Revival package for Scooters India cleared

Even as the Lucknow-based Scooters India Ltd (SIL) is being revived within the public sector fold, the Centre is keeping its options open for privatising the three-wheeler unit when it is firmly back on the road. According to official sources, the Group of Ministers on sick PSUs, headed by the Finance Minister, Dr. Manmohan Singh, has approved a rehabilitation package for the sick unit, referred to the Board for Industrial and Financial Reconstruction. At the same time, it has authorised the SIL board to invite bids from private entrepreneurs for taking it over. It has also been asked to evaluate the bids and recommend the best offer to the Government for final selection.

Rlys reopens talks with GM

The Ministry of Railways has re-opened negotiations with General Motors (GM), for the import of diesel locomotives. The proposal to import 4,000 HP diesel locos, mooted over a decade ago, is yet to see the light of the day despite being vetted by Railway Ministers in three different regimes. Sources said the move to revive the import-cum-transfer of technology of diesel locos comes in the wake of the recommendation of the parliamentary standing committee on Railways which has called for the immediate upgradation of technology in these locos.

Ad agencies confused over TDS provisions

The Finance Minister’s speech on May 18, during the debate on the Budget, should have brought cheer to the advertising agencies. Apparently, they got what they lobbied for — a reduction in the tax rates applicable to the industry. Yet, confusion prevails in the industry as agencies are trying to unravel the provisions of the Income Tax Act applicable to their business.

Related Topics
comment COMMENT NOW