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SEBI chief acknowledges getting letters from Anil
Jindal to set up Rs 3,000-cr steel plant in HP
McDonald’s to open more outlets in region
Investor guidance
Aviation Notes
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‘Bata not in tune with changed times’
Mufti invites corporates to invest in J&K
PHDCCI for comprehensive industrial policy in Haryana
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SEBI chief acknowledges getting letters from Anil
New Delhi, May 7 “Anil has sent several letters. We are doing everything that is needed to protect the interest of investors,” Chairman of SEBI M Damodaran told newspersons here on the sidelines of a conference organised by the Assocham here. He also said that Anil Ambani had met him a couple of days ago and the meeting lasted for about an hour. However, he refused to elaborate on the contents of the meeting. “The Members of Parliament come and meet me from time to time,” he said. On being asked whether the younger Ambani brother had met him in the capacity of an MP or a Managing Director, he said: “ I don’t think a person tells in what capacity he is meeting”. He also evaded a direct answer whether Mukesh Ambani had also met him soon after he had taken charge as the SEBI Chairman. “I do not reckon so. Many persons have met me since then,” he said. Mr Damodaran also did not divulge the details of the contents of the letters written by the younger Ambani brother to SEBI. “I am concerned about the broader policy issues,” he said adding SEBI officials were studying the letters. He said that SEBI would “put everything in public domain”, adding that SEBI would do whatever was within its regulatory framework. He said that SEBI does not examine the opinions expressed by directors in a board meeting. “If there is some dissatisfaction regarding the manner in which a director functions, when that person’s term comes up for re-election or whatever, I am sure questions will be raised at that time,” Mr Damodaran said. A person may be an independent regulator in one company, but may not be independent in another company, he said. Speaking at the conference, Mr Damodaran said that the companies which do not appoint independent directors on their board by December 31, 2005 would be liable to pay heavy penalties. Mr Damodaran outright rejected the argument of Indian industry that as many as 25,000 professionals of experience and wisdom were not available in the country who could not be appointed on the board of the corporations as “independent directors”. “I refuse to subscribe to this argument as I find there is no dearth of qualified and seasoned corporate czars in the country. I, therefore, advise the corporate sector in both public and private that they should appoint independent directors well within the deadline who can rightly question the decisions of the board and demand disclosures of information that can protect the investors capital and their commercial interests,” said Mr. Damodaran.
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Letters in shareholders’ interest, says Anil
Reliance Industries Vice-Chairman and Managing Director Anil Ambani today said through his spokesperson that he wrote several communications to market regulator SEBI to protect interest of Reliance shareholders.
The spokesperson told PTI from Mumbai: “We confirm that several communications in the past few weeks were sent to SEBI in the interest of Reliance shareholders.” Asked about the content of the letters written to SEBI or whether it related to issues of corporate governance or disclosure in the Reliance Group, the spokesperson declined to comment.
— PTI
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Jindal to set up Rs 3,000-cr steel plant in HP
Shimla, May 7 He said the extraction of iron ore would be undertaken at Kherri and Lana Chetta in district Sirmour for being upgraded with the latest techniques. “The setting up of the plant will ensure direct employment to 1,500 persons and indirect to 3,000 persons, which will give a major boost to the economy of the area,” he disclosed. He assured that environmentally safe exploitation of iron ore would be undertaken while safeguarding the interests of the local people. He added that it would be ensured that the locals are employed to extract iron ore, so that they have regular income. The CM said the state had attracted industrial investment of Rs 10,570 crore, as 4,954 projects had been cleared. “Eighty per cent of the prospective entrepreneurs had completed formalities for setting up their units while the others were being asked to expedite work,” he informed. Mr Virbhadra Singh said emphasis was being laid on setting up of labour colonies for the workers so that all of them get suitable accommodation, close to their place of work. He added that regular environmental monitoring was being done to ensure that there was no health hazard for the people residing in the areas close to the industrial estates.
GPS in HRTC buses
The state government is considering having global positioning system (GPS) in all Himachal Roadways Transport Corporation (HRTC) buses, which will help in monitoring and finding the exact location of the buses at any given time. This was disclosed by the Chief Minister while flagging off a car rally from Shimla to Nagpur here today. Mr Virbhadra Singh said the HRTC was catering to the transportation needs of the state and the endeavour of the government was to provide the best possible facilities to the people. “Introducing the global positioning system will help improve efficiency of the HRTC as buses can be located with its help and necessary directions can be passed on immediately,” he stated.
