LSE sustains volume of trading LUDHIANA, Dec 26 — In spite of depression in the secondary market, the Ludhiana Stock Exchange has been during the year 1998 been able to sustain its volume of trading with an average daily turnover of Rs 40 crore.

Use existing capacities effectively: Bakht
NEW DELHI, Dec 26 — Indian industry should utilise its existing capacities more effectively to achieve an economic growth rate of 7-8 per cent and counter the big gap between investment needs and savings rate, Industry Minister Sikandar Bakht said today.

MUL gets productivity award
NEW DELHI, Dec 26 — Maruti Udyog Limited has won the National Productivity award for 1996-97. It also won the second best productivity performance award in the automobile industry, including Tractor sector category.

SEBI adopts landmark policy initiatives

MUMBAI, Dec 26 (PTI) — Popularising dematerialisation, (paperless trading) formulating regulations for derivatives, buyback, collective investment schemes (CIS) and credit rating agencies and amendments to the take over regulations of 1992 were prominent among the landmark policy initiatives adopted by the Securities and Exchange Board of India (SEBI).

The central focus of regulation in the secondary markets, this year has been on dematerialisation.

"Our efforts in nudging the markets into the electronic form of trading (Demat) have been succesful, with over 35 to 40 per cent of delivery in the Demat mode and at times even greater than 50 per cent on the Bombay-Stock Exchange (BSE)", SEBI Executive Director Pratip Kar said.

The year began with SEBI making it mandatory for institutional investors to trade in eight specified scrips in the Demat form and by April next year, the regulator expects at least 70 per cent of trading to be delivered in the paperless mode and 99 per cent by 2000 (Y2K).

Another Y2K challenge for the market watchdog is to break the geographical barriers for domestic stock exchanges and towards this end, SEBI has allowed exchanges to set up terminals abroad and extend their reach within India too.

Regulations on derivatives trading, buy back, credit rating, role of mutual fund trustees and amendments to the take over regulations were finalised during the year.

The derivatives committee suggested a phased introduction to derivatives trading, beginning with stock index futures and complex types may be introduced after market participants gained comfort and familiarity with the product.

The panel, chaired by L.C. Gupta, also laid down the ground rules for a derivative exchange to operate as an effective self-regulatory organisation, and suggested a more stringent governance mechanism.

However, derivatives trading can commence only after necessary ammendments are made in the Securities Contracts (Regulation) Act, 1956, which in its present form does not permit trading in derivatives.

To revive the sluggish capital markets, the government permitted buy back of securities through an ordinance on October 31 with SEBI framing the guidelines emphasising on disclosure.

Early this year, the central government decided to regulate all entities which mobilised resources with the intention of investing the funds in plantations and termed them as CIS bringing it under the purview of the SEBI.

The committee, chaired by Dr S.A. Dave, in its interim recommendations made credit rating mandatory for any such scheme that wished to raise money from the public and directed that the ratings and its meaning be incorporated in offer documents, advertisements and all publicity material. The panel expects to finalise its recommendations by the month end.

The regulator also did its bit to boost infrastructural development by granting specific relaxations to public issues by infrastructure companies.

The SEBI also made it mandatory for all listed companies to submit quarterly account statements to the respective stock exchanges.

The committee headed by Justice P.N. Bhagwati revised the creeping acquisition limit raising it from 2 per cent to 5 per cent. Under the 1997 regulations, more than 87 public offers for take over were made in the last 24 months and over Rs 3,400 crore in terms of financial benefit to investors was accrued.

The regulations governing foreign institutional investors (FIIs) were also amended to allow them to invest in unlisted securities and to tender their shares in open offers made under the take over regulations.

The regulator also laid down the minimum disclosure requirements to be contained in a mutual fund offer document and standardised the abridged offer document.

The SEBI signed a memorandum of understanding with its counterpart in the USA, the US Securities and Exchange Commission, to provide each other assistance in obtaining information and evidence to facilitate the enforcement of their respective laws.

Big bull and securities scam-accused, Harshad Mehta, was once again in the news this year for the alleged price manipulation in three blue-chip scrips, BPL, Videocon and Sterlite, that eventually led to a payment crisis on the BSE.

