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Sunday,
January 19, 2003, Chandigarh, India  
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Oil hits $34 as Iraq issued warning
Centre urged to set up oilseed fund
Anil Ambani is BSES boss
Need to scrap entry tax in Punjab |
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Dying in harness
IA, AI routes rationalised
Cipla net
rises 6 pc
Forex reserves cross $ 71b
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Oil hits $34 as Iraq issued warning New York, January 18 Crude oil futures in New York rose 34 cents to $34, just above two-year highs struck on Thursday. Brent crude in London was steady at $30.58 The prices have jumped nearly $3, or 9 per cent, this week as a 47-day oil workers strike in big exporter Venezuela runs down U.S. crude inventories, leaving world markets more vulnerable to a halt to Iraqi supply. Powell's comments deepened fears of military conflict in Iraq—the world's eighth biggest oil exporter— after January 27, when U.N. weapons inspectors in Iraq are due to report their findings back to the Security Council. "We believe that at the end of the month, it will be convincingly proven that Iraq is not cooperating," Powell told Germany's Sueddeutsche Zeitung daily in an interview issued ahead of publication on Saturday. A top analyst at Goldman Sachs investment bank said world oil markets face the largest shortfall in history if war breaks out in Iraq while supplies are still curtailed from Venezuela. "If you threw in a two-month interruption to Iraqi crude for political, military, (or) whatever reason, that would be enough to turn it into the largest shortfall in history," Strongin added. Strongin said the prices could go above $40 a barrel, a level economists warn that if sustained could cause severe damage to world economic recovery. U.S. crude are already within $4 of post-Gulf War highs struck in September, 2000. Oil dealers are worried that any loss of Iraqi exports could stretch to the limit the spare capacity of Opec oil producers, who pump around a third of the world's oil. U.S. crude stocks are currently less than 1 per cent, above the level where the government warns there could be localised disruptions at refineries, forcing them to cut gasoline and heating oil supply. Despite fears of a gasoline price spike as demand rises for the summer vacation season, the U.S. Government on Friday reiterated that it has so far saw no need to release emergency stocks from the U.S. Strategic Petroleum Reserve. Reuters |
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Centre urged to set up oilseed fund Chandigarh, January 18 Speaking at the fourth National seminar for the popularisation of oilmeal usage in compound cattle, poultry and aqua feeds, he urged the Centre to create oilseed and oil development funds on the pattern of the Sugar Development Fund. Mr Hukamdeo N.Yadav, Minister of State for Agriculture, said the government was also worried about the interests of the industry. Earlier, Mr Jagmohan Singh Kang, Minister for Animal Husbandry, Dairy Development and Fisheries, Punjab, Mr A.R. Suba Rao, Chairman, CLFMA, also spoke. |
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Anil Ambani is BSES boss Mumbai, January 18 The BSES board today unanimously appointed Ambani, Vice-Chairman and Managing Director of Reliance Industries Ltd, and Satish Seth, an existing Reliance nominee on the Board, has been designated as Vice-Chairman, a Reliance release said here today. Two more Reliance nominees, S.C. Gupta, former BSES Director, and J.P. Chalasani, a Director of BSES Infrastructure Finance Ltd and Chief Executive of two power distribution companies of BSES in New Delhi, have been appointed as whole time directors. Reliance is already the single largest shareholder with over 44 per cent stake in BSES. Reliance made an offer, which opened yesterday, to buy an additional 20 per cent stake in the power utility. The existing shareholding pattern of the company is Reliance 44.12 per cent, domestic financial and investment
institutions 36.29 per cent, GDRs 1.94 per cent, FIIs/NRIs/ Overseas Corporate Bodies 4.27 per cent, domestic banks/mutual funds 0.66 per cent and the balance 12.72 per cent by over 1.4 lakh retail investors. With this new alignment on the Board of BSES, the Rs 65,000 crore Reliance group today accomplished a smooth takeover of the power utility company. Commenting on these developments, Mr Anil D Ambani said: “We welcome BSES, its shareholders, employees, customers and all other stakeholders to the Reliance family.” Reliance to invest in Kerala Reliance Industries proposes to invest Rs 1,000 crore in Kerala over the next three years to usher in a “digital revolution” by setting up a broadband network for the growth of IT-based industries, company Chairman Mukesh Ambani said today. Addressing the opening session of the Kerala Government-sponsored Global Investor Meet (GIM) here, he said. Mr Ambani said Reliance Infocomm would soon open 50 ‘Web Shops’ to provide instant broadband connectivity to banks and other financial institutions.
