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Friday,
July 13, 2001, Chandigarh, India  
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Bail-out package for UTI soon
Shourie denies favouring Tatas in Air-India bid
Tatanova to enter Punjab market
Zee Tele admits delay in payment Chandigarh, July 12 Bank of Punjab Ltd, added Secunderabad in its portfolio today. This expansion is in line with bank’s marketing strategy to expand its network, customer base and position itself as a technology-savvy national bank in the country. New Delhi, July 12 The overall textile exports have registered a growth of 12.9 per cent during the year April, 2000 to March 2001. It went up to $11,851 million from the previous year’s $10496.5 million. The export of readymade garments, which account for about 42 per cent of the total textile exports, touched $5463.5 million against $4756.3 million last year, recording a growth of 14.9 per cent. |
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SBP main focus on retail banking:
MD PNB pays 25 pc to
govt
Fall in rural income contributes to
slowdown
ACC back in
black
Motorola records
$ 759m net loss
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Bail-out package
for UTI soon New Delhi, July 12 “We are examining various options and will shortly work out a package,” UTI acting chief K.G. Vassal told newspersons while emerging out of a two-hour long meeting with Union Finance Minister Yashwant Sinha. Mr Vassal, however, refused to set a time-frame within which the special package will be announced. “It is too premature to say anything at the moment. Nothing has been finalised as yet,”he said. Asked if budgetary support would be provided for bail-out package, Mr Vassal was non-commital only said that “all options are open but I cannot specify at this moment.” The UTI Board is meeting in Mumbai tomorrow to discuss the special bail-out package. The UTI had constituted a consultative group comprising former National Stock Exchange Managing Director R.H. Patil, eminent chartered accountant Y.H. Malegam, non-executive Vice-Chairman of Tata Sons N.A. Soonwala and UTI Board Trustee R.H. Chitale to work out a bail-out package for US-64. The sudden decision of the UTI to freeze the sale and redemption of US-64 units for a period of six months had sent shock waves across investors and also the government and the then Chairman of the fund manager, Mr P.S. Subramanyam, became the first casualty who resigned two days after the announcement. Union Finance Minister Yashwant Sinha has squarely blamed the UTI top management for the crisis and said it was “expected to intimate the Finance Ministry if there were any serious concerns with regard to investors .”
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Shourie denies favouring Tatas in Air-India bid
New York, July 12 The criticism of the government is based on misconceptions and misunderstanding of the guidelines approved by the Cabinet Committee on Disinvestment, he told reporters here. He said no one had been disqualified and leading NRI businessmen, the Hindujas, would get a chance to explain their case. A decision would be taken only after their arguments have been considered, he added. Mr Shourie said originally, there were nine bidders but two were non-serious. Others dropped out for reasons that had nothing to do with AI. Swiss Air, which would have been a good partner, suffered a loss of $ 1.8 billion last year. Its chief executive was changed and the new incumbent said he wanted to put his own house in order first. In fact, they are disinvesting their own operations, he said. The minister said Delta-Air France would also have been an excellent alliance for Air India as it would have helped expand to North and South America and Europe. But they could not find an Indian partner despite their attempts, he added. Ultimately, Tatas and Hindujas were left in the field despite all efforts by the government, he said. Then the question of regulatory authorities indicting several firms came up. The government felt it could not deal with them on a case by case basis as the process would have taken long. Under these circumstances, Mr Shourie said, it was decided there should be some general guidelines which were then finalised. But the process was still not complete. The parties which prima facie fall foul of the guidelines would be given notices and asked to represent their case. Only after that would the government take a final decision, he added. To a question, he said it was a misconception that under the guidelines, if a party was under investigation by a regulatory authority, it would be disqualified. A party can be disqualified only if it has been indicted by a regulatory authority or a court on a crime so grave as it outrages the moral sense of the community.
