Panel set up on finance for mega road project
NEW DELHI, Nov 16 — The first meeting of the task force on infrastructure today decided that work on widening of the roads will start at 20 places simultaneously in this financial year.

Taxing job at govt treasury
FATEHGARH SAHIB, Nov 16 — The State Bank of Patiala, Sirhind City branch is the only bank in the district which deals with the entire treasury business of the district.

Package for land acquisition likely
NEW DELHI, Nov 16 — The government plans to formulate a compensation package for people whose land will be acquired for construction of roads, Union Minister for Surface Transport M. Thambidurai said today.


NSE to drop 55 companies MUMBAI, Nov 16 — The NSE has decided to withdraw trading in the equity shares of 55 companies under the “permitted to trade” category from December 16, 1998, an NSE release said here.

HLL: petition dismissed
MUMBAI, Nov 16 — The Mumbai High Court today dismissed a petition by investors’ grievances forum which challenged the order of appellate authority (Ministry of Finance) quashing a directive of SEBI to Hindustan Lever Ltd for paying compensation of Rs 3.04 crore to Unit Trust of India in a case of alleged insider trading.

Japan’s package hailed
TOKYO, Nov 16 — Japan’s business leaders today hailed Tokyo’s latest stimulus package but said they were disappointed tax cuts may be delayed.

Ranbaxy
KURUKSHETRA, Nov 16 — The patients suffering from enlargement of prostate can now look with a ray of hope with the Ranbaxy filing the first application to the Drug Controller of India.

Panel set up on finance for mega road project

NEW DELHI, Nov 16 (UNI) — The first meeting of the task force on infrastructure today decided that work on widening of the roads will start at 20 places simultaneously in this financial year.

Planning Commission Deputy Chairman Jaswant Singh and Secretary to Prime Minister N.K. Singh, giving details of the meeting, said a committee has been appointed which includes Finance Secretary Vijay Kelkar, Mr N.K. Singh and Mr Deepak Prakeh, Chairman of the Infrastructure Development Finance Corporation, to finance these 20 projects.

The task force has been set up by Prime Minister Atal Behari Vajpayee last month to kickstart airport and road projects in the country.

Mr Jaswant Singh said the task force considered the issue of highways expansion, setting up of five international airports and other infrastructure related issues. He said a decision will be taken on these issues at the next meeting of the task force which will meet on November 28.

Mr N.K. Singh said based on the terms and reference of the task force three issues were taken up for discussion with regard to the road sector for commencing the construction simultaneously.

The method of selection (of bidders) will be decided by the task force.

A tentative list of 40 places from where the construction has to start has been drawn up by the Ministry of Surface Transport. From this list 20 places from where the work will start will be prioritised, he added.

The task force will consider innovative means of financing to ensure that there is no paucity of funds in taking up these projects.

The third issue related to setting up of five international airports. An inter-ministerial committee is looking into the locations of these airports and will make suggestions in this regard.

Package for land acquisition likely

NEW DELHI, Nov 16 (PTI) — The government plans to formulate a compensation package for people whose land will be acquired for construction of roads, Union Minister for Surface Transport M. Thambidurai said today.

“We are envisaging many package programmes, rehabilitation programmes and employment opportunities for people whose land is being acquired,” Thambidurai told the PHDCCI here.

The government had decided in principle to allow private sector participants in road development to take up real estate and housing development, he said at a seminar on “Indian roads: new directions”, organised by the Chamber.

The Centre was considering 100 per cent equity for foreign companies in the sector.

Nearly 70,000 people died and three lakh were wounded in road accidents every year on account of poor state of roads in the country, Thambidurai said, and pointed out that development of roads was not only vital for reducing such mishaps but also for growth of the economy.

Prime Minister A.B. Vajpayee will lay the foundation stone for the 7,000 km Kashmir-Kanyakumari Expressway in Bangalore next month. Simultaneously, work will commence on the project in 20 centres.

Leading infrastructure and real estate developer Som Datt of the Som Datt group, said the government must set up a toll collection corporation to collect revenues for private developers.

Ravi Wig, Chairman of the PHDCCI Energy and Infrastructure Committee, said land for road projects should be provided free of cost by the state governments concerned .

To make projects attractive to private investors, he said suitable tax concessions would have to be provided by the government, in case, collection from toll was not sufficient.

