Accountancy
12-member advisory panel on accounting standards formed
THE Union Government on Wednesday formally notified the constitution of a 12-member National Advisory Committee on Accounting Standards under the Chairmanship of Mr Y.H. Malegam. The Chairman and the other 11 members will hold office for a period of one
year.
Airlines
HAL heritage museum opened
HINDUSTAN Aeronautics LTd's heritage centre and aerospace museum was inaugurated here on Thursday by the Minister for Tourism, Mr Roshan Baig, who promised to include it as part of Karnataka State Tourism Development Corporation's tourism package.
Jet hopes to make profit again
JET Airways hopes to end 2001-02 showing a profit just as it had done during the previous year, the airlines Chief Executive Officer (CEO), Mr Steve Forte, has said.
Automobiles
Piaggio buys PGVL
MUMBAI: The Piaggio group on Thursday announced the acquisition of 100 per cent of the share capital of 3-wheeler manufacturer Piaggio Greaves Vehicles Ltd (PGVL).
Banking and Finance
Krushi Bank: Naidu for RBI intervention
THE Andhra Pradesh Chief Minister, Mr N. Chandrababu Naidu, has urged the Reserve Bank of India (RBI) Governor, Dr Bimal Jalan, and the Union Finance Minister, Mr Yashwant Sinha, to immediately intervene in the Krushi Co-operative Urban Bank case and hel
p the depositors get back their money through the insurance scheme of Deposit Insurance and Credit Guarantee Corporation of India (DCGCI).
Corporate
Bills on SICA repeal, co tribunal tabled
THE Government today introduced separate Bills in the Lok Sabha seeking to set up the National Company Law Tribunal (NCLT) and to simultaneously repeal the Sick Industrial Companies (Special Provisions) Act (SICA), 1985, which would in effect abolish the
Board for Industrial and Financial Reconstruction (BIFR).
Thomas Cook open offer at Rs 352
THOMAS Cook AG, the parent company of Thomas Cook India Ltd (TCIL), along with its subsidiaries, will be making an obligatory open offer for acquiring 20 per cent equity stake in TCIL at Rs 351.68 per share.
Wartsila parent offer to buy remaining 49 pc
WARTSILA Corporation of Finland, the parent company of Wartsila India Ltd, plans to make an open offer for acquiring the remaining 49 per cent in the Indian outfit at Rs 120 per share.
Tata steel to make second open offer for TSSL
THE Rs 7,759-crore Tata Steel will make a second open offer to the shareholders of Tata SSL Ltd (TSSL), at the same price of Rs 27 per share offered in the first open offer. The company's board met on Thursday to approve the second open offer.
BSES resolution to raise equity passed
BSES Ltd plans to raise Rs 10,000 crore equity through various instruments including FCCB, ADR/GDR, preference issue and internal accruals to fund its plans for generating 9000 MW as per its `Business Plan 2012'.
Economy
FDI inflow up 3.6 pc
FOREIGN direct investment (FDI) inflows into the country during the first seven months of 2001 was $80 million more than the corresponding figure during the same period last year, reflecting a marginal increase of around 3.6 per cent.
`Urgent steps needed to tackle oil pool deficit'
THE Union Minister for Petroleum and Natural Gas, Mr Ram Naik, today highlighted numerous issues that need to be addressed before complete dismantling of the administered pricing mechanism (APM) in the oil sector by March 31, 2002, so as to ensure a smoo
th transition.
Hotels
Taj group to invest Rs 100 cr for renovation
TAJ Group, out on a face-lift spree, plans to pump in another Rs 100 crore in the current fiscal for renovating existing hotels as well as for building a new property.
Information Technology
Online Policing
Experts at work at the cyber crime police station inaugurated in Bangalore on Thursday. Software majors such as Infosys and Tata Consultancy Services along with the Indian Institute of Science's Supercomputer Centre have helped in setting up the station.
It would be manned by a deputy superintendent of police and three inspectors.
Petrochemicals
Bengal CM denies move to give up Haldia Petro stake
THE West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, has denied that the State Government was now considering either diluting or giving up its stake in Haldia Petrochemicals Ltd (HPL).
