Accountancy
When a year is too long
P. S. Kumar says the proposed AS on interim financial reporting is one whose time has come

Agriculture
Cotton prices seen stable
AFTER early dips, domestic cotton prices are expected to remain relatively stable during the current season (October-September), cotton dealers in Mumbai said.

Rising stocks, over-supply burden global cotton
THE world cotton economy is expected to remain under the burden of rising stocks, over-supply and slower demand. These factors that dampen price recover for the commodity would force the average price of cotton to continue to hover at 46 cents per pound during 2001-02 season and even beyond, said Mr Terry P.Townsend, Executive Director, International Cotton Advisory Committee (ICAC).

No tears here
Along the Nashik-Malegaon road, a farmer tosses onions harvested from the first onion crop of the season.

Airlines
Dry leasing of ATR-42: IA, leasing cos to meet this week
IN an effort to kickstart the dry leasing of ATR-42 aircraft, Indian Airlines (IA) is to meet with officials of the leasing companies here later this week.

Banking and Finance
Ministry clears ICICI proposal for $100-m ECB
THE Finance Ministry has cleared the proposal of ICICI to raise $100 million from the international loan markets.

`Co-op banks need Rs 8,000 cr recap'
THE All-India Co-operative Bank Employees' Federation (AICBEF) has estimated that the recapitalisation requirement of the co-operative banks would be around Rs 8,000 crore.

SBI fined
It is a national disgrace that the State Bank of India has to pay a fine of $7.5 million to the US Department of Treasury and the State of New York for the SBI's apparent engagement in unsound practices under the Bank's Secrecy Act.

Book Review
In the lead
This book contains Dr L.S. Sharma's comprehensive review of the role and contributions of RBI in its exercise of credit policy making and its impact on growth of industrial sector in particular and Indian economy in general. The book also throws insight on the autonomy of the central banking and its impact on the effectiveness of credit and monetary system, industrial sickness in India and several contemporary issues in credit policy.

Making sense of reform
Since the 1990s, the pattern and pace of global economic development have changed significantly. A decade of globalisation has not only determined the fund-capital-trade flows, but also revealed the deficiencies of good governance. The influence in other social sciences of the economist's deductive style of thinking and sensitivity to quantities has been so fundamental and wide-ranging that leads to a theoretical integration of the social sciences under one overarching paradigm.

Big Brands, Big Trouble
In today's competitive marketplace, one mistake can hand over your business to a competitor. In this controversial book, Jack Trout reveals the disastrous marketing and strategy blunders that led to trouble at some of the most recognised super-brands. An d he provides candid analyses of how those mistakes could have been avoided.

Gender, Sexuality and Violence in Organizations
Organisations are gendered places and often sexual and violent places too. This volume brings together the themes of gender, sexuality and violence in organisations. The authors synthesise the literature and research in these fields and provide a coheren t framework for understanding the interrelations of these concepts.

Commodities
Coconut oil down on selling pressure
COCONUT oil prices continue to remain below Rs 3,000 even in the current off-season on continuous selling pressure. I5n the open market ready coconut oil prices stood at Rs 29,250 a tonne while in the futures market, the prices were for Dec Rs 32,000, Ja n 32,800 and Feb Rs 32,500 per tonne.

Consumer Notes
Paying a price
A recent issue of Consumer Research, published from the US, raises an interesting question. Here are the details.

Corporate
Normak Fashions to have four more outlets
NORMAK Fashions, the Hyderabad-based fashion jewellery house which markets the Estelle range of fashion jewellery through a joint venture with the Canadian firm Norwak, has become a preferred buyer for leading fashion brands such as Givenchy, Tommy Hilfi ger, 9 West, Jones New York and Napier.

Saint-Gobain India blazes a sparkling trail
"We have been careful in increasing our market share without creating any disturbance in the market place,'' says Mr B. Santhanam, Managing Director, Saint-Gobain Glass India Ltd. In this interview, Mr Santhanam talks about his company's operations and t he glass industry in the country.

Mysore Cem pref shares to ICICI, IFCI
THE board of the ailing Mysore Cements Ltd, a S.K. Birla group firm, approved the issuance of 91,29,161 preferential shares of Rs 10 each to ICICI and IFCI, the firm informed the Bombay Stock Exchange yesterday.

Industry plea on audit panel
THE corporate sector has urged the Department of Company Affairs (DCA) that the requirement to constitute Audit Committee should be made applicable only to listed companies and not to all public companies with paid-up capital of not less than Rs 5 crore.

