Accountancy
Web site norms for CAs notified
THE Institute of Chartered Accountants of India (ICAI) has issued guidelines for permitting Chartered Accountants/Chartered accountants' firms to post their credentials and other particulars on a Web site.
Automobiles
Hyundai Sonata coming in July
HYUNDAI Motor India Ltd (HMIL) has sold 1.7 lakhs cars till date with Santro continuing to lead in its category.
Corporate
`Cos Act helpless in tracking directors'
THE provisions of the Companies (Amendment) Act, 2000 are inadequate in respect of tracking the directors of a company under liquidation as there is no stipulation that the directors should furnish their correct residential addresses which can be verifie
d and found valid, according to Mr Justice J. Chalameswar of the Andhra Pradesh High Court.
Crisil rates Jet Airways' offshore instrument
CRISIL, in its first rating of an offshore securitisation transaction, has announced a `AAA [so]' (triple A structured obligation) rating for pass-through certificates (PTCs) worth Rs 1,600 crore to be issued under the securitisation programme of Jet Air
ways (India) Ltd.
Hindujas tie up with Lufthansa
MUMBAI: In technical bids submitted for both disinvestment candidates, Air India (AI) and Indian Airlines (IA), the Hinduja Group is understood to have tied up with the Lufthansa Consulting Group for collaboration.
IEFL to merge with IndusInd Bank
MUMBAI: IndusInd Enterprises and Finance Ltd (IEFL) proposes to merge with IndusInd Bank Ltd. The two boards will meet independently on February 28 to consider the merger of the two companies.
SPIC's Dubai venture gets gas allocation
THE Dubai-based SPIC Fertilisers & Chemicals FZE has received a commitment from the Dubai Government for supply of natural gas for the company's proposed fertiliser plant. This clears the hurdle that has been holding up the project for many years.
ICAI wants MF investments valued at market rate in balance sheet
THE Institute of Chartered Accountants of India (ICAI) has, in a guidance note on accounting for investments in financial statements of mutual funds, stated that the basic objective of marking MF investments to market is to arrive at current net asset va
lue of units. This objective would be met if such investments are marked to market for balance sheet purposes.
Ad for sponsors own effort: ITC
IT'S somewhat like pinching the baby and rocking the cradle.
DCA action against Vadodara co
NEW DELHI, Feb.23 The Department of Company Affairs (DCA) has ordered prosecution against a Vadodara-based cement company, Panchmahal Cement Company Ltd, and its directors for their failure to obtain prior approval of the Union Government for
making investment in other body corporate in excess of the limit prescribed under the provisions of Section 372 of the Companies Act, 1956.
PSU
FICCI against roll back of Balco divestment
THE Federation of Indian Chambers of Commerce and Industries (FICCI) has urged the Government not to roll back the divestment process for Balco.
Balco bid price `reasonably good' -- Hindalco not a serious bidder, feel some
THE price at which the Union Government is proposing to sell its 51 per cent equity stake in Bharat Aluminium Company Ltd (Balco) to Sterlite Industries Ltd (SIL) is reasonably ``good'', considering Balco's intrinsic strength and the smelting technology
currently used by it. This is the assessment of board level sources in Indian Aluminium Company Ltd (Indal), a subsidiary of Hindalco Industries Ltd which had bid for the Balco stake.
`PSUs should adopt global accounting standards'
THE public sector undertakings (PSUs) in the country would have to adopt internationally acceptable accounting standards if they are keen to access the international capital markets for raising resources, according to Mr V. Govindarajan, Secretary, Depar
tment of Company Affairs (DCA).
Stocks
NSE trading disrupted
MUMBAI: Trading activity on the National Stock Exchange (NSE) was disrupted in the last few minutes of the trading session on Friday.
Sugar
Ponni Sugars calls for meeting to mull hive-off
PONNI Sugars and Chemicals Ltd (PSCL) has called for court-ordered meetings of its secured and unsecured creditors to consider a demerger scheme to hive off its Erode sugarmill.