India examining WTO provisions on ‘entities’

NEW DELHI, Nov 16 (PTI) —India will take a final decision on moving the World Trade Organisation (WTO) on the “US entities list” after examining the provisions contained in the multilateral agreement, a senior Commerce Ministry official said today. “We are yet to receive the US order, we are examining the various provisions under the WTO for lodging a protest with the international body”, N N Khanna, Special Secretary (Commerce) told newsmen here.

Taxing job at government treasury
By Surinder Bhardwaj

FATEHGARH SAHIB, Nov 16 — The State Bank of Patiala, Sirhind City branch is the only bank in the district which deals with the entire treasury business of the district. This branch was opened 30 years ago when Fatehgarh Sahib was a sub-division and the staff was sanctioned according to the then work load, but now Fatehgarh Sahib has become district and the work load has increased many fold, however the building and the staff remains static.

The traders who come to deposit all types of Government taxes, the old age pensioners, and widows who visit to get pensions, face great difficulties in getting this work done. They have to suffer the ordeal of standing in long queue for hours together to wait for their turn. The building is very congested and suffocating. A trader had once died of suffocation while standing in the queue. The customers alleged that the bank had deputed only one employee to receive the taxes. He first completes the formalities and then counts the money and at last consumes 5 to 10 minutes for every customer. Some times many of them have to return without depositing the amount and to wait for the next day.

They said that they had submitted several memorandums to the higher officials and the Government demanding the opening of more treasuries at Sirhind, Fatehgarh Sahib and Khamanon last year, the then Finance Minister Dr Kewal Krishan had assured them that their genuine demand would be met at the earliest, but no action was taken. The income tax commissioner, the then Deputy Commissioner R.L. Kalsia also took up the matter with the Government at various levels, but in vain. Even the then Deputy Commissioner had assured after the death of a trader that the building would be shifted with in 3 months, till then shelter, fans, water for the customers would be arranged, but as soon as he was transferred nothing happened.

When contacted Mr Harish Chander Manager of the Bank said that this is the only branch where treasury work in done. Moreover it is a clearing house conducting and alone chest branch. The condition of the building is unsafe and it could collapse any time causing casualties. The strength of the staff has remained stagnant. Whereas the work has increased many times at least two counters for accepting challans and two counters for pensioners and Government employees have to be arranged only then the people can be served promptly.

CVC to hold bankers’ meeting on frauds

NEW DELHI (PTI): Central Vigilance Commissioner N. Vittal will convene meeting of chief executives of public sector banks on November24 to formulate guidelines for banks to fight corruption and prevent fraud.

Apart from asking banks to speed up computerisation of their operations. The CVC will insist on establishing interbank network to share information about frauds and corruption cases.

Hongkong Bank

new Delhi (PTI): Hongkong Bank, part of the HSBC group, is all set to start factoring and forfeiting services in the country to help traders hedge risks and finance the growing business.

“Hongkong Bank will start factoring and forfeiting services early next year from Mumbai and will shortly extend them to other parts of the country”, Kersi Patel, head, bank trade services told PTI.

These services, to be offered under the HSBC trade services will help businesses operate without problems of delayed payments, adequacy of cash flow, debt collection and bad debts.

Wooing NRIs

BHUJ (UNI): Major nationalised banks are making a beeline for some nondescript hamlets in the Kutch region of Gujarat attracted by the lure of huge deposits from NRIs and the general tendency of the people of the region to despise taking loans.

SBI credit

CHANDIGARH (TNS): The State Bank of India has extended credit aggregating Rs 2,200 crore to Punjab upto September, 1998, and disbursed Rs 300 crore so far during the current year. More than 57 per cent of the credit is to the priority sector against the Government of India norms of 40 per cent.

According to the SBI Chief General Manager, Mr K.K. Narula, the bank has restructured its branch network. Nine specialised commercial branches have been opened in Punjab for dispensing high-tech services. The Bank has also opened five specialised personal banking branches.

At least two villages in this border district, Madhapar, 4 km from here and Boladia, 17 km away, are places where bankers vie with each other for postings or opening high-tech branches, braving the heat and dust.

Almost half the population of Madhapur comprise NRIs and the banks attempt to pamper them.

CRY Card

NEW DELHI (TNS): On the occasion of Children’s Day, Citibank launched the “Citibank CRY Card” in association with Child Relief and You (CRY) and VISA. At a special launch function, the first Citibank CRY Card was handed over to Ms Pervin Varma, Director, CRY.

