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Sunday,
January 20, 2002, Chandigarh, India  
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Private
insurers have a long way to go Centre
calls meeting to discuss storage problems
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Nilokheri
to have polythene unit
Eviction
of sub-tenants
Special
discounted fares for Hajis
Cipla net
up 17 pc
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Private insurers have a long way to go New Delhi, January 19 In the first year of operations, the four private life insurers and as many general insurers had in no way managed to get the General Insurance Corporation and its four subsidiaries or for the that matter the monolithic Life Insurance Corporation worried. In the life insurance sector, LIC collected Rs 14,099.66 crore in premium while the four private insurance companies in the
segment -- Birla Sun Life, HDFC Standard, ICICI Prudential and Max New York--garnered a cumulative sum of Rs 149.03 crore. The figures released in the maiden report of the Insurance Regulatory and Development Authority (IRDA) said the four players in the general insurance industry--Iffco Tokio Marine, Reliance General, Royal Sundaram Alliance and Tata AIG General Insurance-- notched up gross direct premium income (GDPI) worth Rs 7.13 crore of the total market of Rs 10,087.03 crore. ICICI Prudential Life was at the top among private life insurance companies with a premium income of Rs 5.97 crore at the end of March 2001 while HDFC Standard Life was second at Rs 67.19 lakh. Amongst the general insurance companies, Iffco Tokio Marine was the top with GDPI of Rs 5.83 crore followed by Relliance General at Rs 1.07 crore. Of the four State-owned general insurance companies, New India Assurance was at the top with Rs 3041.77 crore in GDPI and United India Insurance was second with a GDPI of Rs 2441.09 crore. An insurance agent, Mr S.Ghosh, while commenting on the trends of the first year of an opened insurance industry, said people still associate Government companies with "guaranteed safety". Buying insurance policies from LIC and GIC subsidiaries has become a habit with the people and it would take time for them to shift loyalty. Predicting that LIC and other State-owned companies would continue to dominate the market during the coming years, Mr Ghosh said it would take years for the private companies to have the kind of agents network that the Government companies have. Advertisements are fine but nothing can beat the comfort of personal advice from an insurance agent, he added. He also said that Government companies would continue to dominate the rural segment. An official of a private insurance company said it was too early to comment on the trends. As of now the private companies were only looking at the higher-end of the market and they would score with more efficient service over the government companies. |
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Centre calls meeting to discuss storage problems Chandigarh Latest estimates of the Punjab and Haryana governments anticipate procurement of 125 lakh tonnes and 65 lakh tonnes of wheat respectively during the coming rabi season starting in April. The two states, which contribute the largest share of India’s food surpluses, had last year procured 105 lakh tonnes and 64 lakh tonnes of wheat respectively. Besides wheat, Punjab and Haryana will deliver around 50 lakh tonnes and nine lakh tonnes of rice out of their paddy stocks procured during the 2001 kharif season, which are awaiting milling. To discuss logistical and other arrangements for wheat procurement for the coming season, the Centre has summoned a meeting of the Food secretaries of the surplus States in New Delhi on January 21. Punjab and Haryana will be represented by their respective Food Secretaries Mr P. Ram and Mr H.C. Disodia. Senior Regional Manager, Food Corporation of India, Punjab Mr V.K. Singh will also attend it. The mounting foodgrain surpluses which at present are valued around Rs 65,000 crore, mainly resulting from increasing procurement levels and falling demand from states, have been worrying the Centre because these have become a huge burden on the central exchequer. The Centre has been toying with various ideas to deal with the problem. The latest proposal, as indicated by Union Consumer Affairs Minister Shanta Kumar, envisages stopping of procurement and introduction of an “income support system”. As in the case of earlier abandoned move for decentralisation of procurement, Punjab and Haryana do not favour the new proposal either. The two States, being the largest contributors of surplus foodgrains, have to bear the brunt of the crisis of plenty in the form of mounting procurement levels every year. And, unprecedented storage problems are expected to urge the Centre at the January 21 meeting to speed up movement of the procured stocks from their respective areas to make place for storing the new crop arrivals. They have lately started experiencing unprecedented handling and storage problems. Punjab reportedly has around 275 lakh tonnes of procured wheat and rice stocks lying within the state. Of these, 85 lakh tonnes, mainly rice, is under covered storage while wheat is lying mostly in the open under ‘CAP’ (cover and plinth). Because of the long period of storage, stocks start getting damaged and ultimately large quantities become unfit for human consumption. This is particularly so with paddy which has to wait for long periods before being milled. The commodity is more vulnerable to damage. While 125 lakh tonnes of wheat and 50 lakh tonnes of rice would be added to the accumulated stocks by June, their movement out of the state presently is around nine lakh tonnes per month. This would help move out only around 50 lakh tonnes of stocks by June. Haryana has 96 lakh tonnes of procured wheat and rice stocks with a covered accommodation of 26 lakh tonnes, the rest being open storage. To this will be added 65 lakh tonnes of wheat and nine lakh tonnes of rice by June. It is expected that around 30 lakh tonnes of stocks will be moved out of the State in the next five months. Although both the State governments are arranging additional covered and open storage accommodation on their own and with the help of private parties, the accumulated stocks will mount will the onset of the rabi procurement season.
