Ensure quality in defence equipment
NEW DELHI, Oct 16 — The Directorate General of Quality Assurance will shortly introduce the defence quality systems 2000 norms similar to QS 2000 standards, for defence vendors to introduce more safeguards into quality systems and ensure better quality.

SAIL revival on top of agenda
NEW DELHI, Oct 16 — Steel Minister Dilip Ray will meet Finance Minister Yashwant Sinha next week for speedier clearance of revival package for Steel Authority of India Ltd (SAIL).

Northern region needs dedicated ports: PHDCCI NEW DELHI, Oct 16 — President of PHDCCI Ashok Khanna today urged the Government to provide dedicated ports facilities for the northern region.

HCL Infosys net rises by 20.8 pc
HCL Infosystems Limited on Saturday reported a 20.8 per cent hike in net profits at Rs 15.1 crore for the first quarter ending September 30, 1999 against Rs 12.5 crore for the same period last year.

ST laws flouted in Punjab?
CAN the amount of penalty, which ordinarily is levied by the sales tax authorities under sub-section (7) of section 14-B of the Punjab General Sales Tax Act, 1948 on the ground of “Evasion of tax” as a result of roadside checking of goods, be recovered without first issuing to the person proceeded against a copy of the order passed upon him?

Adulteration worries automobile owners
INCREASING cases of adulteration in petrol by mixing solvent and utter neglect by the administration causing worry to automobiles owners in the area. India Oil Corporation has terminal and Hindustan Petroleum has supply depot at Ambala to handle delivery in Northern States.

• ADB watching situation in Pakistan
• Women’s Fiesta ’99

New industrial policy for Haryana soon: Chautala
Tribune News Service

KARNAL, Oct 16 — The Haryana Chief Minister, Mr Om Prakash Chautala, here today announced that the state government had constituted a high level committee to review the taxes imposed by the Bansi Lal government on the industrial sector in the state.

The committee would be headed by Finance Minister Mr Sampat Singh.

The Chief Minister made the announcement at a state level meeting of the Haryana Chamber of Commerce and Industry held here today. The Chief Minister also nominated Mr Man Mohan Singal as the member of the high power committee from stage itself.

The Chief Minister further announced that a new industrial policy for the development of the state was on the anvil.

Mr Chautala stated that he was aware of the problems of the industrialists and the agricultural sector in Haryana. In fact less agriculture production affected the industrial growth. He said that the wrong policies of the previous government had resulted into less investments and less employment opportunities.

Talking about shortage of power in the state, he maintained that his government was taking solid steps for ending power shortage. He accused the Bansi Lal government for privatisation of power sector instead of increasing power production. He held that his party was against privatisation of power from the very beginning.

Mr Chautala maintained that MNCs were entering India simply to earn dividends and not to give anything to this country. He stated that was why Mahatma Gandhi was a votary of small industries as it provided more employment opportunities to the people.

The Chief Minister assured the industrialists that there was no shortage of money with the government for providing loans to the industries.

He also assured them that difficulties being faced by them because of Inspectorate system would be ended. He further assured the industrialists that all their genuine demands would be looked into and solutions found for them.

Mr Sampat Singh, Finance Minister, stated that despite appropriate geographical conditions, industrial production and employment were badly affected.

Mr I.D. Swami, Union State Minister for Home Affairs assured the audience that he would completely safeguard the interests of Haryana at the Centre level.

Mr Brij Mohan Singla, Minister for Industries stated that the new industrial policy would encompass the solution of all the genuine grievances being faced by the industrial sector.

Mr Man Mohan Singal presented a charter of demands to the Chief Minister on the occasion.

Northern region needs dedicated ports: PHDCCI
Tribune News Service

NEW DELHI, Oct 16 — President of PHDCCI Ashok Khanna today urged the Government to provide dedicated ports facilities for the northern region.

“The northern region is landlocked and therefore there should be dedicated ports for the States of this region”, Mr Khanna told the TNS.

Mr Khanna said that invisible exports and services sector like tourism, floriculture, information technology are playing an increasingly vital role in the growth of the economy.

“Keeping this in view sub-sectors like tourism, aviation should form an integral part of the infrastructure development plan”, Mr Khanna said.

Moreover to increase the participation of private sector in the development of state of the art infrastructure in the country, “clear, simple and transparent” guidelines should be laid down regarding acquisition of land, funding and pricing of these facilities.

