He gave India its first pharmaceutical MNC
CHANDIGARH: Dr Parvinder Singh, Chairman and Managing Director of Ranbaxy Laboratories, knew his end was near. For almost two years he had been fighting a losing battle with cancer. He quietly worked in the shadow of death. Only close associates knew it. And died on Saturday evening, aged 56, in Delhi’s Apollo Hospital. He is survived by his wife and two sons, still in their twenties. The eldest, Malvinder, is only 27.

• Chambers express grief

Inflation falls to new low of 2.53%
NEW DELHI, July 4 — The annual rate of inflation plummeted to a 17 year low of 2.53 per cent for the week ended June 19 due to a perceptible fall in food product prices and easy trends of other primary commodities following a record agricultural production.

Petro Ministry to move Cabinet NEW DELHI, July 4 — The Ministries of Petroleum and Finance are at loggerheads over implementation of the Nitish Sengupta Committee recommendations that seek mergers of independent refineries with other national oil companies.

UTI unlikely to play the fool as in the past
THE Unit Trust of India has reduced the dividend on UGS-64 to 13.5 per cent from 20 per cent paid last year. But this year’s dividend is tax-free while last year’s dividend was subject to tax.

SBI moots SBI Caps public issue
MUMBAI, July 4 — The State Bank of India SBI is considering a domestic issue to dilute its stake in its subsidiary, SBI Capital Markets, according to the bank’s Managing Director S.V. Iyer.

He gave India its first pharmaceutical MNC
By Nirmal Sandhu
Tribune News Service

CHANDIGARH: Dr Parvinder Singh, Chairman and Managing Director of Ranbaxy Laboratories, knew his end was near. For almost two years he had been fighting a losing battle with cancer. He quietly worked in the shadow of death. Only close associates knew it. And died on Saturday evening, aged 56, in Delhi’s Apollo Hospital. He is survived by his wife and two sons, still in their twenties. The eldest, Malvinder, is only 27.

A few weeks ago, when Dr Parvinder Singh visited Mohali to attend Ranbaxy’s annual general meeting, he appeared pale and thin, but firmly in control. He addressed a press conference and patiently answered newspersons’ questions. He even gave interviews, though reluctantly. That was perhaps his last interaction with newsmen.

The announcement he had made was momentous: he quit as Managing Director in favour of a professional, Mr D.S.Brar, President of Ranbaxy, while retaining the post of Chairman. Indian businessmen on retirement from active life usually hand over their companies to their own kith and kin, no matter how incompetent. Dr Parvinder Singh set an example which was widely appreciated. He also formed committees comprising experts to run various divisions of Ranbaxy. He acquired and respected talent.

It was through this pursuit of talent that Dr Parvinder Singh was able to transform Ranbaxy from a middle-rung company to India’s first pharmaceutical MNC with the turnover touching Rs 1,400 crore — 45 per cent of it coming from exports.

Although Dr Parvinder Singh became Ranbaxy Managing Director in 1982, it was in 1993 that he gained total control after an unseemly boardroom battle with his father, Bhai Mohan Singh. Today Ranbaxy has production facilities in six countries, sells its products in about 25, and has as many as 19 joint ventures and alliances.

Mr D.S. Brar, who is to take over as Ranbaxy MD from October 1, has been Dr Parvinder Singh’s trusted lieutenant who translated his boss’s dreams and vision into reality. Ranbaxy stays in safe hands, thanks to its CMD’s foresight. The country has lost a gentleman industrialist who dreamt big and promoted competence and quality.

Chambers express grief

NEW DELHI, July 4 (PTI) — The leading industry chambers today expressed shock over the sudden demise of Dr Parvinder Singh.

CII President Rahul Bajaj said Dr Singh was an outstanding business leader who had made Ranbaxy an Indian multinational of global stature.

“Under his leadership, Ranbaxy Lab had taken on the world and established strong, successful presence in several countries,” Bajaj said.

FICCI also expressed deep shock at the untimely demise of Dr Singh.

Assocham President K.P. Singh said Ranbaxy CMD’s vision and dynamism were a source of inspiration, not only for his company but also for the Indian industry as a whole.

CHANDIGARH (TNS): Describing Dr Parvinder Singh as an eminent industrialist and a distinguished philanthropist, Chief Minister Parkash Singh Badal said that the Ranbaxy CMD had given fillip to industrial activity, especially in the field of medical sciences and produced several life-saving drugs. The country has lost a distinguished son of soil.

