Airlines
Despite FIPB clearance -- ModiLuft will have to wait for take-off
DESPITE having received clearance from the Foreign Investment Promotion Board (FIPB) recently, the S.K. Modi-promoted ModiLuft, recently renamed as `Royal Airways', will have to wait for some more time before it can take to the skies again.
Banking and Finance
SBI London arm under liquidation
STATE Bank of India has informed the Bombay Stock Exchange that the operations of its subsidiary, SBI European Bank Plc, have ceased and it has been placed under liquidation.
Corporate
Shoe daddies lack a foothold in retailing
FOR all the hype surrounding them, the trinity of Nike, Reebok and Adidas still have a lot of ground to cover in the domestic footwear retailing market.
Banks may have to bear brunt of corporate debt restructure
THE corporate debt restructuring (CDR) framework worked out jointly by the Government and the RBI is to be a mechanism parallel to the BIFR involving ``voluntary and responsible action'' on part of both lenders and borrowers to ensure restructuring of vi
able corporates, senior bankers said.
Managerial remuneration -- Industry wants overhaul of company law provisions
REPRESENTATIVES of industry have renewed their plea for a complete overhaul of the provisions governing managerial remunerations under the Companies Act, 1956. Some of them even suggested that managerial remuneration should not be governed by the provisi
ons of company law.
Financial Performance
NIIT net down 93 pc in Q3 -- Education business takes a beating
NIIT Ltd today announced a 93 per cent fall in its net profit for the third quarter ended June 30, and attributed the staggering drop to the impact of the US slowdown on its education business.
Miscellaneous
H1B visas to Indian applicants -- US tightens rules on academic credentials
THE US Immigration and Naturalisation Service has tightened its rules on postgraduate diplomas awarded by many educational institutions in India to qualify for an H1B visa.
Mutual Funds
UTI closes in on rescue strategy
THE Unit Trust of India is close to finalising its options, including a line of credit and soft loans at sub-PLR rates, to meet any redemption pressures.
100 pc risk-weightage on US-64: Banks
PUBLIC sector banks have conveyed that liquidity support being made to Unit Trust of India (UTI) for meeting its redemption payments of US-64 units would be fully risk-weighted.
UTI clarifies doubts over US-64 repurchase
Q: When can I offer for repurchase my holdings up to 3,000 units at predetermined price?
CBI probe into UTI affairs soon
THE CBI is set to kick off its investigation into some of the investment decisions taken by the Unit Trust of India, during the tenure of the previous Chairman, Mr. P.S. Subramanyam.
Power
AES pulls out of power distribution in Orissa
AES Corporation has decided to pull out of the power distribution in Orissa primarily due to the adverse business climate in the State, according to the AES worldwide chief, Mr Dennis Bekke. In the event that the US power major does not find a buyer, it
will abandon the project.
SSI
KVIC, IIT sign 3-year MoU
THE Khadi and Village Industries Commission (KVIC) today signed a memorandum of understanding (MoU) with the Indian Institute of Technology (IIT) under which the Institute will support and assist in the upgradation of Jamnalal Bajaj Central Research and
Training Institute (JBCRI) at Wardha to an institute of national and international importance.
States
New Tidco Web site to highlight investment opportunities in State
THE re-designed Web site of the Tamil Nadu Industrial Development Corporation (Tidco) was launched on Thursday by the Chief Minister, Ms Jayalalitha.
CMs want service tax in State list
THE Chief Ministers' Committee, during their recent meeting with Mr Yashwant Sinha, Union Finance Minister, urged the Centre to bring service tax under the State list.
Steel
Tata Steel seeks to hive off Korf
TATA Steel, seeking to hive off its subsidiary Tata Korf Engineering Services Ltd, is in talks with 2-3 entities for a possible sell-off or a new joint venture arrangement.
Stocks
Ketan denies parking funds in foreign accounts
THE stockbroker, Mr Ketan Parekh, seeking anticipatory bail against possible arrest today, told the Mumbai High Court that he does not have any funds abroad in any account.
ANMI chief swears by market reforms
THE Association of NSE Members of India (ANMI) is not against the reform process introduced by SEBI in the stock markets.
Brokers feel the pinch as share volumes dip
THE future of the stock broking business appears bleak as volumes on the bourses drop following large-scale surrender of trading terminals by the brokers to stock exchanges.
Badla funds: Complaints against 15 brokers
THE three stock exchanges -- Bombay, Calcutta and National -- have received 782 complaints against 15 brokers for defaulting in repaying their clients' funds invested in badla (carry forward) system. BSE has received the maximum number of complaints as c
ompared to CSE and NSE. The total amount, for which investors have complained to the three exchanges, runs up to Rs 49.48 crore.
`SEBI has no powers to seize ill-gotten gains'
THE Securities and Exchange Board of India (SEBI) has no powers to impound the ill-gotten gains realised by the bear operators in the recent stock market crisis.
2 BSE brokers declared defaulters
THE Bombay Stock Exchange (BSE) has declared two of its members as defaulters for failure to meet their obligations towards clients and also the exchange.
New brokers' body decides to clear registration fee dues
IN its bid to end the brokers' long-drawn tussle with the market regulator, the newly-formed nation-wide brokers' body has decided to clear the registration fee dues to the Securities and Exchange Board of India (SEBI) by July 31. However, brokers differ
ed with SEBI over the basis of the fee calculation.
Taxation
Sinha for shoring up indirect tax collections
THE Finance Minister, Mr Yashwant Sinha, today did some tough talking with Chief Commissioners of Customs and Central Excise on shoring up indirect tax collections which took a beating in the first quarter of the current fiscal due to the economic slowdo
wn and steep fall in non-POL imports.
I-T returns put on Web site
NEW DELHI: The new Income-Tax return forms Saral-2 and Saral-3 for non-corporate payers, whose accounts are not required to be audited, have been notified and put on the Finance Ministry's Web site. Returns filed in old forms too will be treated as valid
returns, an official release stated here. -- Our Bureau
Telecommunications
Continue 4th licence bidding: Bombay HC
A DIVISION Bench of the Bombay High Court today allowed the Government to go ahead with the bidding process for the award of the fourth cellular licences, following an intervening petition filed by Bharti Cellular Ltd.
4th cell licence: DoT seeking leagal opinion
THE Department of Telecommunications (DoT) has received the third and final stage bids for the fourth cellular licences today as scheduled.
AXN all set to redefine action
THE AXN channel has lined up a range of programmes for India which are set to redefine action by launching real action videos, films and lifestyle sports all through the week.
No consensus on Convergence Bill
THE Group on Telecom and IT (GoT-IT) headed by the Finance Minister, Mr Yashwant Sinha, which met to finalise the Convergence Bill on Thursday failed to reach a consensus on certain aspects of it.
VSNL employees dharna on July 24
VSNL employees have said they would agitate for certain guarantees from Government through a dharna on July 24 in front of Sanchar Bhavan in New Delhi.
Transport
Organisational restructuring -- APSRTC advised to decentralise management, bifurcate operations
THE Institute of Public Enterprise (IPE) here has suggested to the Andhra Pradesh State Road Transport Corporation (APSRTC) to bifurcate its urban services and rural operations as they are different in respect of volume of operations, fare structure, sch
edules and passengers profile.
