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| Monday, March 6, 2000, Chandigarh, India  
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He gave Magna touch to sound Notice to Nestle on tax evasion Postal dept to enter e-commerce Excise duty to hit hosieries ST evasion through discounts |
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Seagram denied import
licence Net on cell phone by MTNL J&K overdraft limit at 800
crore Inflation falls to 2.08 per cent FIIs net buyers
He gave Magna touch to sound CHANDIGARH: Magnasound is widely known, but not Shashi Gopal, its Chairman and Managing Director. Still fewer people perhaps know their story, the act of putting together Magna and sound. In Chandigarh on Sunday to promote Punjabi music, woo dealers and the Press with musical offerings, self-made, Gopal looked back and shared his experiences with Business Tribune. After graduating from Delhi University where a wayward lifestyle of drinking, dating and ragging “toughened” him. Shashi Gopal took a sales trainee’s job on October 1, 1973, with Gramophone Company of HMV fame at Bombay, rejecting his father’s plans to make him study MBA in the USA. Studies was last on his mind and saying no to the MNC culture in which he grew up (his father was with an MNC) was not easy. As a salesman selling radiograms, record-players etc, Gopal turned out to be a grassrootsman, taking personal interest in his customers’ and dealers’ businesses and families which yielded valuable feedback. In seven years he became the Branch Manager — the youngest in the company. “I was passionate about my work,” he says. Salary — he started at Rs 350 p.m. — did not matter. Why did he quit ? A newly appointed British executive of the company scuttled his posting to New York where Gopal was going to open a branch. The disappointment was intense. “We had got farewells. My son had quit his school. Moreover, he said something nasty about Indians,” recalls the proud CMD. With Rs 3 lakh from his provident fund, Shashi Gopal set up Magnasound in 1986 and brought out a Pt Jasraj cassette. He went around in his Maruti to sell it — proudly not shame-faced. His first break came when he secured the rights of selling American pop music from the famed Warner Brothers. He had no money, no staff, no company but Keith Bruce saw promise in his enthusiasm, called him to Hollywood and signed the contract. While still in the process of setting up Magnasound, waiting for various approvals from the Government of India, he accepted a god-send offer to be the President of CBS. Here he picked up his key team which later moved with him to Magnasound. From an initial Rs 19 lakh turnover, Magnasound today boasts of a Rs 38 crore figure. Starting with a single cassette, it owns 2000 titles today and is valued at Rs 500 crore. The company with a Rs 7 crore equity base plans to come out with its initial public offer by September this year to finance, among others, its venture into retail shopping and establishing an event management division. Asked about the IPO premium, Gopal said: “I will leave big enough margin for investors. I want people concerned with music to make money.” Gopal is justly proud of
his creations: Daler Mehndi, Baba Sehgal, Colonial
Cousins, Sonu Nigam, Alisha and Suchitra. Sounding a bit
arrogant, he claims: “Daler Mehndi was a zero. I
have made him a hero.” |
Notice to Nestle on tax evasion NEW DELHI, March 5 (UNI) — The income tax department has issued show cause notice to Nestle India Limited directing the company to furnish financial and payment details since the company’s inception to ascertain the total income tax evaded by Nestle in India. The department has unearthed income tax evasion by the company and will issue orders directing the company to pay up the arrears after calculating the total evaded amount, sources in the IT department told UNI here. “We have already gone through their financials documents of the past one year and have concluded that certain payments are taxable. So, we have now directed them to produce details and financial records of the company since its incorporation to ascertain the total income tax that has been evaded by Nestle India,’’ the sources added. In addition, the income tax department had unearthed tax evasion by Max India, HCL Infosys, and two French defence supplies units — Sofema and Snecma, the tax effect with each company amounted to over Rs 1 crore. Meanwhile, it may be recalled that the department had earlier last year scrutinised details of the controversial coffee exports by Nestle India to Russia, which was earlier under investigation by the Directorate of Revenue Intelligence (DRI). The aim of the probe was to verify if any income tax evasion is also involved in the coffee export deals. A formal letter was reportedly sent from the department to the Director General of DRI seeking details of the case which involves export of instant coffee by Nestle India to Russia under the rupee payment route. DRI had reportedly stated that a consignment shipped by Nestle India in 1995 did not reach Russia at all. The shipment was sent to the warehouse of Wilson OY, Nestle’s forwarding agent in Finland. The DRI suspected that the consignment was diverted to Rotterdam or Helsinki. Information gathered