Khanna’s focus on morale boosting
By U.K.Bhanot
Tribune News Service

CHANDIGARH, Dec 26 — Mr Ashok Khanna, the newly installed president of the PHDCCI, says his immediate and biggest concern will be to lift the morale of the industry. Instead of telling the government what it should do, he says we should start thinking what we should do for the country.

Mr Khanna’s plans for the coming year revolve around activities which will boost the morale of the industry in the country, particularly in the northern state connected with the PHDCCI. In fact, it is true not only for his chamber that he says so but other associations and industry groups also which should also talk in one language so that the Government gets the right suggestions that it needs for planning the industrial development of the country.

His focus, he says, will be on promoting industrial activity in the member states which include Punjab, Haryana, Himachal Pradesh, Uttar Pradesh, Jammu and Kashmir, Madhya Pradesh ( though not a truly northern state ), besides Chandigarh and Delhi.

I wish, says, Mr Khanna to help bring about administrative reforms and work for transparency in government functioning. All this, he says, was aimed at making the small and medium industries in these member states to play a major role in the development of the country. The Northern Regional Development Council has been set up with this aim in mind. Finance, he agrees, is a major requirement of the industry and he would like the banks to provide money to the industry in a big way. Banks , he says, have plenty of funds but they are bound by some guidelines handed down by the RBI. These guidelines have been framed mainly with security of the money in mind and this is why they are keen to finance mainly the industry with ‘AAA’ rating. And this industry generally does not stand in the need of finance from banks. The SIB (Small Industries and Business) help line, he says, has also been set up to solve problems of the industry, particularly in relation to banks, financial institutions and SSI promotional organisations including the State Bank of India, the Punjab National Bank, the Delhi Financial Corporation, the Small Industries Development Organisation, the Small Industries Development Bank of India, the National Small Industries Corporation Ltd (NSIC), the Office of Commissioner Industries, Government of NCT, Delhi and Technology Bureau for Small Enterprises (TBSE).

Mr Khanna says he is keen to resolve the major issues facing the industry including the issue of taxation. Hopefully, he says, the next conference on the issue would be held in Chandigarh before the Northern India’s Chief Ministers conference. He says the taxation rates should be rationalised at the earliest to remove the prevailing confusion and uncertainty.

His emphasis would also be on strengthening of infrastructure without which no industry or even country can grow. Power, proper roads and other inputs will be the major requirements of the industry to which he will devote his energy during the next year. The Punjab Government he says has already set up a board of infrastructure and it will soon set up a power regulatory authority on the pattern of Haryana. But the major question is whether the big industry will come to Punjab. Punjab, he says, is peaceful and has hardworking labour and entrepreneurship of a very high order. He cites the examples of entrepreneurs of Ludhiana and Batala. What the people of Punjab he says, need is proper encouragement and a pat on the back as they have the capacity to produce the best and compete with the best in the world. Industry, does need government assistance but not interference. It needs encouragement and should be left along to work its way. With proper encouragement, he feels, the prevailing recession will vanish.

"It will be my endeavor to help the Government of India open the Wagah border to let people on both sides of the border have trade and business relations, notwithstanding the political differences of the leaders." We should like to have two- way traffic but there should be a political will to achieve this. An open border, he says, will not only mean trade with Pakistan only but through Pakistan with other countries also. We all know political situations are also governed by economics. If we all truly realise, this there will be lasting peace in the region. Pakistan need not be reminded again and again that it is India’s younger brother.

Mr Khanna, who belongs to a reputed business family of Amritsar and is settled at Chandigarh and himself a leading industrialist, is all set to play a constructive role at the national level by heading the chamber which has a long history in the growth of country’s economy. Historically, it may be recalled the chamber owes its origin to an enterprising Englishman James Currie who conceived the idea of an organisation in the national capital to look after the interests of the mercantile community. As a result the chamber was established in 1905 and initially had its office in Chandni Chowk. Since then, it has travelled a long distance shifting to its own premises PHD House in the Siri Fort Industrial Area.

The letters PHD in the PHD Chamber earlier stood for Punjab , Haryana and Delhi chamber but with more states coming under its fold, this name lost its relevance and then stood for Progress Harmony and Development but now says Mr Khanna the member wants this to be known only as PHDCCI.

At the PHDCCI, he says, he wants to bring "quality and perfection" in its working and promote better coordination among the States so that the chamber can discharge its function of giving constructive suggestions to the Government more responsibly.

