RBI to encourage
exporters
MUMBAI, Nov 1 — The RBI has sought to encourage exporters to avail themselves of export credit from banks in foreign currency so that money is available to them at internationally competitive interest rates.This was stated by the RBI Governor, Dr Bimal Jalan.

Two-wheeler exports decline
NEW DELHI, Nov 1 — Bajaj Auto, Escorts Yamaha and LML notched up impressive performances in international markets in the first half of the current fiscal but their segment suffered a 10 per cent drop in exports during the period, latest figures indicate.

RBI to encourage exporters

MUMBAI, Nov 1 (PTI) — The RBI has sought to encourage exporters to avail themselves of export credit from banks in foreign currency so that money is available to them at internationally competitive interest rates.

This was stated by the RBI Governor, Dr Bimal Jalan, who has undertaken a mid-term review of monetary and credit policy for 1998-99 belying expectations of cash reserve ratio and bank rate cuts, in an interview to PTI.

On the inflation scenario, Dr Jalan hoped that the seasonal decline in prices will happen from mid-November bringing some relief from inflation.

There had been technical level discussions on putting a ceiling on government borrowings, but the government, seven-eight years ago, had expressed itself against it as developments in the economy determine borrowing requirements.

The RBI Governor reiterated the Central Bank’s attempt to move away from announcing short-term measures on pre-announced dates to much more thinking about the stance of the monetary policy for the year.

The following is the text of the interview:

Q) Inflation has been caused by primary commodities and it is not linked to money markets. So, is it proper to keep interest rates high?

Dr Jalan: We are not keeping interest rates high. The money supply as pointed out in the (policy) statement has been relatively high. So the choice the country faced at the moment was to tighten money or not and interest rate is one of the instruments we use to tighten money. The RBI has decided not to tighten money just now to encourage growth.

Q) Will changes in the weather pattern affect the agricultural produce prices leading to further inflation?

Dr Jalan: Seasonal decline in prices will start now in mid-November. Agricultural crop, despite late rains, is expected to be better than last year, so we are hoping that seasonal decline will take place.

Q) Why money markets have to suffer?

Dr Jalan: There is no change so far as money markets are concerned. They will continue as before. We are not changing any interest rates just now as part of the review.

Some structural measures have been taken to strengthen the financial system and the banks. But no specific credit policy measures. This is what we have said now and also in April.

Q) RBI’s sudden decision on provisioning ......?

Dr Jalan: It is not sudden because the Narasimham Committee had submitted its report earlier in the year. In the April document we have said recommendations of the committee to strengthen the financial system are being considered in consultation with the government. This process is now completed and announcement has been made.

Q) Is the banking system capable of taking such a big knock?

Dr Jalan: It is not a big knock. It is at the margin. Most banks already have 8 per cent capital adequacy ratio. Following the Narasimham Committee recommendations, we are providing for 9 per cent.

Q) Is there a talk about putting a cap on government borrowings?

Dr Jalan: Yes, there have been technical level discussions. I think RBI in a technical paper had pointed out also the need to put a legal cap on government borrowings.

Q) What has been the government’s response to a cap?

Dr Jalan: The government to the best of my knowledge in recent months has not taken a view on this. But the earlier view expressed by the government, seven-eight years ago, was not in favour of a legal cap because the nature of requirement of government borrowings can vary depending on the state of the monsoon and other realities in the economic situation. The restrain on borrowings will have to come from the policy angle rather than from the legal angle.

Q) The already subdued exports may remain sluggish after reverting to the earlier export credit rates. Would it not have an impact on the foreign exchange markets?

Dr Jalan: No. What we have said is that this particular measure was announced by the government up to March, 1999. There is already a scheme to make export credit available at internationally competitive rates in foreign currency and where repayment can be out of foreign currency receipts. We have set up a small working group to remove any procedural problems in using this particular scheme. We expect that the rate of interest will be internationally competitive if exporters use international currency loans.

Q) Are you encouraging loans in foreign currency?