from Russian national reserve bank, JSC Magnitogorskaya
(the company which opened the letter of credit for this
consignment), and the Russian Customs had indicated that
the consignment (LC number 6261) did not reach Russia at
all. |
Postal dept to enter e-commerce NEW DELHI, March 5 (PTI) — The Department of Posts (DoP) is currently in talks with major e-commerce companies and private banks to enter e-commerce and electronic transfer of money in an effort to garner additional sources of revenue. “We want to tap additional sources of revenue, and e-commerce and electronic transfer of money are the areas we are seriously considering. We will look at the supply side of e-commerce under which we will tie-up with e-commerce companies for delivery of goods after they are ordered on the Net,” Secretary, DoP, R.U.S. Prasad told PTI. DoP is currently conducting an in-house feasibility study and talks are on with various e-commerce companies for a possible tie-up, Prasad said while refusing to name any of the companies. DoP will soon submit a detailed proposals to the Finance Ministry for its approval, he said, adding that, DoP’s extensive network of over 830 head post offices will give it an upper edge over the private companies desirous of providing similar services. DoP will also provide electronic transfer of money via satellite, a facility currently offered by many international post offices. “Our existing network of 77 very small aperture terminal (VSATs) are being upgraded and we are in the process of installing up to 266 VSATs in the next two years,” he said, adding that the VSAT network will be used for electronic transfer of money. Electronic transfer of money was a major source of revenue for international post offices. Citing an example, he said the Western Union had garnered $ 40 million as revenue in a single year through this facility. “Electronic money transfer is an untapped area and we would like to use our ready infrastructure for this purpose,” he said. The importance of tapping the huge corpus of postal savings was being also increasingly realised by the Government. “A high powered committee has been set up by the Finance Ministry to consider proposals to allow DoP to restructure its postal savings and use the corpus of over Rs 1,50,000/- crore for investments and earning revenue,” he said. Currently,75 per cent of the postal savings are given to the State Governments and the remaining 25 per cent are used by the Centre for development activity. On the amendment of the
existing Indian Postal Act of 1885, he said proposals for
amendment were under consideration by the various
ministries and the act would soon be revamped. |
Excise
duty to hit hosieries AFTER a bird’s eyeview on the Budget it is the turn for a worm’s eyeview. This can be briefly summed up by a couplet: “Katil ne wahi kiya jo uska kam hai; Hum phir bhi jee rahe hain; Katal hone ke bad”. On Central Excise the Budget claims one single rate of 16 per cent termed as Cenvat. In fact there are four rates with addition of special excise duty (SEP) of 8 per cent, 16 per cent and 24 per cent. SEP is not Modvatable. No doubt disputes on classification will banish but impact of additional burden may not promote industrial growth as claimed. Worst affected industries will be those in whose case rate has gone from 8 per cent to 16 per cent. There is a very retrograde provision in the Budget. Time period for raising demand of Central Excise has been raised from 6 months to one year, whole thing on excise will remain fluid for one year which is not in good taste for the tax payer. Although right to claim refund has also been extended to one year this is no solution. On refund theory of unjust enrichment is applied which has been incorporated in law. The Supreme Court had ruled that demand even for 6 months could not be raised once the price list has been approved. The Budget has found escape route by taking recourse to Section 11-A of the Central Excise Act. This is a very contentious issue and provision should be withdrawn. The Finance Minister has undone what Chidambaram did. Post manufacturing expenses such as freight and distribution charges will not attract excise duty. In steel distribution for instance main producers were charging different rates at different places. SAIL had stopped distributing material to small users from stock yards. Middle men were grabbing huge profits at the cost of small consumers. With the new provision SAIL and other producers should start distribution through their stock yards. With the abolishing of compounded levy scheme for re-rolling and induction furnaces Punjab’s steel producers can expect boom time. Even closed units can be revised. Capacity-based excise scheme had many inherent drawbacks which were helping some at the cost of many others. Spinning and hosiery units of