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| Thursday, May 4, 2000, Chandigarh, India  
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Budget now ‘100 pc
infotech-friendly’ Liberty dealers raided Amendments proposed to cooperative
Act CVC’s tips to bankers HDFC net profit climbs by 20 pc |
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Induslnd Bank net soars
46 pc Indica with MPFI Workshop for women L&T to float new company Satyam Infoway to set up Internet
gateways
Budget now ‘100 pc infotech-friendly’ NEW DELHI, May 3 (PTI) — The software industry today welcomed the initiatives announced by Finance Minister Yashwant Sinha for the it sector saying it would help the industry to achieve up to 70 per cent growth rate in software exports in the current fiscal. “Sinha’s announcement has made the Budget 100 per cent infotech friendly. The industry expects to touch a 70 per cent growth rate in software exports in 2000-01 as against 60 per cent targeted earlier,” Dewang Mehta, President, National Association of Software and Service Companies (Nasscom) said adding that the association has revised its projections of software exports during 2001 to $ 6.5 billion. Moving the Finance Bill in Lok Sabha, Sinha announced that tax holiday for units in software technology parks (STP) and export oriented units (EOUs) would be phased out only over a period of 10 years. “The phasing out of tax holiday would bring to an end the discrimination between old and new software companies and lead to proliferation of more it firms in the country,” Mehta said. “Based on the Finance Minister’s sops, we have revised our projection for exports in 2000-01 and we believe that software exports growth would be in the region of 65-70 per cent of the earlier projection of 60 per cent growth”. Nasscom has revised its projections of software exports during 2001 to $ 6.5 billion. Nasscom also welcomed the Finance Minister’s decision to extend Section 10A/10B of the Income Tax Act to IT enabled services. This means all round proliferation and employment generation in medical transcription, call centres etc. “Nasscom projects at least additional employment of two million jobs in IT enabled services in the next 10 years.” Nasscom was particularly elated about the fulfilment of its demand on ESOP taxation. As per the new announcement, ESOP will be taxed only as capital gain at the time of sale. Nasscom has also welcomed a major decision taken by Sinha on “pass-through” for venture capital funds. Now, venture capital funds will not have to pay tax on distributed and undistributed profits and tax will only have to be paid by the investor as per his status. Mr Mehta said “We
believe that now the differentiation between overseas and
domestic venture capital funds has been totally removed
and the venture capital movement will take off in the
country. We expect at least three billion dollars of
venture capital money to come into India in next 18-24
months.” |
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KARNAL, May 3 (TNS) — Mr P.D. Gupta, Chairman of the Liberty group, here today alleged that his company was being pressurised by the Haryana Government. Mr Gupta was reacting to the raids conducted by officials of the Excise and Taxation Department on the company dealers yesterday. Addressing a press
conference, Mr Gupta alleged that yesterday officials of
the Pollution Control Board also raided their offices
despite the fact that they had all the equipment
installed to check pollution. The police had yesterday
registered a case under Section 420/120-B of the IPC
against some dealers. |
Amendments
proposed to cooperative Act CHANDIGARH, May 3 — Government interference has become synonymous with the word cooperatives.Their liberalisation, thus,becomes imperative because there is no statutory protection available to them at present. It is hoped that once the amendments to the Punjab Cooperative Societies Act, 1961, are effected the process of proposed structural reforms will automatically set in. Despite the best of intentions, these “reforms”, suggested by the Rajan Kashyap Committee have not become operative due to political factors. Incidentally, the reforms were the brain-child of the Chief Minister. According to the Registrar, Mr Suresh Kumar, some of the key amendments proposed to the Act are as follows : — Application for registration of a society should be disposed of by the Registrar within 90 days from the date of receipt. In case no decision is conveyed the same be deemed to have been registered; — Cooperative societies shall, henceforth, be able to promote subsidiary organisations or collaborate with any other organisation(s) for fulfilment of the