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IA may hive off engg wing
Indian Airlines may hive off its engineering department as a separate subsidiary. A proposal to this effect has recently been mooted in IA, on the lines of Singapore Engineering Services of Singapore Airlines and Gulf Air Maintenance Company, which is part of Gulf Air. According to the plans, which are still at a very nascent stage, the objective behind the proposed exercise is to replicate the experience and success of Singapore Engineering Services and Gulf Air Maintenance Company in this regard.
Chidambaram’s new move in the Ashok Jain case
The Finance Minister, Mr. P. Chidambaram, has decided to monitor personally the investigations being conducted by the Enforcement Directorate into alleged FERA (Foreign Exchange Regulation Act) violations by Mr. Ashok Kumar Jain, Chairman of Bennett, Coleman & Co., which brings out The Times of India and allied publications. The Finance Minister’s directive comes in the form of a communication to the Director, Enforcement, from the Department of Revenue, dated May 12 and signed by Mr.D.K. Seghal, Senior Analyst (TC) of the Department of Revenue.
Petro products price hike long overdue, says CII
The Confederation of Indian Industry has urged the Government to adopt market-oriented prices for petro products. It has called for an immediate increase of 15 per cent in the prices of high speed diesel, kerosene and LPG to bring down the oil pool account deficit substantially. In a strongly-worded press-statement here today on the eve of the United Front Steering Committee meeting on the issue, the apex industry association has noted that the increase in prices, long overdue, should brook no further delay and the Government must be bold and pragmatic in correcting the pricing distortions in petroleum products.
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