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Friday,
August 9, 2002, Chandigarh, India  
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DCA to probe Tata Finance accounts
Spice slashes roaming charges GRAPHIC: Waiting list for telephone connections
Now contracts sans tenders |
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Drought keeps gold demand low
Package for state coop banks
What women want? Chivalry
StanChart card to check frauds
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DCA to probe Tata Finance accounts New Delhi, August 8 Section 209A enables the DCA to launch an inspection of Tata Finance’s books without giving the company any prior notice. Failure to comply with the inspection by any Tata official could result in imprisonment of up to one year along with a fine of up to Rs 50,000 and all findings of this proposed inspection will have to be submitted to the Central government, as per the Company Law provisions. “We may launch an inspection of TFL’s books of accounts to determine whether there were any financial irregularities,” top DCA officials said, adding that a decision on this issue will be taken early next week. Y M Kale, a senior partner of A F Ferguson, TFL’s auditing firm, has already resigned. Three other employees, who were believed to be associated with Mr Kale in drafting the controversial audit report has also resigned. A F Ferguson had come out with a report which was highly critical of some of the dealings of TFL. The report, however, was withdrawn on Tuesday with the auditing firm making an announcement that a new report, prepared by the different team will be made public shortly. Even as TFL denied that there were any kind of pressure exerted on the Ferguson, capital market watchdog SEBI has said that it was examining allegations of insider trading against former managing director of TFL Dilip
Pendse.
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ICAI asks DCA to call for report
New Delhi The ICAI, which is the apex accounting body, said only if the DCA finds any fault with Ferguson can the institute take any action against it. “Today, we have requested the DCA to call for the report. The department can look into the matter and if there is any prima facie evidence that there is a fault of the auditor, we can probe the matter and take action against the auditor,” ICAI president Ashok Chandok told PTI here.
PTI
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Spice slashes roaming charges Chandigarh, August 8 This was stated by Mr Ashok Goyal, Executive Director, Spice Telecom, here today. Addressing a press conference, he disclosed that the new roaming tariff would come into effect from midnight. He announced the launch of a new roaming value added service — the Roamers Local Link. It would enable both the Spice subscribers as well as the in-roamer logging onto the Spice network, to save on the STD component of calls up to 60 per cent. He said, “The Spice Telecom has entered into an agreement with other operators to provide this service. The roaming will now be charged airtime and the SMS would be charged on the basis of opted tariff plan.” Under the local link facility, the spice subscribers will now be able to call any in-roamer visiting Punjab without having to pay STD charges and vice versa. They would have to press # before dialing the number of the in-roamer. Incidentally, the AirTel is already providing all-India incoming roaming and regional roaming facility. Available to post-paid customers of AirTel, the regional roaming service allows a customer the facility to roam in HP, Haryana, West UP, Uttaranchal and Delhi. The customers will be able to receive calls from anywhere in the world and will be able to call all codes of Punjab, Haryana, HP and Delhi. The roaming service, say company officials, is available at Re 1 per minute.
