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Wednesday,
July 3, 2002, Chandigarh, India  
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VSNL:
WorldCom begins clearing dues
73
companies delisted by BSE Jet
Airways reduces fares Another
power plant for North Gold
price rises but demand falls IDBI
Bank business at 450 cr Ram Naik
to lead delegation to Iraq |
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Women
target banks over pay gap LSE
President, Vice-President resign Ready-to-drink
coffee Pfizer
sues Dr Reddy’s Lab
Executives
to be “shark bait”
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VSNL: WorldCom begins clearing dues
Mumbai, July 2 “WorldCom has started following certain payment pattern, in the interest of continuing professional business relationship and due to VSNL’s constant monitoring of the situation.” The Indian international telephony carrier, however, did not disclose the amount of payment already received or the amount due from WorldCom. VSNL also did not elaborate on the payment pattern followed by WorldCom or whether there was a deviation from the normal practice of making monthly payments after a lag of about 3 months. VSNL said it will remain as transparent as possible. “There would be certain sensitivities in the matter, public discussion on which may have an effect on the remittances expected from WorldCom,” the company said. WorldCom had assured VSNL that it would pay all its dues and the Indian long distance player had reacted in statement saying “concern that VSNL may not be able to recover large sums of money from WorldCom seems unwarranted.” VSNL, Director, Operations, N Srinath said, “we are continuing to monitor the situation closely and believe that our discussions with WorldCom will continue in a positive and mutually beneficial manner.” VSNL is set to lose anywhere between Rs 100 to Rs 500 crore if scam-hit US long distance telecom player, WorldCom, files for bankruptcy. The number two long distance player in the United States, WorldCom, had admitted to an accounting fraud of $ 3.8 billion raising fears of bankruptcy. In December last year, VSNL had signed agreement with WorldCom for continuing mutual support in data and voice services in the US and Indian markets. Calls made to the US from India would be routed by VSNL to WorldCom which would then connect it to the US local access provider. While calls from US to India would be routed by WorldCom to VSNL as per the arrangement. Since the number of incoming calls are higher than outgoing calls from India, WorldCom has to pay the difference which industry sources estimate between Rs 100 to Rs 500 crore in the past quarter. WorldCom expands probe
Washington: WorldCom stock has plummeted 93 per cent as the group defaulted on $ 4.25 billion of debt and warned of possible new accounting irregularities. The US telecom giant sent world markets reeling last week when it revealed a $ 3.8-billion black hole in its accounts for 2001 and the first quarter of 2002, eclipsing even the Enron scandal. Returning to the Nasdaq after being suspended five days ago, WorldCom shares collapsed to six cents at the close, down 77 cents or 92.77 per cent. In the past year, it had traded as high as $ 16.06.
UNI, AFP
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73 companies delisted by BSE
Mumbai, July 2 Of the 73 companies, 65 firms will be delisted on account of winding up order against these companies issued by the respective high courts. The companies are - Hallmark Healthcare, Rishi Oils & Fats Ltd, Seema Industries Ltd, Haryana Industries Ltd, AVI Exports Ltd, La Medical Devices Ltd, Punjab Wireless Systems Ltd, Amrit Cellulose Ltd, Centuryu Proteins Ltd, Vee Kay Fibres Ltd, Jersey India Ltd, Maruti Syntex Ltd, Punjab National Fertilisers Ltd, Oberoi Plastics Ltd, Domino Leathers Ltd, Century Tubes Ltd, Him Ispat Ltd, Haryana Petro Chemicals Ltd, Kaveri Engineering, Arun Processors, Premier Housing, Vibrant Investments, Mangal Procesing Ltd, Elgi Augo, G K Steel and Allied, Alfa Exports, Happy Home Profin Ltd, Amigo Exports Ltd, Capsien Bio Lab Ltd, Shiva Engineering, Amaravati Chemicals, India Castor, Max Worth, Rich Stones India Ltd, Elnet Ltd, Fidelity Industries Ltd, Southern Township Promoters Ltd, Sanmach Motor Finance Ltd, Gremach CNC Ltd, Arun Pipes Ltd, Kothari Orient Ltd, Sri Ramkrishna Steels, Kiran Overseas Ltd, Srusti Shoes Ltd, Skyline Leather Ltd, Micam Leather Exports Ltd, Ttg Industries Ltd, Chemech Lab Ltd, Gem Eyedoms Ltd, Maha Chemicals Ltd, Western India Inds. Ltd, Ganapati Exports Ltd, Ashok Fashions Ltd, Stieful Und Schuh India Ltd, Quality Pharma, Singh Alloys and Steel Ktd, Sunderban Aquatic Farms Ltd, Trunkey International Ltd, A S Rototech Ltd, Searsole Chemicals Ltd, Carbon Composites Ind Ltd, IFB Finance Ltd, Prudential Capital Markets Ltd and Lunax Ltd. The BSE said transactions in the securities to be delisted were suspended time to time as and when the exchange received the intimation for the same.