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McDonald’s to open more outlets in region
Kasauli, May 7 The group also endeavours to enter Himachal by early next year with probable destinations along the Kulu-Manali and Kalka-Shimla highways. McDonald’s has a chain of 30,000 restaurants across 119 countries. It is now endeavouring to introduce unique convenient formats like McDonald’s Express kiosks and home delivery facilities. Mr Vikram Bakshi, Managing Director, McDonald’s India and joint-venture partner for North India, while disclosing the expansion plans here today, said quick service restaurant industry was growing at a fast pace in India. It would soon introduce home delivery services in Chandigarh from June this year. The public convenience places like national highways, expressways, airports, railway stations, etc., were some of the targeted areas for expansion. Entailing an investment of Rs 400 crore, the expansion plans are slated to take the total number of restaurants to 100 in India from the present strength of 70. With a view to make the menu more adaptable to the Indian taste, as many as 70 per cent of the items are indigenous which have been introduced here for the first time and for the calorie-conscious consumers, special nutritional brochures have also been introduced by the group.
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NRIs need IPI form to acquire property in India
by A.N. Shanbhag Q: I am reading conflicting reports on filing of Form IPI 7 for PIO’s who purchase immovable property. I think, the RBI website says it has to be filed. 2: What type of account does a PIO need to maintain into which rental income, from property purchased with forex, could be deposited. I understand this is repatriable after paying taxes. What is the current threshold before it is taxable and does an annual tax return have to be filed? Is the bank going to tax this at source? — Ramesh Patel A: FERA needed Form IPI-7 to be filed. When FEMA replaced FERA, this requirement was dropped. Now, only one form in the IPI family is to be filed. A Resident Outside India who has been permitted by the RBI to establish a branch or office or place of business in India (excluding a liaison office) can acquire a property, which is necessary for, or incidental to his business. A declaration, in prescribed form (IPI), is required to be filed with the RBI, within 90 days of the acquisition of the property. Such a property can be transferred by way of mortgage to an AD as a security for borrowing. 2. For crediting rental income, the account has necessarily to be an NRO. Tax returns have to be filed if your Indian income including rent is above Rs 1 lakh for financial year ’05-06. Under Section 195, all payments to NRIs including rent will suffer TDS. If the amount of TDS is more than your final tax liability, you have to file returns and claim refund. Sale of agriculture land
Q: I am the resident of Jalandhar city and sold a plot of agricultural land, measuring 350 marla. The above said property was purchased in 1982 at the rate of Rs 231.25 per marla (Rs 80, 938) and sold at Rs 12,500 per marla for Rs 43,75,500. Sir, my questions are: 1. If I don’t want to purchase the land or house then what is the amount of tax should I pay to the department and what is the time of payment? 2. If I want to purchase a land, what are the outlines/guidelines of the department? Can I purchase agricultural land in the city or do I have to purchase land in village, i.e. 8 km away from octroi post — Ravinder Singh A: For application of Section 54 B, it is necessary that either you or your father or mother was using the land for agricultural purposes for at least two years immediately preceding before it was sold. The new land, proposed to be purchased, must also be an agricultural land and maybe, situated in rural or urban area. It is necessary to purchase the agricultural land within two years from the date of sale, if you sell or transfer the new land within three years of acquisition. If the new land is situated in a rural area, and you sell it after the above mentioned period of three years, the gain arising there from is not chargeable to tax as an agricultural land situated in a rural area is not a capital asset under Section 2 (14). It is not possible to compute the capital gains without knowing the financial year in which the land was purchased and sold. Presuming it was purchased in financial year 82-83 (CII 109) and sold in FY ’04-05 (CII 480) the indexed cost would be Rs 3,56,424 (= 80,938*480/109) and the long-term capital gains would work out to Rs. 42,94,562 (= 43,75,550-3,56,424). The tax payable @ 20 per cent will be Rs. 8,58,912.
Housing loan
Q: The house we have purchased using housing finance is in the name of my wife. However, for the loan, the two of us are co-applicants. The EMI is being paid out of my bank account. In such case, am I eligible for the entire tax benefits under Section 24 and 88? — Kapil Sood A: First, Section 88 has been replaced by Section 80 C and now one can avail of up to Rs 1 lakh deduction for capital repayment. However, only the owner (or co-owners) are eligible for claiming the tax benefit in respect of home loans, irrespective of the person repaying the loan. Since the house is in your wife’s name, it is she who would be entitled for tax benefit and not you. You should have co-owned the house, along with your wife, to be able to claim the tax benefits.
