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Saturday,
August 3, 2002, Chandigarh, India  
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Financial
situation of Punjab may worsen MRPL to
become ONGC subsidiary CORPORATE NEWS
CEDTI
designs Punjabi word processor |
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Zero
rental phone line from Connect BoP branch
at Panchkula ‘Global’
dodge lets big firms off hook
Mitsubishi
recalls 676,741 mini cars
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Financial situation of Punjab may worsen Chandigarh, August 2 The state’s account with the RBI was in overdraft and touched the maximum of Rs 118.27 crore, between July 1 and 12. The overdraft was over and above the ways and means advance of Rs 256.88 crore and the actual negative balance was Rs 326.41 crore, as on July 11. As overdraft cannot be run with the RBI for more than 12 consecutive days, treasuries were instructed not to clear any bills, except for the implementation of courts’ orders. To clear the overdraft, temporary transfer of funds was done from the Punjab Infrastructure Development Board. There was also diversion of Rs 215 crore from the food account for meeting committed expenditure of the government. Though, this diversion was clearly in contravention of the decision taken by the Cabinet Committee on Fiscal Management on April 24, 2002, but for this diversion, the state would have run into ‘’impermissible overdraft’’ inviting ‘’stop payment order’’ from the RBI, resulting in even stoppage of payment of salaries to employees, it is learnt. The Department of Food and Supply had received Rs 666 crore on account of lifting of foodgrains by the FCI, from March, 2002, to June 2002. But only Rs 451 crore were paid to the SBI, resulting in a further diversion of Rs 215 crore from the food account for meeting the committed expenditure of the government. This practice was adopted by the Akali-BJP government, which the present government is criticising and now it had resorted to it. These facts were brought to the notice of the Cabinet Committee by the Department of Finance at a recent meeting. The committee was told that the implementation of the decisions already taken by it and the Council of Ministers in the past weeks was ‘’poor, vague and incomplete’’. Despite Rs 140 crore more receipts from major taxes in the first quarter, as compared to the corresponding quarter of the previous year, the state’s account with the RBI is running in overdraft. The reason is that payments of Rs 328.72 crore, which were the liabilities of the previous year, were released now. The financial situation will further worsen, say sources, because of repayment of Rs 125 crore, as loan to the Centre and Rs 110 crore for purchase of gunny bags for paddy. The government has taken 209.75 crore loans from the Punjab urban housing and development agency, the Mandi Board and PIDB for the PSEB. The deficient monsoons has put a burden on power demand for Kharif (paddy) and the board has no money to purchase additional power nor is power available.
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MRPL to become ONGC subsidiary
New Delhi, August 2 Aditya Birla Group Director Bagdoria signed an agreement yesterday to sell the Group’s 37.39 per cent shareholding in MRPL for Rs 59.4 crore. ONGC Director (Onshore) R.C. Gourh signed on behalf of the state-run company, sources said. After buying Aditya Birla Group companies’ stake for Rs 2 a share, ONGC would inject Rs 600 crore as additional equity capital to take a controlling stake in MRPL, sources said. Besides, ONGC would infuse over Rs 300 crore as working capital in the loss-making refinery. ONGC would make MRPL a majority (51 per cent)-owned subsidiary and restructure board, sources said adding Hindustan Petroleum Corporation, whose stake in the 9 million tonnes refinery would fall from 37.39 per cent to 15-16 per cent, has agreed to giving management control to ONGC. “HPCL board would meet shortly to formally waive off its first right of refusal,” they said. HPCL would continue to be represented on the reconstituted board of MRPL. While Aditya Birla Group has already written to the government to rescind the 1987 tripartite MoU (signed for setting up the joint venture refinery), HPCL would do so after its board approval, sources said. Sources said consortium of lenders to MRPL, led by ICICI, have conveyed in principle for restructuring of debt involving converting part of Rs 4,500 crore debt into equity and relaxation in interest liability.