objective for which these are promoted ; The three problems, identified an shortlisted by the department of cooperatives (default in repayment of loans, embezzlement and misappropriation of funds and inability of banks to dispose of land and other assets decreed by the courts and arbitrators in favour of banks) have revealed the following picture; At the Punjab State Cooperative Bank level number of continued default in repayment of loan cases was 51,080, involving an amount of Rs 51.84 crore. There were 2,517 default cases where the outstanding amount was above Rs 50,000. This added upto Rs 22 crore. Why do borrowers default ? Why do employees or societies’ members embezzle money ? Why are banks unable to dispose of land and properties decreed in their favour? An answer was provided by the Registrar, Mr Suresh Kumar. The farmers did not or could not pay due to “failure of crops, unremunerative prices of produce and, of course, utilisation of funds realised from the crops to meet their social obligations”. Moreover, natural calamities, including waterlogging, have also contributed to default repayment. Deliberate and dishonesty were also counted as factors in respect of farmers, employees and members of the societies. Most of the embezzlements were as a result of connivance between borrowers, members of the societies’ committees and the banks and even department officials.Coercive measures did not help, hence, the introduction of special one-time settlement scheme-2000 and the constitution of Accountability Committees based on Punjab Vidhan Sabha’s Public Accounts Committee.The department has done much in the last three year. Much has been done and a lot has to be undone. (Concluded) |
CVC’s
tips to bankers CHANDIGARH, May 3 — Honest bank managers need not be afraid of taking bona fide commercial decisions. In case juniors are put to pressure by seniors or from outside, they can complain to the CVC who will take the necessary action. CVC will not reveal the names of such junior officers. This was announced by Chief Vigilance Commissioner, N. Vittal while addressing bankers here today. He said a separate chapter was incorporated in the Vigilance Manual as applicable to banks to take care of the specific requirements of banks and commercial decisions to be taken by bankers. The proposal of advisory boards for CBI cases envisaged in the Special Chapter was to ensure objectivity in examining the vigilance angle of commercial decisions in banks. CVC reiterated the instructions of not taking any action of any anonymous/pseudonymous complaints/ petitions which only need to be filed. All these measures, he said, were to reassure bankers of protection and bankers need not fear in respect of bona fide decisions. Despite these, if the bankers did not take decisions, it would speak of incompetence and unprofessionalism. Transparency and speed are the best remedies to prevent corruption, which he said is anti-poor, anti-nation and anti-economy. Towards transparency, the website of the CVC has been launched and disposal of cases has been speeded up. The meeting was organised by Punjab National Bank. Mr S.S. Kohli, Chairman and Managing Director of the bank, presided. Mr K.R. Chhabria, Executive Director, Mr V.K. Dutt, Chief Vigilance Officer, General Managers and Zonal Managers from across the country and other senior Executives were present. PNB launched its first
issue of quarterly news letter “PNB Vigil”
which was released by Mr Vittal. |
HDFC net profit climbs by 20 pc MUMBAI, May 3 (PTI) — HDFC has reported a 20 per cent rise in its net profit at Rs 401.81 crore on a 15 per cent increase in income from operations at Rs 2012.86 crore for the year ended March 31, 2000 compared to last year. Other income of the company stood at Rs 2.70 crore (Rs 5.86 crore last year), as per the financial results released here today. Reserves as on March 31, 2000 stood at Rs 1976.86 crore (Rs 1852.73 crore as on March 31, 1999) while earnings per share (EPS) as on March 31, 2000 were Rs 33.73 as against Rs 28.03 as on March 31, 1999. In the fourth quarter
ended March 31, 2000, HDFC posted a 23 per cent increase
in net profit at Rs 133.97 crore on a 23 per cent rise in
income from operations at Rs 570.51 crore. Induslnd Bank net soars 46 pc CHANDIGARH, May 3 — Induslnd Bank Ltd has registered an increase of 45.82 per cent in net profits during the current financial year over the corresponding period last year, as a result of better all-round performance. Net profit touched a mark of Rs 53.66 at the end of the financial year 1999-2000 as against Rs 36.80 crore in the corresponding period last year. Operating profit of the bank has also gone up by 61.74 per cent to Rs 212.58 crore as against Rs 131.43 crore in the corresponding period last year. GTB signs MoU — Global Trust Bank (GTB), to give its banking operations the requisite technological edge, has drawn up a Rs 45 crore expenditure plan for its e-commerce and Internet thrust. “GTB will spend
