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Tuesday,
September 17, 2002,
Chandigarh, India  
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Pepsi,
Coke fined for defacing rocks Norms for
foreign borrowings eased Beware of
fraud on the Net
60
tanneries face closure Bayer
looks for acquisitions |
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PNB
examining Nedungadi deal Mukta
Arts to produce TV serials, tele-films Why
Indian corporates flop?
Dhindsa
opposes NFL sell-off
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Pepsi, Coke fined for defacing rocks
New Delhi, September 16 Describing their act as “commercial vandalism”, a Bench comprising Chief Justice B.N. Kirpal, Justice K.G. Balakrishnan and Justice Arijit Pasayat directed them to deposit the costs within 48 hours. The court said the Himachal Pradesh Government was free to take action against the organisations under law, including for any criminal offence if committed by these organisations. Directing a committee constituted to ascertain the “damage” caused to the environment by painting the advertisements in Kulu, Manali, Rohtang Pass and other areas of the state, the Bench directed the panel to prepare a video film of the entire region so that the court could view the extent of damage caused by them. Other organisations imposed the cost include MBD Books, Fena Detergent, Birla White Cement, State Bank of India, Sleepwell Mattresses, Nestle India and Annapurna Hotels. The court issued notices to several other organisations which had painted the rocks with their advertisements and directed them to file replies by September 23. The organisations to whom notices have been issued include Ayur, Amaron Batteries, Hotel Trishul, Hotel Marble, Marvel Gold Tea, Rimzim Resort, Hotel Prashant, Gagan Vanaspati, Shiva Fun World, Water Fun World and Lake View Cafe. While restraining these organisations from removing the advertisements themselves to escape penalty as it could cause more damage to the rocks, the court sought details from Solicitor-General Harish Salve, appearing for the Centre, about the techniques used in other countries to clean the rocks. The committee headed by Mr M.K. Jiwrajka and the reports of the area Forest Range Officer (FRO) stated these parties had caused “commercial vandalism” in Kulu-Manali, in adjoining areas as well as in other parts of Himachal Pradesh by painting rocks, boulders along with the roads, trees and river beds in violation of the Forest Conservation Act, 1980, and the order of the Supreme Court issued on December 12, 1996. “No approval for the use of government property for commercial purposes has been obtained by the advertisers who had used a crude process for painting their advertisements and caused irrepairable damage to the fragile eco-system,” the reports said. The Bench said video-filming of the area would help the court to see for itself as to how many companies had painted rocks in the area. The cost for preparing the video film and other steps needed to be taken with regard to cleaning the rocks, would be met from the money collected from the parties, the court said.
PTI
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Norms for foreign borrowings eased
New Delhi, September 16 They would now also be able to prepay their debts without restrictions. Under the existing norms, Indian companies can repay only 10 percent loan annually during the tenure of the borrowing. This prepayment relaxation would be effective up to March 31, 2003, the notification said. The RBI would oversee the prepayment. This provision would, however, be subject to review keeping in view the market conditions, it added. Approved sources for external commercial borrowings (ECB) include banks, export credit agencies, equipment suppliers, foreign collaborators, foreign equity holders and international capital markets. "Offers from unrecognised sources will not be entertained and this will also be applicable for ECBs below $5 million," the statement said. Another important facet of the new foreign borrowing norms is the relaxation on use of funds in real estate. The end-use restrictions on ECB proceeds for real estate have been lifted. "Henceforth, ECB could be raised for the development of integrated townships," the note said. Non-profit organisations and trusts will, however, continue to be barred from raising ECBs. "A borrower can raise up to a maximum of $50 million under auto-route during a given financial year. "For amounts in excess of $20 million, the average maturity will need to be five years." The government has also removed restrictions on companies operating in SEZ to raise funds overseas.
