Accountancy
Move away from traditional role, Jaitley tells CAs
THE Union Law, Justice and Company Affairs Minister, Mr Arun Jaitley, has advised the chartered accountants fraternity to maintain high ethical standards in their professional pursuits and also raise their ``measures of success'' to withstand the onslaug
ht of global competition that lies ahead of them.
Airlines
Emirates to run extra flights to meet demand
EMIRATES is operating extra flights between Dubai and Indian cities of Mumbai and Chennai to accommodate the high demand for seats at the start of the annual holiday season.
Commodities
Commodities exchange: Draft by-laws, norms being worked out
THE four-member consortium comprising the National Stock Exchange, Mahindra & Mahindra, ICICI Ltd and the Punjab State Warehousing Corporation (PSWC) has been given additional time by the Government to submit the final draft by-laws and trading regulatio
ns for its proposed National Commodities Exchange (NCE).
Corporate
ESOPs to come easy
THE Finance Ministry has decided not to impose stringent conditions in the guidelines for employees stock option plans (ESOPs) to be issued by it shortly.
L&T seeks 51 pc stake in Vijaynagar power project
LARSEN and Toubro has sought a 51 per cent stake in the 500 MW Vijaynagar thermal power project. The project is being taken up as a joint venture with Karnataka Power Corporation Ltd (KPCL).
Economy
Panel moots steps to counter money laundering
THE Financial Action Task Force (FATF) on Money Laundering has put in place several steps in recent months with a view to reducing the vulnerability of the international financial system and increasing the worldwide effectiveness of anti-money laundering
strategies.
Financial Performance
United Bank posts lower net at Rs 19.14 cr
UNITED Bank of India has posted a net profit of Rs 19.14 crore in 2000-01 as against Rs 31.36 crore recorded in 1999-2000.
Information Technology
Media Lab to be handed over to pvt sector
MR Pramod Mahajan, Union Minister for Information Technology, on Sunday said the Government, after one year, would hand over to private sector Media Lab Asia (MLA), a research organisation, which was inaugurated by him here today.
Miscellaneous
Radioheads can go ga-ga over private FM from December
COME December, and it's going to be radio ga-ga, with private FM radio broadcasters planning to commence full-fledged operations.
Pharmaceuticals
Price wars in anti-smoking drugs?
PRICE wars are expected to erupt in the anti-smoking drug market with Indian companies gunning for it and in line with the latest price wars seen in the AIDS drugs market.
Politics
`Phase-II reforms must focus on rooting out corruption'
TO ensure that second generation reforms take off in right earnest, the Central Vigilance Commissioner, Mr N. Vittal, has suggested a three-pronged approach which brings in zero tolerance of corruption, increasing 10-fold the velocity of Government opera
tions, and a focus on productivity to make investments made in different sectors yield the promised benefits.
Power
10 pc pre-tax mark up for pvt players in power transmission
THE Central Electricity Regulatory Commission (CERC) has allowed private transmission players a 10 per cent pre-tax mark up on equity over that offered to the public sector central transmission utility, PowerGrid Corporation of India Ltd (PGCIL).
If the stand-off with MSEB continues -- FIs, banks may list loans to Dabhol as NPAs
FINANCIAL institutions and banks have indicated that they may be pushed to classifying loans to Dabhol Power Company (DPC) as non-performing assets (NPA) if the current stand-off with the Maharashtra State Electricity Board (MSEB) is not resolved quickly
.
States
M.P. bid to promote SHGs' products
MADHYA Pradesh Government is holding talks with multi-nationals and large companies such as Hindustan Lever Ltd, Godrej and Nirma for identification of products, provision of technical know-how and marketing of the goods to be produced by self-help group
s (SHGs).
GAIL signs pact with Bengal
GAS Authority of India Ltd (GAIL) ha signed a `gas co-operation agreement' with West Bengal Industrial Development Corporation (WBIDC) here in the presence of the Union Minister for Petroleum & Natural Gas, Mr.Ram Naik, who on the occasion expressed his
optimism about getting gas from Bangladesh.
Govt move hits KIOCL expansion
THE Karnataka Government's sanction to Kudremukh Iron Ore Co Ltd (KIOCL) for mining has ironically put paid to the company's expansion plans in the Kudremukh National Park.
40-HP range of tractors launched
MADURAI: New Holland Tractors (India) Private Ltd launched its new 42 HP tractor, Ford 3230 TC Drive, in Madurai.
KCCI plea on ST collection
MANGALORE: Taking up cudgels for liquor dealers this time, the Kanara Chamber of Commerce and Industry (KCCI) has asked the Department of Commercial Taxes not to enforce an earlier notification regarding collection of deposits towards sales tax liabiliti
es since a subsequent notification issued in February has exempted sales turnover suffering additional excise duty or additional countervailing duty under the Karnataka Excise Rules from the purview of the earlier notification.
Chennai Call Taxi begins operations
CHENNAI Call Taxi Pvt Ltd on Sunday commenced operations with a fleet of 108 diesel Ambassador cars. The company has been formed by six tourist car operators based in north Chennai with an investment of about Rs four crore, according to representatives o
f the company.
Stocks
Demutualisation process -- BSE reserves, surplus may be transferred to trust
THE Government is considering the option of transferring the reserves and surplus built up by the Bombay Stock Exchange (BSE) either to a trust or to the exchequer, during the process of demutualisation-cum-corporatisation.
Telecommunications
Fourth cellular licences -- DoT no to extend deadline for bids
THE Department of Telecommunications (DoT) has refused to extend the last date of submission of pre-qualification bids for the fourth cellular licences in the four metros and 17 circles, from June 29, as demanded by many of the ``prospective'' bidders.
Tribunal to hear plea on interconnect on July 9
THE Telecom Dispute Settlement Appellate Tribunal (TDSAT) will take up the petition of the five private basic service operators on the hike in interconnect access charges on July 9.
Transport
Rakesh Mohan panel for new Railway pension fund
THE Indian Railways, taking a cue from the Union Government, is estimating its pension liabilities over 15 years.