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Now contracts sans tenders Chandigarh, August 8 The Act was recently passed by the state Assembly. Under Section 37 of that Act, any potential contractor can submit an unsolicited proposal, according to its own choice, to the Punjab Infrastructure Development Board ( PIDB) for taking up work on any infrastructure project. Mr G.P.S. Mann, General Manager, PIDB, said the Act would enable the PIDB to accept any such proposal on a provisional basis, submitted by an individual or agency which would involve a new concept or technology. After entering into a provisional agreement, a public hearing would be conducted by the quasi-judicial body — Punjab Infrastructure Regulatory Authority( PIRA) — to be constituted in the next few days. The agency would play a regulatory role to safeguard the interests of construction companies. If other party comes forward to work on better conditions, the initial bidder would be allowed to amend his proposal within 30 days and the contract would be signed with him to execute the work. If he failed, the concession agreement would be signed with the second bidder. This mechanism is being followed in developed countries especially in the European countries. It is quite transparent, speedy and cost-effective mechanism to attract private investors. Mr Gagan Anand, Chief Legal Adviser, PIDB, said various construction agencies, which had not turned their eyes towards Punjab so far because of cumbersome regulatory framework and selection procedures have now shown keen interest to invest in the state. World leaders like Rauch International LLC, and Cranberry Construction are exploring the possibility of investment in the state. The officials claimed that the companies were expected to make a huge investment in projects like roads and bridges, bus terminals, solid waste management, water management, agricultural R & D facilities and others. The PIDB has decided to persuade new parties to take up infrastructure projects on various private models such as build, operate and transfer ( BOT), build, own, operate and transfer ( BOOT), build, own and operate ( BOO),
build, lease and transfer ( BLT), contract, add and operate ( CAO) and Rehabilitate, operate and transfer ( ROT) basis. Ms Vini Mahajan, Managing Director, PIDB, claimed that the board was in the process of engaging Feedback Venture Ltd., and IL&FS Project Development Corporation as its consultants. They would help PIDB to structure projects to recover the investments made in these projects such as levy of user charges/toll fee, commercial sale of real estate and to get financial assistance from the World Bank, the ADB and other multilateral and bilateral agencies. |
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Drought keeps gold demand low
New Delhi, August 8 Bullion traders expect the drought to further depress international gold prices on fears of low offtake by India, the biggest importer and consumer of the yellow metal. Price-sensitive India’s annual consumption of gold, including recycled gold, is over 800 tonnes. “The continuing fall in Indian demand because of drought is expected to further impact global prices and push the domestic price down by at least another Rs 400 from the current level of Rs 5,000 per 10 grams,” Bullion Merchants Association’s general secretary Shri Krishan Goyal said. Gold demand in rural India accounts for an estimated 60 per cent of countrywide sales, as the yellow metal has been traditionally viewed in the hinterland as a secure investment. And, just two months ago, global gold prices had scaled a high of $333 per ounce at the peak of the India-Pakistan border tensions. A leading bullion dealer said: “Though the international prices have fallen to $307.05 per ounce in the past 10 days, they are still higher than the early September 2001 levels of $270 per ounce.” India’s gold imports fell in the first quarter of this year because of a lack of domestic demand, low purchasing power and high international prices, the World Gold Council (WGC) has said. Including inflows through inbound travellers as well as contraband and recycled gold, which was very high, the total Indian demand in the first quarter was estimated at 149.8 tonnes, compared to 249.7 tonnes for the corresponding period of 2001. Retailers say the domestic prices, which have fallen from Rs 5,400 to Rs 5,000 per 10 grams in the past 10 days, will dip by at least another Rs 200 by mid-August. Meanwhile, gold prices zoomed up on the bullion market today on hectic buying by stockists influenced by overseas advices and closed with a hefty gain of Rs 80 at Rs 5,150 per 10 grams. A steep rise in overseas markets where it recorded a jump of about $8 an ounce at 314.60 during the session, mainly influenced the trading sentiment. Traders said the sudden buying interest in gold was attributed to a softening US dollar and reports that a major Canadian mining company was looking to make a big purchase to wipe out its pending positions.
IANS, PTI
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Package for state coop banks
New Delhi, August 8 The funds would be issued through bonds to those states which undertake reforms in the sector. The interest on the bonds, to be the floated by state cooperative banks, would be shared by the Centre and the states in the ratio of 60:40. The Minister, however, said the financial restructuring package would be extended only to those states which undertake cooperative reforms and free the sector from government control. However, if due to certain reasons a state was unable to pass the requisite law it would still be eligible for funds under the restructuring plan, provided certain conditions were fulfilled, he said.
Elections in cooperatives have been made mandatory. Those states which have nominated the officials in cooperatives will be kept out of the package.
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What women want? Chivalry
London, August 8 Most of the 1,000 people interviewed thought it was "ridiculous" for a man to stand up when a woman entered the room. Most people were also pleased by informality, but wanted manners to be taken more seriously. Eighty per cent wanted the custom of saying "good morning" to strangers in the street to be reinstated. While, a fifth thought that male newsreaders on television should wear dinner jackets. Maximum agreed that calling a superior at work "sir" was no longer appropriate. On the other hand, touch-tone telephone technology and call centres got many people annoyed. Older people in particular disliked being addressed by their first name by people they did not know.
ANI
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