Accountancy
Energise the courts
THE Companies (Amendment) Bill, 2001, seeks to abolish the Company Law Board (CLB), the BIFR and, worse, the jurisdiction of every High Court under the Companies Act, 1956. The main object of the Bill is to facilitate or expedite the revival/rehabilitati on of sick companies while protecting the interests of the workmen.

Pitfalls aplenty
FOR TOO long, the annual report was the only medium of communication between a company and its stakeholders. And, traditionally, annual reports have tended to be monotonous and off the beaten track, as companies have been averse to giving much informatio n for fear of giving competitors an advantage. Thus, other than the audited accounts and the directors' reports, which would only be of historical interest by the time they get to the hands of the shareholders, these annual reports serve more as status r eports than as indicators of the companies' future prospects and plans.

Hyperlinks
WHILE Bush and Osama carry on the Tom-and-Jerry routine and the world surfs channels to see missiles leap `live', most of my clients are banging their heads against desktops. ``Are we abetting the terrorists?'' they ask and expect an answer from their co nfidante and auditor, that is, yours truly.

Customise accounting norms to suit domestic needs: Jaitley
EVEN as Indian accounting bodies continue with their efforts to bring the Indian GAAP at par with the International Accounting Standards (IAS) by the end of the current fiscal, the Union Minister for Law, Justice and Company Affairs, Mr Arun Jaitley, tod ay held that some deviations may still be necessary between the two sets of standards to cater to the domestic requirements.

Airlines
IA to offer extra service in winter
INDIAN Airlines (IA) is to provide additional capacity on the India-Singapore and India-Malaysia sector besides providing several new service including one between Chennai-Hyderabad in its winter schedule which comes into effect from October 28.

Jet Airways cuts fares
JET Airways has announced that while its present special fares will continue on some of the sectors, fares on a few others have been rationalised resulting in marginal reduction on these sectors from October 1.

IA rules out hike in passenger fares
INDIAN Airlines (IA) has ruled out a hike in passenger fares for now although a surcharge is to be levied to off-set the additional insurance premium being imposed on airlines globally in the wake of the untoward incidents in the United States on Septemb er 11.

Automobiles
GM `OK 5 Star' in more cities likely
NEW DELHI: General Motors India Ltd (GM), the fully-owned subsidiary of US General Motors Corp, is planning to extend its `OK 5 Star' branded outlets to buy and sell used car programme to more cities, a top company official has said.

Hero Honda to drive out of `risky' investments
WITH the stock market falling to eight-year low levels, Hero Honda Motors Ltd has begun cutting down its exposure to ``risky'' equity-related investments by exiting from some mutual fund investments, a top company official said.

Delphi tie-up to `ignite' Lucas TVS Diesel
DELPHI Automotive buying the UK-based Lucas Industries' stake in the Indian joint venture, Lucas TVS Diesel Systems, is a good development for the joint venture, the Lucas TVS' Managing Director, Mr T.K. Balaji, told Business Line .

TVS-Suzuki rolls out Victor in Delhi
NEW DELHI: Amid the brewing controversy between TVS and Suzuki Ltd, the joint venture two-wheeler maker TVS-Suzuki Ltd today launched the Victor motorcycle in New Delhi.

Splendor sales cross 2-million mark
NEW DELHI: Hero Honda Motors Ltd, the largest motorcycle manufacturer, has said the sales of its top-selling Splendor model has crossed the two-million mark.

Suzuki to alight from TVS pillion
SUZUKI Motor Corporation of Japan is set to exit its two-decades old joint venture, TVS-Suzuki Ltd.

Suzuki `may go it alone'
SUZUKI Motor Corporation is expected to follow its Japanese rivals, Honda Motor Co and Yamaha Motor, and set up a fully-owned subsidiary in India in the future, after estranging its relationship with TVS, analysts said today.

Banking and Finance
Banking on the customer
`RELATIONSHIP MANAGEMENT' is the name of the game in the banking industry today and customers never had it so good before. In a savings-driven economy like ours, banks have finally come of age and the emphasis is now on making the customer feel that he i s the king.

Notching up credit points
IF you were visiting a bank in India after a gap of let's say, 10 years, a sea change welcomes you. Starting from the light hum of the air-conditioner, the computers that have sprouted all over the tables which were once filled to the brim with ledgers, and not to forget the smiling staff who can now give you all the information you need at the tap of a button, it is definitely a new world.