about Rs 40 to 45 crore over the next couple of years for
its foray into the Internet space and e-commerce”,
Executive Vice President of GTB, P.C. Narayan, told
newspersons here today.— (PTI) |
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PUNE, May 3 (PTI) — Tata Engineering today launched Indica 2000, the Euro ii compliant, 75 bhp multi-point fuel injection (MPFI) version of Indica. The price of the two models of the Indica 2000 car in Delhi (ex showroom price) is lei model Rs 3.18 lakh and LXI model Rs 3.96 lakh. The price of the two models in Mumbai is Rs 3.38 lakh and Rs 4.22 lakh, respectively. Packed with a 16-bit
microprocessor-controlled engine management system,
Indica 2000 is the most powerful car in its class and is
being launched in two trim levels. |
Workshop
for women CHANDIGARH, May 3 —
Canara Bank, in collaboration with the YWCA, today
started a three-day workshop for women at Daddumajra
village, near here. The Food and Nutrition Board, HRD
Ministry, made arrangements. The bank will motivate and
provide support to the trainees for taking up
self-employment. During the workshop, the trainees will
be told about balanced diet, food fallacies, methods of
cooking, presentation of food and practical training on
making ketchups, sauces, squashes, jams, chutneys,
pickles and kaddu burfi. |
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MUMBAI, May 3 (PTI) — L&T Finance Ltd, the non-banking finance subsidiary of Larsen & Toubro Ltd, has decided to hive off its structured finance division into a separate company that will focus exclusively on capital market business opportunities. This decision by the engineering and construction giant comes in the wake of recommendations of the Boston Consulting Group (BCG) which had been hired by L&T to advise it on its restructuring. The new company, which is under incorporation, would be a wholly owned subsidiary of L&T Finance Limited and would soon seek registration from capital markets regulator the Securities and Exchange Board of India (SEBI) for pursuing full-fledged market related activities. L&T Finance had registered with the SEBI as a category I merchant banker in 1995 but did not renew its registration on its expiry three years later. L&T co-founder: Henning Holck-Larsen, co-founder of L&T and Chairman Emeritus of the company, was felicitated by the CII here yesterday. The 93-year old Holck-Larsen was presented a silver plaque in honour of his vision and spirit of entrepreneurship. “There are many stories of creation of wealth, but then, Holck-Larsen created his for this country”, CII President Arun Bharat Ram said. L&T Managing Director and Chief Executive Officer A.M. Naik said Holck-Larsen had already visualised today’s buzzwords a few decades ago, covering recruitment and promotion by merit and development of indigenous knowhow. Holck-Larsen along with his former classmate, Soren Toubro, had set up L&T as a partnership in 1938 for importing Danish dairy equipment, operating from a small room in Ballard Estate, Mumbai. He has also been
honoured with the prestigious Ramon Magasaysay Award for
international understanding. |
Satyam Infoway to set up Internet gateways MUMBAI, May 3 (PTI) — Satyam Infoway has drawn up an investment plan of $ 20 million for developing Internet gateways in India, President and Chief Operating Officer George Zacharias said here.“This investment will be made to develop the necessary infrastructure for Internet gateways”, he told newsmen today at the launch of its new Internet service offering unlimited access to the Net at the affordable prices. A webserver farm will be operational by next month at Vashi near Mumbai and the company will set up such farms in Delhi, Mumbai, Chennai, Bangalore in the coming year. The company also announced the launch of a new Internet service that offers customers unlimited Internet access for as low as Rs 299 per month for both domestic and commercial use. “The ‘Unltd’ domestic package for home PC users offers unlimited access for 12 months from date of registration, and comes bundled with five user IDs and four e-mail IDs”, he said. Current users of Satyam Infoway online service through hourly packages can renew their connection with ‘Unltd’ at a special price of Rs 3,588 for 12 months. Commercial pack offers unlimited usage for 12 months with an user ID having a single identification number and 5 MB storage space, however, current