Court order on CSR complaint
NEW DELHI, June 5 — The Delhi High Court has restrained the owner of a Delhi-based educational publishing house from reproducing in any form and selling all copyright material of careers magazine “Competition Success Review”

Punjab, Haryana seek higher MSPs
CHANDIGARH: Punjab and Haryana, the major paddy producing States, have rejected the minimum support prices of kharif crops recommended by the Commission for Agricultural Costs and Prices for the 1999-2000 season.

Euro explained to school kids
CHANDIGARH, June 5 — About 100 children drawn from various schools were explained the meaning and implications of Euro-I and Euro-II as also the functioning of a car at a function organised by Ultimate Hyundai here today.

Nafed opens supermarket NEW DELHI, June 5 — National Agricultural Cooperative Marketing Federation of India Limited (Nafed) — the State controlled procurement and canalising agency in the cooperative sector, today made its first foray into the lucrative departmental store business by opening its first air-conditioned supermarket in New Delhi.

Kuber group chief arrested
NEW DELHI, June 5 — Delhi Police has arrested the Chairman of a leading financial group of companies on charges of misappropriation of huge deposits collected from general public by floating different alluring schemes.

New scheme by LSE
LUDHIANA, June 5 — A Ludhiana Stock Exchange scheme to provide an exit route to the small investors holding physical shares in the scrips mandated for compulsory delivery in demat form will be introduced from June 7.

Meat from Europe banned
SINGAPORE, June 5 — Singapore has banned all meat and egg imports from Europe and warned the public against consuming such products amid a food contamination scare, media reports said today.

Court order on CSR complaint
Tribune News Service

NEW DELHI, June 5 — The Delhi High Court has restrained the owner of a Delhi-based educational publishing house from reproducing in any form and selling all copyright material of careers magazine “Competition Success Review” (CSR).

The court passed an ex-parte temporary injunction ordering Gopal K Puri of the Indian Institute of Management and Services (IIMS) to this effect last week on a petition filed by CSR Pvt Ltd, publishers of CSR and “General Knowledge Today”, which alleged the defendents had published several books with material lifted from CSR.

Justice Dalveer Bhandari in his order said: “During the pendency of this application, the defendants are restricted from reproducing in any form, offering for sale, selling, issuing to public the articles, interviews, group discussions and other copyright material published by the plaintiff (CSR Pvt Ltd).”

In its complaint, the petitioner alleged the IIMS had violated the Copyright Act by publishing various career guidance books containing articles and group discussions on various topics mostly lifted from editions of CSR published over the years and a book “SSB interviews” brought out by CSR Pvt Ltd.

CSR is a monthly journal. Candidates appearing in Civil Services and banking services, defence services and those preparing for admission test of management institutes, other examinations bank on it.

The current affairs magazine contains interviews, group discussions, solved test papers of a large number of examinations, general knowledge and current affairs. Toppers of civil services often share their experiences with readers of the magazine which reportedly has a circulation of over 2.5 lakh copies.

How safe is it to run cars on LPG?
By Abhilash Gaur

IF you thought that “owning” a car was all about shelling out a couple of lakh rupees, you could not be further of the mark. Leave aside the maintenance part of it, the escalating fuel prices alone are enough to dampen the most avid “motoring spirit”.

Today, with petrol priced at about Rs 22.7 to a litre in the city, the running cost of even a small 800 cc car comes to about Rs 1.5 per km, which, for an average annual run of 20,000 km means spending up to 15 per cent of the buying price of a new car as fuel bill every year.

For the salaried, middle-income group and people whose jobs entail frequent travelling, this has so far spelt two options — either cut down on the miles logged or switch to more economical diesel-engine cars. Of late, a third option running the car on LPG (cooking gas) has begun appearing in newspapers’ classified columns.

Cheaper than dieselisations or conversion to compressed natural gas (CNG) — operated, the process of converting petrol engine cars (PECs) to LPG run (LPGR) has already found many takers in the city. Says Asim Kumar who deals exclusively in converting PECs to LPGR, “A Maruti 800 runs 350-410 km on a normal LPG cylinder (commercial), which brings down the cost of running about Rs 1.35 per km. (on petrol) to roughly 65 paise per km. This is the main reason why the process has caught the fancy of people”. Moreover, since the cost of conversion itself is not much, it becomes possible for the customer to recover the cost sooner.

