Saturday, April 3, 1999
today's calendar
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B U S I N E S S | Saturday, April 3, 1999 |
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MIDC sets up business park PHDCCI
demands cut in real interest rate
‘Banks
ignoring credit needs’ |
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PSB
cuts interest rates Madras
Refinery net up 17 per cent ‘Euro
to boost’ Indian exports to the EU BHEL
reports 50 per cent market contraction Corporation
Bank is Y 2 K compliant Reliance
redeems convertible bonds over Rs 400 crore Enbee
advantage Guruswamy’s
charge on UTI refuted |
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MIDC sets up
business park NEW DELHI, April 2 — The Maharashtra Industrial Development Corporation (MIDC), a State Government enterprise, has invited companies from North India to set up base in Maharashtra keeping in view the State Government’s policy of observing 1999 as the Information Technology Year. The latest venture by MIDC, the state of the art “Millennium Business Park” at Navi Mumbai, has been set up to meet the new challenges posed by the global demands of business and economy to enable the entrepreneurs to keep pace with the global dynamism of the country’s economy. Spread over 20 hectares, the Millennium Business Park consists of 32 buildings. This is one among the nine Infotech-oriented business parks set up by the Government of Maharashtra. Directly connected with the earth station for data transmission through VSNL satellite link-up, the Millennium Business Park will have an instantaneous gateway to the entire cyberworld. It is only 45 minutes away from the International Airport and a couple of hours away from the southernmost tip of Mumbai. Talking to TNS here today, Mr Jayant Kawale, Chief Executive Officer of MIDC, said that in less than a year since the start of construction, the Park has already sold over a million square feet to blue chip organisations including the Bombay Stock Exchange, Datamatics Ltd, Mastek Ltd, Aptech Ltd, Rolta India Ltd and Herdillia (Duncan) Group. In a renewed bid to mark another million square feet at the Park, MIDC is offering to the IT entrepreneurs of northern India to join the infotech revolution of the next century from Maharashtra, Mr Kawale said. According to Mr Kawale, the Maharashtra Government has recently announced an IT policy with a host of measures and incentives to boost the infotech industry. The 120-km long Mumbai-Pune Knowledge Corridor is now being joined by an “Intelligent” Super Highway, an 80-km stretch to be commissioned by January next year. This Expressway, which will contain within itself a high band-width Optic Fibre Cable link all along will provide the backbone for the development of the IT industry in this Knowledge Corridor. According to Mr Kawale,
among the nine Infotech Parks in this Corridor, the state
has already committed over 300 acres of space devotes to
the cyberworld of tomorrow. In tandem, MIDC is providing
the cyber infrastructure required for IT development and
thus urge the entrepreneurs of North India to grab the
cyber opportunity of a lifetime at this “Knowledge
Corridor”.
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PHDCCI demands cut in real interest rate NEW DELHI, April 2 (UNI) — The PHDCCI today urged the Reserve Bank of India to further reduce its real rate of interest by 2 to 3 per cent. “In view of decline in the interest rate, our real rate of interest is still very high as compared to counterparts elsewhere. The interest rate should be 6 to 7 per cent in real terms and 11 to 12 per cent in nominal terms,” the chamber said in a communication of RBI Governor Bimal Jalan. High real cost and hesitancy on the part of bankers to lend, particularly to small and medium sectors is responsible for no perceptible change in off-take of bank credit, despite recent measures by the RBI to ease the liquidity position and soften lending rates. Mr Ashok Khanna, President, PHDCCI in a statement today remarked that although there is softening of lending rates, banks still continue to charge high rate of interest due to high spread prevailing in the banks. “In comparison with the developed countries, our rate of interest is very high, 16 to 18 per cent, which makes it unattractive to investment growth. The benefit of reduction in PLR is hardly passed on to the borrowers, particularly, medium sector,” he said. Banks are rigid in deriving “credit rating” which is proving counter-productive to the growth process. Banks should determine lending rates on the basis of scientific practices based on technical assessment of the risks involved rather than on the basis of customers’ perception. Banks credit deposit ratio has declined from 79.3 per cent in 1970-71 to 50.9 per cent in December 1998, whereas there has been quantum jump in the investment. The chamber president does not view this as healthy trend for the growth of trade and industry depending on bank finance. Steep hike in bank service charges (20 per cent to 250 per cent) is not commensurate with the quality of services rendered by banks, costing of bank funds and services should be based on a rational formula with cost benefit ratio. Banks should not raise their income through high levy of service charges which should be on no-profit and no-loss basis. This freedom of banks requires monitoring by IBA/RBI, Mr Khanna added. Mr Khanna feels there is an ineffective mechanism to check incipient sickness and giving timely and adequate financial support for revival of sick units. Banks’s non performing assets ratio though came down to about 17 from 25 per cent funds to the tune of over Rs 45,000 crore of public sector banks are still locked up in NPAs. Banks should address to
quality of lending and expedite use of debt recovery
tribunals of banks and review NPAs norms and introduce
“samadhan schemes” for redressal of NPAs.
