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| Tuesday,
October 10, 2000, Chandigarh, India   
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VSNL protests against Rs 1,700 cr tax ST hike hits petrol consumption in Punjab Computer tells who authored Henry VIII SBI to launch India
Millennium Deposit to raise $2 billion |
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Coal India to tap
unorganised sector SmithKline Beecham
to buy Block Drug Haryana, Singapore
to work together MedVarsity launched
by Apollo & NIIT Roll back retirement
age, says IBA report Shell to market LPG
in Punjab, Haryana Can PSUs
take VDIS advantage?
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VSNL protests against Rs 1,700 cr tax NEW DELHI, Oct 9 — The Telecom Commission today offered to take up with the Finance Ministry the issue of the Rs 1,700 crore tax slapped on Videsh Sanchar Nigam Limited (VSNL). Chairman and Managing Director S.K. Gupta said VSNL has been asked to pay Rs 1,700 crore as sales tax. “We have paid Rs 565 crore in protest” Mr Gupta said. Telecom Commission Chairman Shayamal Ghosh said the matter would be taken up with the Finance Ministry for a favourable judgement. The matter has also been put before the appelate tribunal for consideration. Meanwhile, VSNL has indicated its desire to enter the basic and cellular telephony sector even as Mahanagar Telephone Nigam Limited said its mobile phones would hit the market in the next two months. “Since the government has decided to open up the national long distance services to competition, VSNL intends to become a key player in this market. VSNL is also examining opportunities in basic and cellular telephony in India and abroad,” Mr Gupta said. VSNL seeks to leverage its experience and expertise by entering into other telecom services in India and abroad through joint venture with domestic and foreign partners. Mr Gupta made these remarks while presenting the final dividend cheque for the fiscal 1999-2000 for Rs 10.06 crore to Union Communication Minister, Mr Ram Vilas Paswan. In May, VSNL had paid Rs 30.19 crore as interim dividend. That was the first time that VSNL had declared an interim dividend to its shareholders. With the present dividend of Rs 10.06 crore, the total dividend paid by VSNL to the government in this fiscal comes to Rs 40.25 crore. VSNL also approved bonus of two new shares for each existing share held as on record date.
MTNL mobile phones Meanwhile, MTNL said the GSM technology compatible phones which will be available in December will be competitively priced, but initial discounts are inevitable to attract customers. The rates will be decided by the Telecom Regulatory Authority of India. The cheaper version of MTNL mobile phones will be available from next month. The CDMA-WLL phones will have a range of 10 km with free incoming calls and Rs 1.40 for outgoing calls.
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ST hike hits petrol consumption in Punjab CHANDIGARH, Oct 9 — For Punjab, the largest consumer of petroleum products in the region, the year proved to be disadvantageous, thanks to the increase in sales tax in the state. The state, though, maintained its record of maximum consumption (0.40 MMT), however, registered a decline in the rate of increase in consumption of petrol as well as diesel. Increase in consumption in Punjab for 1999-2000 has been a meagre of 2.5 per cent against 10 per cent last year for petrol and 2.6 per cent as compared to 9 per cent for diesel last year. This increase is the minimum in the North. In Himachal Pradesh, on the other hand, where consumption for 1999-2000 has been 63 thousand Kl, minimum consumption of petrol in the region, has recorded maximum increase (37 per cent) in petroleum consumption in the region this year as compared to the last year. Himachal is followed by Haryana, where the growth has been 17 per cent. According to officials, Punjab faced recession due to the increase in the sales tax. Till last year, the sales tax for the state was only 4 per cent which was far less as compared to the other states in the North (Haryana, nearly 8 per cent). An increase in the same shifted consumers to the other states. “Earlier, truckers and vehicles from other states used to get diesel and petrol filled from Punjab, even if they had to travel slightly more ,since the sales tax was the lowest here. However, now with the increase in the tax the margin between the other states and Punjab has substantially declined due to which the consumer buys as per his convenience”, said an official of an oil company. Himachal Pradesh, on the other hand, recorded a consumption of 0.052MMT but the increase percentage in consumption has been the maximum. In diesel, the increase in consumption in Himachal has been nearly 20 per cent. In Haryana growth in sales of petroleum has been 17 per cent , while in diesel the highest — 21 per cent. The increasing number of vehicles is another reason for higher consumption. In Haryana, for instance, an increase of 23 per cent in goods carriages has been recorded. Chandigarh did not witness much change in the scenario till 1999-2000. The consumption of petrol was nearly 14 per cent more as compared to 1998-99.While sales of diesel recorded a decline of 5.7 per cent, further decline is expected. Already, according to sources, after the recent two hikes this year, more than 40 per cent decline has been there. Experts, however are hopeful that the growth in consumption in Punjab will revive after uniform sales tax is implemented. |
