 |
Saturday,
June 15, 2002, Chandigarh, India  
|
SEBI to crack down on vanishing firms
Model rules for SEs
PowerGrid seeks to take over distribution in Chandigarh
Hike in oil prices to hit industry |
|
|||||||||||||||||||||||||||||
|
GE Plastic among 36 FDI cases okayed Satyam starts second Net centre
TCS to go public this year
Sinha ‘handles’ poetry for change
|
|
SEBI to crack down on vanishing firms New Delhi, June 14 “The companies have vanished but the people have not. SEBI and the Department of Company Affairs are taking steps to locate the promoters of these companies,’’ Mr Bajpayee said. Latter, Mr Bajpayee told reporters that he had written a letter to the police in different states to track down the promoters, who have perpetrated frauds on the investing public. The search and seizure powers, as being envisaged in the proposed amendments to the SEBI Act, would be used to protect investors with the “least pain,’’ Mr Bajpayee said. The Law, Justice and Company Affairs Ministry and the Finance Ministry have already resolved their differences and have agreed to empower SEBI with search and seizure powers. The amendments will now be cleared by the Cabinet. The market regulator is also initiating measures to implement the concept of corporate governance in letter and spirit. Through corporate governance, SEBI wants to ensure wealth creation, wealth management and wealth sharing. It has asked a few credit rating agencies to work out some instrument for measuring the companies on the scale of corporate governance.
UTI investors need not panic
Mr G.N. Bajpayee assured a large number of investors in the Unit Trust of India that the country’s largest mutual fund would honour its commitments. Asked what action SEBI would take in case UTI fails to honour its redemption commitments, Mr Bajpayee told reporters here on the sidelines of a market seminar that he was confident that no such situation would arise. “I am confident they (UTI) will be able to meet its commitment’’, he said.
Expects 200 IPOs this fiscal
In contrast to a dull market condition last fiscal, the Securities and Exchange Board of India (SEBI) expects the markets to chin up this fiscal with an estimated 200 companies coming up with initial public offers. “We are bullish about the market. At least 200 companies are likely to come up with IPO this year,” SEBI chairman G N Bajpai told reporters on the sidelines of a seminar organised by Institute of Company Secretaries of India here today. Although he declined to hazard a guess about the amount of funds that would be raised through the IPOs, the SEBI chief said market sentiments were improving and several private and PSU companies have approached the regulator for their IPOs. Some of the PSUs that are eager to list their shares in domestic bourses include Canara Bank, Central Bank and Union Bank of India.
|
|
Model rules for SEs Ludhiana, June 14 The MD shall be vested with the executive powers of the exchange to run the day to day administration including all managerial, operational and incidental matters and to enforce rules, bylaws and regulations of the exchange in force from time to time and the directives, orders, guidelines, norms and circulars issued by SEBI. The chairman so elected by the board of directors shall hold office for one year or until the succeeding chairman is elected. The chairman shall be eligible for reelection provided the person who held the office for two consecutive terms shall not be eligible for reelection. The committee has further suggested that the standing committees for settlement of claims against defaulters, disciplinary action committee and investors services committees and conciliation and arbitration panels be also set up. The committee has made it clear that the elected members of the board of directors shall not have any role whatsoever and shall not interfere in the day to day functioning of the exchange and shall limit their role to decision making on policy issues as the board of directors may decide. The general body meeting of the LSE has been summoned on June 21 to discuss the report of Mayya Committee and take final decision.
|
|
PowerGrid seeks to take over distribution in Chandigarh
New Delhi, June 14 Transmission and distribution (T & D) losses in the two places could be reduced to half of the present level within 12 to 18 months, Mr Singh told reporters. At present, Chandigarh is incurring a loss of about 25 per cent in distribution, Pondicherry suffers a loss nearly 20 per cent. The losses could be brought down to within 12 per cent in about one and a half year and subsequently to about seven per cent, Mr Singh said. This could be achieved by bringing all the bulk consumers under real time consumption monitoring system and other measures, he explained. The corporation would absorb all the employees in the distribution department of the two electricity boards if it was given the distribution. PowerGrid was also willing to form a joint venture for the purpose with the two electricity boards by involving a reputed private company dealing in power for technical know-how. Mr Singh has just returned from the German capital Berlin after studying that country’s ways and means to prevent distribution losses. He said he would pursue the matter with the Union Territories after his forthcoming visit of Brazil to learn of the methods being adopted there to check power theft and the distribution mechanism. The administrations of the two places had shown interest in entrusting the job with the Corporation and develop their regions as model distribution centres, he said. T & D losses, which account for as much as 50 per cent in Delhi and several states, have been the bane of State Electricity Boards (SEBs) which have run up cumulative losses of over Rs 40,000 crore. The PowerGrid has recently commissioned its Northern Region Load Dispatch Centre (NRLD) which has prevented grid collapses on many an occasion, including on the eve of the new year, through real time monitoring of the supply and demand positions in various northern states and instantly alerting the concerned regions for remedial action. The Corporation is constructing a new office complex at a cost of Rs 60 crore in
Gurgaon, Haryana, while its employees have formed a cooperative housing society which is building a 428-flat complex in the same area. Both the projects are nearing completion and are expected to be ready by the end of the year.