The first affinity card programme launched to benefit underprivileged children in India, the card works on a simple concept. Citibank, on behalf of the card holder, automatically donates a percentage of the card fee and a percentage of the retail transaction on the card to CRY. Targeted primarily at CRY donors, this card aims at reaching out to those people who feel for the cause of children and would like to contribute in a meaningful way but are not sure how.

IDBI Bank

BANGALORE (PTI): IDBI Bank will enter the capital market with a public issue of four crore shares with a face value of Rs 40 crore.

“We are in the process of appointing issue managers. The timing and pricing will be decided in due course,” Mr A.A. Khanolkar, Senior Vice-President (corporate planning, HRD and administration) told reporters here. The bank has been promoted jointly by IDBI and SIDBI.

BOP branch

CHANDIGARH, (TNS): A Bank of Punjab branch was inaugurated on the Jagadhari road, Yamunanagar, today by Sant Karamjit Sngh of Dera Santpura, Yamunanagar. The branch provide facilities like extended business hours, telebanking, faxbanking, home banking and cash management services besides undertaking forex transactions.

NSE to drop 55 companies

MUMBAI, Nov 16 (PTI) — The National Stock Exchange (NSE) has decided to withdraw trading in the equity shares of 55 companies under the “permitted to trade” category from December 16, 1998, an NSE release said here today.

The companies are: AKG Acoustics (I) Ltd, Alliance Credit & Investments Ltd, Ambuja Electrocasting Ltd, Asian Consolidated Inds Ltd, ASIL Inds Ltd, Associated Alcohols and Breweries Ltd, Balurghat Transport Co Ltd, BSI Ltd, Creenik Export (I) Ltd, CT Cotton Yarn Ltd, Dharnendra Inds Ltd, Earnest Healthcare Ltd, Elbee Services Ltd, Anarai Fin Ltd, Gem Spinners (I) Ltd, Good Value Marketing Co Ltd, Grapco Mining and Co Ltd, Gujarat Optical Communication Ltd, Haria Exports Ltd, Hindustan Tin Works Ltd, India Steamship Co Ltd, Indiana Dairy Specialities Ltd, Indo Biotech Foods Ltd, Jersy India Ltd, Kitti Steels Ltd, K J International Ltd, Kothari Industrial Corp Ltd, Lunar Diamonds Ltd, Madhur Food Products Ltd, Midwest Iron & Steel Co Ltd, Mold-Tek Plastics Ltd, MPL Corp Ltd, Nakoda Textile Inds Ltd, Oswal Agro Furane Ltd.    

Paam Drugs & Pharmaceuticals Ltd, Pashupati Spinning and Weaving Miis Ltd, Prag Bosmi Synthetics Ltd, Priya Dyes & Chem Ltd, Rathi Alloys and Steels Ltd, Rom Industries Ltd, Saurashtra Paper & Board Ltd, Shree Synthetics Ltd, Shri Ishar Alloy Steels Ltd, Shukra Diamonds Exports Ltd, SKS Ltd, Somani Swiss Inds Ltd, Srishti Videocorp Ltd, Steelco Gujarat Ltd, Stilbene Chemicals Ltd, Venlon Polyster Film Ltd, Vhel Inds Ltd, Victory Glass & Inds Ltd, Vidiani Engineers Ltd, Viral Syntex Ltd and Zillion Pharachem Ltd.

HLL: petition dismissed

MUMBAI, Nov 16 (PTI) — The Mumbai High Court today dismissed a petition by investors’ grievances forum (IGF) which challenged the order of appellate authority (Ministry of Finance) quashing a directive of SEBI to Hindustan Lever Ltd for paying compensation of Rs 3.04 crore to Unit Trust of India in a case of alleged insider trading.

Chief Justice M.B. Shah and Justice S. Radhakrishnan felt that nothing survived in IGF’s petition in view of the court admitting a similar petition filed by SEBI.

Ghulam Vahanvati, counsel for UTI assured the court that his client would also challenge the appellate authority’s order.

The court had on September 28 last admitted a similar petition filed by SEBI and suggested the UTI also to join the litigation as it was custodian of investors’ funds.

While admitting SEBI’s petition, the court had stayed the appellate authority’s order of July 14 last which held that SEBI had no powers to award compensation or direct prosecution of those guilty of insider trading. The court also stayed a portion of order which said that without final determination of issues no such orders could be passed by SEBI.