As against the price of CNG kits that cost up to 40,000, LPG kits for normally — aspirated cars are priced between Rs 8,000 and 12,000. Even the electronic kits for fuel-injected cars like Daewoo Cielo are affordably priced at Rs 18,000. Besides, dealers aver LPG kits require minimal maintenance, needing only a periodic out of residual octane after every 1,500 km. Amongst other benefits of using LPG, they cite reduced carbon deposits inside the engine and cleaner tail-pipe emission due to the better combustibility of gas.

Yet, notwithstanding these claims, most prospective customers do have reservations about storing an LPG cylinder in the boot. After all, cylinders are known to burst .... But Kanwaljit Singh of Supertech dismisses these fears as groundless. According to him, LPG is a safe fuel than petrol as it has a higher flash-point (396°C against 186°C for petrol) and in case of a leak, does not catch fire till the proper fuel-air ratio is reached.

But though these arguments may suffice to allay customers’ safety related fears, dealers find themselves as a loss when it comes to convincing clients about the legality of LPG-isation. While most to them cite Article 52 of the MV Act in defence of the process, the enunciation of a clear policy by the government on the use of LPG in automobiles is what, they feel, is needed most to convince customers. And according to them, once the policy is in place, it will be only a matter of time before LPG-run cars become the norm in the city.

Punjab, Haryana seek higher MSPs
By B.K. Chum

CHANDIGARH: Punjab and Haryana, the major paddy producing States, have rejected the minimum support prices of kharif crops recommended by the Commission for Agricultural Costs and Prices (CACP) for the 1999-2000 season.

In a communication to the Union government, Punjab has demanded that new MSP for paddy should be fixed at Rs 575 per quintal for common variety and Rs 625 per quintal for Grade-A variety.

While demanding Rs 575 as MSP for the common variety, Haryana Government is understood to have pleaded that the Centre should categorise paddy in three varieties as was the case two years ago — common, fine and superfine varieties. Their MSPs for the next season should be fixed at Rs 575, Rs 600 and Rs 625 per quintal respectively. The main argument reportedly given by the State Government against plugging fine and superfine varieties is that the entire paddy production in Haryana is of superfine variety.

The CACP has recommended Rs 465 and Rs 495 per quintal as MSPs for the common and Grade-A varieties of paddy respectively thereby allowing an increase of Rs 25 a quintal over last year’s MSP.

The Haryana farmers, however, stand to gain by Rs 25 a quintal extra if the Centre accepts the CACP’s recommendation that the States which implement a minimum electricity tariff of 50 paise per unit for agricultural purposes should be given the additional MSP. Punjab provides free power to its farmers while Haryana charges 50 paise a unit from the farm sector.

Although the CACP has been suggesting that the government announce MSPs for crops before the start of the sowing season, it is yet to be seen if the Vajpayee-led “caretaker’ government will announce the new MSPs for kharif crops before the Lok Sabha elections scheduled for September.

The main argument advanced for fixing higher MSPs for the coming kharif is that there is a wide disparity between the cost of production and the CACP recommended MSPs. The lower MSP will lead to unreasonably high disparity between the MSP of wheat and that of rice which is bound to create an intercrop imbalance.

The two States have also indicated to the Centre their production targets for the next paddy crop. Punjab has fixed a lower rice production target for 1999. As against last year’s actual production of 80.40 lakh tonnes of rice, the target for 1999 is 78 lakh tonnes. The lower target is due to the fact that the area under paddy is expected to come down from last year’s 25.19 lakh hectares to 23.50 lakh hectares. The area under cotton and sugarcane will be higher this year.

Haryana has, however, fixed a production target of 28.50 lakh tonnes of rice against last year’s production of 24.25 lakh tonnes. Although the area of 10.83 lakh hectares under paddy last year was higher than the current year’s planned area of 9.70 lakh hectares, the production last year was affected due to extensive damage caused by unseasonal rains. — (IPA)

Euro explained to school kids
Tribune News Service

CHANDIGARH, June 5 — About 100 children drawn from various schools were explained the meaning and implications of Euro-I and Euro-II as also the functioning of a car at a function organised by Ultimate Hyundai here today.

To celebrate the World Environment Day, the children also planted saplings in the Industrial Area and Sector 28. An on-the-spot painting competition on environment was also organised.

