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Ambani family spat sends FIIs in a tizzy
Anil, Tina visit Tirumala temple
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Himachal attracts
Rs 7,580 cr investment
Chief Executive Officer of Virgin Atlantic Airlines Richard Branson in New Delhi on Saturday. — Reuters
photo
Deccan Aviation to launch Bell customer facility
HP contemplates action against truant companies
Hosiery corporation faces closure
Returns on PO MIS
slightly better than Senior Citizens Savings Scheme
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Ambani family spat sends FIIs in a tizzy
Mumbai, November 27 The informal discussions between lenders and investors of RIL assumed “significant importance” following allegations made by Anil, Vice-Chairman and Managing Director of RIL, against his elder brother Mukesh, CMD of RIL, of stripping him of all his powers as MD in a surreptitious manner, contrary to all norms of corporate governance. “The spirit of corporate governance is very essential, rather than just maintain it on book”, a senior official from a lending bank said, referring to the detailed account of the tussle between the two brothers that appeared in a section of media today. The official said that it was high-time authorities like the Department of Company Affairs (DCF) and Sebi intervened to bring the two erring top bosses of RIL to a settlement. “Their ability to do damage to each other is very high”, he said and added that Reliance as a group contributed about 3.5 per cent of the country’s Gross Domestic Product (GDP). He added that the differences couldn’t be ignored at the cost of national interest. As per the minutes of a board meeting held on July 27, which were subsequently approved by all members of the board except Anil Ambani, the RIL Board authorised Mukesh Ambani to allocate and revoke duties, powers and
responsibilities assigned to the Managing Director, Anil, and other wholetime directors. RIL has three executives-cum-whole-time directors, Nikhil and Hetal Meswani and HS Kohli. Meanwhile, sources close to Mukesh said that he was ready to have a dialogue with his brother over the issue, provided he abided by the resolution passed in the board meeting. “The matter is final and cannot be altered”, sources said. Yesterday, he had hinted that he was not planning to seek legal help for sorting out the “ownership dispute” in the company. Meeting today?
Ms Kokilaben Ambani, mother of Mukesh and Anil who have been sparring over RIL ownership issues, is likely to meet them tomorrow at the family’s “Seawind” residence in a bid to resolve the imbroglio. Ms Ambani is likely to be aided by her younger daughter Neena Kothari who will be arriving here tomorrow from Chennai. Although family sources confirmed that she had called the meeting, the brothers’ first cousin Nikhil Meswani, a whole-time executive director in RIL, said , “No..No..No” when asked whether the Ambani family was meeting tomorrow. The meeting, though strictly a private affair, has generated huge curiosity in the corporate and political circles since the in-fighting between the brothers over the ownership issue became public.
— UNI |
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Anil, Tina visit Tirumala temple
Tirupati: Amid slumping shares and resigning directors, Reliance Group Vice-Chairman and Managing Director Anil Ambani today prayed for peace at the Sri Venkateswara temple in Tirumala and expressed the hope that the differences with his elder brother Mukesh Ambani will soon be resolved amicably.
