The Steel Ministry is understood to have made a conditional offer to the Board for Industrial and Financial Reconstruction for the modernisation of the Burnpur works of the Indian Iron and Steel Company under the aegis of the Steel Authority of India Ltd. There are two conditions: first, in view of SAIL’s limited resources, only a limited modernisation, instead of the earlier PIB-approved end-to-end update, will be undertaken and secondly, the central trade unions — INTUC, CITU, AITUC, HMS and BMS — will have to agree to a scheme for shedding manpower.

Incab fate hinges on audit report, FIs role

Incab Industries is a classic example of how a sound firm with a 72 year-long untarnished record of profits and impeccable industrial relations, could almost overnight find itself in a quagmire of loss, suspended production, and closure. It also tells how airconditioned cow-sheds and temples could be built by a cable company. When in 1984-85 Kashinath Tapuriah, son-in-law of Haridas Mundhra, took charge of the Calcutta-based Incab with works in Jamshedpur and Pune, few perhaps would have been able to predict the mess the company finds itself in today.

Look beyond corporates, banks told

Reforms to improve the financial sector will provide the country with an effective delivery system for the rapid and balanced progress of the economy. One of the medium-term objectives would be to bring down the statutory liquidity ratio to 25 per cent so that banks are able to function without constraints. This was the theme of the speeches of the Union Finance Minister, Dr. Manmohan Singh, and the Governor of the RBI, Dr. C. Rangarajan, on the occasion of the launching of the Global Trust Bank.

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