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| Wednesday, May 24, 2000, Chandigarh, India  
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Cases against Reliance under probe, says CBI US rate hike to hit inflow of dollars Why notices
to FIIs got spiked ? Born to change world
Loan scheme for Kargil widows
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Rs 6,321 crore benefit to
oil firms
Cases against Reliance under probe, says CBI NEW DELHI, May 23 (PTI) — The CBI today informed the Delhi High Court it was examining certain documents recovered from the office of Reliance Industries Ltd (RIL) and premises of one of its officials and investigation into the allegations of financial irregularities against the company was in progress. The CBI, in its affidavit in reply to a petition by Janata Party President Subaramanian Swamy seeking direction to the CBI and the Enforcement Directorate to investigate the alleged irregularities by RIL, said “the investigation of the case is in progress.” The investigating agency said it had recovered “two classified documents” from RIL’s office premises at Delhi and Mumbai and the residence of Reliance Telecom Chairman B.K. Syngal during a search on November 19, 1998, and the same were being “investigated impartially and free from any pressure.” The court had issued notices to the Union Home Ministry, the CBI, ED, Registrar of Companies, Delhi Police and RIL on Swamy’s petition on February 17. The CBI, however, denied it had recovered a floppy containing details of RIL’s deals from the Mumbai residence premises of its executive V. Balasubramanian. “Four classified documents running into 37 pages were recovered from the office of Balasubramanian at New Delhi on October 28 by the Delhi Police Crime Branch during the investigation of a case
against Romesh Sharma,” the affidavit said. On Swamy’s claim that the document recovered from the premises of Balasubramanian “posed serious and grave danger to the security of the country,” the CBI said “the documents are related to economic issues”. “During investigation conducted so far, the role of Romesh Sharma (at present lodged in Tihar jail in judicial custody) has not figured anywhere either in procurement or distribution of the classified secret documents,” CBI said. Since the investigation was still in progress, it was not possible to say at this stage whether any senior IAS officer holding a “sensitive” position at the Centre was responsible for “leakage” of the documents. Meanwhile, RIL in its affidavit accused Swamy of making “reckless allegations” against it merely on the basis of newspaper ¦reports. “Several investigations and proceedings referred in the petition have been concluded several years ago,” the RIL affidavit said, adding that no appeals were preferred against the legal proceedings. |
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US rate hike to hit inflow of dollars NEW DELHI, May 23 (PTI) — The hike in US interest rates to 6.5 per cent is likely to put pressure on RBI to hike the domestic interest rates so as to maintain the rate differential between the two countries, says PNB Gilts, a primary dealer in G-secs. Though the US interest rates were rising continuously, the Indian interest rates were on the decline resulting in narrowing of interest rate differential between the two countries, PNB Gilts said in its latest report. However, the difference in inflation rate between two countries still remains high and this may put “some pressure on RBI to hike the rates so as to maintain the rate differential between the two countries,” it said. Further, a rise in US rates means a high real cost and a high opportunity cost for Indian corporates borrowing in foreign currency. This combined with the global increase in prices of manufactured products may result in domestic inflation picking up further to 5-5.5 per cent as against 4.5 per cent projected by RBI, the PNB Gilts report said. “With inflation rising, it may not be possible to sustain low yields,” it said. The US Federal Reserve had hiked the interest rates by 50 basis points to 6.5 per cent earlier last week. PNB Gilts said that there was also apprehension that a rise in US rates will adversely affect the prospective foreign fund flows into the Indian market. There could be a withdrawal of foreign capital already invested in Indian markets, the report warned. It also warned that there could be a withdrawal of foreign currency deposits by NRIs as the rates on FCNR deposits have become less attractive after the US rate hike. “This may result in lesser dollars flowing into the country adversely affecting the underlying liquidity trends with yields increasing,” the report said. The Indian debt market is thus in a confused state of affairs, it said. On the one hand, liquidity is comfortable as revealed by more than 100 per cent oversubscription in the two securities viz 11.10 per cent Government of India (GoI) securities maturing 2003 and 11.68 per cent GoI maturing 2006 auctioned on May 15 for an aggregate notified amount of Rs 5000 crore. On the other hand, despite comfortable liquidity, yields are picking up mainly on account of volatility in
Forex market without justification, the report said. It said that the fundamentals of the economy, however, remain strong with comfortable foreign exchange reserves, a manageable rate of inflation and a prospect for higher growth of the economy. |
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Why notices
to FIIs got spiked ? NEW
DELHI, May 23 (UNI) —The Delhi High Court today asked the Central Board of Direct Taxes (CBDT) to indicate on what basis it issued a circular on April 13 to withdraw notices issued by the Income Tax Department to Mauritius-based foreign investors. The court also called for copies of certificates issued by the Mauritian authorities for registering
FIIs which are managed, operated and controlled either in India or in their original parent countries like the USA, Canada and Britain. A division bench comprising Chief Justice Arijit Pasayat and Justice D.K. Jain said the records must be placed before August 9. The order came following a public interest litigation (PIL) filed by Azadi Bachao Andolan, a non-governmental organisation, which said the Government’s April 13 circular was illegal and should be declared void. |
