All eyes on VSNL issue

The books for the one billion dollar GDR issue of Videsh Sanchar Nigam Limited (VSNL) will close on April 29, at 5 p.m. New York time. The price range has been fixed at Rs. 1,400 to Rs. 1,600 per GDR. This announcement was made by the joint global co-ordinators of the issue, Salomon Brothers and Kleinwort Benson Securities, in London on April 19. For the Indian Government and corporates, the success of VSNL GDR is important as it implies the underwriting of the liberal reform process initiated by the Rao Government. An interesting issue thrown up by VSNL and other GDR issues concerns overseas investors using this route to mount a raid on the Indian company.

Ministry calls meet next week to discuss patent law

The first exercise by the Union Government to determine the changes that may be required in the Patents Act, 1970 in the wake of the GATT treaty is expected to start next week. The Industry Ministry has convened a meeting in New Delhi next week. The changes that could be woven into the Indian Patent Act, 1970 would depend on the requirements in the immediate future.

Double taxation: German industry seeks parity

German industry has demanded that benefits given to one country under a double taxation avoidance agreement should be automatically available to all countries with which India has such agreements. This demand has been made by German industry in its reply to the Indian Government’s response to the 54-point Kohl memorandum. The Indian response was handed over to die German authorities during the Prime Minister, Mr. P. V. Narasimha Rao's recent state visit to Germany.

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