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Govt blocks Balco sale, to return
Tata Sky takes Zee TV to court
FM flays NDA for poor management of economy
Excise Dept told to study Cenvat claims
Anand Automotive Systems to invest
DLF withdraws IPO prospectus
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BSNL bonanza for Haryana
Unveils new plans today
Sterling Info buys 40 pc in Finland co
RIL cites China model to end PSU monopoly
Asia’s richest man gives $300 m to charity
Haryana to get NIFTEM
Chatwal plans ‘dream’ hotels in India
Tatas to focus on Russia
SEBI fines Burren Energy, Unocal Rs 25 lakh each
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Govt blocks Balco sale, to return Rs 1098-cr cheque
New Delhi, August 31 Armed with the CAG report alleging lower valuation by the previous NDA Government, the government has constituted a committee to study the undervaluation reported by the CAG. “A Committee of Secretaries (CoS) under the Law Secretary and comprising the Disinvestment and Mines Secretaries and overlooked by the Cabinet Secretary will go into the issue,” Information and Broadcasting Minister Priya Ranjan Dasmunsi said The trade unions, Left parties and the Tamil Nadu Government are opposing any move to sell the residual stake in Balco. The minister pointed out that 51 per cent of the official stake was sold to Sterlite Industries in 2001 by the previous NDA dispensation for Rs 551.50 crore at the rate of Rs 49.01 per share. In March, 2004, Sterlite sent a call notice for acquiring the remaining 49 per cent of Balco shares along with a cheque for Rs 1,098 crore. Meanwhile, in the face of a controversy over evaluation of bids for coal-bed methane blocks, the government also decided to defer the award of licences to exploit gas trapped below the coal seams in 10 areas and referred the issue back to an Empowered Committee of Secretaries (ECS). The CCEA asked the four-member ECS, which had in July recommended award of four CBM blocks to the consortium led by the Anil Ambani Group and three to Australia’s Arrow Energy, to re-examine the technical evaluation of bids, said government sources. Of the three blocks recommended for Arrow, the Anil Ambani Group had staked claim on two saying that it narrowly missed the blocks because of discretionary marking by oil regulator DGH, the charge countered by the Petroleum Ministry. Mr Dasmunshi said the bid evaluation was done by a secretary and two joint secretaries and the CCEA wanted the technical evaluation to be done by the full ECS. The re-examination by the ECS, comprising the Petroleum, Coal, Finance and Law Secretaries, would take another 10 days. The government had in February, 2006, invited bids for 10 CBM blocks under the third round of bidding, which closed on June 30. |
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Tata Sky takes Zee TV to court
New Delhi, August 31 The company has alleged that the refusal was deliberately intended to favour Zee’s sister concern, ASC Enterprises Limited, which is the only other DTH operator in the country. According to Tata Sky, for the past one-and-a-half years, Zee has been dragging its feet on granting rights to it by demanding a lumpsum payment of $5 million in addition to an “exorbitant” demand of Rs 149.85 for each cable connection every month. It was submitted that the demand for Rs 149.85 per cable connection was in clear violation of the earlier assurance of Zee to charge only Rs 83.85 for each connection in terms of the rules and tariffs fixed by the TDSAT. However, Tata alleged that in contrary to the assurances and the directions of TDSAT, Zee was insisting on being paid a lumpsum amount and the exorbitant fee, mainly to edge out the company from DTH services competition, so as to favour ASC Enterprises. Tata Sky submitted that Zee’s refusal to grant it access to some of the popular channels like Zee Cinema, Zee Sports, CNBC, HBO, Cartoon Network and Pogo would cause a serious dent in its efforts to popularise the DTH (direct-to-home) network services which claim to offer a more affordable service to the subscribers. Mr Justice Anil Kumar, while admitting Tata’s petition, issued notices to Zee Televisions and its sister concerns.
