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DoT slaps Rs 150-crore fine on Reliance Info
RIL shares erode by
7.8 pc within a week
Punjab units want to buy power from other states
Rising ethanol prices force deferment of petrol project
Centre blames states for fertiliser crisis
India to ink export hike
deal with
Latin America
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M.S. Kapur
Yamaha plans new mobike unit in Indonesia
Ford Assured
initiative
picks up
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DoT slaps Rs 150-crore fine on Reliance Info
New Delhi, November 26 The department has given Reliance seven days to respond to the notice as to why this penalty should not be imposed. When contacted, top officials of Reliance confirmed the receipt of the notice and said the company would seek extension of the time period. This is besides the payment of about Rs 100 crore made by Reliance to Bharat Sanchar Nigam Ltd (BSNL) against a claim of over Rs 255 crore for avoiding payment of Access Deficit Charge (ADC) of Rs 4.25 per minute on incoming international calls. Mahanagar Telephone Nigam Ltd (MTNL) has also claimed Rs 309 crore under the same clause. DoT took the decision to impose the penalty after seeking legal opinion from the Law Ministry. Even as Reliance had submitted its reply to DoT’s first show-cause notice on October 20, the Department, after internal examination of the reply and legal consultation, took the decision to impose the penalty. Meanwhile, Reliance had approached the Delhi High Court seeking to restrain the BSNL from disconnecting the Points of Interconnection till the final outcome of the controversy of routing of calls. Though the Delhi High Court had agreed to Reliance’s demand, BSNL challenged Delhi High Court’s order and filed a Special Leave Petition in the Supreme Court saying the High Court does not have the jurisdiction to entertain such case as per the TRAI Act. The case is slated to be heard on December 3. As per the licensing conditions, DoT can slap up to Rs 50 crore penalty for each circle for the first offence and even take the action of cancelling the licence in case the operator continues to violate them. DoT, however, is of the opinion that there was no loss to the exchequer. Financial losses have been caused only to BSNL and MTNL in terms of non-payment of Access Deficit Charge (ADC) to the tune of Rs 4.25 per minute on incoming international calls.
— PTI
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RIL shares erode by
7.8 pc within a week
Mumbai, November 26 The RIL Chairman’s statement started bringing down the shares of all four entities of Reliance Industries, Reliance Energy Limited (REL), Indian Petrochemicals Corporation Limited (IPCL) and Reliance Capital at the BSE and National Stock Exchange (NSE) next day. A leading broker has said that the market capitalisation of RIL was Rs 76,177.57 crore at the close of BSE on November 18, which dipped to Rs 70,314.21 crore on November 25. RIL alone lost a market capitalisation of Rs 5,863.36 crore, a dip of 7.8 over five sessions at the bourses. The RIL scrip closed at Rs 5,45.55 at the end of trading on November 18 which ended at Rs 503.55 yesterday, a drop of 7.8 per cent over five trading sessions. The ownership imbroglio hit REL stocks the hardest. It dipped by 12.7 per cent, a loss of Rs 80. REL, which closed at Rs 629 on November 18 fell further to close at Rs 549 yesterday close on the heels of resignation of six directors. Stocks of another group company, the IPCL dipped by 7 per cent, a fall of Rs 13.45. The stocks closed at Rs 188.70 on November 18, which slid to Rs 175.35 at the end of the trading yesterday. Likewise, Reliance Capital dropped by 2 per cent, a dip of Rs 2.75. It closed at Rs 139 on November 18 but slid to Rs 136.24 yesterday.
— UNI
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Punjab units want to buy power from other states
Chandigarh, November 26 These units include Gujarat Ambuja Cements Ltd, Ropar, Malwa Industries of Machhiwara, Siel India Ltd of Rajpura, National Fertilisers Limited in Nangal and Punjab Alkalies and Chemicals Ltd. Petitions in this regard have been submitted by these companies to the commission and the board officials have also deliberated with them on this issue at a meeting held recently. The Chairman of the commission, Mr R.S. Mann, said the petitions were likely to be disposed of within a month after fulfilling the required technical and legal requirements. He clarified that under the Electricity Act, 2003, a consumer is authorised to buy power from any other licensee or trader, including the state electricity boards or the national level Power Trading Corporation, subject to the permission of the state regulatory commission. This clause helps break the monopoly of power supply of the boards. However, decisions on technical issues such as transmission lines, distribution of power and charges etc have to be taken by the commission after completing the required formalities.
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Rising ethanol prices force deferment of petrol project
New Delhi, November 26 The Petroleum Ministry has accepted the demand of oil marketing companies to change norms for ethanol-mixed petrol in view of the short supply of ethanol, said Petroleum Minister Mani Shankar Aiyar here today. In fact, after the substantial fall in area under sugarcane cultivation in the country this year, the petrol companies are facing shortage of adequate supply of ethanol to mix in petrol. Further, they have to compete with breweries to procure ethanol prepared from molasses. “In July 2004, the oil marketing companies reported short supply of ethanol in Maharashtra, Goa, Gujarat, Karnataka and Andhra Pradesh. Difficulties were also reported in finalising tender for future supply of ethanol in Uttar Pradesh and Uttaranchal,” Mr Aiyar told the consultative committee of Parliament attached to his ministry here. A new notification doesn’t make it mandatory for oil companies to blend ethanol in petrol. Ethanol should be procured only if it is economical, he said. The fresh notification makes “sale of ethanol-blended petrol mandatory only when the price of sourcing indigenous ethanol for supply of ethanol-blended petrol is comparable to the price of indigenous ethanol for alternative uses, the delivery price of ethanol at the locations is comparable to the import parity price of petrol at that location, and—the indigenous ethanol industry is able to maintain uninterrupted supply of ethanol.” The previous NDA-regime had introduced 5 per cent ethanol-doped fuel in nine sugarcane-producing states to cut India’s import dependence. It was to be introduced in the rest of the country in the second phase. The percentage of ethanol was to go up to 10 per cent and plans were made to extend it to diesel. However, the nationwide rollout never happened. Mr Aiyar said prices of ethanol shot up as alcohol industry had the first call on the limited molasses available due to poor sugarcane crop. The previous NDA-regime had introduced 5 per cent ethanol-doped fuel in nine sugarcane-producing states to cut India’s import dependence.
