Accountancy
ICWAI plans push to perspective plan
THE Institute of Cost and Works Accountants of India (ICWAI) is considering ways to implement the `perspective plan' that was laid out some time ago by a working group led by one of its former presidents, Mr V. Kalyanaraman.
Agriculture
Kerala seeks Central aid for agri growth
KERALA has urged the Centre to make available proportionate financial assistance to the State which accounts for a major share of the farm produces exports from the country.
Airlines
Canada 3000 pact with IA for airport handling
CANADA 3000 Airlines has entered into an agreement with Indian Airlines to jointly handle Canada 3000's operations at the New Delhi and Mumbai airports.
Sabena to continue Chennai flights
SABENA, the Belgian airline will maintain its tri-weekly services to Chennai, its only destination in India.
Banking and Finance
SEBI for restrictions on promotion of NBFCs
THE Securities and Exchange Board (SEBI) of India is of the view that the practice of corporates promoting a large number of non-banking finance companies (NBFCS) for investment purposes needs to be regulated.
SBI to rejig overseas operations
THE State Bank of India (SBI) has decided to rationalise its overseas operations.
Partial payment to RPS depositors ordered
THE Madras High Court has ordered payment of 20 per cent of the principal amount of deposit to the depositors of the Chennai-based RPS Benefit Fund Ltd.
Corporate
V.K. Modi's son Alok may be made Modi Rubber CEO
THE Modi brothers, Dr. B.K. Modi and Mr. V.K. Modi, who are close to gaining management control of Modi Rubber Ltd (MRL) after a battle with the financial institutions, have now decided to install a family member as the new CEO of the company.
Philips mulls sale of Kolkata facility
PHILIPS India Ltd is considering possible sale of its manufacturing facility in Kolkata.
`Corporations must be people-oriented'
INNOVATION, governance and creativity are important differentiators that directors of companies must observe.
`Blank year' for export units
NEW DELHI: The Director General of Foreign Trade (DGFT), Mr N.L. Lakhanpal, has declared 2000-01 as a `blank year' for the purpose of monitoring export obligations for export oriented units (EOUs)/export processing zones (EPZ) and special economic zones
(SEZ) located in the areas affected by the earthquake in Gujarat.
BEL apprenticeship
BANGALORE: Bharat Electronics Ltd will be holding interviews for one year apprenticeship training for engineering graduates and diploma holders at its Centre for training and development on August 16, according to a company release. -- Our Bureau
Economy
June industrial growth slips
INDIAN industry has registered a first quarter growth of 2.1 per cent during the current fiscal, providing further evidence of a slowdown engulfing the economy.
To stem downturn, Centre turns to defence sector
LEFT with hardly any of the conventional options of unveiling a slew of measures to stem the continuing downturn in industry, the Centre now appears to be turning to the defence sector for resuscitation.
Dumping duty on Chinese phosphoric acid urged
THE Designated Authority in the Commerce Ministry has recommended the imposition of definitive anti-dumping duty on imported phosphoric acid (technical grade) from China.
NSO hopes to benefit from UTI fiasco
THE National Savings Organisation (NSO), an outfit under the Finance Ministry, is closely monitoring the UTI redemption scene in the hope of reaping some benefit from it.
Information Technology
Satyam to shut units abroad
SATYAM Computer Services has decided to close down its subsidiary, Dr Millennium Inc, as well as the three marketing outfits in Europe, Asia Pacific and Japan.
Infrastructure
Haryana to auction plots at Maneswar
HARYANA State Industrial Development Corporation (HSIDC) has decided on a second round of auction of plots in its Industrial Model Township (IMT) of Maneswar. The auction will be held in Delhi during the third week of August.
Punj Lloyd-led consortium bags three annuity road projects
AFTER the annuity prices quoted by the GMR Group for three earlier annuity projects, it is now the turn of the consortium led by Punj Lloyd to make a clean sweep of three other annuity projects by emerging the lowest bidder with quotes of around Rs 30 cr
ore that have become a benchmark for annuity projects.
Management
CII meet to focus on human resource management
WITH the kind of changes that the Indian industry has to cope with, one area that will require increased attention is with regard to managing human resources.
Mutual Funds
Plea against UTI dismissed
A PUBLIC interest litigation filed in the Bombay High Court against the suspension of UTI's repurchase facility for US-64 has been dismissed as withdrawn by the petitioner.
Sinha fully aware of UTI crisis: Opposition
UNIT Trust of India's US-64 issue is refusing to get knocked off Parliament's agenda. After a brief lull for a few days, the matter once again rocked both the Houses with the Opposition benches accusing the Finance Minister, Mr Yashwant Sinha, of being f
ully aware of the impending crisis in the Trust contrary to his claims of being kept in the dark by the UTI management.