Further, legal machinery and laws of speedy recovery of
debts should be promptly addressed and banks management
be provided with appropriate authority, he said. |
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NEW DELHI, April 2 (UNI) — The Assocham today urged the Finance Minister to evolve a foolproof mechanism for a high-level review of cases where industry’s requirement of credit is being denied by funding agencies, especially banks, even when all stipulations are met. The suggestion has been made following instances brought to the chamber’s notice of denial of credit to applicants with proven track record. The “disbursement of justice’’ by funding agencies would go a long way in boosting business confidence and minimising arbitrary decision-making in credit delivery. The chamber has called for such a step following the findings of the expert group on banking and financial services earlier constituted by the Assocham President, Mr K.P. Singh. The expert group noticed with dismay and concern that credit disbursement to industry has swung like a pendulum from populist loan melas to the denial of genuine credit needs of the industry. The group said while the bank credit to the commercial sector went up by Rs 35,834 crore in the fiscal year up to the last week of January, 1998, it rose by only Rs 30,253 crore in the fiscal year up to January, 1999. The growth in non-food credit by scheduled commercial banks (SCB) also reflects this trend. Non-food credit extended by SCBs went up by only 6.8 per cent till the last week of January, 1999, as against the 8.8 per cent in the same period in the chamber group an increase in non-food advanced by the SCB was lower than in the previous year. By the first week of February 1999, the deposits with banks grew by Rs 24378 crore over the previous year’s levels. The 13.7 per cent growth in deposits was higher than the 12.1 per cent growth rate recorded in the same period last year. The factors influencing the trend, inter alia, are a fear psychosis amongst bank officials, rigorous norms of credit appraisals and lack of sympathetic appreciation of industry genuine needs. The Assocham expert group
felt that the growth of money supply was fuelled by the
increase in amount of credit mopped up by the government
from the banking sector. Net bank credit to the
government till the last week of January 1999 went up by
Rs 22085 crore over the previous year’s levels. |
Steep hike
in ST hits auto sales LUDHIANA, April 2 — The sale of vehicles in Punjab has come to a grinding halt since yesterday following a steep hike in the Sales Tax ordered by the state government from April, 1. “Not a single vehicle has been sold throughout the state since yesterday because nobody is willing to pay up to Rs 30,000 more per unit as increased Sales Tax,” said Mr Sooraj Dada, President of the Punjab Auto Dealers Association here today. He said the people were ringing up the dealers to enquire if they could take delivery of their vehicles in Chandigarh or Haryana where the rate of the Sales Tax was much less. The Sales Tax on the vehicles has been increased from 3.5 to 8 per cent. Although the Finance Minister, Capt. Kanwaljit Singh, promised to review the hike when a deputation of the auto dealers met him in Chandigarh a few days ago, nothing of the sort had happened so far. Mr Anil Malhotra, another auto dealers, said Maruti 800 has become costlier by Rs 8,000, Zen by Rs 14,000, Esteem by Rs 24,000, Cielo by Rs 30,000, Opel by Rs 25,000, Santro by Rs 15,000, Indica by Rs 14,000 Sumo by Rs 16,000, Safari by Rs 32,000 and Mercedes by Rs 80,000. Mr Dada said that the government collected about Rs 120 crore annually as Sales Tax on automobiles. After the hike, it would lose most of this revenue and suffer a loss on account of the road tax and the registration fee because most buyers would prefer to have their vehicles registered at the place of their purchase. Meanwhile, the Punjab Ball
Bearing Distributors Association has also protested
against the government’s decision to increase the
Sales Tax. Mr Pawan Kumar Mittal, Chairman and Mr Ranbir
Singh Khurana, President of the association and Mr Prem
Gupta, President Mr Kanwaljit Singh, General Secretary,
and Sohinder Singh, Senior Vice-President of the
Federation of Punjab Auto Tractors and Machinery Parts
Dealers Associations told newsmen that the entire trade
had come to a halt because of the change by the
government. They said agriculture implements such as
threshers, centrifugal pumps were tax free in Punjab. Now
they would have to pay 8 per cent Sales Tax. |
PSB cuts
interest rates NEW DELHI, April 2 — Punjab and Sind Bank has decided to revise the interest rates on domestic term deposits with effect from April 1,1999. The revised rates are 5 per cent per annum for deposits between 15 days to 45 days, 6.5 per cent per annum for deposits between 46 days to 90 days, 7 per cent per annum for deposits between 91 days to 179 days, 8 per cent per annum for deposits 180 days to less than a year, 9.5 per cent per annum for deposits between one year to less than two years, 10 per cent per annum for deposits between two years to less than three years and 10.5 per cent per annum for deposits three years and above. The new rates applicable to Non-Resident External (NRE) deposits are: six months and above but less than one year 8 per cent per annum, one year and above but less than two years 10 per cent , two years and above but less than three years 10 per cent, three years and above 10.5 per cent per annum. The revised interest rates will be applicable to fresh deposits on renewals of existing deposits on maturity. The bank has further