Dr Jalan: There is already a scheme whereby banks lend in foreign currency. They have FCNR deposits. They lend out of that and the exporters repay out of their dollar earnings. We want to make the system much more automatic. For that a technical group has been set up to make sure that credit is available to small exporter from his office.

SC quashes notice to Whirlpool

NEW DELHI, Nov 1 (PTI) — The Whirlpool Corporation got a major relief when the Supreme Court (SC) held that the Registrar of Trade Marks at Mumbai could not legally issue a show cause notice to the company asking why its certificate of registration could not be cancelled.

The US-based Whirlpool Corporation got its trade mark “Whirlpool” renewed from the Registrar in July 1997.

But rival claimant to the trade mark, the Chinar Trust, wrote to the Registrar in September 1997 to take suo motu action for cancellation of the certificate of renewal.

The Registrar issued a notice to the Whirlpool Corporation on September 26, 1997, requiring it to show cause why the certificate of registration should not be cancelled and the company’s appeal against the order was dismissed by the Bombay High Court.

However, a Division Bench of the apex court, comprising Justice S Saghir Ahmed and Justice K T Thomas, held that “the Registrar could not legally issue any suo motu notice to Whirlpool under Section 56(4) of the Trade and Merchandise Marks Act for cancellation of the certificate of registration/renewal already granted”.

Infrastructure promotion board suggested

SEVEN key recommendations have been made to the Central and State Governments by “Infranet ‘98” held by the CII in Delhi recently.

(a) A level-playing field is crucial for private sector participation. The CII urges the government to create independent, autonomous, fair-minded and duly empowered regulatory bodies.

(b) Various examples show that the Indian public is willing to pay for quality services in public utilities. The CII requests immediate review of all subsidies to ensure fair pricing of all public services with acceptable delivery standards.

(c) The CII recommends an independent body Infrastructure Promotion Board — attached to the PMO for institutionalising the learning from previous projects and disseminating it to achieve drastic reduction in the project life cycle from conceptualisation to implementation. The board should also review archaic laws that hinder the growth of infrastructure, both at the Centre and the State levels.

(d) There are several case studies of strong visionaries expediting infrastructure initiatives at the State level, based on clearly articulated vision and action plans. The CII suggests that this approach be adopted by all State Governments and they must prepare and make public a blue-print for infrastructure development in the next six months.

(e) Hitherto sequential decision-making has been a major obstacle to private sector investment in infrastructure. The industry urges the State Governments to restructure existing administrative systems and procedures to ensure faster decision-making as is being done in some States through various innovative mechanisms.

(f) The lifeblood of infrastructure development is availability of long-term funds. Industry requests the Government to take all enabling measures to mobilise long-term funds (like introduction of the IRA Bill) and develop deep and vibrant debt markets.

(g) There is a need to showcase successful mega infrastructure projects for demonstration effect. The CII recommends that the Centre and each State Government should take up one major infrastructure project for this purpose. This would also kickstart the economy, boost business confidence and lead to improved services to the public. — TNS

Two-wheeler exports decline

NEW DELHI, Nov 1 (PTI) — Bajaj Auto, Escorts Yamaha and LML notched up impressive performances in international markets in the first half of the current fiscal but their segment suffered a 10 per cent drop in exports during the period, latest figures indicate.

The fall in exports of the two-wheeler segment, which had registered a 3.5 growth in the first five months, can mainly be attributed to the dismal performance of the mobike makers, especially that of Hero Honda, figures by the Association of Indian Automakers Association (AIAM) have revealed.

While passenger car segment registered a drop of 20 per cent, exports of heavy commercial vehicles dropped by over 17 per cent, followed by light commercial vehicles which fell by 10 per cent.

However, exports of multiutility vehicles went up by an impressive 44 per cent in the first half, thanks mainly to Mahindra and Mahindra which saw exports galloping by over 168 per cent.

Hero Honda’s exports plummeted by over 33 per cent in the first half at 6,686 units as against 4,371 units it exported during the same period last year.

Bajaj Auto’s exports went down by over 18 per cent. The company exported 4,319 mobikes over last year’s 5,291 units.