EMRs to create monopoly: experts

NEW DELHI, Dec 26 (PTI) — An exclusive marketing rights (EMR) regime proposed in the amendment to Indian Patents Act 1970, is even more restrictive and monopolistic than the trade related intellectual property rights (TRIPS) agreement, warn experts.

Provisions under EMRs are far worse than those for product patents under TRIPS, says Dr S K Sinha, national professor at the Indian Agricultural Research Institute (IARI) here, who is also a member of People’s Commission on Intellectual Property Rights.

The commission, whose other members are Justice V R Krishna Iyer, former judge of the Supreme Court; Prof Yash Pal, former Chairman of the UGC; and Dr Prabhat Patnaik, professor of economics at Jawaharlal Nehru University (JNU), released its first report this month on implications of the amendment of Indian Patents Act 1970, and review of the TRIPS agreement.

According to TRIPS, in the interim period, applicants who have product patents and market approval in other TRIPS signatory countries can be granted EMRs in countries which are yet to sign TRIPS.

TRIPS allows a patent application to be examined and opposed, whereas EMR provides marketing rights automatically.

Patent experts point out that since EMR does not allow any challenge to be mounted, exclusive marketing rights for foreign turmeric and neem (azadirachta indica) may have to be provided automatically on grounds that a patent has been granted in some other country.

Some experts say the amendment seeking to exclude herbal formulations from EMR is not compatible with TRIPS in any case. "If we are going to amend the existing act (1970) by introducing clauses not compatible with TRIPS, why change the act at all?" asked one expert.

A product patent regime allows the domestic pharmaceutical and agrochemical industry challenge the marketing rights of a foreign patent holder by challenging his patent itself. In contrast, EMR-derived marketing rights in India of a foreign EMR holder are not challengable.

Another worrisome feature is that EMR holder cannot be obliged to produce domestically, nor can any domestic producer make the product over which EMRs have been granted.

In other words, an EMR holder can hold a monopoly in the domestic market entirely on basis of imports he brings into the country, the commission’s report pointed out.

With product patents, it is impossible to have a clause for compulsory licensing or producing the product in the new country.

The commission points out that Brazil, Argentina and China have introduced product patents and none has introduced an EMR.

Their amended laws provide for compulsory licensing, which entail that if a patentee does not produce the product locally, he should grant permission to some other manufacturer wanting to produce it.

An EMR regime "must be avoided under all circumstances," the commission warns.

In a legal sense, an "EMR regime amounts to creation of an even stronger monopoly," it says.

Experts say an EMR on pharmaceutical and agro-chemical products will raise prices of these two commodities when imported and sold in India under EMR monopoly.

Since foreign companies will not reveal their production cost, no cost-based price control on drugs and agro-chemical products imported and sold in India is possible under an EMR regime, they warn.

LSE sustains volume of trading
From A.S. Prashar
Tribune News Service

LUDHIANA, Dec 26 — In spite of depression in the secondary market, the Ludhiana Stock Exchange (LSE) has been during the year 1998 been able to sustain its volume of trading with an average daily turnover of Rs 40 crore.

The exchange looks forward to new year with an optimism that it would mark of the beginning of the revival of the capital market, says Mr Manjit Singh, Executive Director of the LSE, while reviewing the performance of LSE during 1998, with an ambitious programme to expand trading through VSAT to cities other than Ludhiana. The stock exchange plans to take the trading facilities to the door steps of investors in the new year. Such initiatives are bound to multiply the volumes at the stock exchange which has won the hearts of many an investor. Being one of the most disciplined and effective self-regulators, claims Mr Manjit Singh, adding that "a determined management, hard working members and devoted staff are the strengths of the Ludhiana Stock Exchange which provide it with a leading edge over the other stock exchanges even in the most competitive environments."

Ludhiana Stock Exchange continued its mission of providing better service to brokers and investors with the setting up of the settlement guarantee fund and start of the modified carry forward system on April 6, 1998. The LSE was the second stock exchange after the BSE to allow badla trading with start of the modified carry forward system. This has enabled brokers and investors to carry forward their positions for three months instead of mandatory weekly squaring in the "cash" section. This has also brought in the participation of "financiers" in the market at Ludhiana Stock Exchange thereby improving liquidity in the market. The stock exchange also received approval for expansion of LSE on-line trading to cities other than Ludhiana from SEBI.

