B U S I N E S S

MP seeks inquiry into forged letter to Ambani
New Delhi, April 29
In a new twist to the Ambani versus Ambani fight over the Reliance ownership issues, a Lok Sabha member today sought from Prime Minister Manmohan Singh an “official inquiry” into use of a letter forging his signature to make serious charges against officials in Anil’s camp.

Reliance under SEBI scanner
Mumbai: The Security Exchange Board of India today reiterated that it was keeping an eye on Reliance Industries Ltd, especially after RIL Vice-Chairman Anil Ambani’s decision not to sign the company’s accounts.

SC Gupta likely to head PNB
Major reshuffle in top bank posts soon
New Delhi, April 29
Mr S.C. Gupta, Chairman and Managing Director of Indian Overseas Bank, is likely to take over as the new Chairman and Managing Director of Punjab National Bank on the retirement of incumbent CMD S. S. Kohli tomorrow.

Build on trade, says Koizumi
New Delhi, April 29
Japanese Prime Minister Junichiro Koizumi today made out a forceful case for greater engagement of India in regional trading arrangements relating to East Asia and highlighted the potential of stepping up trade and investment between the two Asian democracies.

Air Sahara fleet expanded
New Delhi, April 29
Expanding its operations in the international arena, Air Sahara, one of two private airlines given clearance to fly abroad, would launch its Delhi-Singapore service from May 11 and the Chennai-Kuala Lumpur flight from June 15.

Airbus’ probe demand outrageous, says A-I
Abu Dhabi, April 29
AI terms Airbus’ demand for probe as “outrageous” Taking exception to Airbus’ demand for a probe into its decision to acquire 50 Boeing aircraft, Air-India today described the French company’s stance on the issue as “outrageous.”

No decision yet on Maruti stake
New Delhi, April 29
Finance Minister P. Chidambaram today said the government has not taken any specific decision with regard to disinvestment of government equity in Maruti Udyog Limited.

A model displays an outfit at Impulsion Fashion Week organised by the Uttar Pradesh Khadi Board to promote young designers in Lucknow on Thursday night. — PTI

	Bank rate, CRR unchanged April 29, 2005
	RIL gives 75 pc dividend as net shoots up by 47 pc April 28, 2005
	Slash roaming rates, says IT Minister April 27, 2005
	Anil agreed to reconsider decision, reveals letter April 26, 2005
	RBI may hike bank rate, feel bankers April 25, 2005
	High duty on power gadgets affects government target April 24, 2005
	IPCL board notes Anil’s resignation, BSE plans action April 23, 2005
	TRAI revises domestic bandwidth tariff April 22, 2005
	Restructure petroleum duties, advises MPs’ panel April 21, 2005
	Oil cos may get nod to adjust prices April 20, 2005

MP seeks inquiry into forged letter to Ambani

Reliance under SEBI scanner

SC Gupta likely to head PNB
Major reshuffle in top bank posts soon
Gaurav Choudhury
Tribune News Service

New Delhi, April 29
Mr S.C. Gupta, Chairman and Managing Director (CMD) of Indian Overseas Bank (IOB), is likely to take over as the new Chairman and Managing Director of Punjab National Bank (PNB) on the retirement of incumbent CMD S. S. Kohli tomorrow.

Sources said that the official notification approving Mr Gupta’s appointment as the new PNB Chairman was expected to be issued on Monday. Mr Gupta has been CMD of IOB since May, 2001. Mr Gupta started his career in 1966 with SBI. He later joined Syndicate Bank as a Probationary Officer, before moving over to Oriental Bank of Commerce and later to IOB.

A series of reshuffle and elevations of the top posts of public sector banks are expected to take place in the coming weeks to fill the vacancies created by the retirement of the incumbent CMDs. Sources said eight Executive Directors of different public sector banks appeared for interviews last month for these posts.

The present Executive Director of Bank of India, Mr M Balachandran, may take over as the CMD of the same bank after the incumbent CMD ,Mr M Venugopalan, retires in the coming days.

Besides, CMD of Indian Bank M B N Rao is tipped to take over as the new CMD of Canara Bank. The top post at Canara Bank has been lying vacant after the appointment of Mr V. P. Shetty as the Chairman of the Industrial Development Bank of India (IDBI).

Present Executive Director of United Bank of India (UBI) K N Prithviraj is slated to take over as the new CMD of Oriental Bank of Commerce (OBC) after the retirement of present Chairman of the Delhi-based bank B D Narang this month.

The current Executive Director of Dena Bank, Mr M V Nair, is expected to get a promotion and take over as CMD of the same bank. The post has been lying unfilled since February this year after Mr A K Khandelwal, the then CMD of the bank, took over as the Chairman of Bank of Baroda.

The present ED of PNB, Mr K C Chakravarthy, is likely to take over as the new MD of Indian Overseas Bank .Mr K V Ramkrishnan, ED, Bank of Baroda, may take over as the new CMD of Indian Bank.

In addition, Mr H A Daruwalla, presently ED at Oriental Bank of Commerce, is likely to head Central Bank of India.