Punjab will find hard times with additional burden of Central Excise. For instance import of synthetic waste carried tax burden due to Modvat. Now 16 per cent of the SEP has been made non-Modvatable. So cost directly goes up by 16 per cent which is very burdensome. To add to the difficulty the Punjab Government has also given fresh dose of sales tax. Hosiery and spinning industry is very crucial for Punjab’s economy and its taxation problems need careful attention. Punjab has the largest concentration of SSI units. The Budget proposals can have adverse effect even after some good provisions. Question of exemption limit on Central Excise has been left untouched. Industry has expected some radical change either in the form of enhanced exemption limit or enforcing alternative simplified procedures. This issue still need careful handling in the interest of growth of this sector. The Finance Minister has done well by making provision for soft lending to the tiny sector. This is only a good gesture. The minister should make provisions so that the SSI sector gets bank finance at PLR. Banks are charging anything like 3 to 4 per cent above PLR. This is one reason for the growing stock of NPAs. Exporters are for a rude
shock with provisions to bring them into tax net. There
is no doubt that export is very sensitive to our economy
and exporters should be given hasslefree environ to
compete. Businessmen in general and exporters in
particular should not ignore the fact that part of the
fraternity itself is responsible for bringing hardship. ST evasion through discounts TWO old women were busy selecting a silk saree at a government shop in Sector 17 in Chandigarh. They selected one saree, which was attractive and elegant, costing Rs 2,600. These days every third shop has displayed a sales banner making attractive offers. They asked the shopkeeper about the cost they were supposed to pay. The shopkeeper told them that there was a discount of 10 per cent, but they had to pay 8 per cent sales tax. The women were taken aback. They told the shopkeeper that they would not ask for the bill and hence he should not charge sales tax of 8 per cent. The salesman explained that this was not possible as it was government shop. Sometime back a carpet was purchased by a friend which cost Rs 4000 or so. The factory owner told my friend that if he needed a bill then he had to pay 10 per cent more as sales tax. Mr friend preferred to go without the bill and thus saved Rs 400. In another instance six sets of plastic chairs and tables were bought from a big shop. One set consisted for four chairs and one table. This shopkeeper also offered not to charge sales tax if the bill was not insisted on. Hence, this saving was also made by my friend. Contrary to this, a few years back I had visited Toronto and Ottawa in Canada and Manhattan in New York and at all these places naturally I along with other media persons went for shopping also. A number of shopkeepers there also had displayed banners of sale, offering to 40 or 50 per cent discount. Inside the shops, on various groups of items displayed, a label was there showing the percentage of discount on that group. After selecting the items we brought our respective articles on the billing counter where a woman clerk prepared the bills for each of us on the billing machine and also added the sales tax. All of us our respective bills without any fuss about sales tax. However, this is not the case in India. In a shop where the discount is exhibited up to 50 per cent, if one asks about the articles with 50 per cent discount, the shopkeeper would normally point out at a farther corner in the shop where at a table a few odd articles are generally kept in a haphazard manner. Of course, very few people would be able to get anything worthwhile from that corner. Shopkeepers not only in Chandigarh but also in Punjab, Haryana and Delhi are prepared not to charge sales tax on many items. Many people are heard saying that shopkeepers must have added the sales tax already to the price. Even when any shopkeeper decreases the price on an article substantially, the purchasers are heard saying that the shopkeeper still must have earned some profit. This only shows that by such tactics shopkeepers only sow the seeds of distrust among customers. If they honestly fix the prices of various articles, they might not have to adopt such tactics to attract customers. Such customers also boast that such and such shopkeeper had given them 20 to 40 per cent discount. The shopkeepers try to rob the Government by not charging sales tax from customers. If they had charged the sales tax already, they deceive customers who had been taken on a ride on the question of sales tax. Moreover, various state government had been using the instrument of sales tax in order to augment their income. In order to withstand the pressures, sometime sales tax on certain items is also reduced like on bindis, rubber chappals, bangles etc. With the introduction of uniform sales tax in the country, the income of the States would in the first instance go up considerably at the cost of customes. Of course, on big items like cars, trucks, petrol, diesel, electronics goods and on many others, sales tax cannot be avoided. However, there are many other articles on which sales tax once fixed, may not be altered easily. Stagnation can crop up when two neighbouring States may not agree to increase sales tax on particular items. Under such a situation, will the uniform sales tax policy succeed? The need of the hour is