decided to reduce its prime lending rate by 75 basis
points with effect from April 1,1999. |
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CHENNAI, April 2 (PTI) — Madras Refineries Ltd (MRL) today said it had registered a 17 per cent jump in net profit at Rs 150.99 crore (provisional) in 1998-99 as against Rs 129 crore in 1997-98. MRL also notched up its highest ever turnover in the year at Rs 3,882 crore (provisional) over last year’s Rs 2,720 crore, a company press release said here. The profit before tax of
MRL during the year stood at Rs 201.33 crore over Rs 144
crore earned during 1997-98. |
‘Office
flowers’ show their thorns AS IF corporate restructuring was not enough to worry about, Japanese salarymen made another big adjustment from Thursday, when new rules to improve workplace conditions for women took effect. The revised equal employment opportunity law challenges the male-oriented corporate culture by strengthening regulations on sexual harassment, recruitment discrimination and maternity provisions. Preparations are under way at the “Lady’s Hello Work” job centre in Shibuya, Tokyo, where nearly 500 women look for jobs every day. “Lady’s” has been dropped from the centre’s name and staff are checking that recruitment ads replace terms such as “nurses”, “stewardesses” and “female office workers” with the legally acceptable “nursing care providers”, “cabin attendants” and “clerks”. In job interviews employers will no longer be allowed to ask women whether they are married, or why they have not had children. In addition, they must set up procedures to deal with complaints of seku hara (sexual harassment and discrimination), for which they will become legally responsible. The move stems from the recognition that women need a better environment in which to work and raise children if Japan is to recover from its economic and social malaise. “The low birthrate and falling workforce are spurring the government to encourage women to work and have children,” said Yuki Kobukuro, counsellor for gender equality in the prime minister’s office. “There is a recognition that we must create a society in which both those things can be possible.” Although Japanese women are likely to go into higher education, many end up as “office flowers”, expected to do little more than brighten up the workplace before leaving to marry. All too often senior male colleagues consider a suggestive comment, a shoulder massage or a pat on the backside as much their due as the order for a cup of green tea. “We put up with it because that’s the way things have always been, but if an American woman had experienced what I’ve been through she would have made a fortune in lawsuits,” Yayoi Ezaki, a former travel agency employee, said. Critics argue that the new law lacks teeth and will lead to only superficial change in the corporate culture. But many bigger companies appear to be taking their new responsibilities seriously. Firms such as Canon, the camera manufacturer, have held seminars and produced manuals defining acceptable behaviour under the new law. Men’s magazines and newspapers have sought to educate their readers on the new political correctness. Yesterday’s Nikkei Gendai ran an advice column headlined: “How to chat up an office lady without sexually harassing her.” Many older male employees are unnerved by the changes, which question behaviour they have long taken for granted, such as asking women colleagues to pour them drinks at office parties. “I’m supposed to watch what I’m doing all the time. It’s going to be areal bother,” Hiroshi Toda, a 52-year-old public official, said. According to the Japan Industrial Counselling Centre, many firms are so concerned that their workers will be unable to adjust that they are considering insurance against seku hara lawsuits. Women’s groups have given the law a cautious welcome, though many point out that female employees will feel uneasy about lodging complaints to in-house tribunals which will probably include senior male colleagues. “Japan is still lagging far behind other countries in terms of awareness about sexual harassment. Many men still don’t realise that women find it uncomfortable,” Yoko Hayama, a spokesman for the Japan Women’s Council, said. “There is still a long way to go, but the law is a good start.” Parliament will soon consider broader legislation aimed at creating a gender-equal society. If these measures are to encourage more women into the workplace, they will have to address the huge disparity in wages and promotion. Female workers earn an average monthly wage of 230,000 yen, compared to 450,000 yen for men, and hold only 4 per cent of executive posts. Although these figures remain relatively low, there has been a steady improvement over the past 10 years which the government appears to want to accelerate. “Being a young women is a double handicap in a Japanese company,” says Yoko Kawashita, who plans to leave her job in Tokyo next month to seek work overseas. “The law is well intentioned, but it is more important for attitudes to change, or the glass ceilings will remain as low as ever.” —
