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Friday,
October 4, 2002, Chandigarh, India  
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BJP plays
down RSS chief’s remarks on selloff SEBI
requests police to file FIRs against 44 CIS entities GRE
general test not cancelled: ETS Globalisation
a US project: Dubey India
not for sale, say lawyers Govt may
amend IT Act over SEs |
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NFL pays
95.8 cr dividend Auro
Weaving gets award Double-digit
growth in cement industry expected
* Ranbaxy Labs may remain in the limelight after the domestic pharma major said it has acquired 10 per cent stake in Japanese company, Nihon Pharmaceutical Industry, giving it a foothold in $ 50 billion Japanese pharma market.
Anti-cancer
segment from Wockhardt
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BJP plays down RSS chief’s remarks on selloff New Delhi, October 3 “In a democracy everyone has the right to express his or her viewpoints. As far as the BJP is concerned the government is committed for implementation of its disinvestment policy, which has full support from the party,” BJP spokesman Sunil Shastri told newspersons here. Stating that debate on the issue is a welcome step and that the Government could consider whatever suggestions are emerging from different groups, including the Sangh Parivar, Mr Shastri asserted that “BJP stands with what Prime Minister had said yesterday on disinvestment. It is the last word.” Asserting that the open debate on the disinvestment issue will have “no negative impact” on the government’s disinvestment policy, Mr Shastri said as far as the disinvestment in oil PSUs are concerned, the government had last month postponed the decision for three months and a “well considered” decision will be taken within that time period. However, he pointed out that it is the prerogative of the government to decide on the modalities of the disinvestment. Asked to react on the recent wordy dual between the Sangh Parivar outfits and the BJP over disinvestment issue and the alleged failure of the Centre to fight terrorism, Mr Shastri said “there is no need for the BJP to react to the statements being made by individual organisations, which are non-political.” Meanwhile, senior leader of the party and a known BJP hardliner Pyarelal Khandelwal said the Sangh Parivar outfits and the BJP should desist from using “the kind of language and words” which will lead to creation of distance between them. “Whatever differences of opinion is there they should sort it out among themselves through talks instead of making criticism publicly,” Mr Khandelwal told The Tribune while reacting to a question on the open criticism of Vajpayee Government by Sangh Parivar and the BJP Chief Venkaiah Naidu’s strong letter to VHP to desist from attacking Mr Vajpayee. “They (the Sangh Parivar and the BJP) should be concerned about protecting the cordial relationship,” he added.
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SEBI requests police to file FIRs against 44 CIS entities
Mumbai, October 3 The market regulator has also requested police to take strict action as per law against these entities and concerned officials, including attachment of their properties, SEBI said in a release here today. Out of the 44 entities, majority were based in Delhi (12) followed by Mumbai and Chandigarh at seven each. Some of the CIS entities are — ACE Agro Products Ltd (Mumbai), Adventure Orchards Ltd (Raigad), Alpine Agro Industries Ltd (Nainital), Four Season Farms Ltd (Mumbai), Suman Motels Ltd (Mumbai), Greenways Projects Ltd (New Delhi), Kuber Planters Ltd (New Delhi), Pagoda Forests Ltd (Mumbai), PNG Agro Finvest Ltd (Delhi), Rapti, Agro Industries Ltd (Lucknow), Sterling Tree Magnum (I) Ltd (Chennai). In case of those entities where the courts have appointed liquidators/administrators/receivers, SEBI has requested the police regarding filing of FIRs to take action against the concerned officials of Anubhav Plantations Ltd (Chennai), Arrow Global Agrotech Ltd (Mumbai), Golden Forest India Ltd (Chandigarh), Libra Plantation (Mumbai) and Sphere Agrotech Ltd (Bangalore). SEBI had already issued orders directing certain CIS entities to refund the money collected under scheme(s) with returns due as per the terms of the offer within one month from the date of their respective orders. However, certain companies have failed to comply with these orders. SEBI said it has also taken actions such as initiating prosecution against the erring entities and their directors and prohibiting them from accessing or operating in the capital market for a period of five years. Apart from such initiatives, the regulator has also requested the Department of Company Affairs to initiate winding up of the erring entities and the concerned state governments to initiate civil or criminal proceedings against them, it added.