Grasim to acquire Ambanis' L&T stake for Rs 766.5 cr
IN a surprise development, the Aditya Birla group today announced that it would buy out Ambanis' stake in the engineering major Larsen and Toubro (L&T) for a consideration of Rs 766.50 crore.

A marriage of synergy, say analysts
CEMENT and information technology are, as Grasim itself noted in its statement today, the core areas of synergy between the A.V. Birla group and L&T.

`Insolvency fund may burden cos'
THE proposed insolvency fund for settlement of workers' dues, protection of assets and revival of sick companies will impose a direct tax burden on corporates, and, therefore, the levy should be on the interest income of the lending institutions and bank s.

Economy
Vision 2020 -- Making a beeline in wrong direction?
MAKING a beeline is a well-known expression. It emphasises the way bees go straight to their goal. That characteristic is considered good. Its goodness appears self-evident, but there are instances where making a beeline is unwise, even suicidal.

Feather in Mr Maran's cap
THERE is one school of thought which holds that, after two years, the severe consequences of the Doha Declaration, adopted at the fourth WTO Ministerial conference will have their impact on India and that, judging by this particular reading, the performa nce of the Commerce Minister, Mr Murasoli Maran, who led the Indian delegation to the meeting, should be dubbed as a clear failure. As an argument, this is acceptable but then the proviso must be added that the impact is being prejudged.

Doha Ministerial: A triumph of sorts?
PREDICTABLY, the fourth Ministerial Conference of the World Trade Organisation (WTO) that wound up on November 14, after an extended full working day to accommodate last-minute demands and sort out glitches is a triumph of a sort for all the participants . For India, which was seen to be ploughing a lonely furrow in the run-up to the Ministerial with the Commerce and Industry Minister, Mr Murasoli Maran, and his officers in charge of WTO affairs staking their prestige and that of India, the end result is something to crow about.

`Engg, IT, telecom can attract $5b from EU'
THE Confederation of Indian Industry (CII) has said that by focusing on three sectors engineering, information technology and telecom investments worth $5 billion could be expected in the next four years from the European Union (EU) to India.

Editorial
Cut diesel price
THE PETROLEUM MINISTER, Mr Ram Naik, last week handed out an assurance that the Government would not increase prices of petro-products till March next year. After that it will be the market deciding on prices with the dismantling of the administered pric ing regime. Ordinarily, his assurance about capping prices would have been welcome. But when crude oil prices have slipped to their lowest levels in more than two years, the question that must be asked is why should there not be a reduction in prices, sp ecifically of diesel for which the Government has committed itself to a market-related price.

Environment
This mail is green
Before you reach out for that piece of paper to scribble a note, stop and think over this -- over 40 per cent of the trees felled are used for paper; to save a 40-ft tree, a stack of newspapers, average four ft in thickness, must be recycled; and, 314 ac res of trees are used to make the average Sunday edition of the New York Times.

Health
Enveloped in an ayurvedic ambience
Kerala has virtually provided a new paradigm to tourism industry in the country. It has come to occupy a prime position in the industry and has challenged the status Rajasthan once enjoyed as India's much sought-after destination. Though the flourishing phase of the industry can be traced to the unique strategies and promotional efforts undertaken by the Government and an enterprising private sector, `Ayurveda', the science of life gave an additional impetus to tourism promotion in the State.

Information Technology
Suno Hindustani
Hindustani music lovers can now listen to their favourite ragas rendered by their favourite singer through the ITC SRA portal, www.itcra.org. The portal, launched recently, will enable the larger Indian Diaspora around the world to access the rich reposi tory of Hindustani music.

Convergence Bill only after consensus, says Mahajan
THE Union Minister for Parliamentary Affairs, Communications and Information Technology, Mr Pramod Mahajan, on Sunday sought to allay apprehensions veering round the Convergence Bill and assured the industry that the Bill would be passed only after a ``n ational consensus'' was arrived at on the issue.

It pays to be cyber savvy
Nilesh Ramesh Kapadia on the opportunities that await CAs in the cyber age

Infrastructure
Centre for awarding defence housing contracts to PSUs
HAVING exhausted all conventional ways and means of stemming the continuing downturn in core segments of the industry, the Centre has finally decided to tap the defence sector to bring about their revival, though with a major change in strategy.

Insurance
Reforms in existing schemes -- IRDA for stripping EPFO of regulatory powers
IN what could lead to a major shake-up in the time-tested existing pensions structure in the country, the Insurance Regulatory and Development Authority (IRDA) has advocated that the Employees Provident Fund Organisation (EPFO) be stripped of its regulat ory functions over the funds that it administers as part of the overall reforms in the pension market.