Talking to reporters after paying obeisance at the Sri Venkateswara temple, he said the problems over the ownership and control of the Rs 90,000-crore Reliance group would be settled soon. Mr Anil Ambani, accompanied by wife Tina Ambani and family, had darshan of the Lord at around 10.30 am in Tirumala, about 25 km from here. The Mumbai industrialist, who came in a special flight, returned to Mumbai by the same flight. |
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Himachal attracts
Rs 7,580 cr investment
New Delhi, November 27 Inaugurating the Himachal Day function at the International Trade Fair in Pragati Maidan, he said 428 medium and large-scale industries attracted an investment of Rs 6,025 crore, providing employment opportunities to about 60,000 youths, while substantial expansion of 41 industrial units attracted Rs 343 crore investment, which would open up jobs for about 2,000 youths. He said 3,187 small-scale industries had been registered with an investment of Rs 1,217 crore which would provide employment opportunities to nearly 6,000 youths. The minister said the Himachal Pradesh government was developing an industrial corridor along the border areas in the foothills of the state. The corridor will extend from Paonta Sahib in Sirmaur district to Sansarpur Terrace in Kangra, and include Nahan, Kala Amb, Parwanoo, Baddi, Barotiwala, Nalagarh, Gwalthai, Mehatpur, Thaliwala, Raja ka Bagh and Bain Attarian. |
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Virgin Airlines plans entry into telecom sector
New Delhi, November 27 At a press conference here, Branson also announced plans to launch daily services from Delhi and Mumbai and some from Bangalore in the next few months. Virgin Atlantic is “in talks with the domestic airlines already set up and also with those who want to enter the airline business,” he said, adding, “We will be happy to take 25 or 49 per cent. We have quite a good expertise in running domestic carriers”. Virgin Blue, the Australian low-budget carrier, has “brought the fares dramatically down in Australia,” he said. Asked to elaborate on his interest in the Indian telecom sector, Branson said the Virgin Group, which has 350 companies, including health club, hotels and mobile phone business in different parts of the globe, including UK, Australia and Africa, had “started discussions with people (in the Indian telecom sector) having licences”. “We will be glad to have a licence on our own... But we can suggest we want to ride piggyback on those already having their own networks,” he said. Asked if he would resume the code-share arrangement with Air-India if he failed to get bilateral air traffic rights for India operations, Branson said 42 flights would now operate on the India-UK sector. “We have already applied for seven flights each to Mumbai and Delhi and some to Bangalore” out of the new rights granted by the Indian government, he said. |
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Deccan Aviation to launch Bell customer facility
Bangalore, November 27 The company’s facility at the Jakkur Aerodrome had been approved by Bell Helicopters to service its choppers within India. Beginning with a modest fleet of one helicopter in September 1997, Deccan Aviation currently operates nine helicopters. The company said the Bell Customer Facility had been awarded to it after a lot of hard work and persistence by its team.
— UNI |
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HP contemplates action against truant companies
Solan, November 27 An estimated 30 per cent of the investors have failed to set up their infrastructure despite a lapse of more than a year. The matter, which was prominently highlighted by The Tribune on November 1, figured prominently at the last meeting of the single window convened under the chairmanship of the Chief Minister. The inordinate delay has become a cause of concern for the officials of the power department as only 15 per cent units had utilised power as sought by them. Highly placed officials of the Industries Department stated that the department is finalising a policy on how to discipline the non-serious entrepreneurs who had even failed to take effective steps for setting up the units. It was learnt that while 428 medium and large scale units, having investment of more than Rs 1 crore each, had been set up, another 3,187 small scale units too had come up in Himachal after announcement of the new policy. As many as 70 per cent of these units had taken the effective steps but the remaining 30 per cent had failed to show any seriousness in the matter. An analysis of figures showed that merely 49 units had initiated production as against 293 who had sought preliminary registration in district Solan which accounts for more than 70 per cent of the industrial growth. The Industries Minister, Mr Kuldeep Kumar, while expressing concern at the trend said they were contemplating reviewing the sanction of such non-serious entrepreneurs. The trend, he added, had led to a peculiar situation where the power board, despite having unutilised power was unable to grant it to new units leading to monetary losses, worth crores, to the power board. A section of entrepreneurs, however, opined that with the Central Budget promising the same incentives in the form of excise exemption, there was little gain for the textile sector. |
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Hosiery corporation faces closure
Ludhiana, November 27 The corporation was started in 1979-80 with an aim to promote and develop hosiery and knitwear industry through various measures like providing technical assistance, training programme, technology transfer, designing etc. to the industry. The UNDP-aided project had the latest of machinery, apart from trained manpower, infrastructure and other resources. However, trouble started when UNDP assistance was withdrawn and government reportedly refused to pump in any money to sustain the project. “The corporation started incurring losses after the government refused to pump in any money to sustain it resulting in what has happened today,” former technical coordinator-cum-general manager of the corporation J.N.Vohra says. “We agree that during initial years, the industry could not avail much benefit on technical front from the corporation. Machines installed there were the latest in technology but import of those machines then invited 120 per cent duty, a reason sufficient enough to discourage industry,” Mr Vohra said. However, had the machines been updated, industry in this region would have benefited from the latest in technology and research and development work carried out in the corporation. Alleging that the financial crisis was the result of mal-administration, the employees said the government had not taken any action against the officials responsible for the situation. In their letter to the governor they alleged that the machinery of the corporation had a replacement value of Rs 50 crore whereas an official concerned was trying to sell off assets and land at the nominal value of around Rs 16 crore. |
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