Coal
12 killed in coal mine mishap
TWELVE persons were reportedly buried alive early on Wednesday at the Rajmahal opencast mine of Eastern Coalfields Ltd (ECL) while ``illegal mining'' was in progress.

Corporate
Kirloskar Copeland's `eco thrust' paying dividends
COMPRESSOR manufacturer Kirloskar Copeland Ltd (KCL) on Wednesday said it has achieved a total sale of one lakh eco-friendly compressors in the commercial refrigeration segment in India, the first domestic company to have achieved this level.

HOC against sale of Hind Fluorocarbons
HINDUSTAN Organic Chemicals Ltd (HOC) has objected to the sale of its subsidiary, Hindustan Fluorocarbons Ltd (HFL) to Guarniflon S.P.A. of Italy as per the BIFR order.

DCA orders action against Kirtami Exim
THE Department of Company Affairs (DCA) has ordered prosecution of Kirtami Exim Ltd, a Meerut-based company and its directors in default for violation of the provisions of Section 383 A of the Companies Act, 1956 for not appointing a full-time qualified company secretary even though the paid-up capital of the company was more than Rs 50 lakh.

`Fall in diesel use will hit oil industry'
A SHARP fall in diesel consumption (negative growth compared to the previous year) is expected to hit network expansion plans of the oil industry, warned Mr U. Sundararajan, Chairman and Managing Director, Bharat Petroleum Corporation Ltd.

HC turns down EIH union plea
KOLKATA: Mr Justice Bhaskar Bhatacharya of the Calcutta High Court has declined to pass any interim order on an application filed by the Oberoi Grand Hotel Employees' Union (OGHEU).

Entertainment sector needs a make-over
THE entertainment industry requires higher level of corporatisation, financing channels, adequate infrastructure and higher professionalism for sustainable wins, according to Mr Munesh Khanna, Head - Corporate Finance, Arthur Andersen.

Elque Polyesters debt to be revamped
THE prospects of Elque Polysters Ltd (EPL) of the Sen group extricating itself from the Board for Industrial and Financial Reconstruction (BIFR) net has brightened with financial institutions and commercial banks finalising fresh schemes for restructurin g loans taken by the company between 1996 and 1998 for setting up a PET resin project at the Falta export processing zone in West Bengal.

HLL open offer for Rossell stake
HINDUSTAN Lever Ltd and Unilever Overseas Holdings BV acting in concert with Lipton India Exports Ltd will make an open tender offer for the balance 10.38 per cent Rossell Industries equity at a price of Rs 120 per share.

Economy
Mess in the financial sector
FINANCIAL sector reforms were initiated in India in 1992-93 to promote a diversified, efficient and competitive financial system with the ultimate objective of improving the allocative efficiency of available resources through operational flexibility, im proved financial viability and institutional strengthening. However, looking at the sorry state of the financial sector today, it is apparent that something has gone terribly wrong with the reform process in this sector.

Falling oil prices keep markets aglow
THE sudden fall in oil prices, though seen as a short-term feature, is expected to boost the overall market sentiment.

Panel to simplify investment approvals
THE Government has constituted a 12-member high-powered committee to examine the extent of procedures required for investment approvals and suggest measures to simplify and expedite approval mechanisms for both public and private investment.

Editorial
Selective support
THE ONE PERCENTAGE point cut in export credit rates by the Reserve Bank of India comes at a time when the efficacy of monetary tools (read interest rates) to stoke a moribund economy is being questioned round the world. Yet the gloom ar ound the export community is so pervasive and the wailing so loud that the Government had to do something.

Fast track
Marginal recovery in oil stocks
TECHNOLOGY stocks again appear to have borne the brunt of uncertainty wracking the markets over the past two weeks. Apart from a host of second-rung stocks, frontline infotech stocks such as Wipro and Infosys have shed substantial value over the fortnigh t.

Financial Performance
Pfizer net rises 14%
PFIZER Ltd has posted a 14 per cent increase in net profit at Rs 14.70 crore in the quarter ended August 31, 2001 as against Rs 12.90 crore in the same period the previous year.

Hindusthan Seals posts higher sales
KOLKATA: Hindusthan Seals Ltd, the flagship company of the Manaksia group of industries, has recorded 46 per cent growth in operations in the first quarter of the current financial year. Net sales during the period increased to Rs 69.73 crore from Rs 47. 72 crore in the same period of the previous year, thus boosting quarterly profits substantially.

