Accountancy
Plan to build up Indian CA as brand
THE Institute of Chartered Accountants of India (ICAI) is pursuing ways to enhance the value of the Indian CA as a brand. At a conference of the global accounting profession in London, the ICAI decided to collaborate on a suite of trusted branded assuran
ce and consulting services, according to Mr Santanakrishnan, a member of the Central Council of the ICAI.
Exposure draft on revised a/c standards-7
THE Accounting Standards Board (ASB) of the Institute of Chartered Accountants of India (ICAI) has issued the exposure draft of the revised Accounting Standard-7 (AS-7) on `Construction Contracts'.
Advertising & Marketing
Bitter `memories' for advertisers
MUKTA Arts' Yaadein debacle at the box office seems to have gotten more than just the film's distributors unhappy.
Airlines
No reply from Hindujas to show-cause on AI, IA bid
ALTHOUGH the 15-day waiting period for the Hindujas to reply on the show-cause notice of the Government expired today, the Centre will wait for another day or two before deciding on whether the Hindujas should be disqualified from bidding for Air India a
nd Indian Airlines.
`SIA can bring in FDI up to 49 pc'
SINGAPORE International Airlines (SIA) can bring in foreign direct investment (FDI) of up to 49 per cent with Government approval for capital expansion needs of Air India (AI) after it acquires strategic control of the national flag carrier in combinatio
n with the Tata Group.
SAS eyes India to enhance market share
THE Scandinavian Airlines System (SAS) -- a consortium of three national airlines of Denmark, Sweden and Norway -- is eying India, besides countries such as China, to enhance its market share of intercontinental travel between Scandinavia and Asia.
Banking and Finance
IDBI seeks long-term capital infusion
THE Industrial Development Bank of India (IDBI) has discussed with the Ministry of Finance the possibility of a future infusion of long-term funds from the Government by way of a suitable debt instrument to further augment its capital adequacy ratio (CAR
).
Rs 1,410 cr devolves at Govt paper auction
MUMBAI: There has been a devolvement of Rs 1,410 crore in the price-based Rs 4,000-crore auction of the 9.81 per cent 2013 paper held on Wednesday.
Commodities
NAFED suspends onion exports
FOLLOWING a sudden spurt in the prices of onion in Maharashtra and Gujarat, NAFED has voluntarily suspended export of onion temporarily for a fortnight up to August 22.
Corporate
HC upholds SAT order on Castrol
THE Bombay High Court today upheld the SEBI Appellate Tribunal's (SAT) order directing BP Amoco to pay Rs 350 per share for acquiring 20 per cent equity in Castrol India.
P.P. Hinduja can go abroad: SC
THE Supreme Court today permitted Mr P.P. Hinduja, one of the three Hinduja brothers accused in the Bofors pay-off case, to leave India. However, the court made it clear that one of the two remaining brothers - Mr S.P. Hinduja and Mr G.P. Hinduja - shoul
d stay in India as guarantor for Mr P.P. Hinduja to ensure his return to India.
Economy
US restores duty-free benefits
IN a move designed to impart dynamism in bilateral relations, the visiting United States Trade Representative (USTR), Mr Robert Zoellick, today announced the decision of the US Government to restore the duty-free benefits under the generalised system of
preferences (GSP) to India on 42 products including jewellery, leather and carpets.
Markets shrug off rating
STOCK, money and forex markets were largely unaffected by the downgrading of India's sovereign credit rating by the international rating agency, Standards and Poor's (S&P) on Tuesday.
`S&P study of Indian economy incomplete'
THE Indian economy is passing through a difficult phase amidst a worldwide slump. The economy has slowed down as a result of which tax collections have not been on target, forcing the Government to borrow more.
UK scholarships
THE British Foreign and Commonwealth Office has announced 115 scholarships for young Indians wanting to pursue education in the UK in the year 2002-03.
Sinha contests S&P downgrading
THE Finance Minister, Mr Yashwant Sinha, on Wednesday dismissed the downgrading of India's long-term local currency credit rating to BBB -- and revising of the long-term and short-term foreign currency sovereign credit rating from stable to negative by S
tandard and Poor's, saying that the stability of the financial markets had proven the credit rating agency wrong.
Environment
GSI chief for setting up Ministry of Earth Sciences
MR RAVI Shanker, Director-General of the Geological Survey of India (GSI), has called for the creation of a Ministry of Earth-Sciences so that the nation's development activity is integrated with the efforts at long-term environment protection.
Foreign Trade
New ECGC schemes for insuring shipments
EXPORT Credit Guarantee Corporation of India Ltd (ECGC) has introduced certain new schemes, including specific shipment policies whereby exporters can now cover one or more shipments only depending on their requirement. This scheme will be effective from
September.