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Computer tells who authored Henry VIII A TEAM of software engineers claims to have solved one of the enduring mysteries of English literary history: who exactly wrote one of William Shakespeare’s last plays, Henry VIII? For many years it has been assumed that the play, first performed in 1611, was a collaboration between the bard and John Fletcher, the rising star of the King’s Men players with whom Shakespeare was reaching the end of his career. The Oxford Dictionary of Quotations credits the play to both men. Following the research by SER Systems, however, academic opinion may need to be revised. Using a piece of software designed to help companies manage their documentation better, the researchers have declared that it is likely Shakespeare wrote the play alone. Plays by Shakespeare, including Macbeth, Richard III and The Merchant of Venice, were fed into the software, an intelligent search engine that uses neural algorithms to mimic the workings of the human brain. These were then compared with works by Shakespeare’s contemporaries, including Fletcher, Christopher Marlowe, Ben Jonson, Thomas Dekker and John Webster, with the software concluding that it was 8 per cent likely that Shakespeare was the play’s sole scribe. The software, called
SERbrainware, compares words and syntax, and “learns” to make connections between them. Its primary function is to categorise email and faxes by meaning. But while SER said the technology could be applied to other disputed Shakespearean texts, including The Two Noble Kinsmen, others where less sure of the value of automated textual analysis. Stanley Wells, Chairman of the Shakespeare Society and General Editor of the Oxford edition of Shakespeare, was dubious. He said: “I would find it very hard to believe that Shakespeare worked alone on this play. This theory of collaboration has been around for well over 150 years. There is material evidence of Fletcher’s hand. “Fletcher was known for using ‘em’ instead of ‘them’, and this is one of the things generally taken to be evidence of his having a role in the writing of Henry VIII. “It is hard to judge without knowing the exact criteria on which the machine calculated, but it would seem to be entirely dependent on what you asked it to do. The computer is only a tool, it cannot work without people. Computers can count but they can’t think.” Sir Frank Kermode, author of Shakespeare’s English and former professor of English at Cambridge University, was equally dubious. “These sort of comparisons have been done repeatedly for over 100 years, with and without computers, and the basic understanding is that Shakespeare and Fletcher worked together on the play. It was quite normal to collaborate on plays back then, quite plausible that Fletcher worked with the old hand who was fading out. “Fletcher was taking over from Shakespeare at the company. Finding the truth is always dependent on the finesse of the method.” Referring to a famous Shakespearean actor, he added: “I heard Ralph Richardson’s son reading from the play last week, and he said afterwards it was such rubbish that it couldn’t possibly be by Shakespeare.” |
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SBI to launch India Millennium Deposit to raise $2 billion MUMBAI, Oct 9 (PTI) — The State Bank of India’s special fund raising drive to garner five year foreign currency denominated deposits from Non-Resident Indians (NRIs) is to have a core size of $ 2 million (Rs 9,000 crore) and would incur an all-in cost of 10 per cent per annum. The deposit scheme, christened as “India Millennium Deposit”, is in the nature of certificates of deposit, which is transferable by endorsement and delivery, and the proceeds of the issue will be invested mainly in core sector projects, SBI Chairman G.G. Vaidya told reporters here today. To be launched on October 21, the cost of the IMD when compared to the resurgent India Bonds issue, which raised $ 4.23 billion in 1998, was competitive as the interest rates globally had moved up, he explained. Vaidya pointed out that RIB was procured at 7.75 per cent (2.25 per cent above the then prevailing six month LIBOR) while the IMD fund raising cost amounts to 8.50 per cent (1.75 per cent above the current six month LIBOR). Vaidya categorically stated that the IMD, which had been designed after assessing the NRI appetite for long term instruments, was solely to fund infrastructure projects in the country and not to support government’s borrowing programme. SBI expects 40 to 45 per cent of the proceeds to be come in from the Middle East and the scheme would not be available in the USA. |