Build on trade, says Koizumi

Air Sahara fleet expanded
Tribune News Service

The airline also has plans to launch its two weekly flights to London by the end of this summer and hopes to increase the service to a daily one by the time the winter schedule starts in September later in the year.

IA ‘pay smart’

In an effort to reach out further to the masses, the public sector Indian Airlines has expended its monthly instalment scheme, “pay smart”, purchasing tickets now paying later, by tying up with more banks.

According to IA officials, the scheme would now be available to the passengers in association with the Citibank, ICICI Bank and Standard Chartered Bank.

The scheme is valid in six metros — Delhi, Mumbai, Kolkata, Chennai, Bangalore and Hyderabad and on domestic and international sectors. Besides it is also available on all fare tickets.

The scheme has been launched to target the vacation travellers and the growing segment of credit card holders who prefer to use the deferred payment schemes to purchase goods and services. Under the scheme, a passenger paying with his credit card has only to indicate his preference at the counter for the deferred payment option while purchasing any Indian Airlines or Alliance Air domestic/international economy class tickets on rupee tariff.

Passengers can make the payment in 10 interest free equated monthly instalments (EMIs) with the first instalment being the down payment, an IA press note said.

The scheme can be availed for all discounted fares, special fares, all current promotional schemes, like Smart Super Saver, Holiday Packages, the press note added.

Airbus’ probe demand outrageous, says A-I

No decision yet on Maruti stake
Tribune News Service

Malaysia to help build mega projects in Punjab
Our Correspondent

Amritsar, April 29
The Malaysian Government has offered to share its expertise in infrastructure development and transfer its knowhow to participate in mega infrastructure projects worth several crores in Punjab.

A 16-member Malaysian delegation led by the Minister for Public Works, Dato Sri Dr Samyvellu, told newsmen today that the possibility of joining hands with the Punjab Government for taking up new road and bridge projects throughout the state was being explored. The Malaysian Government, along with its private sector, was eager to construct and manage road projects in active collaboration with the state government.

Dr Samyvellu pointed out that they had fruitful discussion with the Chief Minister Capt Amarinder Singh and Mr Partap Singh Bajwa, Minister for PWD, to finalise an MoU for a strategic partnership for road in this connection.

An MoU would be formally signed during the Punjab Chief Minister’s visit to Kuala Lumpur this month.

New tax administration system introduced
Tribune News Service

New Delhi, April 29
The government today introduced a new system of reporting to streamline tax administration drastically reducing the total number of reports from 133 (for Customs, Central Excise and Service Tax taken together) to seven periodic reports.

The new system is based on the recommendations of the Working Group set up to review current system of Management Information System (MIS) reports and returns prepared by the field formations of Customs, Central Excise and Service Tax. The new system of reporting, as recommended by the Group, would come into effect from May 1, 2005, Finance Minister P Chidambaram said here today.

“Without compromising the genuine need for data and information for effective administrative monitoring and policy making, the new system would ensure greater efficiency, substantial saving in resources and availability of reliable data in a timely manner”, an official statement said.

The format of the reports has also been revised so as to make them amenable to electronic filing and processing.

As part of its strategy to streamline tax administration and infuse efficiency, the government had set up this Working Group. The number of reports and returns had grown to unmanageable proportions over the years.

Working group to review urea pricing
Tribune News Service

French team keen on IT projects
Tribune News Service

New Delhi, April 29
A six-member French delegation headed by Mr Alain Griot, head of the Asia-America Bureau in the French Ministry of Economy, Finance and Industry, today discussed potential areas of 
mutual cooperation and interest with Haryana officials here.

A press statement issued by the Haryana Government said the delegation met Haryana’s Resident Commissioner Ashok Lavasa and expressed keen interest in cooperating in environment-related projects, food processing, information technology and IT-enabled units in the state.

Dell to increase staff in India

Bangalore, April 29
Leading computer manufacturer Dell will increase its headcount in India to 10,000 by the year-end and spread its wings to other cities. Dell currently had a manpower of 7,000 spread across Bangalore, Hyderabad and Mohali in Chandigarh and is looking at few other cities for expansion. Company President and Chief Executive Officer Kevin Rollins, who reviewed Dell’s performance in India, told newspersons here that the technical competency and skill capability available in the country had led the company to look for more cities. — UNI

Corporate results

i-flex recommends 100 pc dividend

Mumbai, April 29
Leading software company i-flex Solutions Ltd has posted a 29.97 per cent increase in consolidated net profit at Rs 232.40 crore for the fiscal ended March 31, 2005 compared to Rs 178.80 crore in the corresponding fiscal.

The board has recommended a dividend of 100 per cent (Rs 5 per equity share), subject to the approval of the shareholders at the forthcoming annual general meeting of the company, i-flex informed the Stock Exchange, Mumbai (BSE), today.

Revenues for the reporting fiscal have increased to Rs 1138.60 crore from Rs 788.10 crore in FY-04, it said.

The company has posted a net profit of Rs 103.80 crore for the fourth quarter ended March 31 compared to Rs 54.70 crore for the quarter ended March 31, 2004.

Revenues for the reporting quarter have increased to Rs 358.60 crore from Rs 209.30 crore in Q4-04, it said.