Information Technology
G.V. Babu may take over as Pentamedia COO
MR G.V. Babu, Vice-President, Interactive Technologies, Pentamedia Graphics Ltd, is tipped to take over as the company's Director and COO. This follows the resignation of Mr K Srinivasan, who was hitherto the company's Director and COO. Mr Srinivasan has
moved to Maars Software, a Chennai-based IT company.
Indya.com seeks to cash in on ticketing needs
TICKETING is the new business for Indya.com, which has set up Indya Tickets for the ticketing needs of the entertainment world.
Infrastructure
Cabinet approval for rural roads scheme
THE Cabinet has approved the commencement of the Pradhan Mantri Gram Sadak Yojna (PMGSY) as a 100 per cent Centrally- sponsored scheme and has also decided to set up a Group of Ministers (GoM) to work on expanding the scope of Lok Adalats.
Insurance
S&P lowers GIC, arms `pi' ratings
FOLLOWING the downgrade of India's sovereign rating on Tuesday, Standard and Poor's today downgraded the `public information' (pi) ratings of General Insurance Corporation (GIC) and its four subsidiaries.
Pharmaceuticals
Ranbaxy completes deal with Eli Lilly
NEW DELHI: Ranbaxy Laboratories Ltd on Wednesday received about $17 million from Eli Lilly, completing the transaction for the divestment of Ranbaxy's 50 per cent stake in the joint-venture company, Eli Lilly Ranbaxy Ltd (ELR).
Power
SC order puts CESC tariff revision plea on hold
EVEN as the Maharashtra's Dabhol controversy is inching towards a denouement, another private power producer, the Kolkata-based RPG-controlled CESC Ltd, has run into a similar type of problem, with the Supreme Court issuing an order that any decision on
CESC's tariff revision petition, now pending before the West Bengal Electricity Regulatory Commission (WBERC), will not be effective without the court's permission.
Dabhol warns MSEB on PPA disclosure
DABHOL Power Company (DPC) today warned the Maharashtra State Electricity Board (MSEB) with fresh damages if it divulges parts of the power purchase agreement to Prayas, a consumer organisation, Mr Vinay Bansal, Chairman, MSEB told newspersons here.
States
Caution on industrial accidents
ANY industry must know its products and the hazards associated with them which could lead to accidents, according to Mr D.P. Patra, Managing Director of the West Bengal Industrial Development Corporation.
Kerala turnover tax hits hill produce trade
THE recent imposition of turnover tax by the Kerala Government has not only paralysed the commodities trade in the State but has also paved the way for rampant smuggling which is depriving the State of substantial revenue.
Dip in hydel power generation causes concern in AP
WHILE the dwindling hydel-thermal mix in power generation in Andhra Pradesh is causing concern in the backdrop of a relatively poor monsoon during this kharif, additional power purchases and fresh capacity addition is expected to partially ease the press
ure next year, according to sources.
TN Plan size fixed at Rs 6,040 cr
THE annual Plan size of Tamil Nadu for the current fiscal year has been pegged at Rs 6,040 crore based on the identifiable resources as of now.
Stocks
Rajarathinam barred from tapping market
THE Securities and Exchange Board of India (SEBI) has debarred Mr P. Rajarathinam, Udaya Business Financiers Ltd, Binod Holdings Pvt Ltd, Bharadwaj Holdings Pvt Ltd and Karthikeyan Metal Rolling Mills Pvt Ltd from accessing the capital market until they
comply with conditions set by the market regulator.
SEBI-nominee on DSE board quits
IN a major twist to the ongoing tussle at the Delhi Stock Exchange (DSE), the former Chairman of Industrial Finance Corporation of India (IFCI) and the Securities and Exchange Board of India (SEBI) nominated Director on DSE board, Mr D.N. Davar, has resi
gned due to ``interference'' of the broker-directors in the day-to-day affairs of the bourse.
Telecommunications
Tribunal adjourns hearing on WLL to Sept
THE Telecom Disputes Settlement Appellate Tribunal (TDSAT) has put off its decision on the controversial limited mobility based on wireless in local loop (WLL) to September 4.
Hughes signs MoU with Tata Tele
HUGHES Network Systems, a shareholder of Hughes Telecom (India) Ltd (HTIL) and Tata Industries Ltd (TIL), a shareholder of Tata Teleservices Ltd (TTL), said it has signed an MoU for a combination in basic telephony services concerning HTIL's existing lic
ence in Maharashtra and TTL's in Andhra Pradesh.
DoT firm on Bharti's dues
THE Bharti group's plans for fourth cellular operations in eight circles could face rough weather over the question of dues in respect of JT Mobile.
Textiles
Indian yarn exports face competition from Bangladesh
BANGLADESH, which is the second largest market for export of cotton yarn from India in 2000, might soon compete with the latter in selling processed yarn to it as well as other markets, according to a study carried out by the Cotton Textiles Export Prom
otion Council.