that shopkeepers and customers should be educated and
awareness brought to them that the tactics of waiving
sales tax on articles should be discarded so that the
States get more income from sales tax. Moreover, it is
seen that with the change of any State Government, an
increase in sales tax to the extent of 20 to 30 per cent
is shown by the department concerned. Why? If all are
honest, the income of the States will increase
automatically. |
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NEW DELHI, March 5 (PTI) — Seagram Manufacturing Ltd has been denied licence to import alcoholic concentrate from Scotland by the Directorate General of Foreign Trade (DGFT) for non-fulfilment of export obligations. The DGFT turned down the application by Seagram for import licence as the company had a shortfall of Rs 5.45 crore in fulfilling the export obligation for the five-year period ending January this year, Ministry sources said. The DGFT in its order said no import licence could be granted to Seagram till it achieves foreign exchange neutrality. Seagram was to achieve forex neutrality over a period of five years commencing January 1995. The company had applied for import of alcoholic beverages concentrate for the period starting February, 2000. Seagram’s Chief Operating Officer Param Oberoi was unavailable for comment. The Department of Industrial Policy and Promotion under the Ministry of Industry and Commerce has also turned down a request by the company to extend the time period to meet export obligation. In its rejection, the
department alleged that Seagram violated terms and
conditions of its approval by manufacturing and marketing
liquor in excess of the licensed capacity endorsed by the
Centre. |
|
NEW DELHI, March 5 (UNI) — Close on the heels of MTNL’s launch of cellular services by mid-2000, the company will offer the Internet on the GSM Technology by October 2000’’, Mr P.S. Saran, Secretary, Department of Telecom Services, said. Asked on the technology to be used for the Internet offering on cellular services, Saran said the CDoT is developing it. Talking to reporters here, he predicted that MTNL would get 30,000-50,000 subscribers for its cellular services to be kicked off by June 2000. The service will be launched in Andhra Pradesh, Tamil Nadu, West Bengal and Bihar. In the next six to eight months, MTNL will extend its cellular services all over the country. The company has placed Rs 500 crore turnkey order for the installation of GSM network with ITI Limited which had bid for the contract with Lucent Technologies. No revenue targets have been set from these Internet-on-cellular services, Saran said expressing hope that cell phones would be ubiquitous within five years and tariffs between cellular services and basic telephony would be bridged. Mr Saran emphasised that TRAI would not suggest reduction in long distance telephony rates during the year 2000-01 as the department was likely to suffer a revenue loss of Rs 2,000 crore during the current fiscal due to implementation of revised tariff in May last. ‘’Let us hope, TRAI does not suggest further cuts in STD rates’’, he said adding that DTS is in no position to absorb further tariff revision for telecom services. DTS has budgeted for revenue receipts from MTNL and VSNL of Rs 19,814 crore, an increase of 11.9 per cent over 1999-2000 earnings. The revenue increase has been projected in spite of a 11 per cent drop from budgeted levels during 1999-2000. This year, DTS had
projected revenues of Rs 19,788 crore, against which
actual revenues were only Rs 17,706 crore, a difference
of around Rs 2,000 crore. |
J&K overdraft limit at 800 crore JAMMU, March 5 (PTI) — Already neck-deep in a major financial crisis, a latest decision by Jammu and Kashmir Bank limiting the overdraft amount of the State Government to Rs 800 crore has come as a blow to the beleaguered National Conference Government.“There was unlimited overdraft money for the government. Now, it can draw only a maximum of Rs 800 crore,” J and K Bank Chairman M.V. Khan told PTI here today, adding the overdraft had now decreased from Rs 1,121.20 crore to Rs 487 crore. “An increase in overdrafts from Rs 1,835.91 crore to Rs 3,861.84 crore at the end of current financial year has forced the bank to impose the limit,” he said. “I have to see that
my money is safe. Overdraft is no problem as our bank is
the main channel between the Central and the State
Governments. We can take our money when we like,”
Khan said.The State Government obtains temporary loans
from J and K Bank for its ways-and-means requirements.
