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Friday,
July 6, 2001, Chandigarh, India  
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Govt non-committal on UTI bail-out
UTI fiasco stirs up political cauldron
Implement VAT by April, says Sinha |
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Swiss account of Parekh seized Online information on celebrities |
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HP, NHPC ink pact for Chamera project Shimla, July 5 Himachal Pradesh achieved yet another milestone in tapping its electricity potential today when an agreement for construction of the Chamera-III (Hibra) hydroelectric project of 231 MW was signed here between the state government and the National Hydroelectric Power Corporation (NHPC).
SBP to network branches in city, Panchkula
Waive taxes on oilseeds, say extractors Aquafina launched in Punjab, HP
IBM computer to cost Rs 36,000
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Govt non-committal on UTI bail-out New Delhi, July 5 “The (Rs 5,000 crore) bail-out is an epithet that media is using,” Sinha told reporters, but made it clear “the government is not going to let down a single investor in the country’s largest mutual fund.” Speaking on the sidelines of a seminar on VAT, he said government was considering all options including allowing repurchase and sale of UTI flagship scheme US-64 before the six months till when they had been banned. “We are not very comfortable with the ban on sale and repurchase for six months. This is certainly an issue we will look into,” he said. “We are very much keen to protect the interest of investors, especially small investors. This is certainly an issue we will look into”. Asked whether the government favoured early introduction of net asset value (NAV) based daily assessment of US-64, Sinha said “that is a desirable direction to look at it.” The Parekh Committee has suggested that the UTI should disclose the NAV of US-64 in line with other SEBI registered mutual funds. US-64 does not come under the SEBI regulations right now. Sinha said the Deepak Parekh committee would be a “valuable input” for
restructuring UTI. He declined to give details of the options that the government was considering for the investors of US-64. “We can’t elaborate that now. When it is
finalised we will come up with an announcement,” he said. Sinha said the government has expedited the
process of coming up with a solution “as soon as possible”. “We are considering the whole issue. We are confident that a solution to the problem would come up as quickly as possible,” he said. The UTI suspended sale and repurchase of its popular US-64 scheme temporarily for six months as a stablisation move and announced a dividend of Rs 1 per unit this year, which is same as last year. The move announced on July 2 created a panic situation among 20 million investors whose money is blocked in the scheme. The decision was taken after the country’s biggest and oldest mutual fund faced severe redemption pressure. UTI Chairman P.S.Subramanyam had resigned two days back and its senior Executive Director K.G. Vassal has taken over charge as Chairman. Asked about the appointment of a new Chairman, Sinha said the
government is the process of selecting a new Chairman. He declined to name the persons shortlisted for the UTI top post. Mechanism within two weeks UTI will devise a mechanism within two weeks to provide liquidity to Unit-64 scheme investors, especially the small unit holders, UTI acting Chairman K.G.Vassal said today. “We have formed an internal group to suggest ways to provide an open window for US-64 unit holders (small investors) at the earliest and this panel will submit its report in 15 days”, Vassal told PTI here. The group will also define what constitutes a small investor and suggest ways to provide liquidity for payments to be made on repurchases, he said. UTI acting chief said these proposals will be placed before the its board of trustees and discussed with the Finance Ministry. Asked about standby credit facility for UTI by public sector banks, he said “we have talked to the SBI, Union Bank of India and Syndicate Bank for such facility to meet dividend payment obligations”. The trust has drawn Rs 400 crore from credit facility to keep its funds ready for dividends and payments for the schemes which would mature shortly, Vassal added.
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UTI fiasco stirs up political cauldron New Delhi, July 5 Opposition leaders are sharpening their knives before the onset of the monsoon session and their target this time would be the Finance Minister, Mr Yashwant Sinha. Having tasted success in forcing the Defence Minister, Mr George Fernandes, to resign over the Tehelka episode, a section of the Opposition is planning to raise a stink over the functioning of the Finance Ministry and its inability to see the fall of the US-64 scheme. Seeing a pattern in the investments of the UTI, sources said the mutual fund had thrown caution to wind and had favoured select companies by investing heavily in their scrips. “We will like to know to what extent was the government involved in these manipulations”, an Opposition member said. Opposition members in the Joint Parliamentary Committee (JPC) probing the recent stock scam are also likely to be activated to demand that the recent actions of the UTI be brought within its purview. A member said that the JPC was instituted to protect the interests of the small investors and the bunglings in the US-64 was a fit case for parliamentary probe. The JPC Chairman had earlier said that the probe would limit itself to the role of the UTI in the stock markets. The freeze in the sale and repurchase of US-64 scheme would, however, prompt the JPC to seek an expansion of its mandate. The Congress has already sounded the bugle by charging the NDA government with mismanagement on the economic front. Party spokesman S. Jaipal Reddy said the US-64 had run into trouble for the second time since 1999. The proposed Opposition onslaught against the government is also likely to get a boost from the planned nationwide strike by Central and State Government employees on July 25. The employees would protest the
