Advertising & Marketing
Foreign brands get to have the big puff
YET another dimension has been added to the debate on the Tobacco Bill, recently tabled in the Rajya Sabha, with the advertising fraternity contending that the Bill, while shackling propaganda by the domestic tobacco companies, will not be able to restra
in the media exposure by foreign tobacco brands.
Agriculture
Further hike in farm import duty on cards
A further hike in import duties on various products -- particularly agricultural items -- is in the offing. An indication that the Government would protect interests of the domestic industry by hiking tariffs within WTO-bound rates was given by the Prime
Minister, Mr Atal Bihari Vajpayee, in the Lok Sabha today.
Airlines
IA to launch new summer packages
INDIAN Airlines (IA) is to launch a few new holiday packages towards the end of this month in an effort to capture a greater share of the domestic holiday market.
IA sprucing up for prospective bidders
AS the disinvestment process for Indian Airlines moves into the crucial stage, the airline is sprucing up not only its records but also an office on the second floor of Safdarjung airport in Delhi.
Breweries
UB acquires 75 pc stake in Mangalore Brew
UNITED Breweries Ltd (UB) today said it has consummated an agreement to purchase 75 per cent stake in Mangalore Breweries and Distilleries Ltd (MBDL) through its wholly-owned subsidiary, United Breweries (Holdings) Ltd.
Cement
MRTPC to hear cement case on Thursday
THE Monopolies and Restrictive Trade Practices Commission (MRTPC), which is a quasi-judicial body, has reported that it had received a complaint from Chief Commissioner of Customs and Central Excise, Hyderabad, requesting an enquiry into alleged formatio
n of a cartel by five leading cement manufacturers thereby creating artificial shortage of cement and pushing up the prices.
Corporate
RBI decides to drop FERA, FEMA cases against cos
THE Reserve Bank of India (RBI) has decided not to proceed with the FERA and FEMA cases against some top corporates which had retained the proceeds of external commercial borrowings (ECBs) abroad, beyond the stipulated period.
Approval for NorCool India's investment plan
THE Minister of Commerce and Industries, Mr Murasoli Maran, has cleared 19 more foreign direct investment (FDI) proposals involving investment worth Rs 217 crore.
HC tells SEBI to postpone Bajoria hearing
MR JUSTICE Barin Ghosh of the Calcutta High Court directed the Securities and Exchange Board of India (SEBI) to postpone the hearing of Mr Arun Bajoria's case with regard to acquisition of Bombay Dyeing shares till March 19.
Dunlop moves court against BIFR, IDBI
IN an unprecedented move, Dunlop India Ltd (DIL) today filed a writ petition in the Calcutta High Court against the Board for Industrial and Financial Reconstruction (BIFR) for the delay in finalising a rehabilitation scheme for revival of the company's
two ailing factories at Sahaganj in West Bengal and Ambattur in Tamil Nadu.
Finance Ministry against liberal sops to SEZs
THE Finance Ministry is set to curtail give-aways to exporters by asking the Commerce Ministry to either ``rework'' or ``drop'' some of the major proposals mooted by it as part of the coming Exim Policy announcements.
Courts
Female members cannot form HUF, says SC
THE Supreme Court has held that the concept of Hindu females forming a joint Hindu family by an agreement amongst themselves is contrary to a basic tenet of the Hindu Personal Law.
Economy
Cong to oppose labour reforms
THE Congress President, Ms Sonia Gandhi, fired the first salvo after the Union Budget, saying that her party would oppose labour reforms if the Government does not provide a proper social security net.
Foreign Trade
IIBA unit opened in Hyderabad
HYDERABAD: To facilitate tapping of abundant opportunities for business available in Indonesia, the Hyderabad unit of the Indo-Indonesia Business Association (IIBA) has been inaugurated on Saturday by the Indonesian Consul in Mumbai, Mr Abdul Munim.
Information Technology
Nosy Govt snoops for info
EVERYBODY has problems. Portals in the West have to convince their customers they will keep all information about them private -- mainly from marketers.