Inflation falls to new low of 2.53%

NEW DELHI, July 4 (PTI) — The annual rate of inflation plummeted to a 17 year low of 2.53 per cent for the week ended June 19 due to a perceptible fall in food product prices and easy trends of other primary commodities following a record agricultural production.

Previous low of 2.4 per cent was recorded way back in March 1982, official sources said adding that the inflation had touched the 14 year low at 3 per cent in the week ended June 12.

The inflation rate, based on the wholesale price index declined by 0.47 percentage points to 2.53 per cent (provisional) from three per cent (P) recorded in the previous week. The rate was 7.60 per cent in the corresponding week a year ago.

The sharp fall in the inflation rate is mainly on account of a good agricultural production last year with the foodgrain production expected to reach a record 203 million tonnes, Finance Ministry sources said.

The sources said with a normal monsoon forecast in the current year, general price level is likely to remain stable in the coming months.

However, inflation based on final index calculated on a point to point basis stood at 4.3 per cent for the week ended April 24 as against 3.9 per cent calculated on provisional index.

Daily cost of Kargil above Rs 30 crore
Defence spending may exceed Budget estimates by Rs 5,000 crore

NEW DELHI, July 4 (UNI) — A quick analysis of the economic fallout of hostilities in the Kargil sector, carried out by the Assocham, reveals that apart from the inevitable impact on the fiscal deficit, government borrowings, trade deficit, capital inflows and value of the rupee, there is grave risk of oil inventories depleting and the reform process being adversely affected.

An Assocham analysis says the first casualty of fighting in the Kargil sector will be the government efforts to curb the fiscal deficit. In last Budget, the government has projected a fiscal deficit of 4 per cent. It is now certain that the defence expenditure of Rs 45,694 crore allocated for the current year will be exceeded.

Despite the continued increase in government expenditures in the last decade the government has been able to curb the growth of military spending. The share of defence expenditure in the total spending of the government had been stabilised at around 15 to 16 per cent of the total expenditure. For instance it was 14.6 per cent in 1990-91, 14.5 in 1994-95, 15.1 in 1995-96, 14.7 in 1996-97, 15.6 in 1997-98 and 14.6 per cent in 1998-99. It is likely that the outbreak of hostilities will push up the share of defence spending from the projected 16.1 per cent in 1990-2000 and take it closer to 20 per cent of the total government expenditure.

Though some estimates put the daily cost of the war at Rs 30 crore, the actual expenditure will be much higher. Earlier estimates had indicated that the expenditure on maintaining the defence forces on the Siachen glacier exceeded Rs 1000 crore each year. Now similar defence capabilities would have to be maintained across hundred of kilometre along similar terrain. This means that the immediate spending on defence will exceed the Budget estimates by at least Rs 4000-5000 crore. The long-term cost will be much higher as new equipment and supplies are ordered.

The fiscal deficit in 1999-2000 was projected to be Rs 79,955 crore. This amounts to 4 per cent of the GDP. An increase of around Rs 10,000 crore in government expenditure will push up the fiscal deficit by 0.5 per cent of the GDP to 4.5 per cent. This will mean that the government borrowing will exceed the budgeted figure of Rs 79,955 crore. This will exert an upward pressure on interest rates and thereby affect availability of credit.

The analysis said the prospects on the external sector may also cause concern for a number of reasons. A worsening of the balance of trade is likely the trade deficit in 1997-98 was 16.2 billion and it is likely to have gone down in 1998-99. It stood at 11.3 billion in the first nine months of 1998-99. But the war is likely to once again lead to a deterioration in the balance of trade as defence purchases push up imports much faster than exports.

The deterioration on the trade front will have an impact on the current account position. The deficit on the current account was as much as 6473 million in 1997-98 — 1.6 per cent of the GDP — and it is likely to have declined in 1998-99. The current account deficit in the first nine months of 1998-99 was only 4178 million. So the improvement in the current account position in 1998-99 also stands threatened.

The fighting will also have an impact on the capital inflows. If the hostility persists and extends to other sectors, the external sector’s confidence in the economy will be derailed. Even a slowdown in foreign investments will have a significant impact as the sum involved is huge. It was as high as 5.5 billion in 1997-98 and around 2 billion in 1998-99. An outflow of FII funds can be more dangerous as the total investments made in the last few years has crossed the 10 billion-mark.