The only motor cycle maker to have achieved significant growth in exports was Escorts Yamaha, which posted a 41 per cent jump in exports in the first half by exporting 6,168 mobikes in the period as compared to last year’s exports of 4,371 units.

In the scooter segment, while Bajaj exported 4,400 scooters as against 4,280 last year, exports of LML stood at 5,999 units over last year’s 4,774 units.

Though Kinetic Honda suffered a fall in its domestic sales, the Firodia-promoted company recorded a 29 per cent increase in exports.

But Chennai-based TVS-Suzuki suffered a whopping 75 per cent drop in exports during the period as the company’s scooter exports went down by over 70 per cent.

Moped segment also witnessed a 22 per cent drop in exports thanks mainly to the poor sales of vehicles from TVS-Suzuki, Majestic Auto and Kinetic Ltd.

Maruti Udyog Ltd, which had suffered a 25 per cent drop in the first five months, recovered its exports momentum by recording a 3 per cent growth.

Maruti exported 9,788 cars in the first half as against its exports of 9,489 cars last year. But exports of Gypsy dropped by 9 per cent.

Telco exported only 586 heavy commercial vehicles and 2,143 light commercial vehicles as against the previous year’s 774 units and 2,737 units respectively.

AI, IA should emulate Swissair
By K.R. Wadhwaney

Caught in an internal tangle between politicians and bureaucrats, Indian Airlines (IA) and Air India (AI) have been unable to expand their fleet to augment their operations.

This is, however, not the case with foreign carriers, which act quickly in the interest of their airlines.

Swissair, for example, has already begun to renew its long-haul fleet, providing further thrust to the concept of aircraft families. The introduction of long-haul services in its winter timetable from October 25 is based on the success of its fleet on the short-haul sector.

The airline has started operating an additional flight from Delhi and Mumbai. The airline now operates four weekly flights from Delhi and five from Mumbai. These flights have been added when some die-hard aviation officials feel that there is a considerable slump in market on international routes.

With increase in frequency, the airline has pressed into service new aircraft A-330-200 on the Delhi route. The aircraft is indeed the youngest in the family, but airline officials claim that it promises comfort and operational reliability. The aircraft is claimed to be less “noisy”. It is equipped with better climb power. In other words, it attains a higher altitude more rapidly after take-off, producing less noise in the region.

Sarees in the sky

British Airways has unveiled a new designer saree for cabin crew and ground staff in India. India’s designers, Abu Jani and Sandeep Khosla worked with airline’s design management team to produce a saree that reflects airline’s global image and matches airline’s western uniform. The result is a blend of the Temple, Patola and Ikkat designs in a striking petrol blue and mulberry red silk saree.

BA and UNICEP have been partners in a worldwide fund-raising programme called Change for Good. The airline cabin crew invites donations of coins and notes from passengers to make effective use of them for the world’s less fortunate children. The programme has caught on and the airline, in the process, has launched several innovative schemes, including festivals and fantasy flights, for children.

No fire, please

No “fire” is the slogan of Air India on board the flights to Europe, the UK and USA.

The restriction of banning “smoking” on flights has come in the wake of a call by the World Health Organisation (WHO) for a worldwide ban on smoking on international flights. A similar call was made by the International Civil Aviation Organisation (ICAO).

Food extravaganza

For Singapore Airlines (SIA) passengers, the phrase “inflight menu” means “world gourmet cuisine”.

SIA offers its passengers a wide range of in-flight meals. Now, SIA collected seven renowned culinary connoisseurs for Europe, the USA, Australasia and Asia to create inflight menus that are more in keeping with a top restaurant instead of an aircraft cabin.

For flights out of India, passengers will be provided a series of special meals.

Mr Lim Soon Leng, manager, Northern India, said: “Indian passengers are an important segment of our market and the meals we serve on our Indian routes are carefully prepared to suit the Indian palate.

Recovery by middle of next year

HONG KONG (Reuters): Mr Flemming Larsen, Deputy Director of the IMF’s Research Department, has said that Asia “will bottom out in the next three to six months and by the middle of next year we expect recoveries to be on the way”.