IPA |
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Nilokheri to have polythene unit Nilokheri (Karnal), January 19 The Chief Minister was addressing a gathering after the inauguration of godowns constructed by Hafed at a cost of R 3.33 crore here. Nilokheri would be developed as an industrial town so that ample opportunities of employment to the youth might be provided. Special thrust was being laid on the development of towns along G.T. roads on the pattern of Germany. The Centre had sanctioned 13 highways for the Haryana and proposal for 16 more highways had also been sent to the centre for approval. Mr Chautala disclosed that Hafed would construct two modern rice mills in Fatehabad and Narwana. Besides modernisation of Radaur and Pilokhera, rice mills would also be undertaken at a cost of Rs.1.80 crore. Hafed had already constructed godowns of 66,000 metric tonnes capacity. In addition to this 2.67 lakh tonnes capacity godowns would be completed before the end of next month. The Chief Minister said the Haryana Government had fixed a target of constructing godowns having 3.35 lakh metric tonnes capacity under the seven year guarantee scheme of the FCI. |
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Sachin steals march over skirts New Delhi, January 19 Celebrity endorsements seem to be the order of the day. At least for the auto majors, that are learning that sporting icons are more popular role models than damsels from the world of haute couture. Amid a persistent downslide, automobile companies from across the globe have lined up the latest sedans and vintage classics. And as if the cars were not enough to attract prospective buyers, top models from the world of fashion are helping visitors about the nitty-gritty of specific vehicles. For the record, organisers are believed to have issued a dress code asking participants not to allow their models dress provocatively. The last Auto Expo had invited wrath of feminists and women activists who strongly
opposed the vulgar display of scantily-clad girls and termed it as a manifestation of "commodification of women". However, Fiat had the last laugh as master blaster Sachin Tendulkar visited the expo and personally endorsed S-10 Palio, the limited edition sports model Palio named after him. As he obliged shutterbugs by posing in different postures, in a nearby stall, Hyundai was lifting the curtains on Terracan, a sports vehicle as models enacted a special choreography number. But the crowd preferred to stay with "the heart-throb of India". Needless to say the Sachin has stronger endorsement value than many of the country's top models. Social psychologists attribute the phenomenon to the dearth of role models in the country. " In a country, where politicians are shown red-handed taking bribes, sporting icons continue to be the biggest role models that the younger generation seeks to emulate. That is why the whole nation heaves a collective sigh of relief when Sachin scores a century", said a Delhi-based social psychologist. "Not that Palio sales will suddenly shoot up because Sachin has endorsed the product. But doing it Sachin has increased the brand recall value of Palio manifold", a marketing expert said.
