THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Wednesday, April 04, 2001

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News

Advertising & Marketing
WPP agencies' media outfits to be separate
DESPITE grand plans of bringing all the media buying businesses of WPP agencies in India under one roof, the group is likely to have three separate media buying outfits.

Airlines
Arora is new IA Deputy MD
MR V.P. Arora, was appointed Deputy Managing Director of Indian Airlines, on Saturday. He succeeds Mr A. Ghosh who superannuated on March 31.

Banking and Finance
GTB: Ketan, 2 corporates groups acted in concert?
MR Ketan Parekh, accused in the bank pay-order case and now in CBI custody, and his associate firms and two prominent Gujarat-based corporate groups have allegedly violated takeover regulations in their acquisition of Global Trust Bank (GTB) shares.

NHB to consider ANZ out-of-court settlement offer on '92 stock scam
THE National Housing Bank (NHB) has decided to consider and negotiate the offer made by ANZ Grindlays Bank for an out-of-court settlement in the dispute between the two relating to the 1992 stock scam.

ICICI briefs police on cyber crimes
AIMED at preparing the cops to effectively handle the new wave of scams in the form of financial frauds and cyber crimes, the Risk Containment Unit of ICICI Personal Financial Services has organised a day-long Police Meet here on Tuesday.

GTB-UTI Bank swap ratio -- `Averaging share lows to guard against abnormal movement
DELOITTE, Haskins and Sells has with its valuation report submitted that apart from the weighted average market price of GTB up to January 19, 2001 on both the NSE and BSE, it has also adopted an alternative approach to the market price method for sugges ting a fair swap ratio.

Madhavpura bank depositors hold rally -- We're not to blame: RBI
THE rally taken out on Tuesday by the NavGujarat Banks Customers Protection Council (NBCPC), the body set up by the duped customers of the Madhavpura Mercantile Co-operative Bank (MMCB), has resulted in the Reserve Bank of India taking the stand that it cannot be held responsible for the bank's failure by the depositors of the bank.

Corporate


Castrol closes Hoskote plant
CASTROL India Ltd has closed down its manufacturing facility at Hoskote in Karnataka from Monday.

Two MCF unions distance themselves from unrest
EVEN as the Intuc-affiliated majority union in the UB group's Mangalore Chemicals and Fertilisers is continuing with its battle against the company's management, the MCF Mazdoor Sangh affiliated to the Bharatiya Mazdoor Sangh and the MCF Employees' Union affiliated to the Hind Mazdoor Sabha have distanced itself from the unrest at the company's Panambur unit.

Economy
`Warning' on B.P. Verma -- I've done my homework, Vittal tells Sinha
WHILE the former Chairman, Central Board of Excise and Customs (CBEC), Mr B.P. Verma, is cooling his heels in Central Bureau of Investigation (CBI) custody on charges of corruption, an interesting skirmish has opened up on the sidelines between the Finan ce Minister, Mr Yashwant Sinha, and the Central Vigilance Commissioner (CVC), Mr N. Vittal, on the issue of the accused crawling his way to the top slot in the CBEC.

Information Technology
Co law-specific portal launched
INDIAALLINFO.com Ltd has announced the launch of its company law-specific Web portal. Called companylawinfo.com, the portal offers detailed information on Securities and Exchange Board of India (SEBI), the Companies Act, 1956, and matters related to comp anies in India.

Petrochemicals
Reliance cuts polymer prices
RELIANCE Industries Ltd has cut polymer prices effective April 1, 2001.

Policy
Unused special import licences -- Exporters look to Govt for bail-out
VALID Special Import Licences (SILs) with the export sector, prior to April 1, 2001, which together add up to a sizeable amount, are lying unutilised with exporters after the Union Commerce Minister, Mr Murasoli Maran, announced cessation of the scheme o n March 31.

Power
CCEA okays revised cost estimate of Doyang Hydro project
THE Cabinet Committee on Economic Affairs (CCEA) has approved the revised cost estimate of Doyang Hydro Electric Project of Nagaland for Rs 758.70 crore.