Infrastructure
`No favouritism to foreign companies' -- Road contract norms `transparent'
THE Minister of State for Road Transport and Highways, Major General (Retd) B.C. Khanduri, has told the members in the Lok Sabha that there is no ground for any apprehension in the various contracts awarded to foreign construction companies for laying ro
ads in the National Highways.
Insurance
Bill to delink GIC from subsidiaries introduced
THE Finance Minister, Mr Yashwant Sinha, has introduced a Bill in the Lok Sabha to amend the General Insurance Business (Nationalisation) Act which would allow delinking of the four nationalised general insurance companies from the General Insurance Corp
oration of India (GIC).
PSU
Chhattisgarh offers Rs 552 cr for 51 per cent Balco stake -- Assures court of law and order around plant
IN a new twist to the controversy over the disinvestment of Bharat Aluminium Company (Balco), the Chhattisgarh Government on Monday told the Supreme Court that it was ready to pay Rs 552 crore to buy 51 per cent of the Central Government's share in the c
ompany which was sold to Sterlite Industries for Rs 551.5 crore.
No going back, avers Shourie
THE Government on Monday ridiculed the Chhattisgarh Chief Minister, Mr Ajit Jogi's offer to buy 51 per cent of the Government's equity in Balco for Rs 552 crore -- Rs 50 lakh more than the price paid by Sterlite Industries.
Policy
Money bill approved
NEW DELHI: Parliament has approved a money Bill for levy of two per cent surcharge on direct taxes for rehabilitation and reconstruction in quake-hit Gujarat.
Power
Union Power Ministry lauds TN reforms
TAMIL Nadu State Electricity Board (TNEB) has been able to increase its revenue by around 20 per cent by taking steps to upgrade transmission and distribution systems and reduce its distribution loss while improving load management.
States
Tanneries told to pay compensation in TN
THE Loss of Ecology Authority, set up by the Union Ministry of Environment and Forests (MoEF), has asked the tanneries of Vellore district to pay a compensation of Rs. 26.82 crore to 29,193 families as pollution damages.
Illegal sand mining poses threat to Kerala bridges
INDISCRIMINATE sand mining from the beds of several rivers in Kerala for the past several years has reached such a stage that if no remedial measures are taken, the very existence of a number of bridges could be threatened.
Contributors for Gujarat earthquake relief
The list of contributors of Rs 2500 and above to the Gujarat earthquake relief.
Stocks
SEBI suspends BSE board in swift move
THE Securities and Exchange Board of India today initiated action against the elected members of the governing board of the Bombay Stock Exchange, including Mr Anand Rathi and Ms Deena Mehta, in the wake of the crisis witnessed on the bourses in recent d
ays.
Trades, volumes take a knock
RUMOURS and controversies continued to hound Dalal Street today, fuelling panic throughout the trading session. While the benchmarket BSE-30 sensitive index (Sensex) dropped 114 points or 2.94 per cent, the Nifty dropped 4.53 per cent, losing 56.80 point
s.
SHCIL halts securities lending operations
STOCK Holding Corporation of India Ltd (SHCIL) has stopped its securities lending business from today. The decision has been taken by the largest domestic custodian and depository participant owing to the turbulent conditions prevailing in the equity mar
kets over the last two weeks.
Deena Mehta meets Sinha
THE officiating President of the Bombay Stock Exchange, (BSE) Ms Deena Mehta, who is under flak for allegedly being privy to price-sensitive information on the outstanding positions of some big operators on the exchange, met the Finance Minister, Mr Yash
want Sinha, today.
Payment crisis fears at CSE again
THE Calcutta Stock Exchange, which managed to overcome on last Saturday the payment crisis in settlement no 2001148, was once again in the grip of chaos today following apprehensions of a fresh payment crisis in the context of settlement no 2001149 for t
he period ended March 8.
Taxation
Hire purchase, leasing deals -- FICCI wants proposed service tax withdrawn
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has pleaded for a complete withdrawal of the proposed levy of five per cent service tax on all financial transactions inter-alia of hire purchase and leasing companies.
Technology
`Resource centres to tap genome technology needed'
THERE is a need for creating resource centres across the country, networking them and bringing in people's participation to make use of the emerging genome technologies, Dr Lalji Singh, Director, Centre for Cellular and Molecular Biology, Hyderabad, has
said.
