Accountancy
ICAI lines up exposure drafts
THE Institute of Chartered Accountants of India (ICAI) has lined up a series of exposure drafts, spanning a wide range of issues. Exposure drafts are expected on financial reporting of investment in joint ventures, provision for contingent liabilities, i
mpairment of assets and interim financial reporting.
Advertising & Marketing
Coke-MTV on `Star Hunt'
ASPIRING Bollywood film stars have a new window of opportunity waiting to be grabbed. Soft drinks major Coca-Cola India and music channel MTV have embarked on a `Star Hunt' contest, the winners of which will get to star in a Bollywood flick.
Agriculture
Wheat cargo rejection: Team going to Iraq
THE Union Government is planning to send a high-level team to Iraq, to assess the conditions leading to the rejection of a consignment of wheat exported to Iraq by Vishal Overseas Enterprises.
Foodgrain storage facilities -- IDFC begins due diligence for pvt participation
THE Infrastructure Development and Finance Company (IDFC) has begun due diligence for private sector participation and funding of high-tech foodgrain storage facilities in Maharashtra, Madhya Pradesh, Uttar Pradesh and Karnataka.
Automobiles
Benz launches C-Class model in Hyderabad
MERCEDES-BENZ India Ltd has announced the national launch of its new C-Class car with an extensive package of more than 20 technical innovations from the Mercedes flagship models on an unprecedented level for its market segment here on Sunday.
Banking and Finance
IFCI seeks capital support through convertible bonds
IFCI Ltd has submitted a fresh capital support plan to the Government seeking Rs 400 crore through convertible bonds, instead of the earlier request for subscribing to a preference shares issue of the similar amount. The bonds are to have a long-term mat
urity of about 20 years.
Forfeiture of Zaveris' deposit in SBI upheld
THE Appellate Tribunal for Forfeited Property under the Chairmanship of Mr Justice J. Eswara Prasad has upheld the forfeiture of about Rs 74 lakh lying in deposit with State Bank of India as the illegally acquired property of Mumbai-based Mr Mahesh Kanti
lal Zaveri and his wife.
Rise in BIS consolidated claims
INTERNATIONAL consolidated bank claims stood at $7,859 billion at the end of the fourth quarter of 2000, showing an increase of $245 billion, after adjusting for exchange rate movements and claims reported by three countries newly participating in the Ba
nk for International Settlements (BIS) consolidated banking statistics.
Modified liquidity support for banks, PDs from tomorrow
THE modified scheme of special fund facility for banks and primary dealers will come into effect from May 8, 2001.
Corporate
Reliance seeks nod for $500-m loan
RELIANCE Industries Ltd (RIL), which was denied withholding tax benefits by the Government in 1999-2000 for not adhering to the external commercial borrowings (ECBs) norms, has now sought the approval of the Finance Ministry to raise $500 million from th
e overseas loan market.
Everthing ventured, nothing gained...
THE Indian IT boom has come and gone leaving in its wake dried up coffers which once over flowed with money pumped into funding a string of `hot ideas'.
False representation of deposit scheme -- MRTPC pulls up Sahara India
SAHARA India Ltd has been pulled up by the Monopolies and Restrictive Trade Practices Commission (MRTPC) with charges of unfair trade practices (UTP) being established against the company.
Courts
Unfair trade practice: SC lays down guidelines
IN an appeal in the case of Cadila Healthcare Ltd vs. Cadila Pharmaceuticals Ltd, the Supreme Court has laid down various guidelines for the courts dealing with the cases of goods being passed on deceptively by a new entrant in the market, encashing on t
he goodwill of another company.
Economy
`Industrial growth buoyant'-- 34 sectors improve production, says Ascon
IS there a recession in the industry? Apparently not, going by the findings of the latest survey by the Associations Council of the Confederation of Indian Industry (Ascon).
Foreign Trade
Kazakhstan sees scope for more trade with India
THE Indo-Kazakhstan Chamber of Commerce was inaugurated in Chennai by Kazakhstan's Ambassador to India, Mr Askar Shakirov.
Forum to boost Indo-Austria ties
IN an effort to promote greater ties between India and Austria, the Indo-Austria Business Forum (IABF) has registered itself under the Indian Companies Act as a non-profit organisation.
Mutual Funds
Rs 46.33-cr knock on `Big Value' redemption -- CAG raps GIC Asset
THE Comptroller and Auditor General of India (CAG) has come down heavily on GIC Asset Management Company Ltd for taking upon itself the obligation of making good the shortfall of Rs 46.33 crore resulting out of the terminal redemption of `GIC Big Value S
cheme' in June 1997.
Shipping
ChPT board meet soon to clear pact with P&O
A SPECIAL board meeting of the Chennai Port Trust (ChPT) is likely to take place in the third week of May to clear the concession agreement to be signed with the private operator, P&O Ports, Australia, for the container terminal.
States
Bengal to sign MoU with Centre on power reforms
AFTER much dithering, just before the Assembly elections on May 10, the West Bengal Government has finally agreed to sign a MoU with the Centre on State power sector reforms.
AP to draw up strategy for PSU reforms phase II
WITH the phase one of divestment process in crucial stage, the Andhra Pradesh Public Enterprise Department is now working towards drawing up a strategy for divestment for the phase II of the reforms process.
Telecommunications
Hike in BSNL interconnect charges -- Basic operators to approach TRAI
PRIVATE sector basic service operators have decided to approach the Telecom Regulatory Authority of India (TRAI) against the decision of the State-run Bharat Sanchar Nigam Ltd (BSNL) to hike interconnect access charges for local, STD and ISD calls, start
ing June 1, 2001.
Textiles
Remove excise duty sops on textiles: FICCI
THE Federation of Indian Chambers of Commerce and Industry (FICCI) has urged the Government to ensure that rules of origin requirements are strictly adhered to on import of textile items from the other SAARC countries.
Transport
Rlys may cut down wagon procurement orders
THE cash-strapped Indian Railways may scale down its wagon procurement orders by 15 per cent during the current fiscal as part of its overall expenditure compression exercise. It has budgeted a procurement of 23,000 wagons during 2001-02.
