The Tribune, Chandigarh, India

	Realtors back in capital market To raise Rs 11,000 cr via IPOs New Delhi, September 29 Major realty firms, including Emaar MGF and Sahara, today approached market regulator SEBI for public offerings to raise collectively an over Rs 11,000 crore, reflecting that sector has emerged from the worst of the global financial crisis. Emaar MGF, which was forced to dump its issue last year in the face of economic downturn and stock market crash, today filed draft prospectus before the market regulator SEBI to raise up to Rs 3,850 crore. Likewise, Sahara Prime City has also filed its Draft Red Herring Prospectus (DRHP) for a Rs 3,450-crore public issue, while Delhi-based Ambience Ltd has undertaken similar step to raise up to Rs 1,293 crore. Mumbai-based realty firm, Lodha Developers has also filed its prospectus for an IPO to raise Rs 2,500 crore. The realtors' move to tap the capital market comes in the wake of improving sentiments, that has seen the Sensex cross the 16,800-mark this month from just 8000 in March. Industry experts said it was the right time to tap the capital markets to raise funds as housing demands had started to revive in the recent past. “For the right product, right companies and right valuation there are takers. Developers want to utilise the funds for completing ongoing projects and expansions as demand has started to come," Jones Lang LaSalle Meghraj Country Head Anuj Puri said. “Four companies have already filed DRHP and we are going to see at least dozen more public offers in next 4-5 months," Puri said. Geojit BNP Paribas Financial Services Research Head Alex Mathew said: “Real estate companies are rushing to enter the capital markets as they need to fund their working capital requirements and this is the right time to enter the market.” “Liquidity is very good with FIIs and domestic institutional buyers being in strong buying mode amid positive market momentum,” he added. After taking a battering last year due to the economic downturn, the real estate market has also started looking up since the beginning of this fiscal. The demand in residential segment, particularly affordable housing, have improved. “The worst is over but we can't sit relaxed. The sector is out of ventilator but still in ward. (The) Trend is improving but nobody can forecast. Possibly 2010 would be better," Global realty consultant CBRE chairman and managing director (South Asia) Anshuman Magazine said. All the four companies plans to utilise the funds raised through IPO for completing their ongoing projects and reduce debts. — PTI
	Switzerland out of ‘grey’ list of tax havens New Delhi, September 29 The Organisation for Economic Cooperation and Development (OECD) has taken Switzerland off from the list of non-cooperative tax havens, following the country signing 12 taxation agreements. An OECD official from Paris said over phone that Switzerland has been removed from the list of non-cooperative tax havens. Switzerland has signed 12 taxation agreements with different nations and most of them are significant economic partners like the US and the UK. “As part of the taxation agreements, Switzerland would exchange details related to tax, including bank information, with those countries,” OECD's head of division (tax cooperation) Pascal Saint-Amans said. In April, OECD, a grouping of rich nations, had named many countries, including Switzerland, in a grey list of those which are not fully-compliant with global tax standards. As per OECD norms, a country would be removed from the grey list after it has signed at least a dozen double taxation agreements. Known for its banking secrecy practices, Switzerland has come under international pressure in the wake of the global crackdown on tax havens. Last week, Switzerland signed a taxation agreement with Qatar taking the number of such pacts to 12. Switzerland has also signed such treaties with Denmark, Luxembourg, France, Norway, Austria, the UK, Mexico, Finland, the Faroe Islands, the USA and Spain. — PTI