PTI
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CORPORATE NEWS
Mumbai, August 2 The company has sold 7.18 million tonnes of cement during the year as against 6.08 million last year, an increase of 18 per cent. The sales turnover of the company gone up to Rs 1,583 crore from Rs 1,447.85 crore in the previous year with an increase of 9 per cent. Its operating profit rose to Rs 465.79 crore from Rs 463.98 crore in the previous year. The cash profit has gone up due to substantial reduction in interest cost which has gone down to Rs 96.64 crore as against Rs 134.08 crore, a reduction of about 28 per cent. After providing depreciation of Rs 137.81 crore (Rs 129.30 crore in the previous year), the profit before tax is higher at Rs 231.34 crore as against Rs 200.60 crore in the previous year, an increase of 15 per cent. After providing for current tax of Rs 16.50 crore (same figure as in the previous year), the profit after current tax is Rs 214.84 crore as against Rs 184.10 crore, an increase of 17 per cent. In tune with the accounting standard-22, the company has provided for the deferred tax liability of Rs 28.32 crore, and profit after this provision stood at Rs 186.52 crore. The Board of directors has recommended an increase in dividend of 60 per cent (including interim dividend 40 per cent) as against 50 per cent in the previous year. Alfa Laval
Alfa Laval (India) Limited has reported a net profit of Rs 10.57 crore for the second quarter ended June 30,2002 against that in corresponding period last fiscal. The net profit of the company is not strictly comparable as the results of the same quarter in the previous year did not include the results of its two subsidiary companies which were merged during the previous year, a company press release said here today. The company’s net sales turnover was Rs 64.84 crore and the company earned an operating profit of Rs 15.92 crore for the quarter ended June 30, the release said. For the half year ended June 30, the total income of the company was Rs 145.91 crore while the net profit was at Rs 20.69 crore, the release said.
UNI
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CEDTI designs Punjabi word processor SAS Nagar, August 2 Designed by Ravinder Singh Zandu, a senior design engineer with CEDTI and his team under the guidance of the CEDTI Director, Mr J.S. Bhatia, the USP of the word processor is its feature of being able to check spellings in the types document. This dictionary feature which is lacking in the word processor which is currently used has been incorporated from the Punjabi Shabadkosh using as many as 45,000 commonly used words. Other than the 45,000 words the Sampadak will also provide users with the facility of adding new words to the dictionary, ignoring a particular spelling during the checking and changing the word. ‘‘Basically other than the main dictionary the user can define his own dictionary for use and that is unlimited.’’ says Mr Zandu. CEDTI has taken help from Dr Naresh of the Department of Punjabi, Panjab University as the external expert who has from the massive six volume Shabadkosh sorted out 45,000 words for the dictionary. Other than the dictionary, this Punjabi language editor is also offering three new Punjabi language fonts. ‘‘These fonts have been taken from the fonts used in the Remington Punjabi typist keyboards. ‘‘With these the user has three more options with him along with the standard phonetic MS word fonts which will be available for use.’’says Mr Zandu. A print preview is also available along with the what-you-see-is-what-you-get (WYSIWYG) style of display and printing. And the system requirements? A 486 or faster processor, 32 MB RAM, CD ROM Drive, hard disk with 5MB space and Microsoft Windows 95/NT/2000/XP/ME.
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Zero rental phone line from Connect Chandigarh, August 2 The first 2000 call units will be billed at Re.1.00 per call unit and call units beyond 2000 will be billed at Rs 1.2 per call unit. Minimum monthly billing commitment in this plan is Rs 999. Subscribers to this plan can save upto 20 per cent on their existing telephone bills. This plan is especially designed to fulfil the high intra Punjab calling needs. “Talk Max will address the needs of the large population of traders, distributors, small and medium enterprises, multi-city institutions like banks having higher local and intra state calling needs in Punjab,” said Mr Vijay Kaul, Vice-President, Connect. All new Connect Wireline, CorDECT and fixed wireless subscribers are eligible for the Talk Max plan. STD facility will not be provided in this plan.