Section 80C
Q: I plan to take a housing loan of Rs 30 lakh for a period of 15 years. However, my taxable income is more than Rs 5 lakh per annum. Someone told me if this were the case, I would not get any tax rebate. Is this true and if it is what are the ways to tackle it? — Vikas Kapur A: Till last year, if your income was over Rs 5 lakh, you were not eligible for tax rebate under Section 88. However, this year onwards, Section 88 has been substituted by Section 80C and the monetary ceiling is not applicable anymore. Therefore, you can get a deduction from your income of up to Rs. 1 lakh on capital repayments of housing loan. For interest, you are eligible for a deduction up to Rs 1,50,000 if your property is self-occupied. The author may be contacted at wonderlandconsultants@yahoo.com
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Private players may gain from Airbus-Boeing tussle
by K.R. Wadhwaney As feared, the Airbus-Boeing tangle has turned a ‘vicious political battle’. Foreign authorities and MPs (Members of Parliament), including Congress leaders, have also jumped into the fray. Allegations and counter-allegations have surfaced. The situation has become murky because ‘big money’ is involved. Judging from the goings-on, the issue is likely to be settled in court. Who wins or loses will indeed be of great significance to the actual contestants and a few ‘middlemen’ looking for easy money. Genuine aviation promoters are considerably dismayed because fleet augmentation in two national carriers, Air-India and Indian Airlines, would be delayed considerably. Whatever may be claims and counter claims of two manufacturers, Airbus and Boeing, one thing has become clear that Indian private players have been subtly instrumental in adding fuel to the fire. Their objective is clear . If fleet expansion process in two national carriers is delayed, it will help them settle down in international skies easily. The skies were partially opened in 90s. During these 15 years, private players have been the gainers at the cost of two national carriers. Irrespective of who takes charge as aviation minister, he is inclined towards private operators. One articulate minister even wanted Air-India and Indian Airlines buildings to be sublet to private players. What is most shocking is that no one bats and eyelid when private operators but aircraft from either Airbus or Boeing. Why? Analysts say it is because private players place tiny orders and deals go unnoticed. Two national carries in comparison, place large orders. Big deals mean big money. The bigger the deal, the bigger are the chances of corruption. The bottoamline, according to aviation followers, is that two national carriers should opt for fleet expansion instead of placing large orders of 50 aircraft. Indian Shuttle
National carriers continue to encounter more opposition from within than from outside . Alliance Air will soon be rechristened as ‘Indian Shuttle’ as is the wish of the minister . All four, that is Air India, Indian Airlines, Air India Express and Alliance Air (Indian Shuttle) are flying in all directions. They are all enjoying the fruits of ‘open sky policy’. The saddest part is that there is no route channelisation. Every one is autonomous. They are, sadly hurting each other’s interest. The need of the hour is route channelisation. Only when this is done, there is hope of progress and prosperity. This hope had arisen about a year ago when there was a common CMD for both Air-India and Indian Airlines.
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‘Bata not in tune with changed times’
Chandigarh, May 7 Mr Gupta said a lot of companies were putting competition in the market, but Bata management has not changed its market orientation. Certain lower quality shoes were nicely packaged and sold at lower rates which affected the company’s sales, he added. A similar opinion was voiced by Mr Sambhu Nath Dutta, general secretary of the union, over the declining profits in the market. He said the management did not seem bothered about the interests of people. He said, “No effort is being made to target the lower middle and the middle class which is a very big market". The meeting was inaugurated by the Mayor, Mrs Anu Chatrath, today. The union made a contribution of Rs 3 lakh to the Prime Minister's National Relief Fund for tsunami victims.
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Mufti invites corporates to invest in J&K
Srinagar, May 7 He said Infosys arrival in Kashmir would lead to change in the mindset of youth especially when the government does not have enough means to absorb them in the government sector. He said Reliance Industries Ltd is setting up a management institute in the valley. RBI Governor Dr Y V Reddy had an informal meet with the Chief Minister over lunch, hosted by the latter for the visiting members of the Board of Directors of RBI. A large number of corporate heads, including the chief executives of Infosys Technologies Ltd, Hindustan Lever Ltd, Mahindra and Mahindra Group and Ranbaxy Ltd, who are on the RBI Board, were present.
— UNI
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PHDCCI for comprehensive industrial policy in Haryana
New Delhi, May 7 “In order to emerge as a preferred investment destination, Haryana needs to build upon its current strengths and plug existing gaps,” said PHDCCI president K.N. Memani. Suggesting a three-tier project clearance system, he said, “the state government should constitute a Haryana Investment Promotion Board (HIPB) headed by the Chief Minister for consideration of mega investment projects above Rs 100 crore in industry, special economic zone, industrial parks, infrastructure, power, roads and townships.”
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Forex reserves Branch shifted Infosys ADR offer A clarification
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