Lifestyle
It's a real small world
When Rustom Khurshedji Dastur takes you on a journey through time, you relive history experiencing its ebb and flow.

Dress up for winter
Wills Sport, well-known for its styling in relaxed premium leisure wear, opens the Fall/Winter season with a wide variety of garments in three moods -- work, leisure and party. The offer of the Fall/Winter Collection for 2001-2002 comes with added variet ies in cashmere, argyle and cable knits. The popular turtle-neck sweaters, which were a sell-out last winter, are back this year in more colours.

Management
Lead by Centaur's example
How often have you heard one person being called a poor leader because he's unable to give instructions to his subordinates, while another is similarly called a poor leader because he gives too many instructions? What's going on here? Is leadership a con tinuum of traits with extremes at either end? Is the best leader then one who is firmly in the middle of the continuum — in the example above, someone who gives neither too many instructions nor too few?

Miscellaneous
Peace rally in Delhi
Children participating in a peace march at Vijay Chowk in the Capital on Sunday.

Petroleum
Why India is insulated from oil shock
IN THE fluid world situation, especially vis-a-vis the Afghan war, the oil-producing nations are in two minds about cutting production to raise prices. Affected by the fall in crude prices post-September 11 and hoping for a quick end to the Afghan war, O PEC members are now seriously considering cutting production and increasing prices.

Natural gas price
It was reported that the Government had, in principle, decided to link domestic natural gas price to 100 per cent import parity pricing by April 1, 2002.

Policy
What went wrong with IDBI
SIX years ago when appointing global consultancy firms was the flavour of season, the then Chairman of IDBI, Mr S.H. Khan, had talked dismissively about these firms.

Scrap the PDS!
THE NEWS of the Centre considering the discontinuation of foodgrains procurement will gladden those who had been watching the alarming proportions this indefensibly costly racket had assumed over the years. It was nothing but fattening the kulak raj run by greedy farmers' lobbies in surplus States. Since the support of principal political parties of those States had somehow become crucial to the survival of coalition governments at the Centre, the procurement prices were unjustifiably being raised from year to year exceeding the ruling market prices.

Radio/TV
The sound of music
Many years ago, a friend returned from the US, having attained a cutting-edge doctoral degree in physics. A stunning Nakamichi deck, and about a million CDs, had pride of place in his living room. The music would waft, floating with ease through the room s: whenever I listened, each note had a clarity I had never heard before.

Rubber
Rubber Board aid only for direct buys from growers
THE Rubber Board has clarified that the financial assistance, in the form of handling charge at Rs 750 per tonne for price support procurement of rubber at the MSP, will be limited to purchase of rubber directly from the growers.

SSI
Is small industry R&D-oriented? -- Positive evidence from Karnataka
SMALL-SCALE industry (SSI) in India is now exposed to local and global competition as never before. The sector's survival and growth is crucial to the economy as its contribution to employment, production and exports is substantial. But despite the setti ng up of a comprehensive institutional network and policy framework post-Independence, the efficiency of SSI units and the quality of their products are far from satisfactory, as revealed by surveys in the late 1980s and 1990s.

Shipping
HAM, Ballast Needham to merge worldwide
THE Holland-based dredging firms HAM Dredging & Marine Contractors and Ballast Needham N.V. are merging their operations worldwide to create a new entity, which will bid for undertaking dredging works.

States
FEDCOT token fast
The Federation of Consumer Organisations-- Tamil Nadu and Pondicherry (FEDCOT)-- will observe a day's token fast in the Capital on Monday (Nov 19).

AP power reforms begin to produce results
Following the reform process initiated by the Andhra Pradesh Government in the power sector, the State has received loan assistance of about Rs. 9,969 crores for various projects from external funding agencies such as World Bank, DFID, JBIC, CMEC, KFW, a nd domestic agencies like PFC and REC.

Steel
Steel dumping probe to continue
INDIA is one among the 20 markets against which the United States International Trade Commission (USITC) has voted to continue dumping investigations into cold-rolled carbon steel fleet products.

Stocks
UAE brokerage firm to trade in Indian shares
BARJEEL Securities LLC, the joint venture between the UAE-based Al Saud Group and Geojit Securities Limited plan to channelise investment from UAE nationals and citizens of other Gulf countries to the Indian capital market through the FII route, said She ikh Sultan bin Saud al Qasimi, Chairman of Barjeel.