Mrs Geeta Talwar, Managing Director, said the aim was to mobilise children against pollution, create awareness about the environment and satisfy their curiosity about new cars.

Children hopped in and out of cars, switched on and off lights, blew the horn time and again, touched and felt every part of the two cars put at their disposal as the organisers and visitors watched with amusement.

Nafed opens supermarket
Tribune News Service, PTI

NEW DELHI, June 5 — National Agricultural Cooperative Marketing Federation of India Limited (Nafed) — the State controlled procurement and canalising agency in the cooperative sector, today made its first foray into the lucrative departmental store business by opening its first air-conditioned supermarket in New Delhi.

Minister of State for Agriculture Sompal, inaugurated the Nafed Bazaar.

Observing that market forces tend to exploit the farmers and consumers at the same time, Mr Sompal stated that cooperatives play an important role in protecting the farmers from the clutches of middlemen.

Praising the role of Nafed in spreading the cooperative movement, the Minister said that Nafed has ably offered market support to the farmers by acting as a market intervention agency of the government.

He said cooperative organisations such as Nafed could play an important role in bridging the gap between farmers and consumers.

Branded products would be sold below the maximum retail prices (MRP) to attract more customers, Singh said.

He said agricultural products would also be cheaper as compared to the open market as the federation would directly buy products from farmers’ fields.

“Our aim is not to earn profit but ensure easy and smooth availability of products to the consumers,’’ he said.

He said quality of the products would be checked by the federation at its testing centres and added there would be no compromise on the quality.

Nafed also plans to expand the capacity of its cold storage facility located in Delhi and create a new mega cold storage in Mumbai for storing perishable commodities.

Mr Singh said capacity of the Delhi cold storage would be expanded from the existing 2,500 tonnes to 6,000 tonnes. The new facility coming up in Mumbai would have a capacity of storing 5,000 tonnes of commodities.

He said the federation would continue to concentrate on its core activities of procurement and export of agri-products and retail business would be the major thrust area of Nafed.

Nafed Chairman, Mr Ajit Kumar Singh said that Nafed Bazar would bridge the gap between wholesale and consumer prices , thus giving relief to the consumers.

Kuber group chief arrested

NEW DELHI, June 5 (PTI) — Delhi Police has arrested the Chairman of a leading financial group of companies on charges of misappropriation of huge deposits collected from general public by floating different alluring schemes.

Praduman Kumar Sharma, Chairman of Kuber Group of Companies was arrested yesterday by the sleuths of Delhi police’s economic offences wing (EOW) in South Delhi, Deputy Commissioner of Police (Crime) P.K. Srivastava said.

The arrest of Sharma comes following a complaint by one Hari Mohan Kapoor alleging that he along with three relatives and friends invested Rs 18 lakh in 1997-98 in Kuber group of companies after seeing their attractive advertisements, the DCP said.

New scheme by LSE
From Our Correspondent

LUDHIANA, June 5 — A Ludhiana Stock Exchange scheme to provide an exit route to the small investors holding physical shares in the scrips mandated for compulsory delivery in demat form will be introduced from June 7.

Mr H.S. Sidhu, General Manager of the Ludhiana Stock Exchange informed that this scheme would enable registered share holders to sell and deliver physical shares up to 500 in number as against 104 scrips which have been earmarked for compulsory delivery in demat by SEBI upto May 31.

Under this scheme, only registered holders would be allowed to avail this facility to sell and deliver shares in physical form and as such market deliveries in physical form would not be permitted to be sold and delivered. Investors selling these securities would be required to tender the physical certificates to shares proposed to be sold by them through their respective member-brokers.

In case of company objections except those on account of fake, forged or stolen shares, one time opportunity to rectify the mistake and tender the rectified shares in the unified mode would be provided. Alternatively, the investors would be allowed to replace the bad delivery in physical form with scrips in demat form.

Meat from Europe banned

SINGAPORE, June 5 (AFP) — Singapore has banned all meat and egg imports from Europe and warned the public against consuming such products amid a food contamination scare, media reports said today.

The ban, imposed yesterday, as a precautionary measure implemented by the Primary Production Department (PPD), which monitors food imports, following the discovery of tainted animal fed from Belgium.