“These will help in containing the cost of development of infrastructure as also the recovery of states”, he pointed out.

Urging the Government to review its foreign direct investment (FDI) policy, Mr Khanna said that FDI upto 50 per cent should be allowed in the construction industry.

“India should not only look at attracting FDIs but also work for but also work for encouraging Indian FDIs abroad”, he said.

The Government may also consider permitting multinational corporation (MNCs) owning 100 per cent subsidy for a business which is not related to the business of joint venture companies in the country.

The PHDCCI President said that reduction interest rate at least by two percentage point would bring down the interest burden on industries, thereby improving their profit.

“Against the backdrop of inflation hovering between 1.5 to 2.2 per cent, it is time for the RBI to bring down the rate of interest to a reasonable level of 5 to 6 per cent”, he noted.

The PHDCCI President also urged the Government to pass all pending legislations at the earliest and create enabling measures for utilisation of provident and pension funds to invest at least 10 per cent of its funds in the capital market with appropriate checks and balances.

Ensure quality in defence equipment

NEW DELHI, Oct 16 (UNI) — The Directorate General of Quality Assurance (DGQA) will shortly introduce the defence quality systems 2000 norms similar to QS 2000 standards, for defence vendors to introduce more safeguards into quality systems and ensure better quality.

This was stated by Lt Gen Amarjit Singh, Director General of Quality Assurance, at a seminar on “defence vendor development and management for the 21st century” organised by DGQA and CII here today.

He said active participation by the private sector was needed to meet the target of 70 per cent indigenisation by 2004.

Speaking at the seminar, which is part of the ongoing Defexpo ’99, Mr Prabir Sengupta, Secretary, Defence Production and Supplies, stressed the need for constantly reviewing the systems of defence production and quality assessment to ensure maximum quality of both goods and services.

He said a whole new canvas of opportunities and challenges had opened up to defence vendors after the emergence of new technologies, especially information technology. “Rapidly changing technologies and the ability to collect and disseminate information faster than ever meant that vendors must now make real-time changes to their products and design appropriate strategies to be able to undertake such production means.’’

Mr Sengupta said the recent Kargil conflict had highlighted the need for indigenisation of defence supplies. He hoped that the DGQA, industry and the armed forces would interact and draw up possibilities for effective sharing of responsibilities and re-organisation of resources.

Vice Admiral A. S. Krishnan, Chief of Materials, Naval HQ, pointed out that cutting-edge defence technology would never be available if it had to be imported. Only obsolete technology would be affordable as imports.

Stressing on various factors like high set-up costs, uncertainty of repeat orders, stringent quality requirements, timely delivery and reasonable prices, which concerned defence vendors, Vice Admiral Krishnan said such problems could be solved through dialogue.

Lt Gen J. S. Dhillon, Master General of Ordnance, Army HQ, said a large base of suppliers must be built up in case of extreme demand pressures or failures on the part of some defence vendors. He stressed the importance of maximum indigenisation of defence supplies.

Mr D Rajagopal, Chairman, Ordnance Factory Board, said Rs 179 crore of defence imports in 1998-99 could have been avoided if an adequate vendor base existed in the country. He suggested that defence vendors address the issue of packaging of ammunition keeping in view that ammunition produced by them would be used in tropical conditions.

Mr Atul Kirloskar, Chairman, CII Defence Committee, said small scale industries had been playing an important role in the defence industry as sub-contractors or ancillary industries. CII would be organising series of interactions between small scale enterprises and procurement agencies.

He said a much simpler and more effective vendor registration system must be put in place to promote private sector participation in defence.

SAIL revival on top of agenda

NEW DELHI, Oct 16 (PTI) — Steel Minister Dilip Ray will meet Finance Minister Yashwant Sinha next week for speedier clearance of revival package for Steel Authority of India Ltd (SAIL).

After assuming office today Ray said that revival of SAIL would be his top priority and he also ruled out the possibility of closing down Iron and Steel Company (IISCO), a sick 100 per cent subsidiary of SAIL saying that all efforts would be made to revive this plant.

Finance Minister had already led a team to Russia in connection of reviving IISCO, he said.

SAIL has sought Government approval for waiver of about Rs 5,000 crore loans from the Steel Development Fund (SDF) and other Government loans as part of financial restructuring and hiving off various non-core activities for its business restructuring.