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Centre blames states for fertiliser crisis
New Delhi, November 26 The Department of Fertilisers has clarified that it has taken all possible steps to improve availability of fertilisers in the country for the current Rabi season. “All fertilisers other than urea are decontrolled and no allocation is made by Central Government. The demand and supply of decontrolled fertilisers are decided by the market forces. The states are required to tie up with different suppliers well in time and ensure availability at the state level and within the state, “ officials of the Ministry of Chemicals and Fertilisers said. The total availability of DAP for Rabi 2004-05 season is estimated at about 46 lakh MT (opening stock of about 12 lakh MT, production of 31 lakh MT and imports of 2.8 lakh MT) for requirement of about 39.4 lakh MT assessed by the Department of Agriculture and Cooperation for Rabi 2004-05 season. Requirement of DAP up to November 30 has been assessed at 22.9 lakh MT. About 21 lakh MT has been made available till November 24. Sales reported has been 17.5 lakh MT leaving unsold stock of about 3.4 lakh MT, as on November 24.Thus, the availability of DAP in the country so far is satisfactory, they claimed.
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India to ink export hike
deal with
Latin America
New Delhi, November 26 Speaking at the Indo-LAC business meet here, Commerce Secretary S.N. Menon said although India’s trade with the Latin American countries had increased 87 per cent during the last five years yet the country’s share in the global trade of Latin American countries constitute only 0.48 per cent. India’s exports to Latin America crossed $ 1.5 billion in 2003-04 and its imports from this region was $ 1.1 billion, approximately, during the same period. On the other hand, global imports of Latin America in 2002 were $ 330 billion and their total exports were $ 343 billion. Mr Menon said the Joint Business Commercial Councils with Brazil and Colombia have been constituted for bringing together the business communities of the two countries to resolve trade disputes and thrash out a strategy for promotion of trade at regular intervals of time. He also said the Central Warehousing Corporation is going to open a warehouse in Uruguay shortly to cater to the needs of Indian products in Latin America. Several well known Indian companies have already set up a base in Latin America, an official statement quoting Mr Menon said.
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Jalandhar man’s journey from clerk to bank MD
Jalandhar, November 26 Mr M.S. Kapur, an alumnus of Government Model School, Ladowali Road, and Lyallpur Khalsa College, Jalandhar, revealed his success story during a tete-a-tete with The Tribune during his short visit to his ancestral house in the city. Says Mr Kapur, “It is due to God’s grace that I was able to reach to such a height. I had never thought of that. I was barely a science graduate with a short stint as a medical representative with Ranbaxy Ltd. I had no knowledge of economic issues. All that I have learnt about banking is from experience that I gained in this sector for more than three decades.” Talking about the revolutionisation in the banking sector, Mr Kapur said when he had joined, there were no calculators and all mathematical calculations were done manually. “First came calculators, then typing machines, computers, Internet and now people do banking over their mobile phones. Its been a great change but the core of the sector — the customer — still remains the same,” he added. Mr Kapur joined the Punjab and Sind Bank in 1969 as a clerk in New Delhi. During his 28 years of service with the bank, he has served in field operations in different capacities as branch manager, regional manager and zonal manager at various places like Delhi, Chandigarh, Jalandhar, Bhopal, Srinagar, Chennai, Kolkata, Mumbai, Amritsar and London. At a time when terrorism in Punjab was at its height, Mr Kapur served as zonal manager in Amritsar. He also worked in the London branches of the bank as its Chief Executive Officer. He was promoted General Manager of the bank in 1996 and in that capacity he headed different departments of the bank, like computers, accounts, planning and development, foreign exchange and general administration. Mr Kapur was also on deputation as Chief Vigilance Officer to the Union Bank of India, Mumbai and Indian Overseas Bank, Chennai. Upon being elevated as Executive Director of Punjab and Sind Bank, he had the privilege of officiating as the Chairman and Managing Director of the bank for over nine months before he moved to Syndicate Bank as its Executive Director in May, 2000. He was officiating as Chairman and Managing Director of Syndicate Bank since January 2002 till he took over as Chairman and Managing Director of Vijaya Bank in August last year. About his plans for the bank, Mr Kapur pointed out that the bank would spread its network in the northern region. He said that six new branches had come up in Punjab in the last year and six more were being planned in the current financial year. He said that two of the yet-to-be-opened branches would come up near the small-scale industries of Jalandhar and
Ludhiana. Mr Kapur said his bank had been declared the best during a recent survey conducted by the Business Standard. He said that his bank had been the trendsetter and pioneer in housing finance and retail lending, which constituted 37 per cent of its total credit.
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Yamaha plans new mobike unit in Indonesia
Tokyo, November 26 The new plant, which it said would cost nearly 7.1 billion yen, or about $67 million, will have an annual production capacity of 3 lakh units, which is expected to increase to 6 lakh by 2007. Yamaha said in a statement that the second plant would be operated by a new, wholly owned subsidiary, PT Yamaha Motor Manufacturing, West Java.
— Reuters
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Ford Assured
initiative
picks up
Ludhiana, November 26 Mr Piparsania was here today to launch Ford Fusion. The Ford Assured initiative, under which used cars are bought, reconditioned and sold by the company, has picked up well with customers in this region, he said.
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