users can renew it at a price of Rs 17,988 for one year. Wipro Infotech: Wipro Infotech, having IT group of customer support call centres in India, inaugurated the sixth customer support call centre here today. Inaugurating the centre, Wipro Corporation Chairman Azim H. Premji said “The Call Centre is a step forward in fulfilling Wipro’s promise of quality to customers working through the Six Sigma Quality initiative to take care of critical applications such as online banking, publishing, mutual fund operations, insurance, and home computing”. Wipro will soon provide remote diagnostics capabilities from its call centres to drastically increase systems uptime for customers and they could avail the benefit of product and multi-vendor support services, messaging, upgrade and global support services, and facilities management, Arun K. Thagarajan, Vice-Chairman of Wipro, claimed. Wipro Call Centres offer a single point contact for customers to log their computer related calls. They are equipped to handle calls received from different types of communication modes like telephone, pager, fax, e-mail and web. The calls registered are automatically routed to their respective service locations and tracked till closure. Wipro call centres, operational for the past six months at Mumbai, New Delhi, Calcutta, Chennai and Bangalore, have received more than 60,000 calls so far. Each Call Centre has a technical help desk to resolve reported problems. Over 1000 calls per month have been successfully completed on the phone, giving customers very fast call resolution. Pentamedia, Modi jv: Pentamedia Graphics Limited and Modi Entertainment Network have signed a joint venture paving way for tapping the best of entertainment deliverables and high quality animated software for the Television and Internet audience worldover. The corporates have signed a 50:50 joint venture with an investment potential of about $ 10 million. Modi Entertainment Network would lead the marketing initiatives in the USA, Europe and other parts of the world, a press release from Pentamedia, formerly known as Pentafour Software and Exports Ltd, said here today. Lalit K. Modi, Vice-Chairman of Modi Entertainment Network said, in the press release, that the market for animation was expected to be over $ 40 billion in the next four years with a 20 per cent growth. “The West is looking towards emerging markets like India for creativity with effective cost and turn-around time”, he said. V. Chandrasekharan,
Chairman and CEO of Pentamedia said, television in India
had currently 68 million households and was expected to
reach 86 million by end of this year. The cable TV in
India had 29 million viewers and the viewership would
touch 46 million by end of this year. Indian television
software industry’s revenue was expected to grow
from $ 1445 million last year to $ 1963 million this
year, he said. |
cr
Godrej soaps
back in black with 61 crore net Sales of consumer products (Godrej brands) were up by 28 per cent at Rs 324.44 crore over Rs 339.80 crore in the previous year, it said. In the detergent segment, sales recorded a jump from Rs 3.09 crore last year to Rs 22.37 crore in the current year after acquisition of Ezee and Trilo brands, it said. Birla VXL net
profit declines Rich President
of Desius LLC Rich, who has over 20 years of experience in the software industry from his tenure at Unisys Corporation, was appointed yesterday. Desius, which has systems development and web design centre in the city, is engaged in development of software, systems and programming for Internet-based and e-com applications in the direct marketing, retail and e-com industries. HCL Comnet ties
up with ISS Under the agreement, HCL Comnet will offer ISS’s range of intrusion detection and network vulnerability analysis products in the country, besides acting as ISS’ authorised training partner and consulting partner in India. RPG Cables net
at Rs 10.43 crore Sales during the year increased by 24.55 per cent to Rs 427.14 crore from Rs 342.94 crore whereas other income dipped to Rs 16.36 crore from Rs 19.41 crore last fiscal. Expenditure increased by almost 21 per cent to Rs 425.08 crore from Rs 351.33 crore and operating profit after that stood at Rs 63.62 crore against Rs 54.07 crore last fiscal. Varun Shipping
net up 19 pc ITC interested
in paper unit Geyer to
purchase Havell’s share at 140 The Indian promoters are
also in the process of completion of creeping acquisition
of 5 per cent equity from the market which will ensure
more than 50 per cent holding. |
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Taxation Bar Grievance cell SC directive Microsoft |
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