UNI
|
|
Hike in oil prices to hit industry Freight component for Punjab’s industry has become so sizeable that it can defeat the industry in the stiff competition. Hike in the prices of diesel will spell doom for the state’s industry. Volatility in the prices of the oil has become a regular feature. Already the sharp hike of over 20 per cent in the prices of steel in the recent months has taken a heavy toll of Punjab’s steel industry. Steel producers have played a big game of forming a cartel to raise the prices. Earlier sponge iron prices rose by over 34 per cent to Rs 62000 MT. The local steel producers in Punjab had to raise the steel prices. So in Punjab even after rise in steel prices local steel producers also went into loss. Freight equalisation is the minimum Punjab’s industry can expect. It is not a favour or concession but it is a sound business principle. All consumer products carrying strong brand name are sold at the same price in all parts of the country with the exclusion of local taxes. A high-powered committee headed by Mr T.K.A. Nair, Chairman, Public Enterprises Selection Board, visited Chandigarh to meet Punjab’s industrialists. This committee has been assigned the task of preparing the state development report on Punjab by the Planning Commission. Mr S.K. Tuteja, Development Commissioner, SSI & Additional Secretary also attended the meeting. Among other suggestions the committee was urged to have the principle of freight equalisation on steel restored. After lot of argument the committee was convinced. The high-powered committee considered some other suggestions too. For the cycle industry, the government is inclined to raise the investment limit to Rs 5 crore from the existing one crore. It has already done for the knitwear sector. Progressive entrepreneurs are pressing the government to raise this limit as they cannot withstand the pressure of competition due to poor quality. Costly equipment is a must to improve the quality. The committee was also apprised of the very high interest rates being charged by banks from the SSI sector. The committee agreed with industry & assured to take up the matter at the highest level.
|
|
GE Plastic among 36 FDI cases okayed
New Delhi, June 14 The proposals were cleared by Commerce and Industry Minister Murasoli Maran on the basis of recommendations made by the Foreign Investment Promotion Board (FIPB), an official release said here. The GE Plastic investment entails increasing equity from 50 per cent to 100 per cent in its local subsidiary GE Plastic India Ltd for a compounding line for alloys/blends/compounds or engineering plastics including coloured resins. Ciba Speciality Chemicals Holdings’ has secured nod to increase its equity from 40 per cent to 89 per cent in its Indian arm for manufacture and sale of speciality chemicals. German company Enercon GmbH’s Rs 26 crore proposal for bringing in 65 per cent equity in its Indian subsidiary for setting up a 21 MW windpower project in Karnataka was also cleared. The other FDI cases cleared by the government included the International Finance Corporation’s proposal to invest Rs 24 crore in Schoolnet India for undertaking K-10 programmes for schools from kindergarten to Class 10. German air and sea freight forwarding company Schneker AG got approval to hike stake in its Indian unit, Schneker International by investing Rs 3.71 crore. The Rs 1.47 crore proposal of Japanese watch maker Citizen Watch Company and Citizen Trading Co. for increasing the equity in the local subsidiary, Citizen Watches to 75 from 51 per cent was also among the 36 FDI proposals cleared. Proposal of German firm Thvssenkrupp Elevator AG to invest Rs 25.05 crore in its Indian subsidiary for doing business in elevators and escalators secured the government nod. The Rs 11.81 crore proposal of Singapore firm PSA Marine Pte to provide port management and marine services to ports on the Indian coastline was cleared.
PTI
|
|
Satyam starts second Net centre
Chennai, June 14 With the impending rationalisation of bandwidth prices, India is poised to emerge as a hosting destination for international customers, J. Avinash, President, hosting services, Sify, said, adding the Satyam already had a leadership in Indian hosting space with a strong base of 200 customers.
PTI
|
bb
Ranbaxy SRF net drops Nerolac Paints SBP loan cells Maya Academy Bayer sales up BSE margin PNB hikes rates Bathinda pipeline |
 |
| Punjab | Haryana | Jammu & Kashmir | Himachal Pradesh | Regional Briefs | Nation | Editorial | | Business | Sport | World | Mailbag | In Spotlight | Chandigarh Tribune | Ludhiana Tribune 50 years of Independence | Tercentenary Celebrations | | 122 Years of Trust | Calendar | Weather | Archive | Subscribe | Suggestion | E-mail | |