The maximum limit up to which temporary loans can be
obtained at any time, as approved by the Centre, is Rs 3
crore, according to CAG of India’s latest report for
the year ending March 1999. |
Inflation falls to 2.08 per cent NEW DELHI, March 5 (PTI) —The inflation rate continued to tumble for the fourth successive week to touch a 20-week low of 2.08 per cent for the week-ended February 19, despite the overall wholesale price index (WPI) remained unchanged. The 0.29 percentage point fall in the annual rate of inflation to 2.08 per cent (provisional) from 2.37 per cent (P) in the previous week is mainly on account of the effect of a sharp rise in the corresponding week of last year. In contrast to the decline of 0.29 percentage points during the week under review, the inflation rate had shot up by 0.58 per cent to 5.70 per cent during the corresponding week last year. The lowest rate of inflation previously recorded was 1.95 per cent for the week ended October 2, 1999. The inflation is steadily falling after touching a 32-week high of 3.31 per cent for the week ended January 22. The WPI for “all
commodities” (base: 1981-82 = 100) for the week
ended February 19 remained unchanged at its previous
week’s level of 363.4 (P). |
|
MUMBAI, March 5 (PTI) —Foreign Institutional Investors (FIIs) remained net investors all through the week ending March 2, taking their aggregate investments in both equities and debt since 1993 above $ 11 billion. Mutual funds (MFs) have made net investments in both equity and debt markets to the tune of Rs 238.99 crore and Rs 111.21 crore, respectively. During the period, when the budget was presented. During the week, the
FIIs were net buyers in equities and debt to the tune of
Rs 652.9 crore ($ 143.5 million). |
ty
by R.N. Lakhotia Q: I own a transferable plot at Panchkula allotted by the HUDA Panchkula. I have not executed the conveyance deed of the plot so far as such the plot is transferable by paying transfer fees to the HUDA directly. Now I want to gift the plot to my son who is minor at the moment but going to be major within six months. Please let me know how can I gift my plot to my son and what type of papers be executed by me and also I have no mention the value of the property in the paper executed by me or not. — Anchal, Mohali Ans: You can make a gift to your minor son also. This is because by the time of close of this financial year, your son will be a major child. Hence, there is no restriction on your making the gift right now to your minor child becoming major before March 31, 2000. Luckily as the conveyance deed of the plot has not been executed, you will not be liable to pay stamp duty in respect of the gift. You can right now transfer the plot by paying the requisite transfer fee etc. to HUDA. Later on when the conveyance deed is executed, the same will be executed in favour of your son who will be major on the date of making the Conveyance Deed. Q: My husband was a Kendriya Vidyalaya Principal (Grade II), who died on November 21, 1996. I want to know if pensionary benefits payable to me through bank drafts are taxable or not. These benefits include leave encashment, contributory provident funds final payment death-cum-retirement gratuity and final payment of Group Insurance Scheme. Are his NSC and bank account money tax free or not. Are arrears of pay and stagnation increment tax free or not. My age is 54 years and have a son aged 26 years, who gets equal share of DCRG. —
Smt Jagir Kaur Auluck, Ans: The payment received by you in respect of your late husband comprising of contributory provident fund, death-cum-retirement gratuity upto Rs 3,50,000, Group Insurance payment and Leave Encashment upto Rs 2,40,000 are completely tax free. The NSC and Bank Account money belonging to the husband would now belong to the legal heirs. They will have to include the income from NSC and bank interest, etc. in their individual Income Tax returns. Q: I am serving in PSEB and my income is approx. Rs 2,00,000. As per rules I can invest Rs 60,000 in NSC etc. for deduction in income tax as per rule 88. I want to give some money to my major sons for their business. Kindly advise:- (1) Is this amount given to my son is taxable. (2) How much amount I can give to my son as a gift so that it does not attract income tax. (3) For proof of gift only bank passbook entry is enough or some other documentary proof is required. —