Commenting on the steel industry which is in the grip of recession, Ray said “the steel industry is passing through a bad transition. Besides meeting Sinha, I am also meeting Railway Minister Mamata Banerji and Commerce Minister Murasoli Maran to work out the revival of this important sector.”

HCL Infosys net rises by 20.8 pc

HCL Infosystems Limited on Saturday reported a 20.8 per cent hike in net profits at Rs 15.1 crore for the first quarter ending September 30, 1999 against Rs 12.5 crore for the same period last year.

The turnover went up to Rs 228.7 crore against Rs 207 crore, an increase of 10.4 per cent, for the quarter under review.

A company statement said the Board of HCL Infosys met over the unaudited results and announced the net profit before tax was Rs 16.7 crore compared to Rs 12.5 crore last year, an hike of 33.6 per cent.

The company’s turnover was Rs 950 crore and the operating profit after tax was Rs 58.5 crore during the year ending June 30, 1999.

Jindal Steel

Jindal Strips Limited has declared a net profit of Rs 24.10 crore as in the first half of the current fiscal year as compared to Rs 14.50 crore in the corresponding period of the previous year.

Operating profits of the company have increased by 50 per cent to Rs 107.19 crore in the current year as compared to Rs 71.60 crore in the previous year.

Production during this period increased registered a growth of 29 per cent during the period and increased to 1,35,151 MT as compared to 104,843 MT in the corresponding period of the previous year.

Indian Rayon

Indian Rayon, an Aditya Birla group company which had offered for buyback 25 per cent of its equity capital through book building process, has fixed the buy-back price at Rs 85 per share, the highest price offered.

The company received bids aggregating around 11 per cent of its total paid-up share capital of Rs 67.48 crore and has decided to accept all valid bids submitted by shareholders at Rs 85 per share.

Prima Fund

Kothari Pioneer Mutual Fund has announced a dividend of 30 per cent in Prima Fund, the country’s first open end Mutual Fund.

All Prima Fund investors registered in the dividend plan as on November 3, 1999, would receive the tax-free dividend, a company press release said.

Assam Gas

The Assam Gas Company Limited (AGCL), an Assam Government undertaking, which has been making profit regularly for last several years, has paid an interim dividend of Rs 42.11 lakh.

A cheque for the amount was presented to Chief Minister Prafulla Kumar Mahanta on Saturday by company’s Managing Director P.K. Baruah. — TNS, agencies

Human washing machine

TOKYO, Oct 16 (AP) — The land of hi-tech gadgets brings you ... the human washing machine. Lie down in a huge metallic cocoon-like object, keeping only the head out.

Seventeen minutes later, emerge clean and fragrant, Mari Okumura, spokeswoman for manufacturer Avant Co., said yesterday.

The machine shoots jets of water and soap at the occupant’s body for $ 9.50 a turn at Avant’s three salons in Japan, she said.

The occupant doesn’t emerge soaking wet: Ultra-infrared rays and a breeze from the machine start the drying process.

“We’re booked up every evening for the next month,” boasted Tadao Morimoto at the company’s Tokyo salon. “It’s addictively relaxing,” he claimed. Avant claims it’s the first of its kind.

ST laws flouted in Punjab?
By A.K. Sachdeva

CAN the amount of penalty, which ordinarily is levied by the sales tax authorities under sub-section (7) of section 14-B of the Punjab General Sales Tax Act, 1948 on the ground of “Evasion of tax” as a result of roadside checking of goods, be recovered without first issuing to the person proceeded against a copy of the order passed upon him? Is it not the statutory obligation of the authorities vested with the powers to impose penalty to suo motu supply authenticated copy of the order to the person concerned to make him aware of the grounds for which penalty has been charged? These precisely are the significant questions which need to be answered by the instrumentalities of the State.

The most disturbing feature is that lakhs of rupees in the name of penalty under sub-section (7) of section 14-B of the Punjab General Sales Tax Act, 1948 are collected day-to-day from the parties, whose goods are intercepted and seized during roadside checking, but without communicating to them the authenticated copies of the orders.

When demanded, the parties are asked to”come with an application in writing duly affixed with a court fee stamp of Rupees Ten”. The exercise of issuing these copies of orders takes months together and what happens sometimes these are not even supplied to the parties for the reasons only known to the sales tax authorities. The usual reply on the issue of the copies of the penalty order is worth noting. Sub clause (e) of sub-rule (5) of rule 68 of the Punjab General Sales Tax Rules, 1949 is quoted to say” an application in writing is essential before the copy of the order is provided over to the party.”