The deterioration in the current account and a slow down in capital investments will lead to a slower growth of reserves or even a decline in absolute terms. But with reserves going up above 30 billion the risk involved is below manageable levels. The most negative impact will be on the exchange rates. The rupee has already shown signs of depreciation with the dollar heading closer towards the Rs 44 level.

Pak may have to explain it

WASHINGTON, July 4 (PTI) — Pakistan may have to answer the IMF on its defence expenditure before the financial institution considers release of the next tranche of nearly $ 250 million to Islamabad in the light of the Kargil conflict.

Informed sources said the US Chair in the IMF Board is understood to have asked Pakistani representatives some searching questions at its meeting on June 29 about the level of its military expenditure which Islamabad had earlier committed itself to bringing down.

Only after Pakistan submits its additional proposals to the satisfaction of the IMF, a fresh review can be made and the next tranche released, the sources said, adding that Pakistan has to reconcile its defence expenditure with its commitment.

The IMF review assumes significance in the context of Pakistan hiking its defence expenditure by 11 per cent in nominal terms in its Budget presented last week.

Apart from committing reforms in various sectors, Pakistan had in a “side letter” pledged to the Fund that it will reduce the defence spending.

Pakistan enjoys extended fund facility (EFF) and extended structural adjustment (ESA) facility with the IMF.

Pakistan has already drawn $ 1.4 billion (over Rs 6,000 crore) a minister said.

An IMF review mission which went to Pakistan in June completed a review process on which there was an informal discussion in the IMF board on June 29.

Many parameters and conditionalities imposed by the IMF were met by Pakistan. These included the GDP growth rate, foreign exchange reserve management, privatisation of public undertakings and banks.

However, the sources said deficiencies were found in fiscal consolidation programme like the level of deficit and more importantly the reform of the taxation system.

The imposition of general sales tax to cover new sectors and electricity tariff reforms were the other areas on which the review felt more needed to be done.

Petro Ministry to move Cabinet

NEW DELHI, July 4 (PTI) — The Ministries of Petroleum and Finance are at loggerheads over implementation of the Nitish Sengupta Committee recommendations that seek mergers of independent refineries with other national oil companies.

Despite the Finance Ministry’s objections, the Petroleum Ministry has decided to approach the Cabinet for implementation of the recommendations with a modification that seeks merger of Madras Refineries Ltd (MRL) with the Indian Oil Corporation, Ministry sources said.

In view of the dismantling of the administrative pricing mechanism and complete pricing and marketing freedom for the oil sector from the year 2002, the Sengupta panel had suggested mergers and amalgamation of independent refineries and marketing company (IBP Ltd) with other national oil companies.

On the other hand the Finance Ministry opposed the mergers and acquisitions saying that the method suggested was not transparent and might not result in maximum possible benefits to the government, sources said.

SBI moots SBI Caps public issue

MUMBAI, July 4 (PTI) — The State Bank of India SBI is considering a domestic issue to dilute its stake in its subsidiary, SBI Capital Markets, according to the bank’s Managing Director S.V. Iyer.

“We are thinking in terms of a public issue,” Iyer told PTI, Qualifying this, he said the timing of the issue would depend on the conditions in the stock markets and the pricing.

“We will like to be able to fix a premium of Rs 90 share,” he said.

Reducing its stake in SBI Caps would be the commencement of the bank’s process of reducing its stake in its subsidiaries. The bank intends to bring down its holding in its subsidiary companies below 51 per cent.

Iyer, however, made it clear that the decision to reduce its stake was still on the drawing boards and a concrete plan of action would be implemented at an opportune time.

UTI unlikely to play the fool as in the past

THE Unit Trust of India has reduced the dividend on UGS-64 to 13.5 per cent from 20 per cent paid last year. But this year’s dividend is tax-free while last year’s dividend was subject to tax. For those holders of UGS-64 who are in the highest tax bracket of 30 per cent (plus surcharge), the return comes to 17.95 per cent, but a large percentage of subscribers to UGS-64 are small investors placed in lower tax brackets. For this category of subscribers, the dividend of 13.5 per cent is indeed disappointing.

Again, the sale price of the units to the investors last year was Rs 14 per cent in July; this year it has been reduced to Rs 13.50 per unit. This change also reduces the effective yield of those who subscribed to the units last July. It is by no means certain that the UTI will maintain 13.5 per cent dividend next year. It all depends on the current interest rates in the market as well as the net asset value (NAV) of this scheme.