After starting the new year on an uptrend, with the BSE sensex at the level of 3700, the Indian markets faced a comparatively dull phase starting mid-January upto February, 1998, because of the crisis in South East Asian markets. The markets turned bullish in March in anticipation of the formation of a BJP Government, giving rise to hopes that the capital markets would revive with the return of the small investor.

The financial markets again came under the influence of the tumbling South East Asian markets and currencies and were in the process of what was then termed as a correction to the bullish phase witnessed earlier, when the BJP Government conducted the nuclear tests at Pokhran. The impact of the nuclear tests on the stock market was as if the bombs had fallen on the stock markets. The BSE sensex lost almost 200 points in the week succeeding the tests, with the sensex falling from around 4000 to 3800. The budget announced by the Finance Minister further added to the woes of the markets. As the sensex shed nearly 600 points, plunging to an 18-month low of 3,152.96 FIIs sold shares worth Rs 500 crore after the budget.

The SEBI was prompted to take drastic measures to check the rapid fall in the stock prices and announced stiff margins on short sellers BSE faced a payment crises involving the big bulls of BSE including Harshad Mehta.

In September, 1998 India’s largest mutual fund UTI faced problems with US-64 long considered to be the safest instrument for small as well as big investors. As there were reports about the low NAV of US-64 and redemption pressures by small investors on the scheme. The sensex took a severe beating, falling by 224 points on October 5 when a number of scrips touched their lower freeze levels at end of September 98 the management of LSE changed hands with Mr Vishwanath Dhiri replacing Mr Jaspal Singh as President after the latter having completed two successful terms.

Use existing capacities effectively: Bakht

NEW DELHI, Dec 26 (PTI) — Indian industry should utilise its existing capacities more effectively to achieve an economic growth rate of 7-8 per cent and counter the big gap between investment needs and savings rate, Industry Minister Sikandar Bakht said today.

Presenting the 15th National Productivity Council awards here, the minister said India’s savings still hovered around only 26 per cent of the gross domestic product (GDP), making it a "herculean task" for the country to meet investment needs.

"For achieving and maintaining an annual growth of 7-8 per cent, we need an investment of 30 per cent or more. We need more FDI to meet this demand," Bakht said, calling for concerted efforts to reduce the incremental capital output ratio.

Though the country had achieved many feats like becoming the largest producer of milk and second largest producer of wheat, overall economic growth was not comparable with that of developed and newly industrialised nations, he said.

"For a long time, total factor productivity has been growing at a slow rate of only about 0.3 per cent as compared to 1.2 per cent of the OECD countries and 1.9 per cent of the East Asian countries," Bakht said.

"The productivity accounted for only about 10 per cent of the output growth as the rest came from capital investment and labour output," Bakht said.

Bakht also said that unless the industry achieved better productivity, the process of distribution of the fruits of economic process would encounter further difficulties.

MUL gets productivity award
Tribune News Service

NEW DELHI, Dec 26 — Maruti Udyog Limited has won the National Productivity award for 1996-97. It also won the second best productivity performance award in the automobile industry, including Tractor sector category. The Union Industry Minister, Mr Sikander Bakht presented the award to Mr R.S.S.L.N. Bhaskarudu, Managing Director of MUL at a function organised by the National Productivity Council here today.

The award is given in seven group of industries namely — automobile and ancillaries, cement, industrial machinery, machine tools, leather and leather goods, paper and pulp and allied industries and power generation.

National Agricultural Cooperative Marketing Federation of India Ltd (NAFED) also bagged the prestigious award for best productivity performance amongst bio-fertiliser producers.

Markets, not terrorism ‘biggest threat’

BRITAIN’S roving business ambassador, Lord Swaraj Paul, has warned that the prevailing situation in international financial markets posed the biggest immediate threat to the world and not terrorists or international conflicts.

"The continuing crisis and deterioration will present the dangerous possibility of a slide into civil wars and other vicious conflicts in many nations," the London-based NRI industrialist said at a meeting with leaders of Bangladesh trade and industry in Dhaka earlier this week.

"Economies that have taken early steps to restructure themselves, to prepare for the future, to cope with global conditions before being forced to do so are in a better shape to respond to hard times," said Lord Paul. — PTI

Lipstick

Modi Revlon, an alliance between Modi Mundipharma, UK Modi Group and Revlon of the USA, has launched "Color Stay", a premium Revlon brand of transfer resistant lipsticks in the Indian markets.