Joginder Pal Aggarwal, Ans: You can give gift to your major son. From 1.10.98 there is no restriction with regard to the amount of gift because gift tax has been abolished. Hence, depending on your desire, you can make a gift to your major son. It is better you write a letter to your son giving details of the gift amount and the details of the cheque in connection with the gift amount. On the second copy of the letter, your son should accept the gift, only then the gift is complete. It is recommended that a copy of this gift letter may be enclosed with your Income Tax return. Similarly, if your son is filing his Income Tax return, he may also enclose a copy of the gift letter with his Income Tax return for the sake of convenience and record. Q: My wife and myself are the joint owners of plot on which the house is constructed by us. My wife is a Government employee and has taken HBA from the State Government. Myself is also a Government employee. (1) The question is that am I eligible for House Rent Allowance exemption as per Income Tax Rules? (2) If yes, then should I get the receipt of house rent from my wife. Is it technically correct? How she will be showing this income of house rent in her Income-Tax return? — Abhinav Kumar, Patiala Ans:
You will get deduction in respect of your house rent
allowance on the basis of rent payment to your wife and
obtaining receipt as evidence of such rent payment.
However, please ensure that the rental income is included
in the income of your wife as income from house property.
Making rent payment to wife is perfectly legal within the
framework of the Income Tax law. |
ms
by J.C. Anand Budget proposals unfriendly to investors THE Union Budget proposals for the financial year 2000-2001 are likely to hit the long-term investors hard. Except for some concessions to the senior citizens and women tax-payers, the Budget proposals are unfriendly to investors. The surcharge on personal income tax (in the tax bracket of 20 per cent and 30 per cent) imposed last year as a temporary measure has not only been retained but now it has been raised further from 10 per cent to 15 per cent. This of course applies to all category of tax-payers. But another change proposed in the tax proposals is likely to hit the long-term investors in the corporate sector. A welcome change had been made last year to impose dividend tax on the corporate sector at the rate of 10 per cent on the amount of the profits paid out to the share-holders as dividend. Those who received the dividend did not have to pay any tax on this dividend income. According to the budget proposals, this dividend tax has been raised from 10 per cent to 20 per cent. This tax will, of course, be payable by the corporate sector and the dividend received by the share-holders will be tax-free in their hands. But this enhancement in the dividend tax will hit hard those companies which have been paying dividends at high rates, say, upward of 40 per cent. These companies may now apply a cut in the rate of dividend distribution to the share-holders. It is also possible to argue that high profit-making companies may now reduce the dividend rates drastically and reward the share-holders by issuing bonus shares at short intervals, say every second or third year. At least for some time the market-rating of companies which have been so far paying high dividends would suffer. Another important change has been proposed in the long-term capital gains tax proposals. Sections 54 EA and 54EB will cease to operate on April 1, 2000, and will be replaced by Section 54 EC. Under this section, long-term tax exemption will be available only if invested in any bonds redeemable after five years (from the date of investment) issued by NABARD or by the National Highways Authority of India constituted under Section 3 of the National Highway Authority of India Act, 1988. As earlier (under Section 54 EA and 54 EB) the long-term capital gains will have to be invested within six months of the transaction, and no loans or advance will be taken on the amount invested in bonds. Some concession, has, however, been given in respect of long-term capital gains accruing from sale of assets in property. The new proposals on long-term capital gains are likely to be hard on investors in the corporate sector etc in at least two ways. Even when the net long-term capital gains are invested (previously possible U/S 54 EA), the period