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Eviction of sub-tenants Q: When subletting by only one tenant is proved, whether tenant and other sub-tenants can be evicted on this ground? Ans:
SC wad dealing with this point in Hem Chand v Hari Kishan Rohtagi (2001 (2) RCJ 505). The appellants filed one suit in the lower court seeking eviction of respondent Nos. 1 to 5 on three grounds. However, the only one ground which survives is provided under S 14(1) (b) of the Delhi Rent Control Act, 1958. The allegation of the appellants was that respondent No. 5 was induced as sub-tenant without the written consent of the appellants and therefore, respondent No. 1 to 4 who are the tenants should be evicted from the said premises. The respondents took the plea that the consent was obtained to sub-let the premises. The Rent Controller, the Rent Tribunal and the HC found that subletting in favour of the 5th respondent was without the consent of the appellants and ordered the eviction. However, the grievance of the appellants is that the other sub-tenants are occupying various portions of the tenanted premises and therefore, the courts ought to have ordered eviction of respondent Nos. 1 to 4 instead of confining the order of eviction to respondent No. 5, one sub-tenant only. It appears from the pleadings, observed the SC that in the eviction petition, the landlord stated that out of 8 sub-tenants, six sub-tenants were inducted into possession of different portions with his consent. If that is so, neither the tenants nor the sub-tenants could have been ordered to be evicted merely because one of the sub-tenants was inducted into possession of a portion of tenanted premises without the consent of the landlord. So far as respondent Nos. 1 to 4 as well as the other sub-tenants are concerned, the SC held, there can be no legitimate complaint of subletting because even according to the petition by the appellants they were inducted as the sub-tenants with his consent. This is not a case to order eviction of respondents 1 to 4 U/s. 14 (1) (b) of the Act. The SC therefore, found no illegality in the order of the HC warranting interference of that court. The appeals consequently were dismissed.
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Special discounted fares for Hajis ‘MAHARAJAH’s’ woes seem to be unending. The trouble, brewing for sometime between two senior officials, has taken an ugly turn. The allegations and counter-allegations have become public bringing further disrepute to the airline, which is caught in internal dog-fight and unprecedented bickerings. The trouble in the national carrier had surfaced a few months ago when a senior vigilance official was apprehended for trying to smuggle five bottles of airline liquor. Since then, the turbulent weather has been persisting in the airline. According to Commercial Director V.K. Verma’s recent letter: “A senior and responsible grade I director of the company indulged in gross and unabashed misuse of the limousine ....Whereas the official spent most of his time at the station headquarters and travelled in station head’s car, the hired limousine was placed at the disposal of his spouse for shopping and sight-seeing in London”. Counter-charges have been levelled against the Commercial Director. In May last year, and official of the status of the Managing Director had been suspended (subsequently reinstated) for non-compliance of the ministry orders. Now the ministry may have to perform an unpleasant duty of warning the Commercial Director for his over-exuberance in usurping the authority of the acting managing director J.N. Gogai. In the airline at Nariman Point, there are two factions. One group is actively aligned with Verma while another faction is opposed to whatever he does. The Minister for Civil Aviation Shahnawaz Hussain or some suitable authority will have to sort out his vex problem for peace to descend at the airline headquarters. Regardless of losses in two national carriers, Air-India and Indian Airlines, a team of people, said to be eminent and also politicians, will be sent on government expenses for Haj in addition to Rs 450 crore subsidy for Hajis and other facilities to them. Hajis travel to Jeddah on special, discounted fares. Air India will operate 92 flights (29,000 pilgrims) and Indian Airlines 52 flights (11000 pilgrims). Besides, Saudi Airlines will handle 100 flights (30,000 pilgrims). A private airline is trying to stage a come-back in domestic skies with a changed name. If all goes well, the operations will start sometime in May. New directors have been appointed. If the airline, awaiting clearance from the directorate-general of civil aviation, starts flying, it will offer some opposition to the only two private carriers flying on domestic sectors. |
Cipla net
up 17 pc
Mumbai, January 19 Net sales in the reporting quarter were up by 32.87 per cent at Rs 366.25 crore as against Rs 275.64 crore in Q3 of last year. Bharat Forge
Bharat Forge Ltd has posted a 56.96 per cent rise in net profit at Rs 6.31 crore for the third quarter ended December 2001 compared to Rs 4.02 crore for the same period last fiscal. The total income for the period under review dropped marginally to Rs 111.58 crore from Rs 112.32 crore in third quarter of 2000-01. GNFC
Gujarat Narmada Valley Fertilizers Company Ltd (GNFC) has posted a 51.50 per cent drop in net profit at Rs 13.88 crore for the third quarter ended December 2001 compared to Rs 28.62 crore for the same period last fiscal. Cabot India
Cabot India Ltd has reported a 23.96 per cent drop in net profit at Rs 1.65 crore for the first quarter ended December 31, 2001, compared to Rs 2.17 crore in same period of previous fiscal. Agencies |
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