While the UTI has not indicated the present NAV of the scheme, it is generally believed that it is Rs 12 or more per unit of Rs 10 face value. Acting on the recommendations of the Parekh Committee, the scheme is being restructured to be wheeled back to a financially sound base, and the dividend per unit is likely to be determined by its NAV at the time of declaring its dividend.

The return on UGS-64 is more or less on a par with that of the monthly income scheme floated earlier this year, if the interest is collected on a monthly basis, but it is slightly lower when the interest is collected on an annual basis. But even in the monthly income scheme, there is no assurance that the interest rate will be maintained during the entire tenure of the scheme. The UGS-64, however, provides greater liquidity to the subscribers, and in this way it is preferable to the monthly income schemes.

There is, however, one distinct gain for the subscribers of the UGS-64 scheme, it now provides a high degree of security. The subscribers have now no reason to be panicky about its safety. The UTI is unlikely to play the fool as it has been doing with this scheme in the past.

The market during this fortnight continued to move within a narrow range. The sensitive index moved up by about 2 per cent during the last fortnight, and that too because of the late rally by the FIIs on July 2. I have been indicating in this column during the last two months or so that the market is unlikely to move up significantly beyond the 4100-4200 points range. It may slide in August and September by 200-300 points. The only occasion for the market to flare up would be some settlement of the Kargil issue.

The Indian economy has stood through the present crisis very well. The stock markets have maintained their poise, while in Pakistan the stock market indices have fallen steeply. Both the direct and indirect tax receipts so far are better and encouraging. The inflation rate has been declining thanks to abundant agricultural output this year. This year too, the monsoon is good and timely. But the full reward of industrial revival, which is now certainly on its way up, will come in the next financial year, provided some degree of political stability is restored by the September-October elections to the Lok Sabha.

Last month, I had recommended Sterlite Industries for investment when it was being quoted around Rs 150-160. Now it is moving around Rs 242 or so, but I have no hesitation in recommending its purchase on a long-term basis at this rate once again. I expect the scrip to move up to Rs 350-400 level by July 2000. It may also reward the investors with a liberal bonus issue.

Last week Sterlite Industries fully redeemed its foreign currency convertible bond (FCCB) issue aggregating to $ 95.34 million at one go. Its long-term debt — equity ratio has dropped to 0.68. Its copper smelter unit is now working at full capacity and has been fully cleared of pollution charges. Its cable business makes it the leader in the industry with order book brimming to cover its full capacity.

With an upsurge in copper prices at the international level, the profitability of all the three companies engaged in copper smelting in India is bound to go up. These companies have already announced increase in their copper prices.

Another share which may be kept closely in the portfolio is Larsen and Toubro.

Packers & movers come to housewives’ rescue
From Natasha Chaku

NEW DELHI, July 4 — For the “movers and shakers” of the world today there are ‘professional packers and movers’ providing a ‘door to door’ service for moving without the shakes.

Be it shifting a house or an office or going abroad on transfer these professional packers and movers take care of everything from packaging to paper work for price.

From just a handful of them four years back, there are many such agencies today offering people a trouble-free shifting — packing of goods, transportation, insurance, and other formalities, and then setting it up again at the other end.

Industry watchers say that only about 30 per cent of the market has been tapped and there is vast potential in the business.

“We have helped people in shifting and setting up their houses in any part of the country and even foreign countries like Germany and Italy,” says S. Sabharwal of the “Unique Packers and Movers.”

“We arrange for everything, right from packing of all household articles — including fragile crockery items in the kitchen, furniture — to shifting of heavy items like cars or two-wheelers, even insurance of goods is also taken care by us,” says Rajiv Jain of the “Gatisheel Packers and Movers” in Delhi.

“Our price package include the cost of packing the materials and insurance fees depending on the volume of goods. It may vary from Rs 3,000 to Rs 35,000 exclusive of transportation charges which would depend on the distance,” says Jain.

While the goods are packed by trained packers using wooden boxes, gunny bags, thermocol, cardboard cartons, and grass, the mode of transportation they prefer are roads or even air and seldom the railways.

“There are lot of problems in sending goods by train, there is no guarantee of safety of goods, the charges are also high comparatively, and too many formalities need to be done, so we transport goods only by road,” claims Rajiv.

“Packers are professionally trained to ensure the safety of goods,” says Priya of the Aggarwal Packers and Movers. “We pack the goods in such a way that no damage is caused to them during the transportation.”

In case of any damage, the claims are quickly settled.