The Guardian |
‘Euro to boost’ Indian exports to the EU BRUSSELS, April 2 (UNI) — The introduction of Euro will boost economies of countries belonging to the European Union (EU) which will in turn benefit exporters of the Third World countries like India, a senior official has said. “The EU comprises 22 crore consumers,” said Mr Patrick Child, spokesperson for EU’s Trade Commissioner Cab De Silguy. “The Euro usage will encourage exporters from developing countries to increase investments and expand their subsidiaries across Europe.’’ Mr Child said the EU believes in open markets and free trade across the globe. The Euro will create new financial markets and enthuse more liquidity into those in existence. “There will be new opportunities to use Euro as an alternative currency for investments and credits,” he said. For instance, Euro was used almost as much for international bond issues as the US dollar in first three months of this year. Significantly, Mr Child said, Euro will minimise risks in regard to currency fluctuations and bring about more stability in international financial markets. At present, the situation is lop-sided with the US dollar being widely considered as the international currency. “With Euro acquiring a significant role in global monetary order, the rules of the game could change. We envision Euro emerging as a world currency which better corresponds to economic and commercial position of the EU in the global economy.” Mr Child said Euro will give greater incentive to international finance institutions for having more coordination among different trading blocs and help limit macro-economic differences which are often at the origin of exchange rate disturbances. Euro as a currency with a place on the world scene could better correspond to the leading economic and commercial position of the EU. It would help in seeking a more robust international financial architecture, he said. This may enable the EU to play more effective and transparent role in preventing financial meltdowns like it happened recently in the south-east Asia. “With Euro’s arrival, we are going to have a more balanced financial system rather than having a single currency in the leading position. It will provide more stability in the environment in which financial markets operate and help countries in managing their domestic policies which limit the possibilities of a financial crisis in the future. The competitiveness of Indian exporters shipping raw materials to the EU will increase with Euro’s introduction, Mr Child said. He said Japan also recognise that Europe will play a major role in development of the global economy. Other Asian and African countries, besides those in the Mediterranean are in a better position than say Latin American nations to adopt Euro, Mr Child added. The EU accounts for about 28 per cent of India’s import and 25 per cent of exports. In 1997, the two-day trade between India and the EU totalled 18.3 billion Euros (about Rs 80,000 crore). A number of projects are
underway to further improve bilateral trade relations. |
BHEL reports 50 per cent market
contraction NEW DELHI, April 2 — The downslide in the economy appears to have hit the Bharat Heavy Electricals Limited (BHEL) with officials complaining of about 50 per cent of their market contraction during 1998-99 as compared to the previous fiscal year. Speaking to reporters here today, the CMD of BHEL,Mr K.G. Ramachandran, said there has been severe demand constraints due to various reasons including difficulties in achieving financial closure due to the imposition of economic sanctions, difficulties in tying up of escrow arrangements, and severe price competition. However, despite overall economic slowdown, the company has achieved “the highest ever turnover of Rs 6,765 crore as compared to Rs 6,471 crore achieved last year”. The growth in turnover was much less than that between 1996-97 and 1997-98. During 1996-97 the turnover was Rs 5755 crore which grew by more than Rs 700 crore to reach Rs 6471 crore during 1998-99. Mr Ramachandran said despite the difficult market environment of industrial slowdown and deferred power projects,the small growth in turnover was satisfactory. Profit after tax for 1998-99 stood at Rs 569 crore, much lower than Rs 720 crore of 1997-98. Mr Ramachandran, however, said that profitability achieved record levels last year due to excess provision of the income tax refund of Rs 94 crore pertaining to earlier years and extraordinary income of Rs 82 crore on IT refund. Declining to make any specific projections for the current fiscal, he said the year 1999-2000 will be “similarly difficult” and added that “growth cannot be more than single digit”. During 1998-99, earnings per share (EPS) of BHEL stood at Rs 23.2 while the net asset value (NAV) stood at Rs 126.9. Mr Ramachandran said
during the year BHEL booked orders worth Rs 5814 crore.