Larsen noted there had been recent positive developments in Asia, including improvement in confidence, expansionary policies in many countries and an improvement in competitiveness.

The IMF is most optimistic about Thailand and South Korea. It has also been improvements in Indonesia.

The improvements in Asian economies will also be critical to allowing Hong Kong to begin to recover next year.

But Larsen said the IMF was very concerned about the global tightening of credit, especially for emerging market borrowers.

China’s growth

BEIJING (PTI): China has dismissed western media reports that questioned the communist country’s assertion that its economy is growing steadily to attain the targeted 8 per cent growth goal for 1998.

“China’s present economic situation is still sound”. Foreign Ministry spokesman Tang Guoqiang asserted at a briefing here last week.

He said the 8 per cent economic growth target set by the government was attainable as a result of its revamped fiscal policies in the wake of the Asian financial crisis which crippled the economies of many neighbouring countries.

Oil firms

TOKYO (AFP): Two major oil firms, Nippon Oil Co Ltd and Mitsubishi Oil Co Ltd, have announced a merger to become Japan’s biggest oil distributor to survive fierce industry competition.

The combined annual sales of the two companies total nearly four trillion yen ($ 33 billion) on a consolidated basis, topping those of Japan’s top oil distributor, Idemitsu Kosoan Co.

Thailand tops

KUALA LUMPUR (Pool-Bernama): Thailand was topped among ASEAN member countries in terms of the most number of companies accredited with the ISO 14001 quality standard, which measures an organisation’s care for the environment.

Thailand with more than 100 companies rated ISO 14001, led the pack followed by Singapore and Malaysia. Indonesia and the Philippines came next after Malaysia.

WTO entry

BEIJING (Reuters): China is still seeking quick membership of the World Trade Organisation (WTO), a senior trade official was quoted as saying, apparently responding to US accusations that Beijing was dragging its heels.

“China will continue to push forward the negotiation process regarding entry into the WTO and hopes to end the prolonged talks as early as possible,” the People’s Daily quoted Long Yongtu as saying in New York.

Long, a Vice Foreign Trade Minister, is China’s chief negotiator on WTO membership.

Singapore

SINGAPORE (PTI): Singapore’s gross domestic product (GDP) has shrunk by 1.5 per cent in the July-September third quarter of this year from a year earlier, making it the first quarterly contraction since 1985, Prime Minister Goh Chak Tong has announced.

“Singapore is facing its ‘most severe test since independence’ 33 years ago, because of the regional financial crisis”, Tong was quoted as saying by the Kyodo news agency.

The last time the trade-driven economy registered negative growth was 1985 when it contracted by 1.6 per cent.

Highways

KUALA LUMPUR (AFP): Malaysia, facing its worst economic crisis in decades, has opted to defer one billion dollars’ worth of highway projects in favour of low-cost housing.

Second Finance Minister Mustapa Mohamad said the deferred highway projects were the South Klang valley expressway and the Kuala Lumpur international airport dedicated highway.

By Vivek Sood
Where cause of action arises is important

Cause of action inter-alia determines the jurisdictional court where a case may be instituted. Where the cause of action arises partially in two places, the litigant has a choice. He will knock the doors of the court where it is most convenient for his or where it is most inconvenient for the defendant/respondent.

“Cause of action” means the fact or facts which give to a person a right to judicial relief. It is a situation or state of facts which would entitle a party to sustain action and give him the right to seek a judicial remedy.

The mode of determining the place or places where cause of action can be said to arise in a particular set of facts circumstances, can be elucidated with the help of case law on the subject. The case law mainly pertains to fiscal matters.