However this is not true having regard to the scheme of the Act and the decisions delivered on the point arising under similar context on more than one occasion.

As far as statutory scheme is concerned, sub-section (7) of section 14-B, which deals with the procedure for imposition of penalty in the event of evasion of sales tax being established during enquiry, lays down, inter alia, “The said officer shall, before conducting the enquiry, serve a notice on the owner of the goods and give him an opportunity of being heard and if, after the enquiry, such officer finds that there has been an attempt to evade the tax due under this Act, he shall by order, impose on the owner of the goods a penalty which shall be not less than fifteen percentum and not more than thirty percentum of the value of the goods.......... “

It is quite evident from this scheme having regard to the language the law-makers have employed in this sub-section that the rights of the parties to be proceeded against have been fully taken care of in the sense that (i) the officer before levying penalty shall serve” a notice on the owner of the goods”; and (ii) that an opportunity of hearing shall be provided before imposing the penalty. Obviously, when a party has a right to the notice and then to the reasonable and fair opportunity of being heard before a final order comes to be passed, it is equally entitled to be aware of the grounds on the basis of which penalty has been levied upon him.

Moreover the expression”he shall by order, impose on the owner of the goods”............. “ as occurring in this sub-section cannot be construed to mean simply passing of the penalty order on the departmental file itself but the officer is obliged to apprise the party concerned in writing of the reasons which impelled him to arrive at the conclusion adverse in the matter. The process of passing an order within the meaning of sub-section (7) of section 14-B gets complete only when authenticated copy is duly supplied to the party proceeded against.

Even otherwise if you are depriving a person of his money, it becomes your duty to tell him by issuing a detailed copy of the order of the reasons that really led to imposition of penalty.

It is important to note the observations made by the Supreme Court of India on identical facts in the case of Bachhittar Singh v. State of Punjab and Another, AIR (All India Reporter) 1963 SC 395 “It is now well settled that where an order is made by a statutory authority, if a party is to be affected by that order, it must be communicated to him and in the absence of such communication such an order cannot be said to be a valid order having the effect of prejudicially affecting the rights of the party.” Truly this decision came to be delivered in the context of some other enactment but the point here is whether the right of the party, on whom a penalty is levied under sub-section (7) of section 14-B, is not not affected? The principles laid down on identical point by the Apex Court cannot be overlooked.

It is therefore not understandable as to why the practice of enforcement of sales tax laws, that runs counter to the statutory provisions as well as settled proposition of law laid down by the Court on same set of facts, continues to be permitted in the State?

Doesn’t it make sense to book profits?
By Ashok Kumar

WITH the BJP-led NDA alliance sweeping the poll and achieving a comfortable working majority, it seems to be party time at the Indian bourses. Adding punch to the already heady feeling among investors is the Moody’s upgrade, the timing of which has really suited the market. So where is the Sensex headed for?

Nemish Shah of Enam Securities, whose opinions matter and who is normally quite reserved with his comments on the market, is reportedly on record as having said that the Sensex should soon inch towards 6K. So be it! But are we going a little overboard with all the euphoria? Remember, the BJP heads a 24 party coalition and none of our political parties have thus far displayed the maturity to make coalition politics work.Now the euphoria in the secondary market will inevitably translate into a primary market boom.

It is here that SEBI and the retail investors need to exercise caution. In the midst of great excitement about the IPOs of Polaris Labs Hughes Software and Kale Consultants, there was also an issue like VMC Software priced at Rs. 95 per share. Of course, VMC’s share price on the BSE was in excess of Rs. 200 at the time of its issue, but don’t we all know a thing or two about the way a share price of a company moves before, during and after its public issue.In a different vein, take the case of ICICI and have a look at its price-chart since the day its recent equity issue in the Indian market was announced. Well, its listing on the NYSE is definitely newsworthy but higher the higher transparency associated therewith just might go a long way towards enlightening the Indian shareholders about how different their perception of ICICI and the ground realities are.

Talking of the primary market, the grapevine is abuzz with rumours about the possibility of a writ petition being filed against Kotak Mahindra Capital Company, the lead managers of the Hughes Software Systems issue about their seemingly dubious financing scheme. In the secondary market, the share price of Polaris Labs has been going great guns ever since it got listed. And the rumour doing the rounds in market circles is that it is the ‘New Bull’ himself along with a foreign mutual fund that is mopping up the shares of this company.