	Policy choices getting complex: RBI Colombo, September 29 The Reserve Bank has said rising inflation and ‘still tentative’ recovery in economic growth was making it difficult for the Central bank to decide whether to exit from monetary easing measures. “Early return to the fiscal consolidation path, and exit from the expansionary fiscal and accommodative monetary policy remain the key challenge... The policy choices are becoming increasingly complex for the RBI, as signs of recovery in growth are still tentative, whereas inflation is clearly firming up,” RBI Deputy Governor KC Chakrabarty said here. “The challenge has to be seen, however, in the context of the ultimate objective, which is faster and durable recovery in growth. The costs of delay in timely exit are being discussed now; but there are costs of delay in economic recovery as well,” Chakrabarty said at a recent anniversary convention of the Association of Professional Bankers of Sri Lanka. He said the rising inflationary pressures could limit the scope for sustained growth supportive monetary policy stance. However, the RBI cannot tighten money supply to contain inflation as growth has started picking up and is in an early stage. — PTI
	‘Vodafone most admired brand’ Mumbai, September 29 Vodafone has been recognised as the most admired mobile service brand online in India, followed by Tata Indicom and Aircel, a survey said. A pan-India survey conducted by Drizzlin Media, a branding consultancy, revealed that Reliance Mobile emerged as the least admired brand. The survey was conducted over 10 telecom brands, including Airtel, Vodafone, Idea Cellular, Tata Indicom, Aircel, Reliance, BSNL, MTNL, Spice and Loop Mobile. The conversations were spread over various online venues and included blogs, forums, micro blogs such as Twitter, social networks like Facebook and Orkut, YouTube and Mouthshut.com, a consumer review site. Each of the conversations were valued on its tonality - either positive or negative. The top telecom brands were then graded and ranked according to online popularity to derive ‘The most admired mobile service brand online'. BSNL mobile’s products and services were the most admired online, while Vodafone appeared at the bottom of the stack. Vodafone's advertisements and promotions were the most admired online and BSNL mobile services were the least admired, the survey said. MTNL mobile services scored the highest in customer service rankings, while Vodafone was rated the worst with netizens. Tata Indicom's network coverage was the most admired, while Loop Mobile's was the least admired, it said. BSNL mobile was the most favoured when it came to tariffs and billing, while Airtel scored the least. Tata Indicom ranked the highest in brand affinity, whereas Aircel lagged behind, the survey said. — PTI
	IL&FS takes over Maytas Infra Hyderabad, September 29 Infrastructure major IL&FS formally took over crisis-hit Maytas Infra and appointed Ravi Parthsarathy as its new chairman today. Four nominee directors from IL&FS Group are Ravi Parthasarathy, Hari Sankaran, Arun Saha and K Ramchand, a company release said. Earlier on August 31, Corporate Affairs Minister Salman Khursheed had announced that IL&FS has replaced the B Ramalinga Raju family as promoters of crisis-hit Maytas Infra and would pump in Rs 55 crore to revive the company. On the same day, the Company Law Board had permitted IL&FS, the largest shareholder in the Maytas Infra holding with about 37.1 per cent shares, to appoint four directors, including the chairman. “It has been a great opportunity to revive one of the leading infrastructure companies in India,” company's past chairman K Ramalingam said. “I would like to thank IL&FS management who willingly came forward and took management control of Maytas Infra. This only affirms our continued belief that Maytas Infra is a great organisation with lot of promise and potential,” he said. Earlier, in pursuance of a CLB order, the government had appointed four nominee directors on Maytas board - K Ramalingam, Ved Jain, OP Vaish and Anil K Agarwal - to revive the company that was hit by an accounting scam in Raju-founded Satyam Computers. Maytas lost several orders, including the Hyderabad Metro project. — PTI
	Govt may cancel block allotted to ArcelorMittal, GVK New Delhi, September 29 The government has threatened to cancel the coal block alloted jointly to ArcelorMittal and GVK Power in Jharkhand for the inordinate delay in developing the property. The Coal Ministry has served notice on September 23 to both companies and sought their replies within 15 days, seeking reasons for the delay in developing the mines allotted for captive use. It also stated that the exploration had not begun as yet whereas it should have been completed by now as per the time schedule for development of the block. Asking the companies to reply within the stated time-frame, the ministry said: “...falling which it will be presumed that your company has no explanation to furnish and action as appropriate will be taken against your company for de-allocation of Seregarha coal block." ArcelorMittal India CEO (Mining) MP Singh said: “ArcelorMittal has received the show-cause notice. “But delay is not because of us. We will reply appropriately to the coal ministry soon.” GVK Power also confirmed receiving the notice. — PTI