PTI
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GRE general test not cancelled: ETS
New York, October 3 “The confusion arose because the ETS was recently instructed by the GRE Board to cancel the GRE subject test in computer science in India and China, including Hong Kong, in the 2002-03 testing year,” a clarification issued by the ETS said. The computer science test had been cancelled following an investigation which revealed improper sharing of questions by students in China, including Hong Kong, and India. The GRE Board had instructed the ETS to cancel the administration of the test in these countries and limit it worldwide, and as a result, the November 2002 administration of the GRE computer science test had been cancelled worldwide. In India and China, including Hong Kong, the GRE computer science test would not be administered in the 2002-03 testing year. In the rest of the world, the computer science test would only be administered in December 2002 and unlike prior years, there would be no April 2003 computer science test. The ETS also requested its representative in India — The Institute of Psychological and Educational Measurement — to notify all candidates that the GRE general test continued to be offered. The ETS would also provide a full refund of the test fee to those who registered to take the GRE computer science subject test in India or China in the 2002-2003 testing year. Meanwhile, the GRE Board has advised applicants to graduate programmes in computer science from India and China, including Hong Kong, to highlight their other key credentials.
UNI
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Globalisation a US project: Dubey Shimla, October 3 While the advances on the technological front, particularly the information technology revolution, had made globalisation inevitable to an extent, it was being given shape by the most powerful country, the USA. Thus, the focus was on areas which promoted the economic interests of developed countries and the rest of the world was left with no option but to adapt to the changes, he asserted. Worse, while asking the developing countries to open their markets, the developed countries were protecting their own in a subtle way. For instance, over 80 per cent of restrictions on trading of textiles, which was exported by developing countries, would be lifted only in 2007. In case of other products, where the developed countries had the advantage, most of the restrictions had already been waived. Similarly, the movement of labour had been kept out to ensure that there was no transfer of manpower from developing to developed countries. The over-tariffs had come down to five per cent from 200 per cent under the General Agreement on Trade and Tariff (GATT), but in goods exported by developed countries, it still ranged between 50 and 65 per cent. Mr Dubey observed that only those countries which rejected the dictats of the IMF and the World Bank and chartered their own course succeeded on the economic front. He cited the example of China, Vietnam and South East Asian countries. The remedies prescribed by the IMF for economic rejuvenation to developing countries were even worse. They were asked to devalue their currency to boost exports, but in the process, they ended up paying more to the creditors. He said the economic success under the ongoing integration of economies largely depended on the reservations with which a country went about the process of globalisation.
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India not for sale, say lawyers
New Delhi, October 3 Participants at a seminar on “India on Sale’’ at the Indian Law Institute in the Capital questioned government disinvestment policy and practice. The seminar was organised by R. K. Garg Memorial Society set up to commemorate a onetime noted Member of the Supreme Court Bar who, organisers said, was known for espousing common causes. Speakers cited the sale of Bharat Aluminium Company Ltd and Videsh Sanchar Nigam Ltd, which, they said, had been profitable ventures. They also criticised the sale of some hotels which they said were worth more in sheer real estate terms than the prices for which they were sold. “It is to be seen as to whether the sale of VSNL... Balco and certain hotels are good sale so as to subserve common good,’’ said Ravi Prakash Gupta, an advocate representing the Society. He assailed malpractices surfacing in once giant multinationals, such as Enron, some of whose directors swindled funds while workers were denied even pensions. The speakers included retired Supreme Court Judge S. C. Agrawal, S.C. Bar Association President S. K. Jain and Delhi Power Supply Co Ltd Chief Jagdish Sagar. Senior Advocate Salman Khurshid, listed to take part, did not attend. Sagar, who headed Delhi Vidyut Board before it was privatised, defended liberalisation, saying choosing economic policies to pursue was a democratic exercise. Several speakers, however, said liberalisation should attract foreign investment and technology for India’s all round growth— not result in handing over profit making projects or lending to foreign firms to carry out projects. “Arm-twisting’’ by vested interests and “pulls and pressures’’ applied by rating agencies intended to punish the government rather than reflect economic reality came under attack. One speaker said it was wrong to argue that investment in public sector had been a waste, as was sought to be projected. He said it had helped create a vast infrastructure for industrial development, acknowledged globally as early as the 1980s. He cited recent findings by the Centre for Monitoring of Indian Economy, a Mumbai based business research firm, that India’s 380-odd PSUs earned 628,600 crore last year and paid more than Rs 10,000 crore dividend and that the top 20 of them reported nearly Rs 26,000 crore profit as against Rs 13,000 crore losses reported by 150 loser ventures, a performance especially credible considering that PSUs engage far many more employees than private sector.