All frozen pork, canned pork and egg powder imported from Belgium since January has been ordered to be returned to suppliers pending a review, PPD officials told Straits Times.

by A.K. Sachdeva

Q: We are registered as a dealer under the provisions of the Haryana General Sales Tax Act, 1973 and the Central Sales Tax Act, 1956. Our business activities involve manufacture and sale of medicines and pharmaceutical preparations and other related items. What happens we buy goods from within the State on payment of concessional rate of 5 per cent though the goods attract otherwise higher rate of 10 per cent. In fact this concession becomes available to us only when the goods are purchased for use in the manufacture of finished products. The question is whether the benefit of tax adjustment under Section 15-A of Haryana General Sales Tax Act, 1973 read with Rule 24-A of Haryana General Sales Tax Rules, 1975 is admissible to us from the tax payable on the sales of finished goods despite the fact we are availing of the benefit of concessional rate of tax while making purchases from within the State?

— S.K. Mittal

Ans: Clause (i) of Section 15-a of the Haryana General Sales Tax Act, 1973 clearly stipulates “the tax leviable under this Act or the Central Sales Tax Act, 1956, on the sale of goods by a dealer manufactured by him, shall be reduced by the amount of tax paid in the state on the sale or purchase of goods, other than the tax paid on the last purchase of paddy, cotton and oil seeds, used in their manufacture; “ Apparently this provision does not draw any distinction between the purchases effected on full rate of tax or those made availing of the benefit of concessional rate. Therefore, whatever amount of tax is paid at the first point of sale or purchase of goods which have been utilised in the manufacture of finished items, the same shall be adjustable from the tax payable on the sale of the finished goods both under the Haryana General Sales Tax Act, 1973 as well as the Central Sales Tax Act, 1956.

Q: We are engaged in the business of manufacture and sale of Hardware goods and allied products being a dealer registered under the provisions of the Punjab General Sales Tax Act, 1948 and the Central Sales Tax Act, 1956. The goods as per the instructions received from the buyers are despatched to the buyers in Haryana and Delhi against advance payment which is realised in Punjab whenever the buyers visit to our place of business. Kindly advise if the transactions constitute a local sale within the State of Punjab attract tax liability or that the same are to be regarded as sales in the course of inter-State trade or commerce as defined in the Central Sales Tax Act, 1956?

— Anil Gupta, Advocate

Ans: Even if the payment is received in the State of Punjab in advance at the time of agreement of sale, the transactions will fall within the ambit of the provision of Section 3 (a) of the Central Sales Tax Act, 1956 for the reason that the sale of goods by the dealer in Punjab is occasioning the movement from one state to another. Section 3 (a) of the Act ibid, inter alia, says a sale or purchase of goods shall be deemed to take place in the course of inter-state or commerce if such sale or purchase occasions the movement of goods from one State to another. Receipt of payment in one State or the other is wholly immaterial for determining whether the transactions involves a local sale or that the same constitute a sale in the course of inter-State trade or commerce. Therefore no tax liability under the provisions of the Punjab General Sales Tax Act, 1948 arises on these kinds of transactions and that the taxability will be governed by the statutory provisions of the Central Sales Tax Act, 1956.

by Praful R. Desai
Qualification as to experience

Q: Qualification of experience of 10 years would mean such experience in the State Electricity Board or whether it would mean partly in State Govt. and partly in State Electricity Board?

Ans: In AP Electricity Board v R. Parthasarthi (1999-I-LLJ. 837-) SC said thus:

It appears to the SC that it has not been indicated in the service regulation that such experience of ten years must be in the service of the State Electricity Board of AP. In the opinion of the SC if an employee of the AP Electricity Board has obtained total experience of 10 years serving partly in the State Government and partly in the Andhra Pradesh Electricity Board, such employees fulfils the criterion of eligibility for being considered for promotion to the said post of Asst. Executive Engineer.

It may be indicated that there is no dispute to the fact that when an employee is permanently absorbed in the service of AP State Electricity Board, his seniority will be fixed below Junior Asst. Engineers already working in the Electricity Board . Such inter-seniority will be a relevant factor when a number of employees come in the zone of consideration on the basis of ten years experience for being considered for promotion to the post of Asst. Executive Engineer.

The HC in view of the SC has misread the Regulation 14 by taking into consideration clause (h) of the conditions of absorption in the service of the State Electricity Board. Such clause (h) has nothing to do with the question of promotion under Regulation 14 of the Service Regulation Act.