In the case of Dowsyl Polymers Pvt Ltd & Anr Vs M G Abrol, Special Secretary, Ministry of Finance & Ors reported in 1987 (31) E.L.T. 895 (Bom), the facts were that the petitioner-company imported a consignment of certain goods which arrived in Cochin. The petitioner-company presented the bill of entry at Cochin for clearance of the said goods. A show cause notice was issued under Section 124 of the Customs Act, 1962 in which certain allegations of illegal imports were made against the petitioner. The petitioner-company was asked to show cause as to why the goods imported be not confiscated. The said show cause notice was also issued from the Cochin Collectorate. The adjudication order was also passed by the Cochin Collectorate by which the goods were confiscated and a personal penalty was also imposed on the petitioner. The petitioner filed an appeal to the Central Board of Excise & Customs, Delhi which was rejected by an order dated 15th January, 1980. The revision petition filed by the petitioner-company before the Government of India at Delhi was also rejected. The petitioner then filed a writ petition against the aforesaid orders, before the Bombay High Court and the question arose as to whether the High Court at Bombay had the jurisdiction to entertain the said writ petition. It was contended by the respondents that no part of the cause of action had arisen at Bombay since the goods were imported and the action was also taken at Cochin. On the other hand the petitioner-company contended that since its registered office was at Bombay and the show cause notice was also served upon them at Bombay, a part of the cause of action had arisen at Bombay, therefore, the High Court of Bombay also had the jurisdiction to adjudicate the writ petition.

The Bombay High Court held that since under the Customs Act, 1962 no order confiscating any goods or imposing any penalty on any person could be passed without a notice under Section 124 being served on the person sought to be made liable, therefore, the service of the show cause notice under Section 124 on the petitioner company in Bombay was an integral part of the cause of action. It was therefore, held that the Bombay High Court had the jurisdiction in the matter.

In the case of Jain Shudh Vanaspati Ltd Vs Collector of Customs, reported in 1990 (49) ELT 179 (Cat), following an earlier decision in the case of Union of India Vs Hindustan Aluminum Corporation Limited, it has been held that a part of the cause of action arises at the place where the effect of the impugned order is felt. This principle has also been laid down in the case of L.V. Veeri Chettiar Vs Sales Tax Officer, reported in AIR 1971 Madras 155.

In the case of Oil & Natural Gas Commission Vs Utpal Kumar Basu & Ors reported in (1994) 4 SCC 711, it has been held that the territorial jurisdiction under article 226(2) of the Constitution is to be decided on facts pleaded in the petition disregarding the truth or otherwise thereof. It has also been held that the mere fact that the petitioner company having its registered office at Calcutta had read in a newspaper at Calcutta containing ONGC’s advertisements inviting tenders at Delhi for works to be executed in Gujarat and in response thereof the petitioner sent its tender to Delhi from Calcutta and also made representations from Calcutta against non consideration of its offer, would not constitute an integral part of the cause of action and thus the Calcutta High Court shall not have jurisdiction to adjudicate the matter.

It is a settled principle of law that even an infinitesimal fraction of a cause of action is a apart of it. The law does not require that a substantial part of the cause of action must arise in a place to give the High Court having jurisdiction over such place the power of adjudicate the cause.

By Ashok Kumar

Q: Please comment on the long-term prospects of Munjal Showa?

— Manek Dhillon, Chandigarh

Ans: Munjal Showa Limited (MSL) is a joint venture company between the Hero group and Showa Corporation of Japan. In this venture, the Hero group holds a 39 per cent stake while Showa Corporation is holding a 26 per cent stake. Rest of the 35 per cent stake is being held by public. It commenced operations as manufacturers of forks, shock absorbers, and struts for two wheelers, catering to the likes of Hero Honda, Kinetic Honda and Bajaj Kawasaki. Two wheelers still contribute the lion’s share in its total income contributing nearly 75 per cent to its total income. Shock absorbers for four-wheelers account for nearly 25 per cent of the total turnover. MSL, which had started off, supplying to Maruti for 800 cc and the Omni. Recently it has started supplying to the complete range of Maruti. MSLs sales are expected to register a jump in its income with the commissioning of plant II of Hero Honda at Gurgaon. Negotiations are under-way for developing various other components for automobile majors including Toyota Kirloskar joint venture and Hindustan Motors Lancer project. Hence, the long-term prospects of MSL seem quite satisfactory.

Q: My broker is recommending immediate investment in the shares of Satyam Computer Services? What is your recommendation?