economic policies of the government, including the privatisation of various government departments. The Finance Minister, Mr Sinha, has undertaken a rapid firefighting exercise to bring normalcy in the functioning of the US-64 scheme. Apart from looking at ways to end the freeze on sale and repurchase of units, at least for the small investors, before the Parliament session begins on July 23, Mr Sinha has asked the top management of UTI to submit its suggestions on improving UTI functioning. The turnaround in the Finance Minister’s strategy comes within days of his statement that the government preferred not to interfere in the day to day functioning of institutions like the UTI. |
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Implement VAT by April, says Sinha New Delhi, July 5 “There is some apprehension of revenue loss by some states while implementing VAT. If there is any revenue loss, there will be a compensation package”, the Finance Minister told newspersons at the end of the one-day conference of state Chief Ministers and Finance Ministers here. Mr Sinha said a committee of state Finance Secretaries and officials of the Union Finance Ministry would be constituted to assess the loss and formulate the compensation equation. The committee will also be mandated to evaluate the possibility of introducing VAT on services and imports. The report will be submitted by September 2001. The Chairman of the Empowered Committee on VAT and West Bengal Finance Minister, Mr Asim Dasgupta , said the committee had placed a proposal to withhold central grants and assistance to all those states who did not comply by the uniform sales tax floor rates by the end of July. Acknowledging that the some states were to comply by the floor rates on certain items, Mr Dasgupta, however, assured that "despite the deviation, there will be 100 per cent compliance by July”. Mr Sinha today said the Central Sale Tax (CST) would be amended to facilitate the transition to a comprehensive uniform VAT regime by April 2002. The Finance
Minister said the Permanent Account Number (PAN) will be introduced as a common business indentifier for VAT to check tax evasion. “The necessary amendments to the Central Sales Tax Act are ready and hopefully, these will be brought in the monsoon session of Parliament,” Mr Sinha said. Speaking at the conference, he said a new India Stamp Act had been drafted to carry out the rationalisation of stamp duty rates and simplification of procedures. Terming the
commitment of states to move to a comprehensive VAT as “ an outstanding example of cooperative federalism”, the Union Finance Minister said the recommendations of the Empowered Committee were fully endorsed in its entirety by the Chief Ministers and Finance Ministers. He, however, pointed out that uniform floor rates had not been fully complied by some states in certain items. |
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Honda rolls out Accord New Delhi, July 5 Available in five colours through 26 Honda outlets across the country, Accord is billed as the “most powerful” car in its category, embodying a 2.3-litre-in-line four-cylinder VTEC engine, delivering increased power, higher fuel efficiency and extremely low emissions. Accord’s manual transmission variable carries a price tag of Rs 14.95 lakh in the Capital, while its automatic transmission model will cost a Delhiite Rs 15.75 lakh. Company President and CEO T Fujisaki told a news conference here his company has invested Rs 460 crore in India, including Rs 10 crore for Accord. The sixth generation car with minor cosmetic changes has 30 per cent local content, he said. “As the name suggests, Accord represents harmony between man, machine and environment. As our flagship car over the last two decades, it has helped us set world standards in engine technology, safety, passenger comfort and environment protection,” Mr S. Toshida, Honda Motor Company Manging Director, said. The company said Accord’s engine utilises its “renowned multi-point programmed fuel injection” with a new 16-bit powertrain control module for precision fuel delivery. “The Accord meats the world’s toughest governmental regulations as well as Honda’s highest standards of safety,” it added. |
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Swiss account of Parekh seized New Delhi, July 5 According to CBI investigation, Parekh and his associates have siphoned off from India huge amount of money allegedly proceeds of a number of financial crimes and bank frauds committed by him. The CBI is already investigating two cases of bank frauds against him and his associates arising out of a scam involving Madhavpura Mercantile Co-operative Bank and a loss of Rs 137 crore caused to Bank of India, Mumbai. Ketan Parekh and his associates were arrested and were subsequently released on bail by the court after remaining in CBI custody and judicial custody. During the course of investigation, the CBI was on trail of huge amount sent by him outside the country through various money laundering channels, CBI Spokesman S M Khan told newspersons here. The Interpol wing of the CBI recently got information about one such trail in which the money was routed to Switzerland through Bhamas. The CBI got in touch with the Money Laundering Reporting Office of Federal Department of Justice Police, Switzerland, to further ascertain the facts and provide information about an account in Credit Suisse at Zurich, he said. The contracting partner of this account is a Corporation registered in Nassau, Bahamas, he said adding the Swiss authorities have confirmed that the beneficial owner of this account is Ketan Parekh. “The account has been frozen by Swiss authorities and a criminal procedure has been started against Ketan Parekh for money laundering and forgery,” he said. |