Pharma cos charm investors
ARE equities ready for an upswing? Will the latest trend firm up in the days to come? Will the trend spread to sectors other than pharma or cement? Mutual funds, like all other investors, are trying to address these questions. While there are no immediat e answers, one thing is clear: The next one or two weeks could determine the shape of the next rally on the stock market.

An artificial rally in tech scrips?
TECHNICAL analysts call it a short and sharp bear rally or a corrective upward mobility. But the seasoned players, who keep track of the market pulse by the hour, would love to view last weeks spurt in technology shares through a different prism.

L&T scrip active ahead of deal
THE L&T scrip, even after the downgrading of its NCDs by Crisil, turned surprisingly active with a sharp rise in trading volumes on Thursday (Nov. 8).

Taxation
OECD bid to eliminate harmful tax practices
THE countries of the Organisation for Economic Cooperation and Development (OECD) have agreed on a number of modifications to the tax haven aspects in their ongoing efforts to eliminate harmful tax practices.

Wife after death
I WANT to ensure that after my death, my wife should have no difficulty in stepping into my shoes as a shareholder in several blue-chip companies I am a shareholder of. Advise. -- Shrikant Ojha, New Delhi

Off the query slips
AN INDIAN company, incorporated as a private limited company, has 51 per cent of its share capital held by a foreign company, listed in France two months back. The balance 49 per cent of the Indian companys share capital is held by two resident Indians. Consequent to the listing of the foreign company, is it necessary to convert the Indian subsidiary currently a private company into a public limited company? If yes, what is the procedure in respect of the same? Similarly, what would be the situation i f the Indian companys 74 per cent share capital is held by a foreign company in the US, the balance 26 per cent share capital being held by an Indian private limited company and resident Indians? It is to be noted that the foreign company is still a priv ate company under the US corporate law. In this regard, attention is drawn to the provisions of Section 4(7) of the Companies Act, 1956.

Tea
CTCs ease at Kochi sale
A FAIR general demand persisted for almost all varieties of tea at the Kochi tea auction. Of the quantity of 988,000 kg on offer in the dust category, CTCs were lower by Rs 2-4. Medium orthodox dusts barely steady and tended to ease, while highgrowns rem ained steady.

Centre rejects UPASI plea on provident fund exemption
THE Union Government has turned down the plea of the United Planters Association of Southern India (UPASI) for exempting plantation managements from payment of Provident Fund (PF) to their work force.

Technical Analysis
Cotton futures may move up
New York cotton futures, boosted by strong export data, closed higher at the New York Board of Trade on Friday as the market recorded its third consecutive higher week.

Downward correction in palm oil futures
Malaysian palm oil futures closed lower mainly due to a technical correction and absence of new leads to take the market further up.

Technology
Cloning and the patent bug
TO clone or not to clone, thats the question. While scientists have achieved spectacular progress in producing cloned versions of animals, like Dolly the sheep or Andi the monkey, translating the techniques to produce human clones has raised an ethical s torm.

Telecommunications
Cell cos' revenue per user on the decline
DESPITE surge in cellular subscriber base, the average revenue per user of mobile operators is expected to decline by 24 per cent by the end of the current fiscal.

Textiles
A jewel called crewel
Crafted painstakingly by the artisans of the Kashmir valley, this chain-stitch hand work known as crewel embroidery has travelled across the globe and become more popular than ever in upper class European homes.

Rationalisation of DEPB benefits hits silk exports
SILK exports from the country have registered a steep 24 per cent decline during the first half of the current fiscal, with total exports in April-September 2001 amounting to only $191 million as against around $250 million in the corresponding six month s of the previous year.

Travel & Places
Where shall we go this winter?
Worldwide, the tourism industry has taken a beating in the aftermath of the events that unfolded on the morning of September 11. India, however, is managing to stay afloat. Barring the inbound trade, which faced en masse cancellations after several count ries issued advisories against travel to India, some in the travel trade are still managing to keep their heads above water as Indians continue travel within and outside the country for holiday.

Single, but not alone
If you are single and thinking holiday, then the annual Taj Single Vacation is a wonderful option. The only hitch, the next edition is almost a year away. Deepanjali Dwivedi on this year's holiday happenings.

Riding the rapids
For a holiday that combines beautiful scenery with adventure, think of the mountains and their turbulent waters. Namita Anand discovers why white-water rafting on the Ganges has its army of devotees.

Vizag to host 4-day tourist festival
`Visakha Utsav', a 4-day tourist festival focussed on the sandy beaches and culture and art of the region will be organised by the State Tourism Department from December 22-25 in Visakhapatnam.

Source:Business Line