`Dabhol bill can be adjusted against MSEB rebate'
THE Union Finance Ministry has said the Rs 102-crore December bill, for which Enron had invoked the counter-guarantee, can be adjusted against the Rs 401-crore rebate slapped by the Maharashtra State Electricity Board (MSEB) on Dabhol Power Company (DPC) .

States
Small-time vendors crying for space
IT has now literally become a battle for space. As Mangalore gets spruced up to make room for itself in the new-economic regime, various sections of the unorganised sector of the economy are being pushed beyond the margins.

Si'Tarc gets global accreditation
THE testing and calibration lab of Small Industries' Testing and Research Centre, popularly called as Si'Tarc, in Coimbatore has been given international accreditation for its quality certification.

`Exim Policy strikes fine balance'
BANGALORE: THE Federation of Karnataka Chambers of Commerce & Industry has said doubling of exports will be difficult to achieve by 2004 without improving the infrastructure.

Nabard disbursals in Bengal up 29.61% to Rs 251.15 cr
THE refinance disbursals of National Bank for Agriculture and Rural Development (Nabard) in West Bengal during 2000-01 registered a growth of 29.61 per cent to Rs 251.15 crore from Rs 193.78 crore of the previous year.

Cloth merchants to observe bandh today
BANGALORE: About 10,000 big and small cloth merchants in Karnataka will observe a State-wide bandh on Wednesday in protest against the increase in entry tax on textiles from one per cent to two per cent in the State Budget.

`US Congressmen lobbying for $125-m aid to Gujarat' -- Govt yet to send a request to Mr Bush
JUST as the American India Foundation (AIF), under whose umbrella the former US President, Mr Bill Clinton, as a board member, will be touring the earthquake-ravaged Bhuj, Anjar and Ahmedabad on April 4 and 5, has firmed up plans to adopt 40 villages in Kutch and pump in $20 million towards this, it has asked the Government of India to formally requisition a $100-million plus aid package from the US Government.

Stocks
`Confidence low in trendless market'
FOR the majority of investors in the country, the 1992 securities scam had been but a distance memory. However, the capital market crisis, with its high point being the recent Ketan Parekh arrest, has fast-forwarded them into an unpleasant reality.

CSX yet to hear from SEBI on demutualisation
THOUGH the Finance Ministry is said to have fixed April 16 as the deadline for the demutualisation of the stock exchanges in the country, the Coimbatore Stock Exchange (CSX) is yet to hear from the Securities and Exchange Board of India (SEBI) in this re gard.

CSE to move court against defaulters
THE Calcutta Stock Exchange has decided to move a court of law for the recovery of Rs 106.92 crore from the 10 defaulters.

Not our fault, say SEBI officials
A DECLINE in the market cannot be called a scam. The world over, markets go up and come down. In a free market economy, prices are decided by the market and not the regulator. This is the perception of the Securities and Exchange Board of India, currentl y being whipped for being a `silent spectator' and failing to check price manipulation on the country's bourses.

JPC probe into stock scam likely
A JOINT Parliamentary Committee (JPC) is likely to be constituted to probe into the recent stock market scam. An indication that the BJP-led Government is not averse to a JPC to inquire into the manipulation of share prices and the possible failure of th e regulator in monitoring the bourses was given by the Parliamentary Affairs Minister, Mr Pramod Mahajan, here on Tuesday.

Taxation
Cabinet nod for Central sales tax amendment Bill
THE Union Cabinet has approved the introduction of the Central Sales Tax (Amendment) Bill 2001, which provides for the constitution of an appellate authority to settle disputes in the course of inter-State trade or commerce.

Textiles
Dip in textile sector patent claims
PATENT claims in the textile sector is registering a downslide since 1997 in the Indian Patent Offices. The encouraging sign, however, is a slight increase in applications from Indians.

TN Govt calls meet on textile workers' wage issue
THE Tamil Nadu Government has called another round of conciliatory talks in Chennai on April 6 on the pending wages issue for the organised textile industry in the State.

Travel & Places
Decision on LTC hits tourist industry
THE domestic holiday season has started on a dull note for a number of travel agents across the country. And there is every possibility that it might get duller down the tourism chain.


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