The Hindu Business Line : Saturday, January 19, 2002

Maharashtra sacks arbitration lawyer in Enron dispute
THE State Government has sacked the Singapore-based lawyer, Mr Quenton Loh, as its arbitrator in the dispute against Enron. According to sources, it has short-listed six candidates to replace Mr Loh. Mr Loh was found to be an advisor to Enron's ... More

Excessive judicial interference blocks arbitration: Jaitley
THE expeditious remedy of arbitration has been defeated by excessive judicial intervention, which has nullified the utility of the 1940 Arbitration Act, according to the Union Minister of Law, Justice and Company Affairs, Mr Arun ... More

NEW PRODUCTS & SERVICES

Ranbaxy set for biotech launches
RANBAXY Laboratories Ltd is preparing to launch its first batch of biotech (BT) products in India this year, after having forayed into the segment recently through in-licensing agreements with two Chinese BT companies. The agreements are for ... More

Ford India drives into cyber zone
FORD India Ltd on Friday said it has launched a Web-based customer relationship initiative, offering its customers direct connectivity to the company. www.myford.india.ford.com would be mainly used ... More

RESTRUCTURING

SAIL announces VRS again -- To cut staff by 7,000
STEEL Authority of India Ltd (SAIL) has announced another round of voluntary retirement scheme (VRS). The scheme, which opened on January 15, will be on till May 31. Mr M.K. Moitra, Director, SAIL, told Business Line that a target of ... More

MERGERS & ACQUISITIONS

M&M promoters' stake creeps up over 4 pc
THE promoters of Mahindra & Mahindra (M&M) have increased their holding in the company by over four per cent in the last quarter (Oct-Dec 2001) through the creeping acquisition route. Following the creeping acquisition, the holding of the ... More

VJIL promoters set to consolidate holdings
THE promoters of VJIL Consulting Ltd, the Hyderabad-based software solutions company, are planning to consolidate their holding in the company to 40.56 per cent from the current level of 31.99 per cent. Towards this, the company proposes to ... More

Sify calls EGM on Feb 28
SATYAM Infoway Ltd has called for an extraordinary general meeting (EGM) on February 28 for the company's board of directors "to consider to sell the business of software services division as a going concern to its parent firm, Satyam Computer ... More

CORPORATE GOVERNANCE

SEBI preparing disclosure norms for investment cos
THE Securities and Exchange Board of India (SEBI) is in talks with the Department of Company Affairs (DCA) for preparing disclosure norms for investment firms about their transactions in shares of their parent companies and associates. "We plan ... More

NEW PROJECTS

Putting up The Smart Manager
BUSINESS historian and author of bestsellers such as Business Maharajas, Business Legends and Business Mantras, Ms Gita Piramal once again has something up her sleeve. And this time it is not strictly of the business genre, but ... More

Toyota plans sedan on Corolla platform
BUOYED by the success of its Qualis utility vehicle, Toyota Kirloskar Motor Ltd, is planning to produce a sedan in the country based on the Corolla platform, its General Manager (Marketing), Mr Sandeep Singh, said on Friday. "Our next (locally ... More

Fabmart makes offline foray
FABMART, the e-retailer funded by Reliance Infocomm and Chrysalis, has announced its foray into physical stores as the next critical phase of expansion. Announcing the launch of its first physical store at Big Bazaar here, Mr V.S. Sudhakar, ... More

REGULATORY BODIES & RULINGS

DCA amends salary norms for loss-making cos
THE Government has relaxed the norms governing managerial remuneration payable by companies that make inadequate or no profits. Corporates in this category can now pay their managers a monthly remuneration of up to Rs 4 lakh per month. The ... More

TRAI seeks clarification from Bharti Tele on licence clauses
OVER a month since the announcement of interconnection agreements between cellular operators and Bharti Telesonic Ltd. (BTSOL), aimed at slashing mobile-to-mobile STD rates, the Telecom Regulatory Authority of India (TRAI) has raised several ... More

EVENTS

Jaitley calls for debate on amnesty chapters
THERE is an urgent need for serious discussion on the methodology that needs to be incorporated in the Competition Bill towards dealing with an offending party, particularly with the abuse of dominance, according to Mr Arun Jaitley, Union ... More

INCOME TAX

I-T notice on Ispat stayed
A DIVISION Bench of the Calcutta High Court comprising of Mr Justice A.N. Roy and Mr Justice S.N. Bhattacharjee stayed the notice dated September 10, 2001 issued by the Income-Tax Authority on Ispat Industries Ltd, which originated from Mumbai. ... More

PERFORMANCE

Satyam trimming flab, seeks clients
NEW client engagements, growing existing accounts through long-term association and divestment of stake in Satyam Infoway are set to play a decisive role in the performance of Satyam Computer Services Ltd, the fourth largest IT company in the ... More

BUYBACK

DSP Merrill to buy back at Rs 250
LEADING investment banker, DSP Merrill Lynch Ltd, has decided to buyback the 2.51-per cent shares held by the public, at a maximum price of Rs 250 per share. The company also decided to delist itself from the Bombay Stock Exchange. These ... More

ANNOUNCEMENTS

Leyland lines up slew of new vehicles
COMMERCIAL vehicle maker Ashok Leyland Ltd is planning to shore up its fortunes in the light commercial vehicle (LCV) sector by launching a slew of products in a year's time, the company's Managing Director, Mr R. Seshasayee, has said. The ... More

Wipro to resort to `strategic' rate cuts
WIPRO Ltd is likely to cut its rates to grab business even as pricing pressure continues to drive down volume growth, its Chief Financial Officer (CFO), Mr Suresh Senapati, has said. Wipro reported a 2.4-per cent dip in volume growth ... More

Max New York Life sum assured tops Rs 1,500 cr
MAX New York Life Insurance Company Ltd has announced that it has recorded a sum assured in excess of Rs 1,500 crore in the first nine months of operations up to December 2001. The Chief Executive Officer and Managing Director, Mr Tony Singh, ... More

New bus from DC Design
DILIP Chhabria Design Pvt Ltd (DC Design) said on Friday that it had launched its super bus `Lextran Orion'. DC Design currently has a fully-integrated manufacturing facility for bus bodies at Silvassa, Gujarat, and has a current capacity of 10 ... More

L&T receives Rs 445-cr order from CPCL
LARSEN & Toubro (L&T) has bagged a Rs 445-crore turnkey order from Chennai Petroleum Corporation Ltd (CPCL) for the latter's refinery expansion project at Manali near Chennai. L&T, in a press release, called it a landmark contract, the ... More

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Looking back
Jan. 6-Jan. 12
Nilekani crowned Infosys CEO -- Narayana Murthy is `Chief Mentor'