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Coal India to tap
unorganised sector CHANDIGARH, Oct 9 — Coal India Ltd (CIL), a Rs 21,000 crore turnover PSU supplying coal to the country’s steel plants and state electricity boards, has turned to the unorganised sector and assured regular supplies to the unorganised sector and assured regular supplies to small consumers like brick-kiln owners. A meeting to this effect was held by CIL Marketing Director Sudesh Mohan Sharma with coal consumers here today. Later, addressing newsmen, Mr Sharma claimed that coal supplied by CIL was cheaper and of better quality than the imported coal. CIL has resolved the frequent disputes with large consumers over the quality and weight of coal supplied by issuing an electronic printout of the weight and by deputing a mutually acceptable third party to ensure quality at the loading and unloading stages. Replying to a question, Mr Sharma said “Coal India has no grouse” against the electricity boards in Punjab and Haryana over payments. Coal India, which is claimed to be the world’s single largest coal producing undertaking, made Rs 800 crore post-tax profit last year and has reduced its staff strength to 5.5 lakh as 25,00 employees opted for the voluntary retirement scheme. Earlier, Mr Sharma and Mr R.S. Kainth, Regional Sales Manager, CIL, Chandigarh, met Mr P.P. Pamneja, Managing Director, Haryana Power Generation Corporation Ltd, at Panchkula and discussed the supply of coal to the Panipat and Faridabad thermal power plants.
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SmithKline Beecham to buy Block Drug LONDON, Oct 9 (AFP) — British pharmaceuticals group SmithKline Beecham announced today that it would buy us dental product group Block Drug for $ 1.24 billion. The cash offer of $ 53 for each Block share will be funded from existing loan facilities, the group said. SmithKline said that the deal would have no impact on the timing of its merger with Glaxo Wellcome. Press reports last week suggesting that SmithKline was preparing a bid for Block Drug prompted some analysts to question whether the acquisition would hinder clearance of the GlaxosmithKline deal by us competition authorities. A SmithKline spokesman said that the group had “taken legal advice” to ensure that the deal would not pose a threat to its proposed merger with Glaxo, which would create the biggest pharmaceutical group in the world. Completion of the Glaxo merger has been delayed until the end of the year because of regulatory concerns. The us federal Trade Commission has requested supplementary information from the two groups about products which help people to quit smoking. |
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Haryana, Singapore to work together singapore, Oct 9 (uni) — The Haryana Government and the Singapore Information Development Authority (IDA) today reached an understanding to work together in four specific areas in Information Technology sector. The understanding was reached following a day-long hectic parleys between a high-level delegation led by Haryana Chief Minister Om Prakash Chautala and IDA top brass led by its Chief Executive Officer Ms Yong Ying-I and its assistant chief executives of online development. The Haryana delegation is currently on a three-day visit to Singapore to attract entrepreneurs to invest in the state. The four identified areas were talent attraction, entrepreneurs and business collaboration, government to government cooperation and efforts to provide a launch pad to software exporters from Haryana into Singapore for expansion into South-Pacific region. |
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MedVarsity launched
by Apollo & NIIT NEW DELHI, Oct 9 — Students wishing to pursue postgraduate studies in medicine can now join coaching on the Net by enrolling themselves at India’s first virtual MedVarsity launched here today. The varsity is a joint venture of the Apollo group and NIIT. Its target audience includes one lakh students wishing to pursue postgraduate studies in medicine and 4.8 lakh general practitioners and specialists. Modules designed by the MedVarsity would be accessible to users either through subscription or on a pay-per use basis. The Vice-Chancellor of the varsity, Dr Mahendra Bhandari, said a student who wishes to register himself would have to pay Rs 3,000 for three months to get coaching for 370 hours. “The first batch will get the licence to use the services for four months.” There are 160 medical colleges in the country and only 15,000 postgraduate seats are available. For gaining admission to an MD course, an aspirant has to give a capitation fee that ranges from Rs 25 lakh to Rs 32 lakh. Dr Prathap C. Reddy, Chairman, Apollo group, said that the initial investment in the project is about Rs 5 crore. He said that the varsity is ready with material for 100,000 students. Chairman of NIIT R.S. Pawar said that the portal would not be