PTI, UNI
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Need to scrap entry tax in Punjab THE Punjab Government had been finding it difficult to finalise its industrial policy. Earlier policies had been mainly based on giving incentives to the industry. Now financial position of the state does not permit this. All states had decided to stop the incentive war which harms the investment climate. Against these realities some sections of the ruling party had been insisting on incentives to border and backward districts. The finalisation of the policy had been stuck on this issue. The industrial growth in Punjab had been going negative. The worst-affected places had naturally been the border and backward areas. The types of incentives asked for would not promote industry in these areas. On the other hand, they would hit industry in other parts of the state. In the earlier policy, sales tax exemption was given to the Vanaspati industry in the border areas. As a result, the industry in Ludhiana and other places closed. The industry in border areas could not survive despite exemption. Some sections of the ruling party have been pressurising for special consideration of the border and backward areas. They have, however, been silent on hardships caused to the industry in growth areas. Undoubtedly, the exercise of formulating an industrial policy sans incentives is very difficult indeed. Farmers can claim some credit for drafting a comprehensive draft for the policy. However, they have missed some key issues. A study jointly conducted by the World Bank and the CII on competitiveness in Indian manufacturing had revealed some eye-opening facts. Our entrepreneurs have to spend an average of 16 per cent of their time in dealing with government departments. The average number of visits by government officials to industrial premises in Punjab was 14.9 as against 5.5 Tamil Nadu, 5.9 (New Delhi), 13.4 (Andhra Pradesh). The average for 10 states surveyed was 11.5. Policy framers should ensure the free movement of goods. Intended provisions like Exim form should be scrapped. In all fairness, entry taxes should have no place for industry to grow in Punjab. Since, Punjab gets almost all raw material and intermediates from outside, so all such items, should be outside the purview of the entry tax. For those insisting on incentives for the sake of industrial growth, there is a solution. One of the hindrances in putting up industry is the lack of adequate finance and its cost. Incentives of any sort will come into force if some industry is put up. When banks do not give finance to smaller units the purpose is defeated. The state has sufficient leverage to convince banks for more finance to SSI units. The government can also equip PFC to come to the rescue of the SSI sector. Banks should be asked to charge interest at PLR. The state should also give purchase price preferences to SSI units. Punjab’s industrial economy depends on export to a great extent. Our exports have to bear 15 to 20 per cent by way of freight and other taxes compared to those in other states. Those holding the policy on specific issues should look at the entire gloomy industrial scenario prevailing in Punjab. There is no growth, the state government is under great financial stress and power position is far from comfortable. |
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by Praful R. Desai Dying in harness Ques: Whether appointment under the dying-in-harness scheme, should be on the basis of income of relatives of wife or to be determined as per the income of family of deceased family? Ans: In Vasantha Kumari v Canara Bank (2002-III-LLJ-1002) Kerala H.C. took the view thus: The technical contentions advanced by the bank are devoid of any merit. The power to give appointment under this scheme is definitely a power coupled with a duty and the respondents are bound to exercise that power when an application from a person interested is received requesting to exercise that power. The contention regarding delay is also plainly untenable and perverse. It is fundamental principle of law that no one can take advantage of his own wrong. Immediately after the death of the employee, the petitioner has applied. On untenable grounds, the respondents have rejected her claim and on the basis of their own repeated illegal action, the respondents are now contending that the application is belated. The H.C. held that this contention cannot be entertained. It has to be reiterated, the H.C. added, that the petitioner who is a widow is entitled to live with dignity and in the light of the special protections granted in our constitution as well as in various international covenants in favour of women, the mere chance of inheritance of some property cannot be put as a hurdle before the petitioner to deny her employment. Therefore, the H.C. allowed the original petition. The impugned orders were accordingly quashed. It is declared that the petitioner cannot be denied employment under the dying-in-harness scheme on the ground of the affluence of her mother who is having other children also. Since the respondents do not have a case that the deceased or his family was affluent, the petitioner is entitled to get appointment under the dying-in-harness scheme. The respondents were thus directed by the H.C. to reconsider the claim of the petitioner for appointment in the right of the observations made hereinabove and pass final orders within one month from the date of receipt of a copy of this judgement. In that way, the H.C. disposed of the present writ.  |
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by K.R. Wadhwaney IA, AI routes rationalised MR
Satinder Singh’s confirmation as the official Director-General of Civil Aviation (DGCA) has been the only bright spot in the otherwise gloomy Indian aviation scene. Mr Satinder Singh has been professional in aviation matters although he is not
essentially a flyer. Successfully encountering several ups and downs in his 30-year service, his asset is that he knows men and matters in the DGCA like the back of his palm. When Mr Satinder Singh took over as the officiating DGCA last year, the vital department was in a shambles. But in the short span, he had already brought about several far-reaching changes and now he would be able to instil discipline among his colleagues, employees and the pampered community of pilots. The department had degenerated into an ordinary government functionary because his predecessor H.S. Khola had officiated as Director-General for about a decade. Actually, Mr Khola was only Deputy Director when he started officiating Director-General. The disinvestment of Air India and Indian Airlines, privatisation of four metro airports and acquisition of aircraft in two national carriers had all been on hold for a while under directions of the Cabinet Committee on Security (CCS). There is also a talk that the Civil Aviation Minister Shah Nawaz Hussain is being shifted. Route rationalisation For years, Air India and Indian Airlines have had more intense competition between themselves than they have faced from others. The government has now rationalised international routes. The two airlines have been directed to undertake revised route allocations from April 1. Both airlines have been given several other options on fare structure. A passenger flying on domestic sectors, for example, can fly on either AI or IA subject to the condition that the flight timings suit him. There are some don’t on two airlines so that there is no duplicity. The experts feel that if the airlines ‘behave’, both will gain much from this exercise, which should have been undertaken at least a decade earlier. |
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Seminar Bharti’s NCD Gold surges Loan mela Birla Sun Life SIA CEO HM Lancer Kribhco MD Lohri bumper |
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