IANS
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Beware of fraud on the Net Chandigarh, September 16 However, due to lack of reporting on the part of victims and awareness among security agencies, no action has been initiated so far against the group, resulting in ruining of hundreds of families. While the vigilance departments of Punjab, Haryana and Chandigarh are unable to do anything, an international conference against that fraud will be held tomorrow in New York. It will be attended by experts from the FBI, various Nigerian enforcement agencies and other countries, but no Indian representative is reportedly participating in it. Since, according to official website of Nigeria, this country has emerged as the business fraud capital of the world, the international conference will check the fraud. Mr Sanjeev Sharma, Group Manager, WWICS Immigration & Settlement Company here, recently received e-mails from a Barrister, Mr Tunde Kabiru, who offered to pay him 30 per cent of the property worth $ 150 million of the former Nigerian President, General Sani Abacha, if he helped him to invest the property in the country. Says Mr Sharma:‘‘Though my friends warned me, but the figures were mindboggling, and I could not resist myself. He sent me the photographs of the
President's wife and other family members. I found every thing right, when I scanned the Nigerian papers on the Net. I was even offered scanned documents of power of attorney on behalf of Ms Maryam Abacha, wife of the
President. I became skeptical when I was asked to open a bank account with $ 3,000 in an African bank. I asked him to send his photograph, bank account number and other details but he never reported back.’’ He added, ‘‘Subsequently, I came to know Mr Kabuiru was a part of the international fraud group- 419 coalition, originating from Nigeria.’’ Officials in the Punjab Vigilance Bureau admitted neither they had any information about such frauds nor infrastructure or skills to check them. Officials of the state government admitted they were unable to check international frauds on the Internet. Rather the Centre should initiate action in this regard. Investigations made by TNS on the Internet and through other sources revealed that hundreds of Indians, including students, have been trapped by the fraud group, which has gobbled more than $5 billion since 1996. Officials in the RBI claimed that the only safeguard for Indians was that they were not allowed to send more than $ 500 abroad, and that too for specific purposes.
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60 tanneries face closure Jalandhar, September 16 The PPCB, in a special drive launched against the polluting leather tanneries, had collected about 30 samples of effluents released by these tanneries on August 20. The laboratory report, which was received by the board today, revealed that the effluents were highly toxic and were causing major water and soil pollution in the adjoining areas. Mr Satish Chandra, Chairman of the PPCB, talking to this correspondent confirmed that the samples collected from these tanneries last month, had failed. “We are going to file a status report in the Punjab and Haryana High Court, which had stayed further action on show cause notices issued by the board on May 19, 2000, to these tanners for not complying with the prescribed norms of treating effluents,” he said, adding that such highly polluted tanneries should not be allowed to cause further harm to the environment. The PSIEC, which had set up a huge leather complex here, had assured the tanners, at the time of agreement 10 years ago, that they would provide two CETP of requisite capacities for disposal of effluents. But contrary to that, only a single CETP of lower capacity was installed, thus, resulting in discharge of untreated effluents into the Kali Bein. Though the PPCB had issued notices to these tanneries, which were doing a business of about Rs 1,000 crores per year, about two years ago, the high court had ordered a stay on the plea of the tanners even as the damage to the environment was still continued unabated. Now, the board has prepared a comprehensive study report on the whole issue , which would be filed in the court on Thursday for vacation of stay. Meanwhile, president of the Punjab Leather Federation Parveen Kumar, said the Rs 1,000 crore leather industry was facing hardships due to failure of the PSIEC to enhance the capacity of CETP.
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Bayer looks for acquisitions
New Delhi, September 16 “We are open to acquisition of both brands and manufacturing facilities in the OTC segment,” D Kambeck, chairman and managing director of the Bayer group, told reporters here today. Kambeck said the company, which would soon bringing its world famous brand “Aspirin” to the country, would also finalise a co-marketing alliance for its pharmaceutical products in a months time. He, however, did not reveal the name of co-marketing partner. Bayer India already has a co-marketing alliance with Wockhardt for “Glucobay”. Bayer India, which was in a restructuring mould on the lines of its global parent, has also decided to focus on research and development in a big way. The strategy for pharmaceutical business will be finalised by quarter four this year, he said. Sees lower growth
Bayer India said its agrochemical business was expecting a lower growth in 2002 than last year’s 28.73 per cent due to drought. “It will be difficult to achieve the growth level of 28.73 per cent in 2001 this year due to drought,” Satish
Bhambhani, Executive Vice President(Agrochemicals), Bayer India, told reporters here today.