Food & Dairy Products
The Amul concept
BUSINESS needs ideas, not merely money. Ventures run on just money, but starved of ideas, would eventually fall prey to competition and perish. And, if ideas are available in abundance, business can overcome other handicaps, including its relative weaker money power, compared to that of its rivals. The success story of the Gujrat Co-operative Milk Marketing Federation (GCMMF) proves this point.

Non-veg foods to be labelled from Oct 4
THE Ministry of Health has notified that when any article of food contains whole or part of any animal including bird, fresh water or marine animals or eggs or products of any animal origin, excluding milk and milk products, as an ingredient, a declarati on to this effect shall be made by the manufacturer.

Foreign Trade
Dumping duty on Chinese shoes
THE Finance Ministry has imposed definitive anti-dumping duty on all imports of sports shoes and non-leather footwear from China.

Dumping duty on yarn from Nepal
THE Designated Authority in the Commerce Ministry has recommended imposition of preliminary anti-dumping duty on acrylic yarn imported from Nepal.

Impact
TVS Suzuki: The parting kick?
THE mere fact that there is now a prospect of Suzuki moving out of TVS Suzuki could spark a downtrend in the TVS Suzuki stock in the short term.

HCL Technologies: Buying growth
THE acquisition of a majority stake in Deutsche Software made by HCL Technologies has the potential to offset the negative sentiment that has engulfed the counter in anticipation of a profit warning.

Insurance
Oh God, take cover!
IN about a month's time from now when the Goddess Durga comes to town -- all the way from Kailash -- along with her family of four and the demon king Mahishasura, she will not have to worry about earthly dangers like fire, theft or even rain washouts - t hanks to the friendly insurance man.

Miscellaneous
Heaping indignities on Afghan women
IN MARCH 2000, while the Taliban was mouthing Islamic edicts and forcing women to give up jobs, even denying them basic rights to health care and hiding them behind the veil, a UN report accused the radical Islamic regime of violating women's rights with ``unabated severity''. Included in this investigation was the charge of mass abductions of women and forced prostitution.

Ministry cancels film festival
THE Information and Broadcasting (I&B) Ministry has decided to cancel the International Film festival of India (IFFI) to be held in Bangalore from October 10-20 due to drought in the State.

Mutual Funds
Prudential ICICI scripts Nifty, Sensex trackers
PRUDENTIAL ICICI Mutual Fund has proposed to launch, subject to SEBI clearance, two index funds packaged into one. Christened Prudential ICICI Index Fund, the scheme will offer investors a choice of two indices, the Nifty and the Sensex.

Small investors fail to claim Rs 1,299-cr dues from UTI
RETAIL investors, who had invested in various Unit Trust of India (UTI) schemes, have not claimed Rs 1,299.07 crore dues from the UTI and the trust is utilising this huge unclaimed fund in the call money market and other money market instruments and reap ing profits.

Mastershare dividend
MUMBAI: UTI has announced a dividend of 10 per cent under Mastershare 1986.

LIC MF launches new open-ended scheme
LIC MUTUAL Fund (LIC MF) today launched one more open-ended income fund -- LIC MF Children's Fund. The scheme aims to generate long-term capital appreciation through a mix of debt and equity investments. The scheme closes on October 16.

UTI ED to take voluntary retirement
MUMBAI: Mr Brij Gopal Daga, Executive Director, Unit Trust of India (UTI), has decided to take voluntary retirement from UTI. Reliable sources said that Mr Daga will retire effective December 31, 2001, one year ahead of his scheduled retirement.

LIC MF to terminate Dhanavarsha (8)
LIC Mutual Fund (LICMF) has decided to terminate one of its close-end income scheme -- Dhanavarsha (8). The scheme, at the time of its scheduled redemption at maturity on September 30, 2001, would have investors' assets worth over Rs 84.75 crore spread o ver 12,000 investors.

US-64 portfolio includes 81 non-existing cos
THE portfolio of the UTI's US-64 scheme consists of shares of 81 companies which have become `non-existing companies' in which the trust's investment have depreciated by Rs 127.67 crore.

PSU
BHEL unit gets ISO-9001
NEW DELHI: Bharat Heavy Electricals Ltd's (BHEL) Rudrapur unit in Uttaranchal has bagged the ISO-9001 certification from BVQI, London.