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Online information on celebrities London Of course, most of us have a more legitimate interest in celebrities. Stars connect us to a more glamorous, exciting world, providing intimacy and the pleasures of malicious gossip without any of the payback. Sources range from the well-established to the brand-new. Who's Who exists online, but only as part of a subscription service for libraries and information specialists at www.knowuk.co.uk. The publisher, A&C Black, is planning an online subscription service open to the public in the near future but for now you must phone, visit your local library or buy a copy. You can get a list of links by typing a celebrity's name into the search box of any search engine but you will have to wade through tribute sites, home pages and reams of useless data to find the desired information. Mostly, celebrity hunters head for the fan sites, such as www.actoractress.com or www.celebritypro.com, which contain well-designed data banks of performers, entertainers, sports personalities and politicians. Type in the name of your choice and you will be directed to a starsite with pictures, biographies, associated links and a contact address. The address is usually that of a publicist or fan club, which can provide further information, photos, and autographs for the faithful or perspicacious. Signed celebrity photos can command high prices. Hardcore star hunters prefer verified lists of celebrity addresses contributed by other devotees at sites such as www.springrose.com/celebrity, where a surprising number of home addresses are listed, but no phone numbers. In the UK, obsessives can work their way through directories of PR companies and talent agencies, pay $ 199 a volume to subscribe at the film directory (www.hollyvision.com), ring a premium rate ``contact helpline'' offered by Actor's Equity (www.equity.org.uk), or input the names of wanted actors, actresses and presenters into the free search service offered by Spotlight (www.spotlightcd.com). For people hounded by deadlines and editors, there is something new. Richard Brecker of London-based Upfront Television, and his partner Claire Nye, have just created www.celebritiesworldwide.com, a business-to-business contact service. For a $ 420 annual fee, plus a $ 5 buying fee for each name and set of contact numbers, subscribers get access to a superb data bank, containing most of the ``names'' any mediaperson could desire to interview, with addresses, phone and fax numbers. Brecker says the information will be updated weekly because ``celebrities change agents like most people change their underpants''. He has already signed up Warner Brothers, the Daily Mirror, The Red Cross, Louis Vuitton and other corporate clients and the company is currently raising $ 2.9m investment capital to make the site global. Alternatively, you could pay Upfront TV (which books celebrities for events such as the Brit Awards) between $ 2,800 and 42,000 to do the job for you. Away from the expensive, professional end of the market are darker sites for celebrity obsessives. There's a ``digital voodoo doll'' at www.deadair2001.com, where you can nominate stars to die horribly in a plane crash. Another cheerfully nasty site, www.cultureshark.com, has been attacked by many who see it as an incitement to stalkers. Already consigned to the great
"404 website not available'' graveyard are sites such as www.celebritystalkers. com, which offered to do your stalking for you, and the NationalUnionforTormenting
CelebritiesandStalking.com. By arrangement with The Guardian |
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HP, NHPC ink pact for Chamera project Shimla, July 5 The agreement was signed by Mr Harsh Gupta, Additional Chief Secretary on behalf of the state government and Mr Yogendera Prasad, Chairman and Managing Director of the NHPC. The Chief Minister, Mr P.K. Dhumal, was also present. The Chamera-III (Hibra) is an upstream development of Chamera-II project (300 MW) which is under execution with the NHPC and is located on the state highway to Bharmour — Chamba — Kharamukh road with its dam site near Durgathi village and power house site near Churi village about 45 km and 27 km upstream of Chamba, respectively. The estimated cost of the project is Rs 1020 crore at August, 1994 price level which includes transmission but without interest during construction. Upon commissioning, the project will generate 780 million units of energy in a 90 per cent dependable year. The HP will get 12 per cent free power from the project. Further subject to approval of GoI, 15 per cent of the energy generated from the project during the winter months (October to March) which is at the disposal. The Centre will be allocated on daily basis by the NHPC to the HPSEB which will be in addition to 12 per cent free power and the share of HP as a constituent state of region as per the central power sharing formula. |
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SBP to network branches in city, Panchkula Chandigarh, July 5 With this bank customers will be able to do anywhere banking, said Mr Salil Mishra, DGM, Chandigarh zone. He was addressing a doctors meet organised by the bank at Sector 22 branch, in association with the Indian Medical Association, here today. The meet was mainly focussed on Medi Home Flexi Finance scheme recently launched by the bank for doctors and medical practitioners. "Under the scheme loans without any ceiling on the upper limit are available for the doctors and medical practitioners at all branches of the bank throughout the region", said Mr Mishra.
Computerised branch Mr J.R. Devgun, the General Manager (operations) of the State Bank of Patiala inaugurated today the full computersation of Manimajra branch of the bank. He told customers that the bank is going to fully computerise 400 branches by the end of the financial year. The bank will install 50 ATMs by October, 2001, the four ATMs will be installed at Chandigarh only. |
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Waive taxes on oilseeds, say extractors Amritsar, July 5 The imported oil has depressed the prices of locally produced oil, resulting in farmers not getting adequate renumeration for oilseeds, he alleged. He pointed out that the shortage of raw material for the oilseed industry led to the closure of a large number of oil mills during the past few years and many more were on the verge of closure. |
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Aquafina launched in Punjab, HP Chandigarh, July 5 Aquafina, available in one litre pack size, is priced at Rs 12. The purification process of Aquafina consists of seven different stages, including deep bed filtration, granular activated carbon, reverse osmosis membrane filtration and ozonisation, said Mr PM Sinha, Chairman, Pepsico India Holdings . Aquafina has also unleashed a new multimedia campaign to co-incide with the launch, said he. |
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PRSI chairman BPCL dividend Intellicon Loan proposals Award for bank Enron deal |
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