PTI
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PNB examining Nedungadi deal
New Delhi, September 16 The shares of PNB and Nedungadi Bank have been ruling firm in the past one week’s trade on reports that the former had submitted a proposal to the Ministry of Finance to take over the private sector bank. Nedungadi Bank became available for takeover after the Reserve Bank of India (RBI) initiated a move to oust broker-promoter Rajendra Bhantia from the bank. The RBI made a decisive effort last year to free Nedungadi Bank from the grip of Bhantia, who controls a 32 per cent stake in the bank. The RBI asked Bhantia to step down from the bank’s Board of Directors. Established in 1899, the Calicut-headquartered Nedungadi Bank closed fiscal year 2002 with a marginal net profit of Rs 12.7 million and negative capital adequacy, mainly due to net losses of Rs 678 million in the previous fiscal. According to analysts, the acquisition of Nedungadi Bank by PNB would give the public sector bank a better reach in southern India where Nedungadi has a substantial customer base.
IANS
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Mukta Arts to produce TV serials, tele-films
Mumbai, September 16 “This new initiative is a part of our overall strategy to de-risk the business model of Mukta Arts from the previous focus on blockbuster films alone. We have set out with an initial budget of Rs 3 crore”, the subsidiary’s Director Meghna Ghai said here today. Well-known television personalities Parmeet Sethi and Archana Puran Singh have been appointed as President and Commercial Director of the new venture, she said in a release. Mukta Prime’3 Teleworks was set up to develop a number of drama series, talk shows, serials, sitcoms and tele-films,
she said. The subsidiary has commenced shooting for its first project “Archana Aaa-Haa”, a film-based comedy show, and
the programme was scheduled to be aired from the first week of October on Zee, she added.
PTI
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Why Indian corporates flop?
Agra, September 16 Another crucial ingredient for braving the cold chills of competition is corporate image, analysts say. The shift in consumer preferences has resulted in many companies folding up, CEOs who gathered here recently for an Assocham retreat told UNI. Consumer switch over from scooters to motor cycles in the past three to four years is an example, they say. While Bajaj Auto has managed to invest in motor cycles to cater to the domestic market, Scooters India has become sick. Technological obsolescence is another cause of sickness in the Indian industry. The difficulties of pager manufacturers after the sweep by cellular phones is an instance in this regard, they say. “All new technologies expand markets by lowering the price point, says Mr Rahul Bhasin, Managing Partner, Baring Private Equity Partners. Over the medium term, the superior technology products always displace products of older technologies as economies of scale kick in and they are able to offer a better value proposition for the customers. Mr Bhasin, a product of the Indian Institute of Management, Ahmedabad, says Indian companies are typically weak on process management. The explosive growth of outsourcing of processes by the Western world will signal improvement in this lacuna in domestic companies in the next three to five years, he says. According to Mr Abhey Yograj, CMD of Delhi-based Technova India Private Limited, a lot of companies in India lack self belief and confidence to innovate and end up trying to ape foreign products. Good corporate image is one that helps create shareholder value, says Mr Vinay Rai, Chairman of the Board of Trustees of Rai Foundation and Chairman of Assocham’s Retreat Committee. The three most important factors that will continue to influence the creation of shareholders value are performance, potential for growth and trust that an organisation enjoys with its investors. “Corporate image impacts market value,’’ Mr Rai says. “Encourage middle level managers to dissent because they are the ones who are most muzzled but can be crucial to big decisions as they have their ears close to the ground,” says Mr Ramit Sethi of KPMG. Other lessons from Mr Sethi are: short-term capital market volatility is here to stay but lead investors are willing to embark on long term commitments provided a company can show progress. So look at share price signals on a long term basis, for short-term and medium term focus on fundamentals and profitability. “If you have a problem, acknowledge it early. Put a person to deal with it and be transparent with all parameters while implementing the process,’’ Mr Sethi says. Mr Tejpavan Gandhok of Stern Stewart says rules of success will change rapidly. Managements should, therefore, be flexible and more willing to change track and change business portfolios, Focus should be on superior execution and more rapid implementation.
UNI
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