Neele Flowerbulbs Holland, provides training and advice on flowerbulb projects. It has prepared a feasibility report about returns from gladiolus grown in one acre with 5 per cent variation. The land remains under flower crop for only four months, thus leaving time for at least one more crop. The net returns are higher than most other crops. Besides, the bulbs are reusable. The bulb cost goes down every year. Flowers definitely offer
an attractive alternative to traditional crops grown in
this region. The government should provide adequate
infrastructure, particularly quick and hassle-free
transportation for exports, demanded a customer eyeing
flowers with admiration. |
Criminals out, investors may step
in: Kalyan CHANDIGARH, Dec 4 — Mr Kalyan Singh, Chief Minister of Uttar Pradesh, here today presented the case of his state with regard to possibilities of industrial development before an elite gathering of industrialists. Speaking at a conference in the CII building after visiting Agro Tech, Mr Kalyan Singh said Uttar Pradesh offered unlimited opportunities. There was a big scope of installing agro-based industries. Inviting industrialists to invest in his state, Mr Kalyan Singh said that criminals had been eliminated and investors would be ensured complete safety, security and proper atmosphere. Day 3 at Agro Tech was
observed as Uttar Pradesh Day today, marked by the visit
of Chief Minister Kalyan Singh. |
Chicks beat mutton CHANDIGARH, Dec 4 — Super Gas, a part of the fortune 500 SHV group, has displayed its latest technology, gas brooding equipment, at Agro-Tech. “The poultry industry is growing faster than mutton and beef. It is anticipated to generate a turnover of Rs 30,000 crore during 1998 to 2005”, said Mr Ganti Vinod, Director of SHV Energy. Super Gas, with its moist
provide heat, the right environment for feathering of
chicks. This is superior to the earlier method of
providing warmth by incandescent bulbs which give extra
light and increase activity, excretion and mortality
amongst chicks. Super Gas is part of the Fortune 500 SHV
group which has an annual turnover of Rs 77,000 crore.
The group is a world leader in the distribution of LPG
and propane. |
Telecom meet begins today NEW DELHI, Dec 4 — A national convention on telecommunications is being organised by Assocham tomorrow to make recommendations for the proposed new telecom policy. The convention will evolve a package of measures aimed at reviving the telecom industry which includes review and revising of the payment modality for the total quantum of licences fee payable by an operator and adjust it on the basis of an entry fee. The Minister of State for Communications, Mr Kabindra Purkayastha is scheduled to take part in the convention. The Secretary to the Prime Minister, Mr N.K. Singh, Chairman of Telecom Regulatory Authority of India (TRAI), Justice S.S. Sodhi, Chairman of MTNL, Mr S. Rajagopalan and Chairman of Central Vigilance Commission, Mr N. Vittal are also taking part. According to an Assocham note, when the new system is made applicable to existing licence holders, those who have a Letter of Intent (LoI) and still fighting their battles in courts may be offered the same facility .It is quite likely that all cases would be withdrawn. The principle that licence fee can be paid on the basis of an entry component and the balance on the basis of revenue accruals have already been accepted by GMPCS service providers. The percentage of revenue may be decided by the TRAI or a body of experts. At present there are about
22 companies and six basic license operators who have
already made large investments. Paging services exists in
27 cities and various circles and trunk-radio services as
well. |
IOC to hike Bathinda pipeline capacity NEW DELHI, Dec 4 (PTI) — The Indian Oil Corporation (IOC) will augment the capacity of its 1443 km-long Kandla-Bathinda product pipeline from the current 5.6 million metric tonnes (MMT) to 11.5 mmt. “In order to meet the increasing demand for petroleum products in the North-West region of the country, augmentation of the Kandla-pipeline has already been taken up and the capacity will be expanded to 8.8 MMT by May 2000,” IOC Director (Pipelines) S N Jha said here today. Speaking at the third annual Indian Oil and Gas conference, he said Kandla-Bathinda Pipeline Ltd (KBPL) will be further expanded to its designed capacity of 11.5 MMT by 2001-2002. The demand for petroleum products in the northwest region of the country is expected to grow to a level of 16.6 MMTPA in 1998-99, he said. This is expected to go up to 20.2 MMTPA by 2001-02 and to 28.9 MMTPA by 2006-07. “The demand-supply analysis in the North-West region reveals that there will be a deficit of about 5.5 MMT in 1998-99 which will increase to 7.3 mmt by 2001-02 and 7.8 MMT by 2006-07,” Jha said. The augmentation of the
KBPL, which started operations in the year 1996-97, is
targeted at quelling this deficit, he said, adding the
demand in the region is currently being met by two
refineries at Koyali in Gujarat and Mathura in Uttar
Pradesh. |
Escorts to mortgage assets NEW DELHI, Dec 4 (UNI) — Escorts Limited, which is in the midst of a major industrial unrest, is reportedly planning to mortgage its fixed assets to borrow money for meeting the company’s business needs.The Board of Directors of the company has in principle agreed to go ahead with the mortgage. However, an exact timetable for the same has not been fixed as yet, company sources told UNI here. It has been decided that if need be, the movable and immovable property of the company would be mortgaged for securing the loan and other financial assistance provided the mortgage so created does not exceed Rs 1,500 crore. The board is presently working out the details and modalities of creating such a mortgage. However, company officials, despite repeated attempts, refused to comment. Escorts has already received the shareholders nod for going ahead with the mortgage. The escorts group is
witnessing a major industrial unrest at its 18-odd units
for the past 10 days with the disagreement between
management and workers’ union persisting over the
issue of wage revision and production incentives. |