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Born to change world NEW YORK, May 23 — Navin Chaddha, founder, chairman and CEO of Biztro, a Web-based office management service, says he was born with a mission — to change the world, technology-wise. The 29-year-old Indian American, who as a child wanted to be another Thomas Edison and counts Mahatma Gandhi and Mother Teresa among his idols, has already co-founded several companies and has numerous patents to his name. Chaddha was featured in Monday’s Wall Street Journal in a lengthy article that traced his beginnings from the Indian Institute of Technology (IIT), Delhi, to being the rising star of Silicon Valley. The WSJ article said Chaddha is nothing like the freewheeling, jovial place that his company’s Santa Clara offices portray. One-on-one, he is intense and direct with an undercurrent of prickly impatience. “I was born with a mission, and ... that mission is to change the world,” Chaddha told WSJ, which maintained he has the credentials to back up his statements. Some notables at Silicon Valley call him the young Jim Clark, the founder of Netscape. Chaddha confessed he never planned to be an entrepreneur. He was an electrical engineer researching and developing technologies and writing papers at Stanford University when he realised the world was passing him by. He became determined to join the race and, typical to his thorough research style and technology skills, made the business world his new research project. Biztro, his latest project,
focuses on the small business sector, though not exclusively, offering access to payroll, financial, insurance and benefits, intra- and inter-office communications, procurement and business expertise and information to revolutionise management procedures. Biztro co-founder and chief operating officer Pradip Madan, a graduate in physics from Delhi University and a masters from Wharton School of Business, has an illustrious background all his own. Like most others on Biztro’s executive, he is older than Chaddha. “Most of us have a dream — the dream of owning our own businesses. Many of us here at Biztro understand this first-hand,” the two founders tell their clients. Both have owned or worked for small businesses and understand the needs and challenges of the small business owner. Both have also worked for large companies and know what kinds of advantages those have. But, they say, “we recognise that small businesses are the most vital aspect of the American economy and founded Biztro to champion their cause.” Prior to Biztro, Chaddha held several management positions during his two-and-a-half year tenure at Microsoft, the company to which he sold his first start-up Vxtreme, an Internet media streaming software company, for $75 million. In 1997, Chaddha co-founded iBeam Broadcasting, where he still serves on the advisory board in the areas of technology, marketing and business strategy. He also serves on the advisory boards of several other Internet start-ups, including Thinklink, OfficeClick, Bizfinity and Receiptcity.com. In addition, he has provided consulting services to Sun Microsystems, Xerox PARC, Motorola, Analog Devices and Cadence Design Systems. Chaddha has published more than 40 technical papers in international journals and conferences. He holds seven patents, with 28 more pending. — IANS |
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NEW DELHI, May 23 (PTI) — As a mark of respect to the soldiers of “Operation Vijay”, a nation-wide scheme has been launched to make war widows and wounded and disabled soldiers self-sufficient. The project — “Healing Touch” — a joint effort of Punjab National Bank (PNB), Castrol and Escort — will provide various facilities, including loans, and enable ex-servicemen to have their own small tractor parts business, Lt Gen S.S. Grewal, Adjutant General, told reporters here today. The three main schemes, organised by PNB, includes financing lubricant booths, setting up cyber-connectivity at army educational institutions and purchase of personal computers, PNB Chairman and Managing Director S.S. Kohli said. The scheme of financing lubricant booths is expected to cover 5,000 villages for which a loan amount up to Rs 50,000 could be availed, while in the cyber connect scheme, the limit for loans is Rs 2 lakh, he said. |
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Rs 6,321 crore benefit to
oil firms NEW DELHI, May 23 (PTI) — Petroleum and Natural Gas Ministry and Oil Coordination Committee (OCC) allowed undue benefits of Rs 6,321 crore to oil companies under the Administered Pricing Mechanism (APM) during 1993-98, points out the latest report of Comptroller and Auditor General. “Review of implementation of the APM by OCC and the Ministry disclosed several shortcomings in its management and control which resulted in excess payment to the oil companies, ultimately leading to unintended charge on the Oil Pool Account and consequent higher cost to the consumer,” the report said. Against a provision of 12 per cent post-tax return on capital employed, Ministry and OCC allowed pre-tax returns to oil companies without making adjustments for actual tax payments by them. This resulted in grant of unintended benefit of Rs 2154.75 crore to the oil companies.
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Thomas Cook ties up with Comsat MUMBAI, May 23 (UNI) —Comsat Max, one of the largest communication
providers in India, has tied up with Thomas Cook (India) Ltd-TCIL, for installing hybrid network comprising VSATS and Terrestrial links. In the first stage, the network would connect all 50 offices of Thomas Cook across the country. Wipro, Open Market join hands BANGALORE, May 23 (PTI) — Wipro Technologies, a global provider of IT services for the enterprise and technology markets, and Open Market Inc., a leader in integrated enterprises e-business solutions, have announced a strategic relationship through which Wipro will use latter’s e-business suite to provide systems integration services focused on e-business transformation. Morepen to enter biotech sector NEW DELHI, May 23 (PTI) — Morepen Laboratories is close to inking joint ventures (JVs) with two US-based biotechnology companies to make a foray into the segment, a top company official said. “We have firmed up plans to enter into biotechnology as this segment holds tremendous potential for growth. It will be our new thrust area”, K.B. Suri, Chairman, Morepen Laboratories said. Atcom Tech net up 57 pc NEW DELHI, May 23 (PTI) — Atcom Technologies Ltd, formerly Atco Industries Ltd, today reported a 57 per cent increase in its net profit to Rs 21.1 crore during 1999-2000 as against Rs 13.4 crore recorded in the previous year. Company sales grew by 38 per cent to Rs 147.3 crore as compared to Rs 106.9 crore in 1998-99. The equity capital increased from Rs 12.1 crore to Rs 15.3 crore during the year under review following a preferential allotment in the month of December 1999. L&T jv with Sharp Corpn MUMBAI, May 23 (UNI) — Larsen & Toubro (L&T), India’s leading engineering company has formed a joint venture company with Sharp Corporation, Japan, a Fortune 500 company and a world major in electronics. The joint venture is part of the ongoing restructuring process commenced early this year in L&T.
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