The new product, to be imported from Revlon USA, has a range of 10 exciting colours and the shades varying from earthy browns, magical maroons, vivid violet to muted mauves and naturals to match the Indian complexion. — PTI

NBFCs

Several rackets of non-banking finance companies have come to light during 1998.

The economic offences wing (EOW) of the Delhi police arrested Chairman-cum-Managing Director of JVG group of companies Vijay Kumar Sharma, Chairman-cum-Managing Director of Hoffland group of companies Brij Bhushan Sharma, Chairman-cum-Managing Director of Osprey Investment. S.P. Sharma under the charge of racket of finance.

The EOW seized properties crores of rupees from the possession of these companies located in Haryana, Uttar Pradesh, Maharashtra, and Delhi with the orders of courts, sources in the Delhi police said.

Besides, one more important catch during the year was the arrest of Managing Director of the Technological Park Limited, Prabhjot Singh Sabharwal, who collected lakhs of rupees from a large number of people for developing park city in NOIDA and later on went underground. The people wanted to invest money to develop a park in which they could enjoy good life, the sources said.

The sources stated that Directors of Gold Crest Holidays Pvt Ltd Pankaj Rahul and Mohammad Saghir and Director of Five Star Holidays Pvt Ltd G. Ramakrishnan were also arrested in this racket. (Syed Ali Ahmed).

Indian expert

Non-Resident Indian Economist T. N. Srinivasan is among three experts who have been chosen for conducting independent analysis of research papers prepared by the International Monetary Fund.

The experts will assess usefulness and value-addition of IMF"s economic research to member nations and within the wider economics and economic policy community.

While Srinivasan is Chairman of the Department of Economics at Yale University, the two others are: Frederic S Mishkin of Columbia University and Italian Professor Francesco Giavazzi of Milan’s Bocconi University — PTI.

Naming

Naseem Javed, President of ABCNamebank International — New York, Toronto — has written a book "Naming for Power: Creating Successful Names in the Business World". He is an authority on corporate nomenclature, and has been lecturing extensively on the power of successful naming worldwide.

Global promotion of names of corporations from India faces two serious challenges. One, how to find and promote a unique and powerful name in the world, and two how to secure the same name as a good international domain name for e-commerce.

Naming of a product, a service, or a corporation is the single most important issue of corporate communication and advertising and sometimes, millions are wasted each day in promoting names that are only look-a-like or sound-a-like others in the global market place. — TNS

By R. N. Lakhotia

Q: I bought NSS amounting to Rs 22000/- during February 1991 while posted at Barnala. When after three years i.e. during 1994 when I approached the postal authorities for refund, I was misguided by some person and accordingly filled up requisite proforma (without any deduction). Afterwards when I received a notice from IT Commissioner regarding mistake, I had to deposit Rs 18,000 as penalty plus uptodate interest.

During past it came to my notice through your reply to a reader that amount of NSS is not to be totalled in the IT return.

Would you kindly advise me about some notification or amendment under which I can claim refund of Rs 18000 as penal amount and interest deposited with IT Deptt.

— Er. L.D. Mahant, Raekot, Ludhiana

Ans: NSS 92 investment when withdrawn is not to be added to the total income, but in your case the refund of NSS is in respect of NSS 1991. The same is taxable in full. There is no way to claim the tax liability on this suffered by you.

Q: I am a Punjab Government employee. Rebate on House Rent for tax purpose was not given to me on the ground that I could not produce House Rent paid receipt. Is the production of Receipt necessary.

(ii) I had to incur expenses on my treatment to the tune of Rs 61000 during the month of June, 1996. Is any rebate permissible on this amount during the period Income Tax Return for the year 1996-97 and 1997-98. The treatment was taken from MC Hospital, Ludhiana.

— Manohar Lal, Ludhiana

Ans: If you have not produced house rent receipt, you will not be eligible for getting deduction from House Rent allowance received by you from your employer. The expenses incurred by you amounting to Rs 61,000 will not be permissible as a deduction.

Q: I have read the advice of your tax expert in The Tribune dated April 19, 1998 in reply to the queries of Mr Surinder Kumar regarding saving of Income-tax on capital gains completely by depositing the sale consideration/capital gains in certain accounts for specified period and I am grateful for that.

