Banking and Finance
Banks to shell out Rs 7,490 cr on VRS
PUBLIC sector banks would take a hit of about Rs 7,490 crore on account of the recently concluded voluntary retirement scheme (VRS), according to a consolidated picture compiled by the Ministry of Finance. The scheme came to a close on March 31.
Banks contribute 53.2 pc of total deposits
NATIONALISED banks as a group contribute 53.2 per cent of the total deposits while State Bank of India and its associates account for 25 per cent as on the last week in December, according to the latest figures released by the RBI.
Breweries
Yet another split in Shaw Wallace union
THERE has been a further split in the All-India Shaw Wallace Employees Federation (AISWEF).
Courts
HC ruling reversed in Municipal levy dispute
Having carefully gone through the original Notification in vernacular published in the Gazette dated May 13, 1968 it is found that the rates of the levy under challenge have been notified as part and parcel of one and the same Schedule to the said Notifi
cation and not by any different or more than one Schedule and that too by means of a simultaneous exercise of powers under Section 104(2) of the Rajasthan Municipalities Act, 1959 (`the Act') and not on different occasion or time.
Insurance
NTPC takes megarisk insurance cover -- Total value likely to be over Rs 20,000 crore
NATIONAL Thermal Power Corporation Ltd (NTPC) has taken a megarisk insurance cover for all its thermal and gas power-based projects.
PSU
SC transfers writ petitions on Balco sell-off to itself
IN its bid to finally decide on the issues involved in the disinvestment of 51 per cent of Government's equity shares in Bharat Aluminium Company Ltd (Balco) to Sterlite Industries and pronounce authoritatively on its validity, the Supreme Court today tr
ansferred to itself three writ petitions pending before the High Courts of Delhi and Chhattisgarh against the sale of the public sector undertaking (PSU).
Govt hopeful of SC clearance for Balco divestment
THE Union Government is hopeful of obtaining a seal of approval from the Supreme Court on the Balco disinvestment process, according to the Union Minister for Disinvestment, Mr Arun Shourie.
Policy
SCOPE offers to aid divestment process
THE Government should give up the ad hoc approach to disinvestment in public sector enterprises and chart out a long-term policy and roadmap for PSEs, according to the Chairman of the Standing Committee on Public Sector Enterprises (SCOPE), Mr D.K. Varma
.
Nomenclature not to hit STC, MMTC divestment
THE Government's move to designate the State Trading Corporation of India Ltd (STC) and MMTC Ltd as `State Trading Enterprises' (STE) under Article XVII of GATT will not in any way hamper their proposed privatisation.
Investor fund to begin operations by month-end
THE rules for the working of the Investor Education & Protection Fund (IE&PF) is to be notified soon, while the fund itself is likely to be operationalised by the end of the month.
Tax holiday for core sector `not enough'
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has said that though the tax holiday for infrastructure projects, including industrial parks and power projects, has been extended from five to 10 years, this alone will not give adequate
boost to infrastructure investment.
Shourie pulls up Balco critics -- Centre to convene CMs' meet on disinvestment
THE Union Government proposes to convene a meeting of State Chief Ministers shortly to discuss the issue of privatisation and work out ways to go about major privatisation programmes in the next decade, the Union Minister for Disinvestment, Mr Arun Shour
ie, said here today.
Power
Pinning blame on `motivated actions of State, Centre and MSEB' -- DPC slaps political force majeure
DABHOL Power Company has sent a notice of `political force majeure' to Maharashtra State Electricity Board (MSEB). Significantly, the notice has been issued on the eve of release of the Godbole Committee report.
Govt to begin conciliation process
THE Central Government, which perceives the invoking of the political force majeure by Dabhol Power Company as a bid to salvage the second phase of the company's power project in Maharashtra, is now gearing for the next step of conciliation proceedings.
`Failed business model' for Dabhol
EVEN as the wrangling continues over the Dabhol power project, financial analysts, in consultation with legal experts, are trying to identify means by which the feuding parties can back off after cutting their losses.
TNEB to unveil new wind energy policy soon
THE Tamil Nadu Electricity Board (TNEB) is expected to unveil a new wind energy policy in the next few months. It is also not likely to entertain proposals for any new units from April 1, till the policy is in place, according to sources.
States
AIF aims to raise $100 million
THE American India Foundation (AIF), chaired by the former US President, Mr Bill Clinton, has targeted to raise $100 million through fundraisers outside India to fund developmental and rehabilitation projects in the country.
Panel mooted to study LNG terminal bottlenecks
CONCERTED efforts are needed to create an assured market for 2.5 million tonnes of liquefied natural gas (LNG) in Kerala for commencing the work on the terminal promoted by the consortium Petronet LNG. As part of this, it has been felt that setting up of
a core committee involving the LNG provider, facilitators, and consumers is inevitable.
Marketing tie-ups
HYDERABAD: The Andhra Pradesh Government is in the process of firming up pilot marketing initiatives with Hindustan Lever Ltd and Tatas for marketing products manufactured by DWCRA women.
`Technical hassle' stalls Dunbar Mills' takeover
THE reopening of Dunbar Mills Ltd, which is located at Shyamnagar in the North 24 Parganas district and lying closed for the last 14 years, has run into rough weather as the Calcutta High Court has found some technical hassle in offering the unit to Dr D
.P. Sarkhel, a former executive-turned entrepreneur.
Cos evince interest in Bengal wind farms
EVEN as West Bengal began commercial generation of wind power, corporates have begun making enquiries about the project, as also possibilities of setting up similar projects elsewhere.
Steel
Steel freight ceiling scheme off -- Marks completion of decontrol process
THE Steel Ministry has quietly done away with the railway freight ceiling scheme (FCS), meant to be applied by the main producers on their sale of iron and steel products.
Stocks
Ketan remanded for 4 more days
MR Ketan Parekh, the stockbroker accused in the pay-order scam, was today remanded to CBI custody for four more days, till April 12.
Telecommunications
BSNL cellular tenders for South draw global majors
AS many as 21 companies, including global players such as Ericsson, Nokia, Siemens and Alcatel, have responded to the tenders floated by the Bharat Sanchar Nigam Ltd (BSNL) for setting up the infrastructure for cellular phone service in the southern regi
on.
Tyres
Tyre body joins bandh against ST hike in Karnataka
THE Dakshina Kannada Automobile and Tyre Dealers' Association joined the trade bandh called by the Karnataka Automobile Parts and Allied Merchants' Association and the Federation of Karnataka Automobile Dealers. The bandh was observed on Monday to protes
t against the increase in sales tax on motor vehicle spares from 10 per cent to 12 per cent in this year's State Budget.