UNI
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Govt may amend IT Act over SEs New Delhi, October 3 “All future profits of a stock exchange, after it becomes a profit-making company, may be taxed,” official sources said, referring to the Justice Kania committee report. The proposal may be taken up with the government by the Securities and Exchange Board of India (SEBI) soon after it endorses the suggestions given by the M.H. Kania committee on demutualisation of bourses. Since demutualisation of stock exchanges is essentially a conversion of a non-profit making entity to a profit-making entity involving distribution of assets, sources said “the Income Tax Act should be amended, if necessary, so that past profits of bourses are not taxed when their character changes.” However, the sources said there was no problem in taxing the past reserves when they are distributed to shareholders as dividends. Issue of shares and trading rights in exchange of the membership cards when a bourse is being corporatised should not be regarded as “transfer” of assets, as defined in Section 47 (XIII) of the Income Tax Act, the sources said.
PTI
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NFL pays 95.8 cr dividend New Delhi, October 3 Mr P.S. Grewal, chairman-cum-managing director of the NFL, presented the dividend cheque to Mr S.S. Dhindsa, Union Minister for Chemicals and Fertilizers, on October 1. Mr Tapan Sikdar, Minister of State for Chemicals and Fertilizers, Mr Nripendra Mishra, Secretary, Fertilizers, and senior officials of the ministry and the NFL were also present.
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Auro Weaving gets award Chandigarh, October 3 This award, instituted by Birla Economic & Textile Research Foundation, and comprising an award amount of Rs one lakh was bestowed by Mr Subodh Kumar, Textile Commissioner of India in Mumbai to Mr Sachit Jain, Executive Director of the Company. The winner of this award is evaluated on the basis of very stringent selection criteria, which includes parameters like level of IT application in day-to-day work and decision making, internet usage for presentation of products and communication, electronic data interchange (EDI), number of machinery /Lab equipment with software interface, extent of usage of micro-processor based technologies, network infrastructure and applications implemented through wide area network. “This award is in recognition to the unit’s outstanding performance with respect to development and application of IT solutions in various functional areas like management information systems, manufacturing management, quality management, supply chain management and data processing.” Mr Jain told.
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Double-digit growth in cement industry expected
New Delhi, October 3 Last year the industry grew by nine per cent and the growth had been above 10 per cent so far this year, Mr T.M.M. Nambiar, president of the Cement Manufacturers’ Association, said here today. Last year, the installed capacity went up to 133 million tonnes. Mr S. Jagadeesan, Joint Secretary, Ministry of Commerce and Industry, however, said the cement industry had grown by 11 per cent this year. The industry is pushing for concrete roads on big highway projects like the 5,846 km Golden Quadrilateral, that will connect Delhi, Mumbai, Kolkata and Chennai, and the 7,300-km North-South-East-West Corridor, that will connect Kashmir to Kanyakumari and Silchar to Porbandar. Minister for Rural Development Shanta Kumar said he would like to use cement for the Prime Minister Rural Roads project if the cement manufacturers were able to prove their claim that the cost difference between bitumen and cement road was 15 per cent.
UNI
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