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Tuesday,
August 27, 2002, Chandigarh, India  
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Ranbaxy gets nod for prostate drug SRL-Ranbaxy accredited
Law on NPAs a tool to target industry
Hyundai shelves IPO plans again
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Taxes to be streamlined, CM assures hosieries Ludhiana, August 26 Capt Amarinder Singh said here today that his government would streamline the tax regime in the state and there would soon be an end to the “inspector raj”. He was talking to hosiery manufacturers of Ludhiana.
BSNL issues new WLL tariffs
Imports of 300 items rise by 40 per cent Tourism reception centres for Chandigarh proposed Hydro power project for HP
LT Overseas wins suit over ‘Daawat’
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Ranbaxy gets nod for prostate drug
New Delhi, August 26 The Food and Drug
administration has allowed the company to market in the USA Terazosin Hydrochloride capsules, which is meant to treat symptomatic benign prostatic hyperplasia (BPH) or non-cancerous enlargement of the prostate. The Ranbaxy formulation is therapeutically equivalent to the listed drug Hytrin capsules by Abbott Laboratories, said a statement by Ranbaxy Pharmaceuticals Inc., the wholly owned US arm of Ranbaxy Laboratories. "It (Terazosin Hydrochloride capsules) is also indicated for the treatment of hypertension and can be used alone or in combination with other anti-hypertensive agents such as diuretics or beta adrenergic blocking agents," it said. Last year sales of Terazosin capsules, which consisted of Abbot's Hytrin along with five other generic players, aggregated $206.80 million. "This product represents yet another addition to the expanding Ranbaxy Pharmaceuticals Inc. product portfolio that consists of not only of solid dosage forms but now includes an increasing number of value added dosage forms," said Dipak Chattaraj, President and CEO of Ranbaxy Pharmaceuticals. "We see this as another way to distinguish and differentiate Ranbaxy from other generic formulators in the USA," he said in a statement. Ranbaxy plans to make the product available for marketing and distribution through its commercial teams within the next 30 to 45 days for all classes of trade, including wholesalers, chain pharmacies and generic distributors. The New Delhi-based company has operations in 25 countries, with manufacturing facilities in the USA, China, Ireland, Malaysia and Nigeria in addition to India.
IANS
SRL-Ranbaxy accredited
Ranbaxy promoted diagnostics major SRL-Ranbaxy has become the first lab in the country to receive accreditation from the College of American Pathology (CAP). CAP is a 41 year old independent body and is today considered to be most prestigious World Gold Standard in clinical laboratories testing. It has accredited over 6,000 labs in the United States alone and also accredited labs in 25 other countries. With SRL-Ranbaxy now getting the accreditation, India becomes the 26th country which is part of this Gold Standard fraternity, a release said.
TNS |
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Law on NPAs a tool to target industry Non-performing assets (NPAs) have become a dreaded term. Its volume is estimated around Rs 1 lakh crore. Nobody tries to go in details. The industry has indulged in loot is the normal comment which even the Finance Minister repeated. Bank’s money should come back to bank. There is no argument on it. Should the industry across the board suffer for it? Loan melas and loan waivers of yesteryears, nepotism, favouritism and political clout is the main reason for this NPAs. There is hardly any business in the world which can remain evergreen at all times. The WTO must have taken a heavy toll of the industry which is admitted by all. When the indigenous industry was confronted with MNCs many would vanish. The banks are toeing rigid lines in extending credit to the industry although the RBI has different view. For most of the businesses ground is slippery and a little slip is enough for the bank to give a push rather than a pull. The RBI has evolved the definition of wilful default after a good amount of research. The RBI constituted a working group on wilful defaulters based on the 8th report of the Parliament’s Standing Committees on Finance. The recommendations of the group were further examined by an In-House Working Group Constituted by the RBI. Against the earlier definition evolved in 1999 new definition runs like this: a) the unit has defaulted in meeting its payment/repayment obligations to the lender even when it has the capacity to honour the obligation. b) The unit has defaulted in meeting its payment/repayment obligations to the lender and has not utilised the finance for the specific purpose. c) The unit has siphoned off the funds. Separate guidelines to identify this lapse have also been given. After this exercise by the RBI the only logic was to punish the wilful defaulters. But instead the banks are targeting the normal running units and increasing the volumes of NPAs. The Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance 2002 is a tool rather a weapon in the hands of banks/financial institutions to target any borrower. Competitors in the business find his weapon very handy to wipe out the business of the rival in league with banks FIs. Continuous irregularity for 180 days makes the account NPAs. This period is also being shortened to 90 days. Any business can fall in the trap. In the SSI and the medium scale sector picture is yet more gloomy. If one of the units of the family falls sick the entire family is debarred from bank finance although members may have nothing to do with each other except formal bonds. Formally in many cases members may not be on the speaking terms. On the other hand the RBI has allowed fresh bank finance to wilful defaulters for 5 years from the date the name of the defaulter is published in the list of wilful defaulters. When wilful defaulters can be allowed fresh finance the genuinely fallen sick should get much better treatment. Banks are choosy in charging the interest rates. Rating norms are such which cannot be met by most of the borrowers. Medium to lower end borrowers are charged anything 3 to 4 per cent above PLR which is sure recipe for making them sick. One unit is getting finance at a rate of about 7 per cent and another of the same nature has to pay 14 per cent interest. This differential of 7 per cent heavily tilts the scale in favour of one at the cost of the other. On the basis of sister/family concern banks trap units of a family. The RBI says there is no term in law such as sister/family concern. In the present environs everybody tends to throw mud on the industry without going into the actuals. In the vitiated atmosphere genuine entrepreneurs are getting maltreatment to the detriment of the national economy. Draconian laws like securitisation Ordinance should have no place in if our economy is to grow smoothly. |