This is inclusive of export orders secured to the tune of
Rs 250 crore. In addition orders worth Rs 4000 crore are
in the pipeline, “in tenders where BHEL is
favourably placed”. |
Corporation
Bank is Y 2 K compliant CHANDIGARH, April 2 — The Corporation Bank today announced that all its operations are fully Year 2000 compliant and it has successfully met the deadline stipulated by the RBI for Y2K compliance. The bank has adopted the standards stipulated by the British standards Institution for Year 2000 compliance. It had started its Year 2000 compliance efforts in January 1998 and all in-house software were made compliant by September 1998 and all out sourced software were made compliant by December, 1998. The Y2K compliant software packages were subjected to rigorous testing by independent teams on specially prepared test sites for critical data up to Year 2004. The Year 2004 compliant total branch Automation software was ported at all 260 branches by the end of February 1999. All hardware and operating systems were made Year 2000 compliant by upgradation of hardware and loading of Y2K patches. The bank has also ensured that the interfaces of ATMs, VSAT, Swift, etc., are also Year 2000 compliant. The bank is currently evaluating suitable accredited agencies for getting Year 2000 certification for all the banks software processes and hardware issues. The Corporation Bank has recorded a total business of Rs 18,900 crore during the 1998-99 fiscal and reduced its non-performing assets to 2.4 per cent from 2.93 per cent a year earlier. As per the provisional figures, the bank’s total business has almost doubled within a short span of just two years from the March, 1997 level Rs 9,687 crore to reach a level of around Rs 18,900 crore as on March 31, 1999. Deposits have exceeded Rs 12,500 crore at an annual growth rate of around 35 per cent, far exceeding the business plan target of Rs 11.250 crore. Inspite of sluggish demand
for bank credit, the bank’s proactive measures and
sustained marketing efforts helped the bank to register
an accelerated annual growth rate of around 45 per cent
in advances, which crossed Rs 6,000 crore with a level of
6,300 crore plus as on March, 1999. |
Reliance
redeems convertible NEW DELHI, April 2 — Reliance Industries Limited (RIL) has redeemed outstanding convertible bonds of an aggregate face of approximately Rs 340 crore on March 31,1999, involving a total outflow of Rs 404 crore. The company had issued 3.5 per cent convertible bonds of an aggregate face value of $ 140 million (Rs 439 crore) in November 1993, in the international capital markets. Convertible bonds of the face value of approximately $ 60 million (Rs 255 crore) have been converted into equity shares of the company on various dates earlier. The paid up equity capital of the company as on March 31, 1999 stands at Rs 933.7 crore. Enbee advantage NEW DELHI, April 2 —
Enbee Advantage Services , a subsidiary of Enbee Group
— the promoters of the Nava Bharat Group of
Newspapers, has launched a travel “selectory”.