of investment will be now five (and not three years). Secondly, investment has to be made in bonds issued by NABARD etc and not in mutual fund schemes. The interest accruing from these bonds is likely to be taxable (and not free from income tax when invested in mutual fund equity-oriented schemes). It appears that it may now be more profitable for the investors to pay the long-term capital gains tax than to invest in these bonds for five years. The new proposals for long-term capital gains tax and U/S 54 EC are calculated to divert funds to the rural and road-building activities. Another proposal levies tax on export profits of the corporate sector which were so far exempted from tax. The plan is to bring back such earnings within the tax-net in five years. For the financial year 2000-2001, 20 per cent of the export profits will be taxed. Next year, the tax will cover 40 per cent of these profits and progressively the percentage of these profits subject to tax will be raised to 60 per cent in the third year, 80 per cent in the fourth year and cent per cent in the fifth year. Even the infotech companies are now subject to tax under this scheme. This section of the corporate sector can easily bear the burden, though progressively the tax-bite will be sharper and deeper and affect the profitability of these companies too. But this proposal will hit other exporting industries such as cotton yarn, textile, sports goods, leather etc even this year. The budget proposals are hard on the corporate sector but the sharp fall in the stock exchange indices is difficult to understand. The blue-chip equities in non-infotech sectors are now quoting at a very low market rates. There appears to be two possible explanations. The first is that traders are interested only in infotech shares which are going up almost every day. Scrips in other sectors, including those of multinational companies, are neglected and even sold to raise funds. Secondly, the FIIs are keeping away from the market temporarily. The depressed condition
in the non-infotech sectors are not likely to continue
for long. Any long-term investment made now in blue-chip
equities and in multinational companies will surely prove
rewarding. |
cr
IFCI I DEPOSITED a cheque for Rs 5,000 vide application No 0074390 with the IFCI on August 14, 1996, for investment in IFCI Bonds till to date I have not received the bonds. Vijay Singla Global Tele I sent 100 shares to Global Telesystems Ltd with Folio No S-11922, certificate No 00025939 on February 23, 1999, for clarification/correction in the name of the shareholders. Till to date I have not received the shares back. Sukhdev Kaur,
Kulwant Singh Taurus MF I sent 200 shares to Taurus Mutual Fund for transfer in my name on folio No 100899/F. No. 94010413953 in February, 1999. But till to date, I have not received the same after transfer. Anil K. Bhasin Essar Oil I hold 100 fully paid secured non-convertible debenture of Essar Oil Ltd. vide Folio No EO 390561, Certificate No 318758. The company has not paid me interest warrants for the period ending June 30, 1999 and December 31, 1999 relating to part C debenture despite my repeated reminders till date. Ram Kumar Gupta II I have not received the interest warrant from Essar Oil Ltd with folio No 0267078 and certificate No 543132 for the half year ended June 30, 1999, despite repeated requests. Kulwant Singh
Dhand DCM Fin We deposited Rs 15,000 and Rs 10,000 with DCM Financial Services Ltd vide FDR receipt numbers 80929 and 80927 dated May 7, 1997 which were due after maturity on May 7, 1998. Despite many reminders we have not received the matured amount. Gaganpreet
Singh, Milanpreet Kaur Woolworth Non-receipt of 400 shares of Woolworth (I) Ltd. sent for transfer on Oct 23, 1999 bearing Folio Nos 113571, 27266, 116180, 166180. Jai Raj Verma SBI Multiplier Non-receipt of redemption warrant of SBI Multiplier 1990 sent for transfer to Regd office in Regd cover No 1979 dated May 5, 1999 bearing folio Nos 43106, 43613, 159130 and 43994. Narinder K.
Bhatia Birla Yamaha I sent 100 shares of Birla Yamaha dated January 21, 1999 bearing Folio No BY 13067 204045 Certificate No 13067. Distinctive No 1306061 to 1306162 for transfer which I have not received despite numerous reminders. Rohit Jalwi
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BHEL Sports footwear J. Sridhar |
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