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Hyundai shelves IPO plans again
New Delhi, August 26 “We were supposed to come out with the IPO this year but as we feel that the market conditions are not conducive enough, we have deferred the plans for now,” Hyundai Motor Company President and Chief Executive Officer Dong-Jin Kim said here. HMIL had earlier indicated that it had initiated discussions with merchant bankers for a possible IPO of its shares by this year. The IPO was reportedly to be done through a disinvestment of existing shares held in the Indian subsidiary by the Korean Chaebol and could have been preceded by a private placement of shares in favour of financial institutions. Sources said whenever the IPO takes place, it will be in the region of about 24 to 26 per cent of the total equity invested by Hyundai Motor Corporation. In 1999 also, the Korean automobile major had deferred a proposal to offload 14.2 per cent equity in its wholly-owned Indian subsidiary for at least two years, saying it would wait until HMIL becomes profitable and builds a respectable brand to come out with an IPO. HMIL had also got the nod of the Foreign Investment Promotion Board (FIPB) to shelve the disinvestment proposal, which it had envisaged in the original foreign collaboration agreement. Company officials had also mentioned then that the likely year during which such an equity disinvestment could be taken up would be 2002-03. UNI
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Taxes to be streamlined, CM assures hosieries Ludhiana, August 26 Giving details of the meeting, a local MLA, Mr Harnam Dass Johar, who led the delegation, disclosed that the hosiery manufacturers brought to the notice of the Chief Minister various problems being faced by them, particularly those related to the taxation and the payment of the toll tax on the national highway between Ludhiana and Delhi. The hosiery manufacturers raised the issue of the multiple taxes being imposed by the government. They pointed out they have to pay the tax on the raw material, yarn and the finished products. Instead they suggested that they were prepared to pay one-time tax on the yarn, even if it is enhanced. The Chief Minister assured them that the issues would be solved very soon. Mr Johar said he had also summoned the Finance Minister, Mr Lal Singh, the Excise and Taxation Minister, Mr Sardool Singh and the Minister of State for Industries, Mr Ashwani
Sekhri, so that on the spot solutions may be found. |
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BSNL issues new WLL tariffs
New Delhi, August 26 “We have recently issued the new packages and the standard tariff has a monthly rental of Rs 200 per month and usual call charges are applicable. Among alternate tariff packages, we have Rs 250 per month rental, inclusive of calling line identification charges and normal call charges of Rs 1.20 for three-minute outgoing,” B.R. Khurana, Director (Commercial and Marketing), BSNL, told PTI here. Khurana said other packages include one with Rs 250 rental with Rs 100 plan charges (total Rs 350) and 100 free calls. Under yet another tariff package, BSNL has pegged the rental at Rs 250 with Rs 450 plan charges (total Rs 700) and 500 free calls. He said the new tariff packages were approved by the Telecom Regulatory Authority of India and have already been issued. PTI
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AirTel crosses 2m mark
New Delhi, August 26 |
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Imports of 300 items rise by 40 per cent New Delhi, August 26 The increase in imports was primarily driven by substantial rise in import of crude palm oil and soya bean oil. Official figures released by the Direcorate General of Foreign Trade said today that imports of the sensitive items had increased to Rs 3,323.37 crore during April-June, 2002-03, as against Rs 2,378.84 crore in the corresponding period last year. The increase in imports was mainly on account of a significant increase in imports of edible oils whose imports jumped to Rs 2,396 crore during the first quarter this fiscal from Rs 1,378 crore in the same period a year ago, an official release said here. Imports of the other sensitive items pertaining to foodgrains, cotton and silk products and alcoholic beverages have shown a decline while imports of milk and milk products, fruit and vegetables, edible oil, marble and granite and automobiles have shown an increase during the period. |
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Tourism reception centres for Chandigarh proposed
New Delhi, August 26 “The idea is to develop synergies among the states in this region for an increased inflow of domestic as well as foreign tourists,” said Mr Rajeev Talwar, Managing Director, Delhi Tourism and Transportation Development Corporation, while talking to the newspersons, after the meeting today. Tourism reception centres are also proposed in Sector 17, Chandigarh for booking and other tourism related information about the states. The meeting was attended by Ms Geetika Kalha, Secretary Tourism, Punjab, Mr SP Singh, Special Secretary Tourism Chandigarh, Mr Mushtaq Ahmed Ganai, Secretary Tourism, Jammu & Kashmir, Mr NN Prasad, Secretary Tourism, Uttaranchal , Ms Leela Nandan, Additional Director, UP Tourism Development Corporation and Mr Rajeev Talwar, MD, DTTDC. The tourism secretaries also recommended that each state should draw a calendar of events, share information regarding budgets , websites and hyperlinking the sites. The states will also share information on participation in national and international fairs. TNS
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Hydro power project for HP New Delhi, August 26 Under the agreement between RSWM and the Himachal Pradesh Government, 12 per cent of the deliverable energy will be given free of cost to HP for the first 12 years and 18 per cent for the next 28 years. Water from Allain and Duhangan streams (nallah), tributaries of the Beas in Kulu district, will be led in two tunnels to a common storage reservoir which in turn will be connected to an underground hydro power station by means of 1.75 kilometre long pressure shaft.
TNS |
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— Askok Kumar |
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