UNI
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Jet Airways reduces fares
New Delhi, July 2 An airline release said the revised Visakhapatnam-Delhi fare will be Rs 10,140, a saving of Rs 800 on the existing cost. Visakhapatnam-Kolkata is Rs 10,355, Visakhapatnam-Chennai Rs 7,045, Visakhapatnam-Bangalore Rs 7,095 and Visakhapatnam-Mumbai Rs 7,045. The airline said passengers who have already purchased tickets can get it reissued at the revised fares before commencement, free of charge. Refund can also be collected after the journey provided boarding pass and ticket jackets are submitted. Following suit, Air Sahara announced a “sixer” limited offer scheme under which it will offer six tickets to any six destinations for a round figure of Rs 25,000 only, which will be valid till December 20. Air Sahara CEO U.K. Bose told PTI on phone from London that the scheme was “not part of any price war” but just limited offer scheme to target the airline’s frequent fliers. The scheme, he said, was getting “tremendous response”. Bose said the airline would shortly announce a couple of more such schemes which would “benefit the general travellers as well”. Only a limited number of flight coupons were available under the “sixer” scheme which would be given out on a first-come, first-served basis.
UNI, PTI
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Another power plant for North New Delhi, July 2 The Rs 5,300 cr project, on Sutlej river in Bilaspur district, will be completed by the NTPC in six and a half years, a release said here. The power generated will be supplied to the power deficient northern region through the 400 kv integrated transmission system lines constructed for Nathpa Jhakri and Kol Dam projects. This is the first hydro-electric project being taken up for construction by the NTPC. The clearance of the Environment and Forest Ministry has already been obtained.
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Gold price rises but demand falls Chandigarh, July 2 Experts feel that most of consumers, who have deferred purchase of gold so far, are waiting for a fall in the price, may be disappointed soon. The price of gold is likely to stabilise at around Rs 5,000 per 10 gram if it does not increase further in the coming festival season. Regarding the causes of recent spurt in the gold price, Mr Anil Talwar, general secretary, the Chandigarh Jewellers Association, says, “the fall in the value of rupee over the past few months, decision of some international banks to postpone the sale of gold and the heightened tensions in Israel, Afghanistan and Kashmir have affected the gold price. The gold in the international market, which was selling at $270-280 per troy ounce about two months ago, has crossed $ 320 per troy ounce. Further the value of rupee in comparison to dollar has fallen by 16-18 per cent, resulting in an increase in the gold price from Rs 4,400 per 10 gram about two months ago to Rs 5,500.” The price of pure gold is now hovering at Rs 5,200 to Rs 5,500 per 10 gram. Further elaborating the causes of an increase in the price, he adds,“A few years ago, when the international gold price had fallen from $ 270-280 per troy ounce to $ 250 per troy ounce, some of the mines were closed down resulting in lower supply. It would take some time, before these could be operationalised. Due to reports of good monsoons, festival and the marriage season, any fall in gold price is highly unlikely in the near future.” The observers say the lean season from March to June is already over, and the beginning of the festival season, Christmas celebrations and Chinese new year will push up the demand despite high price. However, Mr Mandeep Jain jeweller agrees that the increase in the prices have affected the demand in the region. Some of the traders are facing huge losses, especially those who had given guarantee to take back jewellery at the market rate. The sellers are benefiting from this development.” The association of about 300 jewellers in Chandigarh have expressed concerns about the decline in business. Mr S.K. Aggawal, AGM, PNB, who deals in gold operations, claims, “it is not only the international price but also the difference in sales tax on gold as well, varying from 0.3 per cent in Haryana to 2.2 per cent in Punjab, which affects the gold prices.’’However, he feels that any further increase in the price is highly unlikely in the near future since India has a limited share in the total international demand for gold.