In the aforesaid circumstances, the SC held that the impugned order of the Division Bench of the HC cannot be sustained and the same was set aside.

The appeals are accordingly disposed of without any order as to cost.

by Ashok Kumar
Bright future ahead for Ramco

RAMCO Industries Ltd. is part of the Chennai-based Ramco Group, whose other group companies include Madras Cement, Rajapalayam Mills and Ramaraju Surgical Cotton Mills. The group’s flagship company, Madras Cements, is reputed to be the most efficient cement producer in India. Its plants are the most technologically advanced, hygienic and environment friendly, and the company has averaged a RONW of 31 per cent over the last five years. Ramco Industries, a company with the same high-product is a multi-locational, multi-project company with interests in cement products (asbestos cement sheets, pipes, etc), textile (cotton yarn) and most importantly software. The company’s software development facility is based in Chennai.

The cement products division accounted for 60 per cent of Ramco Industries total revenues in FY 98. The company has an installed capacity of 240,000 tpa of asbestos cement sheets and 30,000 tpa of pipes and accessories. The company’s cement product business is highly profitable earning a return of about 30 per cent on capital employed. The cotton yarn business, which is an EOU, contributed about 14 per cent to FY 1998 revenues.

Ramco Systems is the software division of Ramco Industries. The software industry can be segmented at various levels. At the very bottom are the body-shoppers. A little higher are the Y2K problem-solvers; then come the project implementers and at the very top are the companies which sell off the shelf software products like Microsoft, Quicken, SAP, etc. Ramco Industries is the only Indian company, may be apart from Infosys, that fits into this top bracket. It is definitely the only Indian company to enter the software sector directly with a product at a cost of over Rs 150 crore.

The company developed and launched an Enterprise Resource Planning (ERP) software product called Marshal in 1994 The product was upgraded twice subsequently in 1996 and 1997. The current Marshal 3.0 competes for the global ERP market with competitors like SAP, Baan and Oracle and People Soft. Marshal 3.0 is an ERP product targetted at mid-sized companies with revenues between $ 80 million to $ 1 billion, while its competitors target substantially larger businesses. From all accounts, Marshal 3.0 is substantially easier to implement than its larger brethren and requires fewer dedicated staff to rollout and maintain.

Massive investment above Rs 150 crore have already been made into the software division by Ramco Industries. In October 1996, the promoters allotted 2.34 lakh shares at Rs 1140.28 to FIIs and also picked up 1.6 lakh shares themselves at the same price in March 1997. Apart from the development cost of the product, the company has invested on setting up subsidiaries in the USA, Switzerland, Singapore and Malaysia to market Marshal internationally. Further, marketing the product globally is likely to call for increased investment in the future also. Finding it difficult to meet these funding requirements, the company has envisaged spinning off its software division, Ramco Systems into a separate company, and then divesting about 20 per cent equity in the software company for a sum of around Rs 120 to 125 crore.

Ramco Industries huge investments in software have proved a strain on the company’s finances. Prior to the company’s entry into the software business, Ramco’s management had an impeccable record of efficient use of capital. Until FY 1996, the company had grown its revenues and net profits at 23 per cent and 44 per cent compounded for the preceding five years. Its RONW for 1991 to 1996 averaged 23 per cent. It is in the last three that the company’s capital employed has increased from Rs 56 to 251 crore, hampering its profitability figures. But these investments in the software business can only start paying back now.

Software is the business of the future, vis-a-vis cement and textile which are the businesses of the past. Ramco’s management realised very early that long term sustainability and strengths in the software sector can be better built with branded products and hence were prepared to take the more difficult route to software profits. If the early endorsements and the increased penetration of Marshal are anything to go by, a bright future awaits Ramco Industries.

by R.N. Lakhotia

Q: A person who died in 1993-94 had invested Rs 10,000/- in NSC purchased during the financial year 1992-93 (Joint B Type encashable by either or survivor) giving the name of one of his sons as second applicant. He never filed his income tax returns. The NSC are still lying un-encashed.

Please advise, whether there will be any tax liability of the son who is a regular assessee since last forty years, when the son will encash the NSC on maturity in January 99, regarding the interest accrued from the date of death to the maturity date.