PTI
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Tatanova to enter Punjab market New Delhi, July 12 “We would enter the corporate segment by September and clients in Chandigarh, Ludhiana, Amritsar and Jalandhar can have access to their reliable and high
quality service,” said the CEO of the company, Mr N. Srinath, told The Tribune. The company’s corporate service would “provide high degree of reliable, available and secure services which ranges from access, data centre out sourcing, application leasing and providing a platform for setting up B2B net market place and associated exchange services,” he said. Mr Srinath said the company, which is selling its internet service under the brand name Tatanova, has an infrastructure to ensure maximum availability and redundant leased lines
that allow major metros to have multiple alternative paths in case of any of the main link fail. With the group domain knowledge on financial services, hospitality, automobiles and retail, he said the Tata Internet Services plans to enter the market for ASP
services on a variety of both horizontal and industry specific applications. The company which is presently offering its services in Mumbai, Chennai, Bangalore and Hyderabad, recently launched its operation in Delhi. Mr Srinath said the company plans to invest Rs 500 crore over the next five years and projections are that 60 per cent of the revenue would accrude from the corporate clients. The company has been awarded
category A national ISP licence. It provides dial up and ISDN services and plans to target 100,000 retail subscribers by the year end. The company also has plans to have 2000 cyber cafes across the country within a period of two years, making internet accessible to a larger section of the population.
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Zee Tele admits delay in payment
New Delhi, July 12 In a statement, Essel Group of Companies said this share placement followed their inability to dispose of the entire Rs 220 crore liability towards ZTL, which was to have been repaid by June 30 this year and that the proceeds of this placement will be paid back to ZTL upon settlement. However, the statement did not specify the institutional investor with which the share placement has been done, nor did it disclose the quantum of liability still retained by the Essel Group promoters towards ZTL. In April this year, promoters of ZTL had claimed Rs 220 crore investment in acquiring equity stakes in Amitabh Bachchan Corporation Ltd (ABCL) and TV channel B4U besides some other media and entertainment companies while denying that this money had been lent to Ketan Parekh.
PTI
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BoP opens office in Secunderabad Chandigarh, July 12 According to Mr Tejbir Singh, Executive Director, Bank of Punjab, “the last financial year can be taken as a year of transition where the bank intensified its focus on retain segments and infrastructure to manage emerging volumes”. Customers banking at Secunderabad branch would be able to make use of the bank’s at par cheque facility across 11 cities. Corporates at Secunderabad would also be able to make use of the cash management services ensuring fast fund movement across cities. Customers having remittance of funds from abroad can be assured of 48 hours remittance for funds coming into India. |
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Textile exports up New Delhi, July 12 The export of readymade garments, which account for about 42 per cent of the total textile exports, touched $5463.5 million against $4756.3 million last year, recording a growth of 14.9 per cent. Cotton yarn, fabrics and made ups and raw cotton exports were $3,477.4 million compared to $3,101.7 million last year. The export of man made textiles and silk products showed an increase of 25.6 and 27.7 per cent respectively over the previous year. Jute goods exports jumped to $1,99.7 million from $125.4 million, registering a 59 per cent increase. However, wool and woollens showed a negative export growth rate of 6.9 per cent while handicrafts registered a minus 6.6 per cent growth. |
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SBP main focus on retail banking:
MD Hisar, July 12 Presiding over a function held here last night to honour the staff of the local main branch of the bank which has been declared as the best branch of the bank he said new schemes for the benefit of the retail consumers had been introduced during the current quarter in Chandigarh, Panchkula and Mohali. |
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PNB pays 25 pc to
govt New Delhi, July 12 The bank earned a net profit of Rs 463.64 crore during 2000-01 showing an annual increase of 13.60 per cent. The profit of Rs 463.64 crore is after implementation of Voluntary Retirement Scheme and is the highest among nationalised banks. |
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GBC
Modicorp Gestetner ICICI Bank Corpn Bank NIIT feat |
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