Financial Daily
from THE HINDU group of publications

Monday, July 23, 2001





ICAI's guidance note on audit
THE Institute of Chartered Accountants of India (ICAI) has issued a guidance note on audit under Section 115JB of the Income-Tax Act, 1961.

Advertising & Marketing
Ban cigarette ads in a phased manner: Assocham
THE Associated Chambers of Commerce and Industry (Assocham) has suggested that the proposed ban on advertisement of cigarettes and other tobacco products by domestic manufacturers should be introduced in a phased manner.



Sponsored GDR scheme hits operational snag on tax front
THE Government's decision to allow private Indian corporates to disinvest their equity holdings in group companies abroad through American depository receipts (ADRs) and global depository receipts (GDRs) has run into operational problems on the tax front .

Tata Coffee stake in Barista on cards?
TATA Coffee is likely to pick up a substantial stake in the coffee pub chain, Barista, according to sources. It is understood that the deal would be sewed up later this week.

`View new trade round as development policy'
AS there can be no significant trade agreements without the participation and effective endorsement of developing countries, more than ever a new trade round needs to be looked from the viewpoint of a global development policy, the former Managing Direct or of the International Monetary Fund (IM), Mr Michael Camdessus, said.

Information Technology
Policing cyber space, a new challenge
WITH the growth of the Internet and the Global Village becoming a virtual reality, it has thrown open new challenges, particularly with regard to policing cyber transactions in India given the emerging Cyber Law framework.

Mutual Funds
UTI board to discuss CBI arrest fall-out
THE board of trustees of Unit Trust of India (UTI) is expected to meet shortly to take stock of the situation following the arrest of two of its Executive Directors by the Central Bureau of Investigation (CBI), a senior official said.

Congress calls for scrapping AI disinvestment process -- Cites `close relationship' of Morgan Stanley with Tatas
THE on-going process of disinvesting Government's stake in Air India, should be scrapped and fresh bids called to select a strategic partner for the national flag carrier to overcome the discrepancies that have crept into the present process, senior Cong ress leader and chief whip of the Congress Parliamentary Party (CPP), Mr Priya Ranjan Dasmunshi, said here on Sunday.


Free petrol
With the economy slowing down, it is now the turn of the oil companies to provide discounts and freebies to push sales. In Delhi, some bunks are offering free petrol with the purchase of lubricants or coolants.

Ajit Singh inducted into Union Cabinet -- Omar shifted to External Affairs
THE Rashtriya Lok Dal leader, Mr Ajit Singh, was inducted into the Union Cabinet as Agriculture Minister on Sunday.

Ammo in reserve
CALL it a strange quirk of fate or what you will, but the fact of the matter is that the BJP-led NDA Government headed by Prime Minister, Mr Atal Bihari Vajpayee, has not had a smooth sailing. Come to think of it, perhaps the only brief period of relativ e peace of mind that Mr Vajpayee may have experienced was his recent stay at Breach Candy in Mumbai where he underwent knee replacement surgery. Of course, that's apart from his week-long vacation near Manali.

Centre initiates all-party dialogue -- `Common minimum programme essential for power reforms'
THE Centre has initiated a dialogue with all political parties for a common minimum programme in reforming the power sector, the Power Minister, Mr Suresh Prabhu, has said.

Codissia seeks regional anti-dumping authority
WITH the opening up of the economy, the threat of imports has become real and there is an immediate need for the appointment of anti-dumping authorities at the regional level, according to the Coimbatore District Small Industries Association (CODISSIA).

Industry in Jharkhand on the backburner
THE initial euphoria has given way to despair. Industry in Jharkhand is peeved at the State Government's inertia in bolstering the industrialisation prospects in the newly-formed, mineral-rich State.

Protest against ADB loan package
MANGALORE: The Sarvajanika Hitharakshana Vedike, a forum for the protection of public interests, has condemned the clandestine manner in which the Mangalore City Corporation has pushed through a proposal to avail of a Rs 306-crore loan from the Asian Dev elopment Bank.

Rs 62-cr project for civic staff
HYDERABAD: The State Government has drawn up plans to spend Rs 62 crore to rehabilitate scavengers in the State within a clear time-frame of one year, according to the State Chief Minister, Mr N. Chandrababu Naidu.

Spiral-welded pipes in favour
SPIRAL-welded pipes (SWPs) appear to be increasingly gaining market in the country. The growing preference for SWPs is in line with the trends in the developed countries of the world.

`Biotech needs good regulatory system'
THE country needs a good regulatory framework to derive optimal benefits from the potential of biotechnology research, the scientist, Dr P.M. Bhargava, has said.

Tata Cellular in 6 more towns
HYDERABAD: Tata Cellular Ltd on Friday announced the launch of its services in six more towns -- Akiveedu, Jaggayyapeta, Nandigama, Madanapalle, Gudur and Kavali -- spread across the State thereby expanding coverage to 66 towns in the State, according to a company communique. -- Our Bureau

Intelsat plans to lure more clients
GLOBAL commercial communication satellite provider, Intelsat, which has recently been converted from a treaty-based organisation to a privately-held company, has aggressive plans to zoom in on the sub-continent and tap the ever-increasing demand for its services.

Textile workers renew strike threat
COIMBATORE: The joint action council (JAC) of the textile workers trade unions has decided to renew the agitation to press the wage revision for the textile mill workers in Tamil Nadu.

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