	Nissan to drive in 9 models to India Chennai, September 29 Charting out ambitious plans for India, Japanese automaker Nissan today said it planned to have as many as nine models by 2012 out of which five will be locally made as it aims to garner around five per cent of the market here. The company along with its French parent Renault is investing Rs 4,500 crore in a car plant here, which will start commercial production from May next year and employment in the facility will increase to 3,000 by 2012 from 700 now. “We plan to have a total of nine models in the Indian market by 2012, of which five would be made in India," Nissan Motor co vice-president Colin Dodge said, adding Nissan would bring three new models during 2009 without specifying details. The company has just two imported models - SUV XTrail and sedan Teana - in India. — PTI
	Montblanc’s tribute to Mahatma Gandhi Mumbai, September 29 Montblanc today launched a set of premium pens costing Rs 11.30 lakh under its limited edition series commemorating 241 miles travelled by Mahatma Gandhi during the Salt March. Each pen in the series is made of white gold and the entire series is called the 'Mahatma Gandhi Limited Edition-241'. "The distance of 241 miles, which Mahatma Gandhi and his followers travelled by foot during the famous Salt March, has inspired the name and limited edition quantity of this outstanding 750 solid white gold piston fountain pen,” Montblanc chief executive officer Lutz Bethge said here. “Only 241 pens have been produced in the Mahatma Gandhi Limited Edition-241 series by Montblanc and each pen in the series is around at Rs 11.39 lakh," he said. Montblanc has launched another series - Mahatma Gandhi Limited Edition 3000 - whose pens are priced at Rs 1.67 lakh a piece. “A total of 3,000 fountain pens and 3,000 roller-ball pens have been produced in this series and the pens will be available our all outlets pan-India," Bethge said. Mahatma Gandhi Limited Edition 3000 series has been produced in tribute to the many people who had followed Mahatma Gandhi, he said. — PTI
	Pay VAT online in Punjab Amarjit Thind Tribune News Service Jalandhar, September 29 The Punjab government has launched electronic payment of Value Added Tax (VAT) in the state from today. E-payment of VAT was first introduced in Ludhiana as a pilot project and following a huge response, it has now been extended to all districts. Presently, the facility could be used only thorough the State Bank of India, Excise and Taxation Commissioner A Venu Prasad said at the inauguration ceremony. The system will not only reduce the payment-related problems but also help the department in speeding up tax collections. Tax amounting to Rs 7,000 crore was mopped up by the department during 2008-09 and it will be to the tune of Rs 7,800-8,000 crore in the current fiscal year. The system will bring greater transparency in the taxation process. Currently, there were 1.80 lakh traders across the state and within the next year, a majority of them will switch over to the new system. The department has also introduced e-filing of VAT returns and in the last quarter about 15, 000 dealers, having a turnover of Rs 5 crore, have filed their returns electronically. On VAT concession granted to Army canteens, he said the Centre would compensate the state once the Goods Sales Tax comes into force across the country.
	PowerGrid Corp dividend New Delhi, September 29 Central transmission utility PowerGrid Corp today paid Rs 505 crore as dividend to the government. PowerGrid Corp paid a dividend of Rs 505 crore for financial year 2008-09. It is approximately 30 per cent of the company's profit after tax of Rs 1,691 crore, a company statement said. The company registered a net profit of Rs 1,691 crore in the financial year 2008-09, it said. At present, PowerGrid is operating about 72,500 circuit km of transmission lines along with 124 sub-stations. PowerGrid plans to augment its transmission capacity to 23,400 MW in the current fiscal (2009-10) from the existing 19,800 MW and further enhance it to 37,000 MW within the XIth Five Year Plan Period (2007-12).— PTI