— Bhadresh Garg, Shimla

Ans: Satyam Computers is the first company in India to be certified with ITTA 2000 for its SOS 2000 methodology. The principal market for Satyam’s software services is USA from where three-fourths of its revenue is earned. Other countries to which it provides software services are Japan, Australia, Europe, South East Asia and Africa. It has six sales offices in USA besides business representatives in various other countries. Strategic alliances with large consultancy firms provide Satyam with access into highly competitive market segments, large accounts and new regions. Its client base comprises companies in the Fortune-500 list and it caters to the insurance, manufacturing, banking and financial services segment. Besides North America from where the majority of its revenue comes, there is an increasing emphasis on enlarging its share of business from Japan and Europe this year. It has two subsidiaries — Satyam Infoway, which is engaged in providing electronic commerce solutions and services and Satyam Enterprise Solutions which provides end-to-end IT solutions on the lines of operations support systems. With close to 70 per cent of its revenues coming from existing customers, Satyam has ensured substantial predictability of future revenue streams. The Euro Conversion is expected to pick up momentum while Satyam has already finalised its Euro Solution, named ‘Emerge’. Its generic methodology is aimed at financial, manufacturing and retailing industries implementing the Euro Currency transformation. It is expected to invest about Rs 130 crore in the current fiscal into several marketing offices and seven offsite development centres overseas. During the financial year ending March ‘99, Satyam Computers is expected to record a net profit of about Rs 65 crores, implying an EPS of Rs 25 per share. Hence, shareholders could stay invested in this scrip, and fresh investments too could be considered, albeit ideally at price declines.

Q: Considering that the share price of Corporation Bank has dipped sharply, would you recommend an investment therein?

— Bhimsen Khatri, Chandigarh

Ans: Formerly known as Canara Banking Corporation Ltd, Corporation Bank has been a prominent performer in the banking segment. Nationalised in 1980, Corporation Bank has 581 branches concentrated mainly in the west and the south. Corporation Bank registered a 43 per cent growth in advances during 1997-98 as against the industry average of 14.5 per cent. During the last financial year, this bank secured borrowing accounts of 30 top rated corporates, taking the number of such accounts to 286. This figure is expected to increase further over the next few years, with the bank planning to leverage its relationship with corporate clients. The bank is aiming at a CAGR of 23 per cent in advances by 1999-2000. Notably, its PLR is lower than SBI’s which usually acts as a benchmark for the whole banking industry. The bank has a broad-based loan portfolio, which reduces the risk in case of under-performance of a particular industry. Corporation Bank’s NPA as a percentage of net advances for FY98 is 2.93 per cent. Corporation Bank’s investment portfolio constituting 40 per cent of total assets, income is protected in a falling interest rate regime. The portfolio has appreciated as on March 31, 1998. It has marked to market 100 per cent of its investments. Its yield on investments at 14.03 per cent has been among industry’s best. Excess provision of Rs 22.2 crore on account of appreciation of investment portfolio has been credited to capital reserves. Thus, instead of giving a temporary boost to its income, it has opted for a conservative route. The bank’s deposits have grown at 40 per cent for 98 against banking sector’s deposit growth rate of 18.95 per cent.

Q: Are the shares of Clariant India worth considering for longterm investment?

— Shamsher Chaddha, Ludhiana

Ans: In line with the worldwide demerger of Sandoz’s chemicals business to form Clariant International Switzerland (CIS), Clariant India Ltd (CIL) was formed to take the chemicals business of the erstwhile Sandoz India. In India, CIL is the market leader in textile chemicals and leather dyes, and is an important supplier to the high-end segment of textiles, leather, paper, paint and costing industries. Moreover, it is one of the three (the other two are in China and Japan) global sourcing centres of CIS. With its focus on providing solutions and new product development for changing fashion needs, aggressive marketing, efficient distribution and a technical service network, CIL has performed well even in the prevalent recessionary market conditions. During 1997-98, its sales grew at a very healthy 26% to Rs 204.69 crore. The icing on the cake was, however, exports which recorded a growth of 65% to Rs 65.7 crore, thus accounting for 32% of total sales. The company’s thrust on introducing new products is evident from the fact that around 65% of its total sales came from new products introduced in the last two years, and 30% of its sales came from those less than five years old. CIL currently has around 15 new products in the pipeline. CIL thus reported a 71% spurt in net profit to Rs 10.77 crore. The EPS thus works out to Rs 13.5. During 1998-99, sales and net profits of Rs 245 crore and Rs 13.10 crore are estimated, which in turn would yield an EPS of Rs 16.5. Considering its sound pedigree and solid fundamentals, this scrip merits inclusion in the portfolios of discerning investors.