Petroleum
LPG can be used as auto fuel, says Naik -- IOC to set up 116 LPG stations
MR Ram Naik, Minister for Petroleum & Natural Gas, has informed the Lok Sabha that LPG (Regulation of use in Motor Vehicles) Order, 2001, permitting the use of LPG as an auto fuel has been published by the Ministry of Petroleum & Natural Gas on August 1.
Pharmaceuticals
`Irregularities' in UK arm -- ED seeks details from Ranbaxy
THE Enforcement Directorate has sought details of the financial irregularities which led to the sacking of the management team earlier this year at Ranbaxy's UK subsidiary.
Power
Tata Power keen to buy Dabhol
THE Tatas are interested in buying Enron's Dabhol power project and "informal talks are on".
FIs, AP ink MoA for 6 pvt power projects
A MEMORANDUM of Association (MoA) was today initialled between the financial institutions and the Andhra Pradesh State Government, thus paving the way for the financing of six private sector power projects aggregating 2,239 MW in the State.
Jharkhand threat to stop buying DVC power
DAMODAR Valley Corporation's (DVC) proposal on supplying power directly to consumers, that is, beyond its command area in West Bengal and Jharkhand, has not gone down well with either of the State governments.
7 AP power projects set for financial closure
FINANCIAL closures for seven power projects to generate a total of 3,000 MW in Andhra Pradesh are due to be completed, the Union Power Minister, Mr Suresh Prabhu said here today.
Ministry outlines plan to improve power scenario
THE Power Ministry has told the Prime Minister, Mr Atal Bihari Vajpayee, that Central power utilities are targeting an addition of 43 per cent increase in capacity and alternative payment security mechanism to boost the flow of private investments into t
he sector.
DOD projects to tap alternative energy
IN its efforts to tap alternate sources of energy, the Department of Ocean Development (DOD) has embarked on two ambitious projects--a pilot plant to exploit gas hydrates and an ocean thermal energy conversion (OTEC) plant.
States
AP gearing to adopt VAT regime
IN commodity classification under the existing system, there are too many channels for litigation which not only result in delays in settlement but also upset the tax collection targets, according to the Commissioner of Commercial Taxes, Mr. N. Ramesh Ku
mar.
`Kerala will be first State to frame tourism Bill'
KERALA will be the first State in the country to frame the Tourism (Conservation, Preservation and Trade) Bill to regulate tourism related activities, the Chief Minister, Mr A.K. Anthony, has said.
AP plans to promote green industrial park
A `Green Industrial Park' spread over a 1,000- acre land in Mahboobnagar district is the new initiative planned by the Andhra Pradesh Government.
Dakshina Kannada telecom brings out CD-ROM
THE Dakshina Kannada Telecom district, which prides itself on being the second largest telecom district in Karnataka, has brought out its directory on CD-ROM, to `help customers obtain instant information based on the name of the exchange, the name of th
e subscriber and the telephone number.'
AP annual Plan at Rs 8,378-cr
ANDHRA Pradesh's annual Plan for the current fiscal is fixed at Rs 8,378 crore here on Friday at a meeting between the Planning Commission Deputy Chairman, Mr.K.C.Pant, and the State Chief Minister, Mr. N. Chandrababu Naidu.
Steel
FIs hit barrier at Bellary Steels
THE move by financial institutions, led by IDBI, to induct a new management team at Bellary Steels & Alloys Ltd has hit a roadblock. A change in the management team was the key stipulation in the rescue plan for the company firmed up by the FIs in June.
But that has not taken place.
Telecommunications
LI to fourth cell operators on Aug 13
THE Government is expected to offer letters of intent (LI) to the five successful bidder companies for the fourth cellular licence on Monday, August 13, after it received the entire Rs 1633.57 crore entry fee.
Textiles
`Readymades to drive textile growth'
THE Union Textile Minister, Mr Kashiram Rana, said that readymade garment sector would be the mainstay of growth for the textile sector in the future.
Transport
Rlys to invest over Rs 300 cr for tech upgrade
THE Indian Railways (IR) will invest more than Rs 300 crore on technology upgradation in 2001-02, the Member (Mechanical), Railway Board, Mr K.B. Sankaran, has said.
Tyres
Tyre cos urge removal of SBR dumping duty
THE domestic tyre manufacturers represented by the Automotive Tyre Manufacturers' Association (ATMA) have urged the Finance Ministry to discontinue the definitive anti-dumping duties imposed on all grades of imported styrene butadiene rubber (SBR) 1500 a
nd 1700 series from the US, Taiwan, Turkey, South Korea and Japan at the earliest.