Apparently, there seems to a lot of demand building up at the counter of Reliance Industries too. But here, knowing that a game of sorts goes on at this counter whenever any results are to be made, the situation is undoubtedly more dicey. Personally, I would rather not touch such scrips.Finally, here’s poser — given the way the markets are moving up and demand is building up — wouldn’t it be a lot more sensible to book partial profits and divert the same to ‘badla’ financing? Give it a thought!

Adulteration worries automobile owners
By Satish Handa

INCREASING cases of adulteration in petrol by mixing solvent and utter neglect by the administration causing worry to automobiles owners in the area. India Oil Corporation has terminal and Hindustan Petroleum has supply depot at Ambala to handle delivery in Northern States. More than 500 oil tankers ply every day to carry petroleum products from Panipat Refinery to cater the need of consumers in Haryana, Punjab, HP Jammu & Kashmir and Western UP.

Sources reveal, few gangs are actively operating in northern States under direction from kingpins involved in mixing ‘nafta’ solvent in petrol which is used in manufacture of paints and fertilisers. According to information, solvent is readily available in Delhi market at the rate ranging between Rs 10 to Rs 12 per litre and is supplied through transport companies. People involved in adulteration are expert in taking out petrol from the oil tanker and replace the equal quantity with the solvent.

Large number of petrol filling stations in northern region are allegedly involved in selling adulterated petrol. Earlier, solvent was supplied to industries on control price against fixed quota which was withdrawn in due course and now is readily available in open market. According to informations, about 20 per cent solvent is mixed to petrol and adulteration cannot be checked with the help of filter and Hydrometer available at the filling stations.

A local dealer said, adulteration is done in such a way it doesn’t effect the density and colour of petrol. Sources reveal, some of the people responsible to adulterate petrol are functioning at Ambala Cantt., Industrial area Ambala City Kuldip Nagar, Ghasitpur, Machhonda, Lalru, Zirakpur and Solan in this area. “Such adulterators should be arrested by the police and checked by District Foods and Supply Officer,” said angry consumers. But who will bell the cat? It seems, such alleged criminals are being protected by the political hands as few people arrested by the police were later released on bail but should be charged under National Security Act.

Women’s Fiesta ’99
Tribune News Service

CHANDIGARH, Oct 16 — Global Event Management Services, an associate company of Punjland Group and Forum for Women’s Issues (FWI), a voluntary networking organisation has decided to celebrate the progressive women’s week (Oct 18-24) by holding Chandigarh’s first ever Women’s Fiesta ’99 at Leisure valley here from October 22 to 24 said Mr Navreet Singh Hundal, MD, Punjland Group.

Mrs H.K Bhullar, Director of the group said that the Women’s Fiesta will host various representation, exhibition, and commercial stalls on products related to women. The products will range from garments, accessories and household items to other general perishable and non-perishable items. During the three-day event FWI will hold seminars on various women issues, child care and personality grooming.

Bona fide need
by Praful R. Desai

Q: For the purpose of applicability of S:21(1)(h) of the Karnataka Rent Control Act, whether requirement of the landlord has to be both bona fide and reasonable?

Ans: S.C. in M.S. Zahad v K. Raghavan (1999(1) R.C.J. 266) held thus:

A mere look at S.50(1) shows that the HC in exercise of its revised jurisdiction, can consider the question whether the order of the lower court was legal or correct. It is obvious that legality of the order of the lower court which would fall for consideration of the HC would pertain to errors of law that might have been committed by the said court.

But, so far as the correctness is concerned, whether the order sought to be revised was correct on facts or not will also fall consideration of the HC in exercise of its revisional jurisdiction. It is pertinent to note that the powers of revision available to the HC U/s. 115 of the CPC are circumscribed and only errors of jurisdiction if detected from the order sought to be revised can be corrected by the HC.