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IDBI Bank business at 450 cr Chandigarh, July 2 This was stated by Mr Anil Tiwari, Assistant Vice-President, IDBI Bank Ltd., here today. He disclosed that the techno-savvy bank has customer base of 30,000 at present and aims to double its base during the current financial year. He said the bank has branches at Mohali, Chandigarh, Panchkula, Ludhiana, Jalandhar, Patiala and Phagwara.
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Ram Naik to lead delegation to Iraq New Delhi, July 2 The Joint Commission will meet on July 6 and 7 to hold talks for identifying new areas of co-operation between India and Iraq. It will also focus on consolidating the relations in the areas identified and agreed in earlier rounds of the Joint Commission Meetings. The last meeting of Indo-Iraq Joint Commission was held in New Delhi. The high level delegation led by Mr Naik comprises Mr R M Abhyankar, Special Secretary (East), Ministry of External Affairs, Mr Rajeet Mitter, Joint Secretary (Gulf), Ministry of External Affairs Mr J M Mauskar, Joint Secretary in the Ministry of Petroleum and Natural Gas, Mr M.V.P.C. Sastry, Joint Secretary in the Ministry of Commerce and Industry, Mr R T Pandey, Director (Economic Affairs), Ministry of Finance and Mr Atul Chandra, Managing Director OVL. The delegation leaves India on July 4 and will return on July 9.
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Women target banks over pay gap London, July 2 Legal actions have trebled in the past two years and women have been emboldened by recent courtroom successes against big firms, say lobby groups Opportunity Now and Women in Banking and Finance. Barton, formerly a media analyst at Investec Henderson Crosthwaite, is claiming she was paid less than male colleagues and is seeking damages at an employment tribunal. Investec is said to have paid Mathew Horsman, a colleague with less experience than Barton, $ 3.2 million in salary and bonuses over four years — more than twice Barton’s earnings. Barton’s claim comes soon after Julie Bower, another high-flying analyst, won a record $ 2.2m payout from Schroder Securities after taking the firm to an employment tribunal for sex discrimination and unfair dismissal. Bower, who was backed by the Equal Opportunities Commission, said she was driven out of Schroders by being given an “insultingly” low bonus of $ 38,300, far less than male colleagues. Pandora Omaset, head of Women in Banking and Finance, said banks have been forced onto the defensive since being warned in a judgment two years ago not to reduce or withhold discretionary bonuses “irrationally” or “perversely”. “Companies will have to learn to be more clear about their pay structure, or risk legal action,” she said. “Uneven pay between men and women is at its worst at the highest levels of the city. In the past, if you spoke out you would lose your job. Now that fear is subsiding, we expect to see many more claims against banks.” Norma Jarboe, Director of Opportunity Now, added: “There is a glass ceiling for women in the city, and one of the difficulties they have always faced is the lack of transparency in the part of the pay package which is related to bonuses”.
By arrangement with the observer
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LSE President, Vice-President resign Ludhiana, July 2 It was in the month of March that SEBI had directed all the stock exchanges in the country that no elected director should hold office of President, Vice-President and Treasurer. The extraordinary general body meeting of the LSE while accepting the directions of the SEBI had urged it to allow the President office bearers to function till the next annual general body meeting scheduled to be held in September. However, the SEBI has not accepted the plea of the LSE and sent a directive to it to immediately implement the decision. Accordingly
Mr Jaspal Singh and Mr Rajiv Kalra today submitted their resignation that will come before the board meeting on July 10.
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Ready-to-drink coffee Mumbai, July 2 “Worldover we have presence in tea and coffee markets and this was the right time to strike in the ready-to-drink home segment in India”, Coca-Cola India deputy president Sanjiv Gupta told reporters here. The global soft drink major will roll out the brand for mass market consumption by September and the products will be priced at a very competitive level. The premium coffee is available in flavours like Cafe Mocha, Espresso and Cappuccino while tea carries a cardamom taste, Gupta said.
PTI |
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Pfizer sues
Dr Reddy’s Lab
New York, July 2 Pfizer notified Dr Reddy’s on Monday that it had filed a patent-infringement suit in federal court in New Jersey, according to a statement by Dr Reddy’s. The company said earlier that it may begin selling a version of the blood-pressure medicine as early as next year. Norvasc had 2001 worldwide sales of about $ 3.6 billion, Pfizer said. Pfizer spokeswoman Mariann Caprino confirmed that Pfizer filed the suit.
Bloomberg
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bb
Essar Shipping L&T |
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