They have tie-ups with agents at various destinations within the country or abroad who take care of the rest of the work once it reaches the destination. “Or we arrange for one if needed,” he notes saying it is not a problem for them to find one through contacts with other foreign agencies.

The foreign agency, in turn, is paid for services rendered.

Unlike big cargo carriers, these small companies shift and set up a house or an office within the city too.

“There is a difference between the cargo agents and us as we do the packing and set the entire place again, while they only carry the goods,” Rajiv says.

A supervisor is sent with a team of four or five who pack and load. In case of shifting within the country or the city. The same team goes to unpack, unload and set the things again. Thus ensuring the successful execution of the consignment till its end.

“We reach around 1200 destinations within the country and we help people to set up their homes even in the remotest places,” says Priya.

“Trucks, tempos and Maruti vans are used as carriers, we have tie ups with transport agencies,” Sabharwal says.

“Our clients are basically those who get transferred quite often and have no time for such a cumbersome job of shifting the entire premises from one place to another.

“Kitchen is such a problem while shifting, the fragile glass crockery needs great care, but these experts are really good at their work,” says Radhika, a housewife.

However, as Rajiv says, the industry is still in its nascent stage and it would gradually expand with proper advertising. —PTI

Indian Airlines joins fare war

IRKED by constant pin-pricking by two private operators, Indian Airlines (IA) has been compelled to jump into fray to defend itself in the fare war on important domestic sectors. The national carrier has reduced the fare on the Delhi-Mumbai-Delhi sector to the extent of Rs 1300. This reduction is more than the two private carriers.

New fares, that came into effect from July 1, have been popular with regular air travellers. As if this is not enough, the national carrier has announced another incentive in the form of seven-club and 10-club. Passengers travelling seven times on important metro sectors within three months will be entitled to one free international ticket (wherever IA flies). In case a passenger travel 10 times, he will earn two international tickets. The co-passenger can be anyone — a wife, a daughter, a son or a girl friend. This is good incentive to a passenger who generally travels on office expenses.

The unexpected slashing of fares has caused concern to the two private airlines. “We knew that IA will cut fares but not to this extent”, said a senior official of a private airline, adding: “We will have to do something to woo passengers.

IA is all set to steal a decisive march over its competitors. The airline will now operate 16 flights on the Delhi-Mumbai-Delhi sector through Airbus A-320 which offers more leg-room. The airline has, however, reduced two flights and will now have 18 flights a day in the new schedule, which came into force from July 1.

Private operators may complain that the playing-field is uneven. But they had started these practices and now they are facing the music. Reduction in fares means less profit. But the philosophy airline officials is that it is better to fly with full load of passengers instead of taking off with 30-40-50 seats remaining unoccupied.

Airline operations have always been hazardous. The fare war has posed more difficulties. But the competition has improved efficiency. IA’s on time performance on the Mumbai-Delhi-Mumbai route, is more than 95 per cent. This is a cause for happiness. There are quite a few senior business executives, who park their cars at Delhi Airport, finish their work in Mumbai and return home in their own cars. This is satisfying, is not it?

If and when fleet expansion is achieved the fare war will spread to other sectors. Regardless of who is to blame for these ethical or unethical practices, there should be an authority to regulate fares. If this is done, the airline bosses will not be tense, as they have been at present.

Pricing tilts the scale in its favour
By K. Garima

Issue size: Rs 35 crores.

Pricing: Rs 10 at par.

Listing: NSE, BSE, CSE, DSE.

While this issue would enhance TBL’s post-issue equity base to Rs 135 crore, the issue proceeds will go a long way towards helping it fulfil the licensing requirements of the RBI. TBL has invested in state of the art technology, a central database and online connectivity between branches through very small-aperture terminals, which help it to provide value-added services like extensive ATM networks, Debit Cards, Internet Banking and Call Centres. All this augurs well for its future operational efficiency.

TBL has a satisfactory performance record to show for its four years of business existence and currently operates a network of 35 branches spread over 23 cities across the country. At the close of the financial year 1998-99, TBL had a respectable capital adequacy ratio of 9.97, a deposit base of Rs 3011.96 crores and investments of Rs 1043.41 crores.

However, amidst these positives, there is a worrisome negative too. The net NPA level of the bank stood at 3.01 per cent which is trifle too high for comfort. For the current financial year 1999-2000, TBL expects to clock a total income of Rs 397.57 crores and a bottomline of Rs 46.13 crores. On the post-issue capital base of Rs 135 crores, this would yield an EPS of Rs 3.4, which would discount the offer price of Rs 10 around 3 times.