— PTI |
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FM flays NDA for poor management of economy
New Delhi, August 31 He was speaking at the 9th JRD Tata memorial lecture “Economic policy making in a coalition era” organised by
Assocham. Except in 2003-04, he said, NDA was not able to deliver a growth rate of more than 6.5 per cent in any year. In fact, in two years it recorded much lower growth rates. The NDA government had inherited a fiscal deficit of 4.8 per cent in 1997-98, but by 2001-2002, it had steadily climbed to 6.2 per cent. “Its record on expenditure control was very poor. It had inherited a ratio of total expenditure to GDP of 14.2 per cent in 1997-1998; but this steadily climbed in every year to reach 17.1 per cent in 2003-2004.” Allaying aside fears about Left parties, Mr Chidambaram said during the 10 quarter period of the UPA government, “except in Q2 of 2004-05 when the GDP grew by 6.7 per cent, in every other quarter of the last 10 quarters (including the quarter that will end on 30th September 2006), the growth rate has been over 7 per cent.” The tax revenues are expected to rise by over 20 per cent this year, he said, adding the tax to GDP ratio has increased from 9.2 per cent in 2003-04 to 9.8 per cent in 2004-05 and to 10.5 per cent in 2005-06; and it is projected to increase to 11.2 per cent in 2006-07. He said FDI inflows increased from $5.652 billion in 2004-05 to $7.75 billion in 2005-06. FII inflows were $8.686 billion in 2004-05 and $9.926 billion in 2005-06. Meanwhile, Mr Chidambaram today again threw a broadside at Planning Commission Deputy Chairman Montek Singh Ahluwalia's stand on the FRBM Act decrying the ''temptation to resort to higher levels of government spending'' stating that a liberal stance in this direction would mean shifting the fiscal cost to the future generation. |
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Excise Dept told to study Cenvat claims
New Delhi, August 31 "We have asked the Excise Department to look at Cenvat availment very closely. We must make sure that Cenvat availment is not taken more than what is entitled," Mr Chidambaram told reporters after chairing All-India conference of Chief Commissioners of Customs, Excise and Service Tax. He said Cenvat claims, which are growing at a rate of 26.1 per cent during the first four months of this fiscal, are not a cause for concern and partly attributed the high level to 4 per cent countervailing duty imposed on imports this fiscal. The department has been asked to closely monitor the Cenvat claims since excise duty collections fell short of target last fiscal because Cenvat availment was much higher than the department's target. For the first four months of this fiscal, all the indirect taxes collections — customs, excise duties and service tax — are higher than the target. Against the target of 18.1 per cent for the whole year, customs duty collections showed a growth of 33.5 per cent. Excise duty collections grew by 8.8 per cent against the target of 6.1 per cent and service tax by 63.4 per cent against 43.5 per cent, he said. "If the trend is maintained, if pace of collections picks up in the second half of this fiscal, the board is confident that as of now it would reach the budgeted figure," he said.