Also inform whether the son will be asked to explain the source of investment made by the deceased father.

—K.S. Ahluwalia, Ludhiana

Ans: In respect of the NSC purchased by the father but encashed by the son, the liability will be there only in respect of the interest accrued from the date of death upto the date of maturity. The deceased it appears did not file his Income-Tax return because perhaps there was no liability to Income-Tax on him and may be his income was below the Income-Tax exemption limit. The second applicant, namely the son is only the second applicant and not the owner of the funds invested by the father. Hence, the second applicant need not include the interest income in his Income-Tax return for the period when the father was alive.

Q: I had joined Government service in this financial year before service I am doing knitting work, that I am doing now also from the pay plus my personal efforts I am purchasing Kisan Vikas Patra every month since April 98 (near about Rs 10,000/-) on my and my mother-in-law's name. She is above 60 housewife). In the end of financial year my DDO will calculate my Income Tax whatever he paid to me please let me know either I had to inform my DDO regarding above KVP or I will inform after 54 years or no need to inform any one.

—H. Kaur, Ambala City

Ans: You need not inform your DDO regarding the Kisan Vikas Patra purchased by you. However, every year when you file your Income-Tax return you should calculate the estimate interest of the year and then make payment of Income-Tax on the same by including the same in the Income-Tax return of the year. If you want your DDO to deduct the tax at source even in respect of the income from other sources, namely the knitting work and the interest from Kisan Vikas Patra, you can fill up Form No. 12C and submit to your DDO, who will deduct Income-Tax at source even on your other income. However, the choice is with the tax payer as to whether to get the tax deducted on the other income direct from the employer or to submit Income-Tax return and thereafter pay the tax on the basis of the Income-Tax return.

Q: Kindly advise me on the following Income Tax problem:

1. I am working as Supdt/Accounts in PSEB. My son is twelve years old who is medically retarded/handicapped. CMO Patiala has issued Medical Certificate of his disability upto 70 per cent. Supdt/Bills PSEB Patiala who is my DDO has refused rebate under Section 80 DD on the plea that it is to be allowed only by ITO.

2. Whether rebate of Rs 30,000 on account of interest accrued on house building advance is allowed by the DDO?

—Jagtar Singh, Patiala

Ans: In respect of deduction available u/s 80 DD there is no specific law whether your employer can allow the same or not. If the employer does not allow deduction on the same you can claim deduction by filing your Income-Tax return. However, in respect of interest paid by you on house building advance your DDO is empowered and competent enough to grant you tax deduction in respect of such interest on loan. For this purpose you are required to submit form No. 12C to your DDO. In the absence of submission of this form you may not be eligible to claim deduction of interest from the hands of your employer.

Q: Clarify the detailed below points and oblige whether the action is correct or not:

1. A widow received gross family pension and arrear amounting Rs 33,000/- during 1998-99 availed standard deduction Rs 11,000/- under Section 57(5).

2. The same widow received Rs 86,000/- gross salary from the same DDO during 1998-99 and availed standard deduction Rs 25,000 terming the income below 1 lakh.

—F.C. Jain, Ambala City

Ans: A widow receiving pension and arrear pension will be eligible to standard deduction on such amount. However, during the year as the gross amount of total salary exceeds Rs 1 lakh the maximum amount which can be claimed as standard deduction would be restricted to Rs 20,000 and not Rs 25,000.

Networld
CHANDIGARH, June 5 (TNS)— Networld, an Internet training institution and a web solution provider in association with Sigma CA of the USA has started training facility on latest Internet technologies like DHTML, Java, ASP, E-Commerce and COM at Prestige Chambers in Jalandhar. It will provide the facility at Chandigarh also. There are over 10 lakh entry level jobs generated every year in India. A high percentage of these are in the IT industry and they required professionals with specialised Internet skills.

Power supply
LUDHIANA, June 5 (FOC) — The Ludhiana Small Scale Manufacturers Association has complained of an erratic power supply to the industry, resulting in low productions in the small scale sector. Mr Harish Khanna, president of the Association, also complained that the PSEB has also stopped issuing fresh power connections, in case a “no objection certificate” is not issued by the Pollution Control Board.

Hudco
NEW DELHI, June 5 (PTI) — The State-owned housing and urban development corporation has approved projects with a total loan component of Rs 1034 crore in the first two months of the current fiscal.