The selectory lists out over 300 establishments across
300 locations and includes hotels, restaurants and
prestigious retail outlets offering benefits and
privileges to members. |
Guruswamy’s charge on UTI refuted NEW DELHI, April 2 (PTI) — Finance Minister Yashwant Sinha has refuted his sacked adviser Mohan Guruswamy’s charge that the Finance Ministry had instructed Unit Trust of India (UTI) regarding sale of India Tobacco Company (ITC) shares to British American Tobacco (BAT) company. “I would like to state clearly that there is no such chit of paper in the Finance Ministry instructing UTI regarding sale of ITC shares to BAT .. UTI decided itself on the shares it wants to keep, sell or buy,’’ he told ‘Janata ki Adalat’ programme in the star plus private TV channel. Neither he nor his Ministry interfered with the day to day working of financial institutions, Sinha said adding “I think Mohan Guruswamy is irritated, that is why he is saying anything. I speak with chairmen of financial institutions once in a while, the question of speaking six times a day does not not arise” as alleged by the former adviser. A Janata ki Adalat press release quoted Sinha as saying in the programme to be telecast on Sunday night that he was justified in sacking Guruswamy. “I believe it
(sacking) was absolutely right. I am sorry that a storm
was raised on the basis of nothing ... I have taken part
in so many debates in Rajya Sabha, but never did I
witness such a farcical debate. It has been a total waste
of time,” he said. |
When an express, reply-paid telegram sent by a relative from Malappuram, Kerala, reached him in Gangtok, Sikkim after a week, Mr Chandran decided to take on the Telegraph Department. Of course, this was not the first time that Mr Chandran had been the recipient of such shoddy service provided by the department. Many other telegrams sent to his address in the preceding years had either been delivered late or not delivered at all. Or, the message would be so garbled as to make it impossible to decipher it. It was thus in 1992 that Mr Chandran first knocked at the doors of the consumer court. The District Forum dismissed it and the State Commission too expressed its inability to give relief because of the decision of the National Commission in the case of Union of India vs Tej Bhan (decided in 1996). Here the apex consumer court had held that in view of Section 9 of the Indian Telegraph Act, the department was not liable for negligent service rendered by it. Mr Chandran next approached the National Commission, which too dismissed his revision petition. Unwilling to give up, Mr Chandran has now appealed against this order (SLP No 18524/98) before the Supreme Court and is all set to argue the case himself. The significance of this appeal lies in the fact that it has a bearing on the right of every consumer in the country. As of now, in view of the Commission’s order in Tej Bhan’s case, consumers have virtually no right of redress against the telegraph department. But if Mr Chandran wins the case, it could well reopen the doors of the consumer courts against negligent service rendered by the department. Section 9 of the Telegraph Act, 1885, says: “The government shall not be responsible for any loss or damage which occurs in consequence of any telegraph officer failing in his duty with respect to the transmission or delivery of any message and no such officer shall be responsible for any such loss or damage, unless he causes the same negligently, maliciously or fraudulently.” In Tej Bhan case, the National Commission interpreted this to mean that the department’s liability was limited to cases where the consumer could prove that the negligence on the part of the department was with malafide intention or in collusion with somebody. Unless malafide intention or collusion was established, the consumer would not be entitled to compensation, the Commission said. Mr Chandran’s contention all along has been that the National Commission has misinterpreted Section 9. Now, a clear reading of Section 9 shows that in order to get compensation against deficient service rendered by the department, one only has to prove either negligence or malicious act or fraudulent act and not all. A Kerala High Court judgement in 1996 in the case of Telegraph Master vs F.E.D’Silva has in fact given a similar interpretation of Section 9. In this case, Mr D’Silva’s son, who had applied for the post of an Aerodrome Officer in the National Airports Authority of India was asked to report for duty on November 27,1989 at Allahabad. Since his son had in the meanwhile joined the Birla Institute at Ranchi for an MBA course, Mr Silva sent a telegram to him from Belgaum on November 8, asking him to return immediately with all the original certificates. The telegram, however, took 17 days to reach and as a result, he did not have time to collect the original certificates, undergo the required medical examination and report for duty on 27th at Allahabad, Aggrieved, Mr D’Silva filed a complaint before the consumer court seeking compensation from the telegraph department, for his son losing his job as an Aerodrome Officer. When both the District Forum and the State Commission awarded compensation (that was before the National Commission pronounced its views in the matter), the department filed (in 1991) an appeal before the Kerala High Court. The High court referred to Section 9 of the Indian Telegraph Act and said a plain reading of the provisions showed that it did not provide total immunity against a claim for damages in all situations. “The immunity is qualified and is available only in case of bona fide error or failure. Acts of negligence, malice or fraud committed by the officers of the Telegraph Department, which may result in any damage on account of non-transmission or non-delivery of any message entrusted to the department, do not enjoy any protection under Section 9”, the High Court said. Now the final word will be
said in the matter by the Supreme Court when it gives its
verdict in the appeal filed by Mr Chandran. Given its
importance, the Union Ministry of Consumer Affairs and
may be some consumer groups too, should intervene in the
case on behalf of consumers. |
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| Gold falls NEW DELHI, April 2 (PTI) — Gold prices declined on the bullion market today on reduced offtake against adequate stocks position and closed with minor loss. However, silver in restricted trade recovered moderately on scattered buying by local parties. The quotations: Silver .999 (ready) 7550, delivery 7575, coins buyer 10,400 and seller 10,500. Standard gold 4280, ornaments 4130 and sovereign 3725. Samsung Markets closed |
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