TBL’s par pricing of its issue tilts the scales in its favour in comparison with other recent offerings from its contemporaries most of which were priced at fairly high premiums. It appears that there should be fair scope for capital appreciation on listing itself.

Vesuvius India

A part of the Vesuvius group of the UK, Vesuvius India Ltd (VIL) is a leading manufacturer of continuous castings refractories in India. CCR’s are recognised as the fastest growing refractories in the world. The parent company enjoys a 56 per cent stake in the company and is a leader in the world market, with a 70 per cent market share. It has not been all smooth sailing for VIL.

Commencing production in 1994, the company weathered tough times with losses in the early years. However, the company has posted a turnaround and recorded commendable results. The company plans to introduce more value-added products which could increase its profitability. Demand for CCRs is expected to increase substantially from the current 3200 tpa to 9600 tpa by AD 2000 because of a shift towards the continuos casting process of steel making and many steel projects coming up by the turn of the century. VIL could benefit from the decreased import duty on one of its main raw materials. The overseas parent company has applied to the FIPB to increase its stake. Considering its turnaround performance and bright prospects, the long term prospects of this company appear to be fairly satisfactory. A long term investment could be considered.

India Cements

India Cements is a leading cement manufacturing company based in South India with its largest market share being in Kerala and Tamil Nadu. The company enjoys a market share of 26 per cent and 19 per cent in Kerala and Tamil Nadu respectively. On the financial front, the company’s performance has been satisfactory despite the slowdown in the cement segment. India Cements has been expanding its own capacities and is also acquiring other units. The company has acquired the entire share capital of Visaka Cements which has a capacity of nine lakh tonnes per annum, and it also took over CCI’s Yerraguntla plant which has a capacity of four lakh tonne per annum. Recently, it has also taken over Rassi Cement and all these acquisitions will increase its capacity to 4.8 million tonne. Overall, the prospects of the company seem encouraging, and it could fare even better provided the market conditions improve.

Asea Brown Boveri

Asea Brown Boveri (ABB) is a 51% subsidiary of the US $ 35-bn. Swedish-Swiss electrical equipment major Asea Brown Boveri. The slowdown in the power sector and also core sectors of the economy like steel, cement, chemicals, etc. affected ABB’s two business segments viz. power generation and industrial & building systems. The third segment in which ABB has interests is transmission and distribution, which at present is its real revenue spinner. The industrial and building systems segment, which provides turnkey solutions and services for various industries, has also been adversely affected on account of the economic slowdown. ABB’s management is however a long-term player and not unduly perturbed by any short-term slide in performance.

After commissioning its turbine manufacturing facility at Vadodara last year, ABB will also be commissioning its greefield transformer project at Vadodar, thus providing a fillip to its T&D business segment. Software exports have also been identified as a thrust area, for which a software development centre has been established in Bangalore.

Another important feature is the strong support ABB enjoys from its parent company. The Indian market is slated to be one of the most strategic for the ABB group, which has already committed investments of US $ 1 bn in India by AD 2000, making the operations in the country the fifty-largest among the group’s operations worldwide. Overall, the prospects of this company appear to be fairly promising.

Videocon Intl

I sent 500 shares certificates of Videocon International Ltd with Folio Nos K 41424/ P41483/ S100692/ S80750/80007/ K-152492 and A 21025 to the company office M/s Videocon International Ltd., Autocars Compound, Adalat Road, Aurangabad-66, for favour of transfer in my name on 7.8.98. But till to date I have not received shares back despite many reminders.

Ashok Kumar
Gurdaspur

UTI

I am holding 100 units of US 64 scheme (certificate Nos. 40191 11 300075 to 300079 each for 20 units. I have not received the dividend for the year ending June, 1998, despite various reminders.

Kewal Krishan Gupta
Patiala

Modern Denim

I invested Rs 25000 in non-convertible debentures of Modern Denim Ltd., A-4, Vijay Path, Tilak Nagar-Jaipur vide form No. 160782 on 16.2.1997 for a period of one and a half year. My son Amit Nanda also invested Rs 10,000 towards NCD of Modern Syntex (India) vide form No. 0354963 on 19.9.1996. The allotment letters duly discharged were sent to the company for payment. The company did not send the maturity proceeds despite reminders.

P.S. Nanda
Amritsar