IGF pleaded that because of non-disclosure of market sensitive information by HLL that it was being merged with Brooke Bond Lipton India Ltd (BBLIL) UTI sold eight lakh shares of BBLIL to HLL without realising that such information would have direct nexus or bearing on price of these shares.

Japan’s package hailed

TOKYO, Nov 16 (AFP) — Japan’s business leaders today hailed Tokyo’s latest stimulus package but said they were disappointed tax cuts may be delayed.

Premier Keizo Obuchi today unveiled a record-sized stimulus package worth more than 23 trillion yen ( $ 189 billion), and pledged it would bring growth in the year starting April 1999.

“Given the size of the package, we can expect it to be very effective,” said Kosaku Inaba, Chairman of the Japan Chamber of Commerce and Industry.

“We welcome the financial assistance to small and mid-sized firms that are struggling with a credit crunch. We want the government to give priority to increasing jobs and bringing a recovery.”

Ranbaxy
From Our Correspondent

KURUKSHETRA, Nov 16 — The patients suffering from enlargement of prostate can now look with a ray of hope with the Ranbaxy filing the first application to the Drug Controller of India.This was disclosed by Dr S.K. Arora, Executive Director, Ranbaxy Research Laboratories at a lecture delivered in the Department of Chemistry, Kurukshetra University here on Saturday. “Ranbaxy is the first Indian pharmaceutical company which has filed an investigational new drug (IND) application for a potential drug which may treat benign prostatic hyperplasia.

LIC convention
CHANDIGARH, Nov 16 (TNS) — The Life Insurance Corporation of India Chandigarh will host 27th Chairman’s Club Agents convention on November 21-22 here. Mr G. Krishnamurthy, Chairman, LIC of India, will preside, according to Mr R.C. Aggarwal, Senior Divisional Manager of the Chandigarh Division. More than 2200 agents will participate in the convention. Mr S.K. Bijlani will be the guest speaker. Well-known experts like Mr R.N. Lakhotia, Prof Mukesh Chaturvedi and Mr Deepak Nanda will be the prominent speakers.

Rice mills’ plea
CHANDIGARH, Nov 16 (TNS) — The Chandigarh Rice Mills Association has demanded that the Union Food Ministry should exempt paddy purchased in the Union Territory up to October 31 from levy rice as has been done by it in Haryana. In a statement the association has said paddy in the UT too has been damaged by unseasonal rain and it is impossible to prepare good quality rice from the damaged paddy. Problems of local rice millers have been compounded by the rain water which collected in the kutcha mandi near Sector 47 where paddy is brought for sale. The administration should construct pacca platforms in the new mandi yard in Sector 39.

Inbuild ’98
CHANDIGARH, Nov 16 (TNS) — The CII will organise “Inbuild ’98”- an exposition on interiors and building material from December 11 to 13 at Chandigarh in association with the All India Housing Development Association (AIHDA), said Mr V. Suresh, CMD, Hudco, addressing a press conference here today. Mr Ram Jethmalani, Union Minister for Urban Affairs, Mr Parkash Singh Badal, Chief Minister, Punjab, and Mr Bansi Lal, Chief Minster, Haryana, will participate in the conference.

Forex rates
MUMBAI, Nov 16 (PTI) —The following were interbank forex rates (in rupees per unit).

US $ Rs 42.35/36
STG £ Rs 70.58/60
D Mark Rs 25.21/23
Jap Yen (100) Rs 34.55/57

The RBI reference rate was Rs 42.33.

Gold falls
NEW DELHI, Nov 16 (PTI) — Silver prices rolled down on the bullion market today on reduced offtake influenced by weak advices from other Asian region and closed lower. Gold also declined on fresh arrivals in the face of restricted buying activities. The quotations: silver .999 (ready) 7475, delivery 7500, coins buyer 10.600 and seller 10.800. Standard gold 4335, ornaments 4185 and sovereign 3725.

Financial aid
CHANDIGARH, Nov 16 (TNS) — The Punjab Khadi and Village Industries Board, Chandigarh today organised a function here where cheques to entrepreneurs were given by Mr O.P. Bhardwaj, Ex-MLA, Chairman, Punjab Khadi and Village Industries Board. Mr Bhardwaj wished the entrepreneurs in setting up their units with the financial assistance provided by the Board. He also disclosed that an additional amount of Rs 4 crore will also be made available to the entrepreneurs by the end of this month. Mr B.K. Garg, member secretary informed that with this financial help, 167 new units would come up in the rural areas.