Petroleum
Centre moves SC to ease CNG norms
THE Centre has filed a writ petition in the Supreme Court, seeking some modifications in the latter's strict ruling on the implementation of pollution-free compressed natural gas (CNG) as fuel in the Capital's vehicles, the Lok Sabha was informed on Thur
sday.
Politics
G.K. Moopanar passes away
MR G.K. Moopanar, founder President of the Tamil Maanila Congress (TMC) and a member of the Rajya Sabha, died in a private hospital here early today after a prolonged illness. He was 70 and is survived by his wife, a son and a daughter.
Jayalalitha to skip NDC meet
THE Tamil Nadu Chief Minister, Ms J. Jayalalithaa, would be conspicuous by her absence to the crucial National Development Council (NDC) being held here on Saturday.
Power
Power Bill tabled in LS, gives flexibility to States
THE Electricity Bill, 2001, which was introduced in the Lok Sabha today by the Minister for Power, Mr Suresh Prabhu, is aimed at dismantling the age-old regulations that have lost their utility in the changed scenario and are currently acting as mere stu
mbling blocks to faster development of the sector.
SSI
Tough time for SSIs post-WTO: Advani
THE Union Home Minister, Mr L.K. Advani today said it may be necessary to remove SSI reservations and relax labour laws in some areas such as toys, leather products, and processed foods among others where India has a universally recognised opportunity to
expand rapidly and supply to the global market.
States
Rs 500-cr rural electrification plan for AP
HYDERABAD: The State Government has embarked on a Rs 500-crore rural electrification project which will ensure 100 per cent electrification of all rural habitations in the State by March 2004.
Yashoda Hospitals launches health card scheme in AP
YASHODA Super Speciality Hospitals here has introduced a health card scheme to enable the middle and lower middle classes avail themselves of concessional rates of treatment and diagnostics.
Hyderabad to host mega shopping event
THE first ever month-long shopping extravaganza, `The great mall of Hyderabad', which is being tipped as the largest in Asia, opens in Hyderabad on October 13.
Expo on green buildings opens in AP
THE first-ever exhibition in Asia on green buildings was inaugurated here on Thursday by Mr K. Vidyadhara Rao, Minister for Major Industries. The exhibition is part of the four-day ``Green Building Congress 2001'', an international conference being join
tly organised by the CII and the State Government with the support of USAID.
Salutations
The Crown Prince of Bhutan, Daho Jigme Khesar Namgyel Wangchuk, who arrived in Kolkata on Thursday. The Prince is on a two-day visit to the city after visiting Bangalore, and he met the Governor of West Bengal and Army officials of the easter
n command in Kolkata.
UK keen to invest in Bengal projects
THE UK sees investment potential in West Bengal's growth sectors such as agro-foods, healthcare and information technology. It is also bullish on traditional areas such as mining and tourism.
Karnataka meet to discuss T&D losses
THE Karnataka Cabinet has decided to meet on September 5 to exclusively discuss how to cut the power transmission and distribution losses of its SEB.
Technology
ISRO hires transponders on US satellite for Ku band
ISRO's business arm Antrix Corporation has hired three transponders on GE-1A, a commercial US satellite, to provide high power Ku band facility for the growing VSAT community.
Telecommunications
Cable TV to get addressibility -- Don't want a channel, don't pay
IN a move to bring in more accountability in the chaotic cable TV business, the Government today decided that all pay channels would have to go through the conditional access system (CAS) whereby each household will get only those channels which it subsc
ribes to.
Textiles
New SIMA chief concern over rising yarn stocks
DESPITE the current setback in yarn exports, the spinning sector in the cotton textile chain is still the vibrant link and it will do better once the industry manages itself in structural adjustments, said the new Chairman of the Southern India Mills' As
sociation (SIMA), Mr V.S. Velayutham.
Transport
Rail fund and `Green Book' priorities
WITH the Railways taking the first step towards the constitution of a Rs 17,000 crore non-lapsable safety fund by introducing a safety surcharge on passenger tickets with effect from October 1, the focus now shifts to the `Green Book' that Rail Bhavan wi
ll open exclusively for replacement arrear projects to be financed from the new fund.
CII hails rail safety cess
THE Confederation of Indian Industry (CII) has ``whole-heartedly'' welcomed the imposition of a safety-cess on railway fares. In a statement the chamber has said that the safety to passenger life is of paramount importance.