McDowell Krest

I submitted FD No CUO 46409 and CUO 46645 with maturity date 30.1.98 and 10.5.98, respectively to McDowell Krest Finance Ltd but have not received my encashment so far, despite many reminders.

Sunil Kumar
Pathankot

DCM

I and my husband deposited Rs 15,000 with the DCM Ltd for one year vide FDR No 141365/2/F-15605 dated 11.7.97. The FDR became due for payment on 5.7.98 and was sent back to the company vide registered post. Despite reminders I have not received the money back.

Kaushalya
Panchkula

Asia Pacific

I placed 2 FDR bearing No 1251900269 and 1900279 dated 18.2.96 with M/s Asia Pacific Investment Trust Ltd, 26, Nagarjuna Hills, Hyderabad but no payment has been received despite of regular follow up with company, Company Law Board, Madras, and RBI.

N.P. Garg
Khanna

Videocon Intl

I sent 100 bond Certificate bearing Folio No S. 0003358, Certificate No 000054261, distinctive Nos 0005426001 to 0005426100 on 31.1.1998 to Videocon International Ltd for redemption which was due in February 1998. Despite reminders on 27.4.98 and 19.5.98 by Registered Post I have not received the redemption amount so far.

Satya Singla
Patiala

Golden Forest

I and my mother Mukhtiar Kaur deposited Rs 2500, Rs 1500 and Rs 1500 with Golden Forest India Ltd SCO-834, Shivalik Market, Manimajra on 20.10.94, 25.10.94 and 20.10.94, respectively. The maturity date was 20.4.98, 25.4.98 and 20.4.98, respectively. We have not received the maturity value till todate despite many reminders.

Charanjit Kaur
Fatehabad

Overseas Cables

I am holder of share certificate Nos 00020579 and 00090384 with Folio No 002917. I have written several reminders to M/s Overseas Cables Ltd but no dividend has so far been given to me.

Sukesh Rani
Shimla

PNB MF

I has purchased 1000 shares of PNB-Mutual Fund/EGF, 1995 worth Rs 10,000, vide Folio Nos 502643 and 502751 and certificate No(s) 0042809-0042818 and 0044715-0044724, respectively. The above said money has been retained by the PNB with its associates/share company (PNB Asset Management Co Ltd) for three years in their account and, to the utter dismay, the PNB has now broken the value of its shares from Rs 10 to Rs 7.85 each and paid back to me an amount of Rs 7850 only (instead of Rs 10,000) besides interest for three years.

Subhas Chander Mehta
Hisar

WB meeting
PARIS, Nov 1 (PTI) — In a step towards hiking private investment in India’s infrastructure sector, a multi-lateral meeting of an Indian delegation led by Finance Minister Yashwant Sinha with World Bank officials begins here tomorrow to decide on policy measures to attract more long-term finance and improve quality of bidding process.

Canara Bank
PANCHKULA, Nov 1 (TNS) — Canara Bank shifted its SSI branch here to the commodity centre building, district centre, Sector 16, here yesterday. The new premises were inaugurated by Mr H.D. Pai, General Manager of the Chandigarh Circle.

Bank of Punjab
NEW DELHI, Nov 1(TNS) — Bank of Punjab’s 44th office was inaugurated today at the Central Market, Punjabi Bagh, by Mr Jagdish Mukhi, Finance Minister, Delhi. This is the 7th office of the bank in Delhi and five more branches at Pritampura, Preet Vihar, Nehru Place, Roshanara Road and Janakpuri are proposed to be opened by March, 1999.