subscription, and sponsorship as its main sources of revenue. |
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Roll back retirement
age, says IBA report NEW DELHI, Oct 9 — The final report of the Indian Bank Association on human resource management in public sector banks in the country calls for roll-back of the retirement age, performance-linked rewards and deterrent for non-performance. The IBA Chairman, Mr S.S. Kohli, submitted the report to the Union Finance Minister, Mr Yashwant Sinha, here today. The report calls for right-sizing the manpower, voluntary retirement scheme and sabbatical, rolling back of the age of retirement from 60 years to 58 years. The other recommendations relate to the process of recruitment, promotions, transfer and placement policies, re-structuring of grades/pay scales, technological upgradation, induction of new skills, including computer literacy and training, autonomy to banks to introduce performance-linked rewards and incentives and deterrent for non-performers, assessment techniques/performance appraisal and board level appointments. |
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Shell to market LPG
in Punjab, Haryana FARIDABAD, Oct 9 — Consumers in Haryana and Punjab will soon have the option and facility for using LPG marketed by Bharat Shell Limited. The company is already supplying cooking gas to about 25,000 consumers in Gujarat, Maharashtra and Rajasthan. The Managing Director of Shell India Limited, Mr S. Radhakrishan, said here today that the company had launched a programme to supply LPG to both domestic and commercial consumers in Haryana and Punjab. He said although the price of the PLG cylinder would be costlier by about Rs 35 to Rs 40 per cylinder due to no subsidy. He said the target of company was to increase the total number of consumers to about a lakh by year end, he said. The company’s procedure to release new connections was very simple and would take not more than an hour. The cylinders would be available in 12 kg (for domestic), and 21 kg (for commercial) respectively and the cost would cover home delivery. Stating that while rates were still to be finalised, he said a new domestic connection would cost about Rs 1900. |
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Can PSUs take VDIS advantage? NEW DELHI, Oct 9 (UNI) — The Delhi High Court today asked the government to verify if seven public sector undertakings (PSUs) took advantage of the voluntary disclosure income scheme (VDIS) for declaring black money. Chief Justice Arijit Pasayat and Justice D.K. Jain asked Additional Solicitor General K.K. Sud to place on record contentions of the Cabinet Secretary, the Finance Secretary and Chairman of the Central Board of Direct Taxes (CBDT). The affidavits must pour in by November 16. According to a public interest litigation (PIL) filed by advocate B.L. Wadehra, seven PSUs — one of the Central Government and six of different state governments — filed their declarations under VDIS 1997. This resulted in immunity against penal action to company directors for not having followed the law and accumulating undisclosed income. “It is unthinkable and entirely unacceptable that any PSU can resort to unfair means and methods inconsistent with the scheme of PSU functioning,” Mr Wadehra said. The seven PSUs belonged to sectors like power, mineral development, forests, rural industrial marketing, industrial development, investment and engineering. They declared a total amount of Rs 49.38 crore and the declared amount tax was Rs 16.89 crore. Mr Wadehra said the core issue is whether a PSU can follow the functioning pattern of a private sector corporation or private individual who are supposed to take advantage of the VDIS 1997 since they have evaded payment of due tax in the past. |
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The problem for them is fame THE thing about running a dot.com is keeping your mind on the job. Our sole aim is to get our service up and running. As former management consultants, we have seen lots of businesses struggle to change, grow or deliver because they are actually trying to do too much. The problem for us is fame. The increased Rools’ profile means more companies are approaching us with a view to partnership: during the last week alone two US firms have approached us. The first was a Nasdaq-listed company providing online business banking services. They are planning to move into Europe next year and were seeking partners. Although there did appear to be some potential “synergies” we agreed that it was too early for both companies to talk about a formal relationship. The second was a company that operates interactive services for teenagers. Their objective was a little different, although this was not immediately obvious. Despite their opening suggestions of “marketing alliances, content distribution and opportunities for sharing core technology”, the bottom line was