But once the present Act has enabled the HC to look into the ‘correctness’ of the orders sought to be revised, it can’t be said that the HC would be disabled from considering the question whether the findings of fact reached by the lower court were correct or not in the light of evidence on record. It is axiomatic that revisional power can’t be equated with the power of reconsideration of all questions of fact as court of first appeal. Still the nature of revisional jurisdiction of the HC U/s. 50 of the Act will have to be considered in the light of the express provisions of the statute conferring such power. On the express language of S.50(1), the SC held that it can’t be said that the HC had no jurisdiction to go into the question of correctness of findings of fact reached by the lower court on relevant evidence. In that way, the appeal was disposed of.

by R.N. Lakhotia

Q: My estimated gross income from salary during the financial year 1999-2000 will be approximately Rs 1,55,000. After allowing a standard deduction of Rs 20,000 the taxable income will be 1,35,000. I want to purchase a ready built house at Ambala in the year 1999-2000 for Rs 5 lakh. While Rs 2 lakh are being arranged by our own resources. Rs 3 lakh will be taken as long term loan from HDFC/SBI Housing Finance Ltd., etc. The annual interest on Rs 3 lakh is Rs 40,000 (approx.). Please advise whether Rs 40,000 (Interest on borrowed capital for owning a house) is completely deductible from my taxable income of Rs 1,35,000. I came to know that in the Budget Proposals 1999-2000 interest on borrowed capital for purpose of acquiring a residential house is completely deductible from taxable income upto Rs 75,000. Please advise.

— Nirmal Gupta, Ambala Cantt.

A: On the facts stated, you are hereby advised that your view is absolutely correct. The Finance Act, 1999 has amended the provisions of law whereby if the loan is taken after 1-4-99 and the house is completed latest by March 31, 2001 there is a deduction on account of interest or loan. Such deduction is limited to a maximum of Rs. 75,000 per year.

Q: LTC which Pb. Govt. pensioner get after the block of two years is taxable or not. I enquired from Income Tax Advocates. Some say it is taxable other say they have no IT knowledge. I received arrear of LTC due to revision of my pension. I received Rs. 3704 (LTC arrear).

Please guide should I include in my income of pension or omit it. I regularly submit my return to ITO local and I have to submit return in this month.

Similarly, whether Fixed Medical Rs 250 p.m. is taxable or not?

— Manjit Singh, Patiala

A: On the facts stated by you the LTC amount or the arrear amount received by you which has not been spent by you will be fully taxable as your income. The fixed medical allowance is fully taxable as income even if you have spent. However, reimbursement of medical expenses is not taxable in Income Tax.

Q: Whether attendent allowance as well as uniform allowance are exempted for a salaried employee.

— P.C. Ghosh, Chandigarh

A: Yes, both these allowances are fully exempted from Income-tax for salaried employee.

Q: I have been working abroad since May ’91 and have been out of India till to date. However, my stay in India has exceeded more than 180 days (total) during 93, 94 and 97.

Am I eligible to maintain my NRE accounts during these years? and Is there any tax liabilities on me for the income earned in US dollar during this period.

— V.K. Sood, UAE

A: The liability for the maintenance of your NRE A/c during the aforesaid years does not depend upon your status as Resident or Non-Resident in India according to Income-Tax Act bout it depends upon the treatment by the RBI of the person concerned as a person resident outside India as per section 2 (q) of the FERA. In the alternative, you may apply to the RBI to maintain the said account. In such a case, the income earned on the NRE deposits or on income earned in US dollars would be exempt from income-tax under section 10 (4) and section 5 of the IT Act, 1961.

ADB watching situation in Pakistan

MANILA, Oct 16 (Pool-Bernama) — The Asian Development Bank (ADB) was “closely monitoring” the situation in Pakistan, a major borrower of ADB funds, and is assessing how the situation after the military coup would affect bank’s current operations in that country.

“The bank is gathering information on the situation as it unfolds and will continue to closely monitor developments in that country,” the regional bank said in a statement from the Bank headquarters here.

Alumnus award
NEW DELHI, Oct 16 (PTI) — Vijay K. Talwar, Director (Personnel) of Engineers India Ltd (EIL) has been honoured with the distinguished Alumnus Award 1999 by Thapar Institute of Engineering and Technology (TIET). The award was given by President of TIET L.M. Thapar during 13th convention held in Patiala.

ICRA
MUMBAI, Oct 16 (PTI) — Investment Information & Credit Rating Agency (ICRA) has downgraded the long-term rating assigned to the non-convertible debenture (NCD) programme of Simbhaoli Sugar Mills Limited (SSML) from ‘LBBB’ to ‘LBB’, indicating inadequate safety.

Kisan card
From Our Correspondent
JALANDHAR, Oct 16 — The State Bank of Patiala launched its Kisan credit card scheme at Sultanpur Lodhi today. Launching the scheme, the Deputy General Manager, Mr S.M. Mehra informed the farmers that the credit card scheme of the bank is the best available scheme for the agricultural loans.