Cabinet panel to sort out sell-off issues today
A FEW outstanding issues relating to disinvestment of Government equity in IBP Co Ltd, IPCL and the proposal to park divestment-bound companies with the Finance Ministry will be discussed at a meeting of the Cabinet Committee on Disinvestment (CCD) slate d for Thursday.

Disinvestment funds -- Confusion over HCI remains
EVEN as confusion exists over where the proceeds from the disinvestment of Hotel Corporation of India (HCI) are to flow, a meeting was held here late last week to expedite the disinvestment process.

Petroleum
Petro products' consumption continues to fall
THE slump in consumption of petroleum products continues this month with overall growth rates registering a negative 3.2 per cent growth rate for August 2001.

LPG cylinder makers `done in by oil cos'
NEW DELHI: The All India LPG Cylinders Manufacturers Association has written to the Prime Minister, Mr A.B. Vajpayee, seeking his intervention in the inequitable allocation of ``LPG cylinder manufacture'' business by the public sector oil companies to th e private sector.

NRL pays maiden dividend to Assam Govt
GUWAHATI: Numaligarh Refinery Ltd (NRL) has paid a maiden dividend of Rs 81,73,921 to the Assam Government against its fully-paid equity shares.

Deregulation of POL opposed
INDIA'S state owned oil companies have expressed grave reservations against the draft agreement mooted by the Petroleum Ministry for sharing of petroleum, oil and lubricant (POL) products, infrastructure and facilities in the post-administered pricing me chanism phase, commencing early next year.

Plantations
New ICO composite indicator price from next month
A NEW International Coffee Organisation (ICO) composite indicator price will come into effect from October 1 using a new methodology for calculating the commodity's prices accurately. It is also expected to be in the interest of Indian growers.

Policy
Draft rules notification
NEW DELHI: The Government has notified the draft rules to amend the Prevention of Food Adulteration (PFA) Rules, 1955, which seek the declaration with regard to the addition of fruit pulp, juice, colour and artificial sweetener (wherever permitted under these rules) as also the `date of manufacture' and the `best before' date on the body of bottles of beverages and soft drinks, instead of giving such a declaration on the crown of the bottles.

Power
Ministry working on Dabhol sops
THE Power Ministry is in the process of finalising the concessions to be awarded to the Dabhol power project, largely on the basis of the report recently submitted by the financial institutions. A meeting with the Finance Ministry, slated for next week, would sew up the concessions, sources said.

Plan to make power feeders profitable
THE Power Ministry will approach the Cabinet for a plan to enable all district-level power feeders to become profitable in the next three years, according to Union Power Minister, Mr Suresh Prabhu.

Radio/TV
TV: Reaching out to people
AMONG the many shows that DD Metro has resurrected since the unfortunate departure of Nine Gold is Yeh Jo Hai Zindagi. It was, in its time, one of the best-loved shows, a comedy that proved you did not have to be loud or tasteless to get the viewers laug hing. Audiences may have moved on since then, honing their tastes on more sophisticated shows since the satellite boom, but there is no doubt that a new generation would still find this a hilarious programme.

Rubber
Centre to halt `lot' rubber trade
THE Centre, through the Rubber Board, plans to strictly prohibit trading in ungraded or `lot' rubber by enforcing the licensing regulations.

States
Booster plan for Dakshina Kannada
THE Kanara Chamber of Commerce and Industry (KCCI) has resolved to work towards the `improvement' of the business scenario in the Dakshina Kannada district of Karnataka, especially in the context of the ongoing global slowdown.

Tirupur knitwear seeks an image
TIRUPUR knitwear exporters on a pursuit to build a generic brand for Tirupur knitwear products are likely to set in motion over the next few weeks the process of identifying units that will participate in the common brand promotion exercise.

Opposition to Hyderabad airport expansion plan
CITIZENS Against Pollution (CAP), an environmental action group, has charged the Airport Authority of India (AAI) with initiating expansion work of the existing Hyderabad international airport without conducting proper statutory public hearing and mandat ory environmental impact assessment (EIA).

Kerala okays pvt sector in road building
THE Kerala Cabinet has decided to allow private participation in road building and maintenance on an experimental basis. Also, the Public Works Department has been given permission to import bitumen by inviting global tenders. This is in the context of r oad repairs in the State being delayed due to non-availability of bitumen, the Chief Minister, Mr A.K. Antony, told newspersons after the Cabinet meeting on Wednesday.