they were running out of cash and saw us as a means of securing survival. Thanks, but no thanks. Of more interest are the tentative inquiries from firms considering licensing our technology for use in their own applications, from online knowledge exchanges to third party hardware sales. Businesses are interested in our solution for real time processing transactions online. It might mean early revenue for us - and that, surely, can’t be bad? Well, yes and no: it presents us with a bit of a dilemma. At the moment, our technology is our unique selling point — we have used the best software to develop and support it, including Oracle, Java and a web-based administration tool from RCLSoftnet.com. The worry is that if we license out the software it will not be unique. Unlike with the other approaches mentioned, however, we feel that licensing opportunities are worth taking to the next stage. This sort of distraction — making money when we didn’t think it was possible — is something we really don’t mind. — By arrangement with The Guardian (Adam Hamdy and Guy Mallison are co-founders of Rools.com, a service that will enable teenagers to shop online without a credit card)
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So hygienic that it hurts LONDON: It wasn’t easy being Howard Hughes. Billionaire he may have been, but by 1958, he was reduced to living naked in a corner of his Beverly Hills hotel room, handling everything with wads of tissue and dictating memos on the most hygienic way to open a tin of pineapple. Hughes was terrified of germs, and this, with its associated handwashing, is probably the most common manifestation of obsessive-compulsive disorder (OCD), along with an overwhelming desire for tidiness. Around one in 30 people is reckoned to suffer from one or another form of OCD. Some have had the condition since birth, and most suffer in secret. But when the obsession is with personal hygiene and a fear of contamination, serious sufferers can wind up in hospital. At what point does fastidiousness tip over into obsessiveness? Colin Putney, of the charity Obsessive Action, reckons that when people begin acting in a ritualised way, it is time to seek help. “Obviously there’s normal cleanliness,” he says, “and there are people who are particularly clean. Then there are people who have to have everything just so, and if anything is moved, they get upset. This is borderline. Then you go beyond that into people who conduct daily rituals. If it involves rituals, that’s OCD. It’s out of control and it needs treatment. Because, if it’s left untreated, it gets worse.” — The Guardian Granny to test visa appeals LONDON: An 80-year-old Indian grandmother, who has been denied a visa to visit her daughters and grandchildren in Britain, may be the first to take advantage of a new appeals procedure that has been reinstated by the Labour government in London. If she succeeds, her case will be an important vindication of Foreign Office Minister Keith Vaz’s claim that visa procedures have been streamlined, especially in cases involving family visits from South Asian countries. Visa appeals were abolished by the Conservatives in 1993. They have been reinstated by Labour for appellants who are able to pay up to 500 pounds to have their case heard by the relevant authorities in London. Shantimoyee Sinha, a frequent visitor in the past to Britain, where she has two married daughters, lost her husband last year and has since been denied the right to visit or spend the rest of her days with her children in Britain. Although she is the recipient of a generous U.N. pension — her late husband worked for the United Nations Food and Agriculture Organisation all his life — and has worldwide health cover for life, her application has been turned down by the British High Commission in New Delhi. Her desperate daughter, Neela Das, and son-in-law Satyen say she is frail and elderly and should be allowed to live out her life with her near and dear ones. But strict immigration officials have even turned down an earlier request to permit Sinha to enter Britain for a few days to attend the wedding of her granddaughter.
—IANS Pune’s shop
among top 100 PUNE: It’s a sweetmeat shop that does not market itself. And yet, has been listed by the U.S. food magazine Saveur as one of its 100 favourite eateries worldwide. All that the Pune-based Chitale Bandhu (Chitale Brothers) has done is adhered strictly to a one-word mantra: quality. The timing of the honor could not have been better as the Chitale Bandhu celebrated its golden jubilee recently. After all, they feel this is one brand that gives every penny’s worth as far as gastronomic delights are concerned. Be it munchies like the famous Mahashtrian delicacy, ‘bakarwadi’ or mouth-watering sweets such as “amba barfi” (mango sweetmeat) and “pedas”. Or just milk and curd. They have it all. |
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Petro bonds Aditya Vij Air India Tax meet E-PGDM |
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