UNSURE of how their complaints will be treated, consumers sometimes tend to file cases simultaneously in two forums or courts, without realising that courts frown on such concurrent adjudication of identical issues by different judicial or semi-judicial bodies. Thus many a consumer complaint has been dismissed by consumer courts on the ground that an identical case is already pending before another court. In the case of Dr K.S. Yadav vs M/s Uniscans and Sonics, for example, the national commission dismissed the complaint because the petitioner had already approached the MRTP Commission on a similar complaint. In the case of S. James Vincent vs Greater Cochin Development Authority, the consumer courts took strong objection to the fact that the complainant had already filed an identical case before the Sub-Judge in the Sub-Court, Ernakulum and had concealed this information not only in his deposition, but even during the course of arguments before the court. The State Commission dismissed the complaint and directed the complainant to pay Rs 2,500 as costs to the opposite party. This was subsequently upheld by the national commission. However, the national commission has made it clear that such a bar against simultaneous adjudication is applicable only when the complaint in both the forums pertain to the same cause of action. In the case of Hamuman Prasad vs the New India Assurance Company Ltd and others. (revision petition no 46 of 1993) for example, the national commission held that the complainant’s case before the Motor Claims Tribunal did not bar him from filing a case before the District Consumer Dispute Redressal Forum as the cause of action in both the cases were different. Here, even though both the complaints arose from an accident in which a truck hit his tractor, in the case filed before the Motor Accidents Tribunal, he had sought compensation from the owner of the truck as well as the insurance company which had insured the truck, for the damage caused to his tractor-trailer. However, his complaint before the District Forum pertained to the deficient service rendered by the insurance company which had insured his tractor-trailer. The insurance company, he alleged, insisted on his not repairing the tractor-trailer till their investigation was complete and since this took a long time, his agricultural operations were adversely affected. Here, the consumer courts at the district as well as the state level had dismissed his complaint on the ground that he had already filed a case before the Motor Claims Tribunal. The national commission however disagreed with this view and remanded the case back to the District Forum for disposal. Similarly, in one of the earliest cases (PNB vs K.B. Shetty, first appeal no 7 of 1991) the national commission held that the criminal complaint filed by the consumer before the Metropolitan Magistrate against various officials of the bank following the loss of ornaments kept in the bank’s locker did not act as a bar against the consumer court hearing the complaint. In fact in this case, the commission clarified its stand on the issue. Said the commission: “The commission has adopted, on its own, the rule of prudence that when a case is already sub-judice, it will forbear to entertain a complaint under the Consumer Protection Act in the same case. Such a course of action is essential to avoid conflicting findings by different judicial and semi-judicial forums. It also obviates multiplicity of trial on the same cause of action. However, this is not true in this case, where the case is sub-judice in a criminal court in as much as the relief obtainable and the parties which can obtain reliefs are entirely different. There is no question of granting reliefs as provided in Section 14 of the Consumer Protection Act, by the Metropolitan Magistrate...” More recently, the Supreme Court in the case of Mrs Viswalakshmi Sasidharan and Ors vs the Branch Manager, Syndicate Bank, Belgaum (SLP no 4077 of 1997), said that the mere filing of a suit for recovering of the loan amount by the bank in a civil court did not bar the consumer court from adjudicating on a complaint that the bank had failed to release the entire loan amount sanctioned, as the issue before the civil court was not deficiency in service rendered by the bank. “Each case required examination on the facts of the case”, the Supreme Court said. So, remember, do not try
to seek relief from two courts for the same cause of
action. If you have already filed two complaints, then be
sure to withdraw one of them. However, there is no bar
against simultaneous adjudication if the cause of action
is different. And never conceal information about your
other case from the court. |
ITC buying sparks rally MUMBAI, Dec 4 (PTI) — After an initial hesitancy, equities attracted smart rally with the tobacco major in the forefront on the last day of the current account on the stock market here today on hectic purchases by funds, particularly in ITC, coupled with selective buying by domestic institutions and short covering by operators. Initially, the market registered a dip further, indicating its over sold position. After mid-session, when Morgan Stanley, a leading foreign fund reportedly made heavy purchases in ITC, lifting the share prices sharply by over Rs 32. Operators, who were short in this scrips, availed of the opportunity of the improved situation to cover their short positions at the weekend, market sources said. As a result, ITC fluctuated widely in a range of Rs 710.00 and Rs 674.75, before closing at Rs 705.00. Speculations that the tobacco major had made a provision of Rs 300 crore for buyback of its shares and encouraging trend in GDR market also aided the sentiment. Foreign institutional investors (FIIs) were reportedly net buyers in pharma scrips like Glaxo, German Remedies, Ranbaxy, Novarties, Parke Davis and Pfizer. Domestic institutions were reported to have picked up shares of NIIT, Satyam Comp, SBI, Tisco and Glaxo in small quantity. The BSE index opened steady at 2804.87 and moved down to the intra-day low of 2791.98, before rising sharply to close at the day’s high of 2849.82, netting a gain of 45.36 points from the previous level of 2804.46. Dealers said that the technical correction was overdue as the losses had become over extended. The BSE-200 and the Dollex
were quoted remarkably up at 294.10 and 115.10 compared
to the previous close of 291.08 and 113.90 respectively.
