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MMTC allowed to invest more in Neelachal Ispat

Our Bureau

NEW DELHI, March 27

THE Union Cabinet today approved additional investment of Rs 50 crore by MMTC into Neelachal Ispat Projects Ltd. MMTC, which was to invest Rs 100 crore into the project, will now invest Rs 150 crore.

The decision follows the erstwhile partner's inability to participate in the project. Lucky Gold Star International Corporation of South Korea was the earlier partner. Also, the Commonwealth Development Fund of the UK has withdrawn from the project.

The total impact of both the withdrawal resulted in an equity shortfall of Rs 130 crore which will now be made up by the IDBI and MMTC together. The project is at its final stage of completion and is likely to be inaugurated by the Prime Minister, Mr Ata l Bihari Vajpayee, in June.

Consumer protection Bill: The Cabinet today also okayed the introduction of the Consumer Protection Amendment Bill 2001 that will speed up redressal of consumers' complaints by the three-tier quasi-judicial machinery operative at the Centre, State and di strict levels by widening the scope of punishment and enhancing the capacity of dispensing justice by the respective consumer courts.

Takeover of Scindia House : The Cabinet also permitted the taking over the Scindia House Ballard Estate by the Finance Ministry from the Scindia Steamship Navigation Company. The Mumbai office of the Income-Tax Department is proposed to be relocated ther e.

The changes in the Money Order agreement with Nepal and Malta have also received Cabinet approval. The limits have been raised from Rs 2,000 and 40 to Rs 5,000 and 400 respectively.

The Cabinet also extended the term of the Justice Nanawati Commission set up last year for probing into the 1984 anti-Sikh riots by another six months.

It also approved the signing of a plant health agreement with the United Mexican States which is expected to facilitate trade and exchange of plant products between the two countries.