As the names of such institutions where such amounts can be deposited have not been given. I earnestly request you to kindly give the names of some such suitable institutions as the local banks have not been able to help.

— H.L. Kapur, Mohali

Ans: From time to time, the investment instruments which are eligible for tax saving of capital gains are announced in the newspapers. One of the popular investment scheme for this purpose is the investment with Hudco. Before making any investment, please ensure that the relevant investment scheme is eligible for the purpose of making investment u/s 54EA or u/s 54EB of the Income-tax Act, 1961.

Q: Kindly let me know the Income-tax payable by me of my Gross Income of Rs 64828 for the year 1997-98 assessment year 1998-99. I am above 65 years in age. Last year I had paid the Income Tax amounting to Rs 450 as I was 64 years and 7½ months on 31-3-97 old at that time. Should I file the Income Tax return even if the Tax is zero.

— Dalip Singh Rai, Malerkotla

Ans: Yes, in your case you must file Income-tax return even when the tax payable is zero because the gross exceeds the exemption limit. It is only after getting the tax rebate for senior citizen that your net tax payable comes to zero.

Q: I am a pensioner getting Rs 4300 p.m. as pension (including medical allowance of Rs 250 p.m.).

My income from interest is about Rs 4000 p.m.

I am 66 years old woman. Kindly let me know whether I am liable to be taxed.

Am I supposed to apply for allotment of Permanent Account Number, on Form No 49-A. Being senior citizen I think I am not liable to be taxed. So kindly enlighten. — J. Kaur, Patiala

Ans: You should apply for Permanent Account Number. Being a senior citizen on the facts mentioned by you, you will not be liable to payment of Income-tax. However, you should deposit the Income-tax return form.

Conducting re-test

By Praful R. Desai

Q: When displaced employee failed in test, is employer bound to conduct re-test?

Ans: This question arose between Managing Director, APSRTC, and S.P. Satyanaryan before S.C. (1998-II-LLJ.819).

The respondent was earlier working as a cleaner with a private bus operator. The said route was nationalised and, therefore, he became a displaced employee. Pursuant to the policy adopted by the appellant to absorb such employees, subject to their eligibility, the respondent was allowed to appear for a technical test but he failed. Hence he was not absorbed.

Thereafter, the respondent made a representation to hold a re-test but that request was turned down. He thereupon filed a writ petition which was allowed and the employee was directed to be absorbed. Hence this challenge before the SC.

The SC held that in its opinion the petition deserves to be accepted. The respondent had not challenged the validity of the test or the result. In his representation made to the corporation, he had merely asked for a re-test. He wanted one more chance for being considered for absorption in the appellant’s service. The appellant, in the opinion of the S.C., was under no obligation to hold a special test for him. In view of these facts and circumstances, the HC should not have directed the corporation to appoint the respondent on a suitable post even though he failed in the test.

In the end, the SC allowed this appeal and set aside the judgement and order passed by the HC. But in view of the special facts and circumstances of the case, the SC directed the corporation to give an opportunity to the respondent to appear again in a test to ascertain his eligibility. The appellant shall do so within a period of three months from today. If the respondent gets through the test, then the appellant shall appoint him as and when vacancy becomes available. With this direction, the SC disposed of the petition.

Launched
Tribune News Service
CHANDIGARH, Dec 26 — King Enterprize, known for modern living styles today launched its two products in the city — Recliner chairs and portable home barbeque. According to Ms Shalini Sodhi, Managing Director of the company, recliner chairs are multifunctional and can be placed at home offices, hotel suites, clinics and beauty parlours. This appears like a single seater sofa, opens up to form a bed. The barbeque is of size 320 sq inches with 12 inch depth.

WWICS offer
Tribune News Service
CHANDIGARH, Dec 26 —Worldwide Immigration Consul-tancy Services Ltd (WWICS) today launched new year scheme "The Gold’n millenium offer" — a 24- karat Tanishq gold coin of 10 gm each, plus other bonanza offers to qualified applicants of WWICS during January ‘99, said Lt Gen K.S. Mann (PVSM), CEO of the company. More than 1500 professionals have gone through the company are settled in Canada and approximately 2000 clients are in process of immigration adds Lt Col B.S. Sandhu, Chairman, WWICS. The company is opening branches in Pakistan, Sri Lanka, China and Bangladesh. WWICS is organising a seminar tomorrow at TTTI.