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BoP branch at Panchkula
Chandigarh August 2 Speaking on the occasion Mr Tejbir Singh, Executive Director, Bank of Punjab said that “The bank will be shortly opening branches at Cochin, Pathankot, Morinda, Manimajra (Chandigarh) and Samrala.” He added that, “The bank has started forex bureau at Delhi, Jalandhar and Chandigarh and plans to have more such bureaus in other branches as well.” Committed to serve the Indian farmer, Bank of Punjab has aggressive plans to promote credit to agriculture sector. The bank will organise farmers clubs for interaction between the members of farming community.
TNS
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‘Global’ dodge lets big firms off hook London, August 2 The websites of all major accountancy firms claim they are ‘global’ businesses offering integrated services. This has boosted their worldwide income to more than $ 70 billion a year. They use the same logo, headed paper and advertising campaign. They have a worldwide board of directors, a chairman and a chief executive officer, often headquartered in secretive offshore tax havens with no information-sharing treaties with other nation states or regulators. These firms have been the driving force behind moves by the International Accounting Standards Board to take accounting rules out of the hands of governments and put them in the grip of major corporations and firms. But they are silent on their global accountability. Arthur Andersen audited Enron, including its UK operations, and also provided worldwide consultancy. As the Securities & Exchange Commission launched criminal proceedings against the firm for shredding documents in Houston, Chicago and London, the firm claimed that it was not ‘global’. Its press statement stated: ‘Arthur Andersen LLP [the US firm], an autonomous member firm of the Andersen Worldwide SC organisation, contracted with, performed the audits of, and signed the audit opinions on Enron’s financial statements. Accordingly, Arthur Andersen LLP is the only proper defendant in claims relating to that audit opinion. Andersen in the UK has no obligation to satisfy the legal liabilities of other member firms.’ Price Waterhouse (now part of PricewaterhouseCoopers) became the auditor of the fraud-infested Bank of Credit and Commerce International (BCCI) by claiming it was a ‘global’ firm. In 1991, after the forced closure of BCCI, a committee of the US Senate conducted an inquiry into the $ 11 billion frauds and audit failures. It subpoenaed Price Waterhouse to produce its files, including the papers held by its UK offices. At this point, the US office of the firm claimed: ‘The British partnership of Price Waterhouse did not do business in the US and could not be reached by subpoena.’ The firm added: ‘The 26 Price Waterhouse firms practise, directly or through affiliated Price Waterhouse firms, in more than 90 countries throughout the world. Price Waterhouse firms are separate and independent legal entities whose activities are subject to the laws and professional obligations of the country in which they practise ... No partner of PW-US is a partner of the Price Waterhouse firm in the United Kingdom; each firm elects its own senior partners; neither firm controls the other; each firm separately determines to hire and terminate its own professional and administrative staff.... each firm has its own clients; the firms do not share in each other’s revenues or assets; and each separately maintains possession, custody and control over its own books and records, including work papers. The same independent and autonomous relationship exists between PW-US and the Price Waterhouse firms with practices in Luxembourg and Grand Cayman.’ The US Senate inquiry also learned that ultimate control of Price Waterhouse rested with Price Waterhouse Worldwide, based in Bermuda, which did not co-operate with the US Justice Department. In 1996, the Justice Department pursued a fraudster operating a shell company, Merlin Overseas Limited, from Antigua. It consisted of little more than a fax machine in a Caribbean office of Price Waterhouse. The Manhattan district attorney prosecuted the fraudster, but could not get at Price Waterhouse. The district attorney’s office asked Price Waterhouse in Manhattan for help, but was told that Price Waterhouse in Antigua is not the same legal creature as the one in New York. Major accountancy firms have devised careful corporate structures to avoid showing their files to regulators. The governments know that despite securing ‘global’ appointments and fees, these firms are avoiding their responsibilities. They could pass laws requiring auditors to show their working papers to named regulators. They could fine and shut firms obstructing fraud inquiries. Instead of exposing audit failures and increasing protection for stakeholders, governments have done nothing to call ‘global’ firms to account.
The Guardian
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