— PTI |
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Anand Automotive Systems to invest
New Delhi, August 31 The company is planning expansion of its capacities and product portfolio of shock absorbers, engine bearings, filters, synchronise rings and sealants. In view of a well-developed component manufacturing infrastructure, vendor base and logistics and well-trained manpower, the group plans to make Gurgaon an important hub for its future growth and development. This large investment by Anand will offer direct and indirect employment to over 10,000 persons through dedicated ancillaries, service providers in the region. Anand has six operating companies in Gurgaon and will primarily focus on their expansion. |
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DLF withdraws IPO prospectus
New Delhi, August 31 DLF said today it had withdrawn the draft red herring prospectus (DRHP) for its planned IPO as the financial information furnished in the document had become outdated. The IPO was being touted as the country’s biggest ever public issue with total proceeds from the sale of shares in the offer being pegged at over Rs 15,000 crore in the market circles. A company spokesperson said that the financial details in the prospectus needed to be updated due to the lapse of about four months since the filing. She added that the company was likely to submit a new DRHP by November. The company had filed the DRHP with SEBI on May 12 for its
IPO. — PTI |
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BSNL bonanza for Haryana
Unveils new plans today
Ambala, August 31 Mr Jindal said that call charges for excel prepaid customers is being brought down to 49 paisa/per minute instead of existing 90 paisa/minute. This scheme will be for 45 days. This scheme is not applicable for Excel Anant and One India customers. The tariff of post paid plans, including plan 225, plan 325 and plan 525 will be revised from September 1. The loyalty discount of Rs 25, Rs 75 and Rs 175 has been replaced with enhanced free calls per month within own network worth Rs 60, Rs 100 and Rs 300. Mr Jindal said that prepaid student excel power scheme with unlimited free SMS was being introduced. “Under this scheme all local SMS to any network are free. The cost of new prepaid SIM card has been reduced from Rs 200 to Rs 100 while the talk value will be worth Rs 30. In addition, the second grace period of prepaid SIM card has been increased from 30 days to 60 days. A new post-paid plan 725 is being introduced. Under this plan, all local calls within BSNL network to wireless in local loop are free and all calls to BSNL landline are at 40 paisa/min. A scheme for reactivation of close prepaid SIMs is also being launched from tomorrow. The talk value on recharge coupons is being reduced from September 1. For Rs 200 denomination, the call value is being brought down from Rs 60 to Rs 40. For Rs 300 denomination, the call value of Rs 175 is being brought down to Rs 140. For Rs 500 denomination, the call value of Rs 361 is being brought down to Rs 321 and for Rs 1000, the call value of Rs 822 is being brought down to Rs 782. |
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Sterling Info buys 40 pc in Finland co
New Delhi, August 31 SIG through its Mauritius subsidiary Avis Ventures Ltd (Avis) has become Winwind’s largest individual shareholder with 40 per cent ownership. The transaction dynamics involve infusion of funds of Euro 20 million into Winwind for a 36.36 per cent investment with the balance 3.64 per cent being acquired from the existing shareholders. “Winwind has state-of-the-art technology, which provides wind power investors with superior returns on their investment. We believe that SIG’s in-depth market and business knowledge can bring value beyond the capital investment especially in the areas of procurement and market development in India and other Asian markets,’’ SIG Director V. Srinivasan said.
— UNI |
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RIL cites China model to end PSU monopoly
New Delhi, August 31 Countering claims that China provided a 30-year period of exclusivity for conveyance and marketing, RIL has submitted to Petroleum Ministry a letter from China Petroleum Pipeline Bureau that stated that China did not provide "exclusivity" in city gas distribution (CGD) projects and networks were open to third party access, official sources said. China Petroleum Pipeline Bureau stated that "as per the government regulation in China, only one operator is allowed to be the owner of infrastructure for city gas project. However, third party access is allowed for selling their gas but a reasonable fee approved by government should be collected by the owner of the infrastructure.”
— PTI |
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Asia’s richest man gives $300 m to charity
Hong Kong, August 31 The 30 per cent stake in Cheung Kong Life Sciences (CKL), worth $ 307 million was handed to his charitable organisation, the Li Ka-shing Foundation. Mr Li will still control CKL, however, through his Cheung Kong Holdings, which will retain its 44 per cent share in the firm. Cheung Kong is a huge conglomerate that controls much of Hong Kong’s property development, retail activties and transportation. Mr Li, 78, said last week that he intended giving away a third of his estimated $ 12.4 billion. Li’s spokespeople denied he had been influenced by fellow billionaire businessmen Warren Buffet and Bill Gates. Mr Buffet caused a storm last month when he said he would give away 85 per cent of his estimated $ 44 billion wealth to Gates’ charity.