The company further informed that the board, at its meeting held today, has allotted 49,25 ESOP equity shares of the face value of Rs five each to the applicant employees of the company.

PNB net up

Punjab National Bank today reported a 27 per cent increase in net profit at Rs 1,410 crore for the fiscal ended March 31, 2005 and announced a final dividend of 30 per cent for the year.

PNB had reported a net profit of Rs 1,108.69 crore during the fiscal ended March 31, 2004.

The total income of the Delhi based bank grew by five per cent to 10,135.53 crore during 2004-05 compared to Rs 9,646.57 crore in 2003-04, PNB informed BSE today.

The bank has proposed payment of 30 per cent final dividend for the financial year 2004-05 on the enhanced capital amounting Rs 315.3 crore subject to approvals, it said.

During the fourth quarter ended March 31, 2005, the bank’s net profit grew by 21 per cent to Rs 360.6 crore as against Rs 297.3 crore during the corresponding quarter in 2004.

Hind Lever net down

FMCG major Hindustan Lever Ltd has posted a 15 per cent decline in net profit at Rs 259 crore for the first quarter ended March 31, 2005 compared to Rs 302.91 crore in the corresponding quarter previous fiscal.

Total income for the reporting quarter grew by 6.9 per cent to Rs 2,506.40 crore compared to Rs 2,353.34 crore in Q1 of the previous fiscal, company officials said here today.

Dredging Corp

Dredging Corporation of India Ltd today reported a 34.50 per cent dip in net profit at Rs 111.36 crore for the year ended March 31, 2005 against Rs 170.02 crore in 2003-04.

Total income for the year has decreased to Rs 546.1 crore from Rs 560.93 crore in the previous year, the company informed the Bombay Stock Exchange.

The company has reported a net profit of Rs 33.01 crore for the quarter ended March 31, 2005 as compared to Rs 49.39 crore in the corresponding quarter in 2003-04.

Total income for the fourth quarter has decreased to Rs 145 crore against Rs 161.85 crore in the year-ago period.

NFL upbeat

Nitrogenous fertilisers major National Fertilisers Ltd (NFL) has reported 89.2 per cent increase in net profit at Rs 160.88 crore during 2004-05 as compared to Rs 85.04 crore in the previous year.

According to a company release here today, the profit before tax jumped to Rs 212.44 crore as against Rs 121.96 crore last year.

NFL this year has recorded highest-ever production of 34.32 lakh tonnes of urea with a capacity utilisation of 106.2 per cent.

All plants of the company recorded capacity utilisation of more than 100 per cent.

McDowell’s PAT up

McDowell has reported a 56 per cent increase in profit after tax at Rs 33.26 crore for 2004-05, compared to Rs 21.35 crore in the previous fiscal.

Despite unprecedented hike in the price of raw materials owing to failed sugarcane crop and increased dosage of alcohol in fuel having an impact of about Rs 50 crore in McDowell’s accounts, the company achieved an operating profit of Rs 41.30 crore in FY05, as against Rs 29.50 crore the previous year, it said in a press note here today. — Agencies

BRIEFLY

Inflation up
New Delhi, April 29
Higher prices of food and fuel pushed inflation for the week ended April 16 to 5.64 per cent, 0.16 per cent higher than the previous week’s 5.48 per cent. Inflation stood at 4.68 per cent in the corresponding week last year. The wholesale price index (WPI) for all commodities for the week ended April 16 also inched up by 0.3 per cent to 191.2 from the previous week’s 190.7. — UNI

New GM MD
Chandigarh, April 29
General Motors, Asia-Pacific, today announced the appointment of Rajeev Chaba as president and MD, GM India, from June 1. Chaba will replace Aditya Vij, who assumes new responsibilities in the GM Europe organisation as Executive Director, Sales, Marketing and After Sales, GM, Norden, Benelux and Switzerland. — TNS

CERC decision
New Delhi, April 29
The Central Electricity Regulatory Commission (CERC) said today it would reduce cross-subsidy in the power sector. CERC Chairman Ashok Basu said the CERC would consult the state governments before taking any decision. The commission would induce the state governments to pay the subsidy amount in advance. “A state government” will have to pay subsidy amount in advance, Mr Basu said. — UNI

Danone, Yakult eye India
London, April 29
French food major Danone has entered into a joint venture with Japan’s Yakult Honsha to sell ‘probiotic’ dairy products in India. The joint venture firm - Yakult Danone India Pvt Ltd - would be held equally by Yakult and Danone and would sell Yakult probiotic products in the country by year-end. At a later date, Danone probiotic products, which currently account for 20 per cent of Danone’s total revenues, would also be sold in India by the venture. — UNI

Internet ad sales
Washington, April 29
Internet advertising sales set a record last year of $9.6 billion, an industry survey has showed. The Interactive Advertising Bureau and Pricewaterhouse Coopers said yesterday the figure was up 33 per cent from 2003 and exceeded the previous record, set in 2000, by almost 20 per cent. “Interactive advertising has clearly become a mainstream medium ,” Greg Stuart, president and chief executive of the IAB, said in a statement. — AFP