BSE-100 index also rallied to 1266.49 from
yesterday’s close of 1250.23. |
Broker punches wrong ITC order MUMBAI, Dec 4 (PTI) — The Bombay Stock Exchange has sought an explanation from a member who punched-in a wrong purchase price and volume for ITC today, resulting in a major rally in the scrip. The BSE said the member punched in an order for 300,000 shares instead of 30,000 shares at Rs 725 per share, when the ruling market price was around Rs 682-84 per share. The broker realised his mistake when his terminal was automatically deactivated as he had crossed his exposure limits. According to BSE Executive Director, R.C. Mathur, trades of 130,000 shares were immediately matched but the loss was contained when it was quickly squared up. “We have sought an
explanation and we would like to satisfy ourselves as to
whether there is any underlying motivation. Prima-facie,
the difference in prices seems odd, though the difference
in volume is understandable”, he told PTI. |
FIs invested 945 cr in Reliance: Sinha NEW DELHI, Dec 4 (PTI) — The Unit Trust of India, the Life Insurance Corporation and the General Insurance Corporation invested around Rs 945 crore through private placement in the shares of Reliance industries in 1994, Finance Minister Yashwant Sinha informed the Lok Sabha today. Replying to a question, he said the shares had been purchased at a price of Rs 385 each. The rate of dividend received on these shares was 60 per cent in 1995-96, 65 per cent in 1996-97 and 35 per cent in 1997-98. Mr Sinha denied that the (CBI) had asked for permission to prosecute Reliance industries following alleged irregularities in its transaction with the UTI. He, however, said the CBI had submitted its report on the matter in 1996 which was referred back to the agency for further investigation. The minister said the
particular transactions took place in 1994 and his
government had no intention to hide anything or save
anyone involved. |
PSIEC sets up trade info centre CHANDIGARH, Dec 4 — The Punjab Small Industries and Export Corporation has set up a trade information centre at its head office here comprising a well-equipped library for offering various information services associated with international trade. The centre has a computerised link-up with “Dialog Corporation, a US based databank, facilitating instant on line access to international databases. This will make available to exporters a status reports and technological profiles of companies the world over as also latest business trends and forecasts. Besides, the centre has Internet facility, e-mail and a library. The PSIEC has decided to organise a seminar on dissemination of information from Dialog, and Electronic Data Interchange on December 5 at Punjab Bhavan. Eminent experts from Dialog Corporation, Delhi, and National Informatics Centre will make the presentations. The seminar will be presided over by Mr Ramesh Inder Singh, Secretary Industries.
MUMBAI, Dec 4 (PTI) — The UTI has hiked the sale and repurchase prices by Rs 0.10 each in respect of its flagship scheme, US-64, for January 1999. The US-64 sale price for January will be Rs 14.90 and the repurchase price will be Rs 14.60, UTI said in a statement here. The repurchase price has
been increased steadily from Rs 14.10 in September last
when the scheme was struck by a crisis of confidence
following the revelation of an erosion in its reserves to
the extent of Rs 1098 crore. |
Bar on Yogi Pharmacy MUMBAI, Dec 4 (PTI) — Yogi Pharmacy Ltd and its directors have been barred by SEBI from accessing the capital market for five years from December 1, 1998. SEBI investigations revealed that shares issued under the promoter’s quota and subject to a lock-in of five years were pledged with a company which was not a bank or financial institution. The regulator, in a statement here today, said the act of pledging locked-in shares by the promoter was in violation of SEBI guidelines for disclosure and investor protection. The guidelines do not permit dilution of the promoter’s contribution for five years from the date of commencement of production or date of allotment whichever is earlier. Yogi Pharmacy came out
with a public issue of 39,30,000 shares of Rs 10 each at
par in September, 1997. |
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| Forex MUMBAI, Dec 4 (PTI) — The following are the interbank forex and RBI rates: US $
42.54/55 Gold down Today’s quotations: Silver .999 (ready) 7175 and delivery 7275. Silver coins buyer 10.500 and seller 10.600. Standard gold 4325. ornaments 4175 and sovereign 3725. Commodities |
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