— AFP |
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Haryana to get NIFTEM
New Delhi, August 31 The setting up of the National Institute of Food Technology, Entrepreneurship and Management (NIFTEM) in the state was approved by the Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh today. The institute would start its activities from the current year and would be fully operational from 2010-11. The institute would function as a knowledge centre in food processing, with emphasis on inter-disciplinary research, developing new products and processes, incubating innovative ideas and provide a forum for interaction between government, consumers, experts and the industry. The NIFTEM would have sector-specific theme centres like fruits and vegetables, cereal and protein- based foods, international trade and food safety. NIFTEM, a non-profit company, would set standards and protocols for testing, provide short-term courses offering degrees and assist government in policy formulation and guide the food-processing sector. The Ministry of Food Processing estimates the size of the food processing industry in the country at $70 billion, including $22 billion of value-added products. The food-processing industry is estimated to grow at 9-12 per cent, on the basis of an estimated GDP growth rate of 6-8 per cent, during the 10th Plan period. |
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Chatwal plans ‘dream’ hotels in India
New Delhi, August 31 “We are looking at properties in Delhi, Mumbai, Chennai, Bangalore and Hyderabad. We should close at least three deals by the end of the year and have them running 18 months from then,” Mr Chatwal said. Each hotel will have 200-400 beds. “We have been working on the project for the last one year and are confident of getting the necessary clearances soon,” he said during a telephonic interview from Bangkok, where he has just opened the first of the “dream” range of hotels. Mr Chatwal’s $750 million Hampshire Hotels & Resorts runs 13 hotels offering between them 3,000 rooms in the US, making him the biggest independent operator in the country. The Thailand venture is his first foray into Asia where, apart from India, he also aims to establish a presence in Singapore, Kuala Lumpur, Hong Kong and Vietnam. The politically active Chatwal is known to rub shoulders with the likes of former US president Bill Clinton and his wife Senator Hillary Clinton. He had made headlines earlier this year when he hosted a series of ostentatious receptions to celebrate the wedding of his son Vikram Chatwal with Delhi socialite Priya Sachdev. To go by what Mr Chatwal has created in Bangkok, it will truly be a dream experience for guests when the Indian hotels open their doors. “It will be your dream, we will just provide the room service,” he explained tantalisingly. Like the US properties, the Indian and other Asian ventures will be built and managed in-house, with the money being raised through a combination of internal resources and market borrowings. “I don’t believe in tie-ups. We have set standards that are greatly appreciated by their guests as is reflected in our return bookings. We will aim to build on this,” Mr Chatwal maintained.
— IANS |
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Tatas to focus on Russia
Moscow, August 31 “Russia is a focus market in Tata Motors’ global growth strategy. We have decided to enter Russia not just to sell our vehicles but also to be part of the Russian economy,” head of Tata Motors’ International Business P.G.Shankar said here today. Mr Shankar said Tata Motors, which has already successfully launched assembly of LPT 613 light commercial vehicles (LCV) with their Russian partner AMUR, plans to enter the local market with a diverse range of small, medium and heavy trucks and buses. Mr Shankar said on the sidelines of the Moscow International Automobile Salon, which opened here today that Tata Motors hopes to sell about 6,000 commercial vehicles per annum over the next three years, he said.
— PTI |
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SEBI fines Burren Energy, Unocal Rs 25 lakh each
Mumbai, August 31 Burren had last year acquired a 100 per cent stake in Unocal Bharat from its parent Unocal International Corp. With this takeover, Burren also indirectly acquired a 26.01 per cent stake in Hindustan Oil Exploration Co Ltd, which was till then held by UBL. Burren and Unocal International had entered into a share purchase agreement on February 14, 2005, and made a public announcement a day later. On February 14 itself, Burren appointed two nominees - Finian O’Sullivan and Atul Gupta - on the Board of Directors of both UBL as well as HOEL. However, SEBI observed since the open offer formalities of HOEL were not complete till February 14, BEIL and UBL were not entitled to make such changes as per its Substantial Acquisition of Shares and Takeovers (SAST) Regulations.
— PTI |
Sterlite to exit power business Mobera Systems Aurionpro plan Order for PSL Bajaj Auto Sharing ATMs |
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