Hyundai keen on power plant in Jharkhand
THE Korean firm Hyundai Heavy Industries (HHI) has offered to set up a diesel power plant at Dumka in Jharkhand. Mr Lalchand Mahto, the Jharkhand Energy Minister, told Business Line that HHI had offered to set up a 120 MW diesel power plant on a turnkey basis at a cost of $ 99.49 million.

Jharkhand Govt plan to end inspector raj
The Jharkhand Government is planning to ``ease some rules and amend acts'' in order to hasten industrialisation.

Karnataka relaxes norms for industries
KARNATAKA has decided to move further into a new industry-friendly regime by deregulating its industrial and business environment through a set of simplified rules and procedures.

Steel
US final dumping duty on Indian steel
THE US Commerce Department on Wednesday announced the final structure of the anti-dumping duty and countervailing duty (CVD) to be paid for importing Indian steel into the US. This replaces the preliminary duties imposed on Indian steel products on April 26.

Stocks
Mild recovery in Lyons Range
BUOYANCY in the equities of Wipro, RIL and Digital GlobalSoft perked up the sentiment at the Calcutta Stock Exchange on Wednesday.

TVS-Suzuki skids on probable Suzuki exit
THE firm trend in Asian markets such as Hong Kong found its echo in the domestic markets as stock prices recovered from their fall on Tuesday. Pivotals firmed up on Wednesday to help the Sensex end the day with gains. Stocks such as Reliance, Infosys, SB I and Cipla contributed the most to the rise of the Sensex.

Sugar
BIS ready with norms on 50 kg jute bags for sugar
THE Bureau of Industrial Standards (BIS) will soon notify specifications for packing of sugar in 50 kg jute bags. Once the notification is done, the Government will suitably amend the Sugar (Packing and Marking) Order, 1970, and the industry will be aske d to pack sugar in 50-kg jute bags, according to the Union Minister of State for Consumer Affairs and Food, Mr V. Srinivasa Prasad.

Taxation
Govt plan to plug shortfall in indirect tax collections
WITH indirect tax collections so far falling way below the Budget target of Rs 1,40,000 crore for 2000-01, the Government today decided to evolve a mechanism to ensure that the shortfall is bridged.

No change in valuation of housing perquisite
THE Central Board of Direct Taxes (CBDT) has decided not to alter the present system of valuation of perquisites of accommodation for the Central and State Government employees.

Tea
CTCs rule easy at Guwahati sale
THERE was better demand for CTC categories at Guwahati this week which eased with the progress of sale. Except for brighter Assam brokens, which continued to sell well, the remainder witnessed an irregularly lower market following quality.

Web site for online tea sale
GUWAHATI: The Guwahati Tea Auction Centre (GTAC) launched its own Web site www.assamteaexchange.com on Tuesday.

Technical Analysis
Mild bull domination
BULLS controlled Wednesday's trading activity. Bears were unable to make any impact during the day. The intra-day movement in the index was around 18 points. It closed higher with a gain of around 15 points with respect to Tuesday's close. The market sentiment reading stands slightly in favour of the bears.

Telecommunications
DoT reviewing its role in the new era of convergence
THE Department of Telecommunications (DoT) has embarked on an in-depth introspection exercise to brace itself up for its changed role in the new era of convergence.

Textiles
Knit fair to start on Oct 10
COIMBATORE: India Knit Fair Association (IKFA), which organises the annual knitwear exhibitions in Tirupur, is holding the 12th edition of the knit fair for autumn/winter collection between October 10 and 12 in Tirupur.

Viability study on NTC mills
THE Union Textiles Ministry has decided to run the viable mills of the National Textiles Corporation (NTC).

Transport
`Distancing from govt will help corporatisation of Rlys' -- Mr Rakesh Mohan, Chairman, Expert Group on Railways
THE road towards corporatisation of the Indian Railways is a torturous one as the architect of the report on policy imperatives for the Indian Railways, Dr Rakesh Mohan, realised two weeks ago. Dr Mohan, who is also the Advisor to the Finance Minister, M r Yashwant Sinha, was in Vadodara on September 15 to meet the representatives of unions and also the management to understand their views.

Travel & Places
Timeless glory
The Charminar in Hyderabad being illuminated for the World Tourism Day that falls on Thursday. The 400-year-old monument and its surrounding areas underwent a facelift for the occasion.

Source:Business Line