Disinvestment of Modern Food TUs seek PM’s intervention
CHANDIGARH, Oct 5 — Leaders of five major Central Trade Unions in a joint letter to the Prime Minister, Mr Atal Behari Vajpayee, today described the government decision on disinvestment of Modern Food India Ltd as "shortsighted" and sought his intervention for reversion of the government decision.

Protest against Verma report
NEW DELHI, Oct 5 — Employees and officers of Indian Bank numbering around 27,000 staged a demonstration before their offices all over the country today protesting against the “anti-labour attitude” of the Verma committee.

Bathinda refinery progress reviewed
CHANDIGARH, Oct 5 — A meeting held today under the chairmanship of Mr Parkash Singh Badal reviewed the refinery project being set up at Bathinda by Hindustan Petroleum Corporation Limited in financial collaboration with PSIDC.

Bonus for rail staff
NEW DELHI, Oct 5 — The Railway Ministry today announced the payment of productivity linked bonus equivalent to 51 days’ wages for the non-gazetted group ‘B’, ‘C’ and ‘D’ employees for 1998-99.

Gold prices zoom to three-year high

MUMBAI, Oct 5 — Gold continued its sharp upsurge on the bullion market here today as standard gold opened at a three-year high of Rs 4,900 per 10 gram following a steep rise in its prices in Hong Kong.

Twentytwo-carat gold was nominally quoted at Rs 4,530 and 10-tola gold biscuits at Rs 58,000.

The all-time high recorded for standard gold was Rs 5713 on February 2, 1996.

Dealers had predicted gold to cross the Rs 4850 mark by Divali but seeing the rising trend, a dealer said: “At present, the gold prices are going up so steeply that it can easily cross the Rs 5,000 mark very soon and it will not be surprising if it crossed even the 1996 all-time high of Rs 5,713 by Divali”.

“In Mumbai, gold price is fixed according to prices prevailing in Hong Kong and the yellow metal opened smartly high at USD 322.50/325.50 per troy ounce in Hong Kong, which shows a steep rise of around USD 20 per ounce from yesterday”, he said.

Dealers said even at the present high level, gold tended to attract buying during Divali.

NEW DELHI: Gold prices spurted on the local bullion market on Tuesday on fresh demand and recorded a handsome gain of Rs 150 at Rs 4,850 per 10 gram.

With the firm trend, silver on a weekly delivery basis shot up by Rs 245 at Rs 8,510 per kilo on speculators purchasing, expecting a rise in its prices in the next few days.

Gold in Asian markets today shot up by $ 12.50 an ounce higher at $ 325.50. It had gained $ 13 previous day at $ 312.

He said gold prices in last week’s rally had captured high level of $ 329 but crossing $ 332 mark today suggest enough room for further hikes.

Traders said many potential sellers in Asian markets today remained on the sidelines after European markets opening with further strength, brought confidence that they would be able to sell at higher prices.

Traders feel that trading sentiment in domestic markets might get further firm after October 10, when the marriage and festival season starts.

Standard gold and ornaments shot up by Rs 150 each at Rs 4,850 and Rs 4,700 per 10 gram respectively. Sovereign was traded at last level of Rs 3,950 per piece of eight gram.

Silver weekly delivery shot up by Rs 245 at Rs 8,510 per kilo while silver .999 (ready) remained unchanged at Rs 8,450 per kilo.

Silver coins were also higher at Rs 11,300/11,500 per 100 pieces, disclosing a gain of Rs 100 from the last mark. — PTI

‘Why hold Director liable for death of a worker ?’

NEW DELHI, Oct 5 (UNI) — FICCI President Sudhir Jalan has said that the provisions that were invoked under the Factories Act, 1948, to convict Tata Steel Managing Director Dr Jamshed J. Irani, are the most deterrent and archaic.

In a liberalised environment, these outmoded provisions Act as stumbling blocks to growth and development and should be repealed with immediate effect, he added.

In a statement issued here today, the FICCI President said that the “occupier” of a company under the Factories Act, 1948, should be a person who is directly involved with the safety and health measures and not the Director, who is only remotely connected with these activities.

The Director of a company is a nodal point from where all strategic decisions are conceived and executed. If the Director is burdened with the liabilities such as emanating from that of an “occupier”, it would be difficult for him to give the right direction and guidance in implementing important corporate activities in a competitive environment.

This apart, Mr Jalan said that, the provisions of an occupier are fraught with operational problems as the company may have factories located at many places. It would be unreasonable and against the tenet of fair play of justice and equity to implicate him for the technical mishaps occurring in any office or factory.

Further, Section 92 of the Factories Act, 1948 does not take into cognisance the contributory negligence of the worker which might have precipitated the industrial accident, he said.

Mr Jalan questioned the rationality of distinction made between private and public sector companies as far as the liabilities of the Directors is concerned in the provisions of the Factories’ Act, 1948. In a public sector company where any person managing the affairs of the factory can be nominated to be an occupier but in the private sector, it is only the Director who can be appointed as the occupier which is in violation of the principle of natural justice.

This artificial discrimination between the public and private sector does not have any relevance in the present day when the private sector is being encouraged by the Government to play a major role in the priority area.

Mr Jalan pointed out that the amendment to the definition of the occupier was carried out in 1987 and prior to that the Director was not held liable as an occupier for any industrial accident. He wanted this deterrent provision should be amended immediately.

Tata Steel’s J.J. Irani convicted

JAMSHEDPUR, Oct 5 (PTI) — Tata Steel’s Managing Director, Dr J. J. Irani, and former General Manager (Works) P.N. Roy were sentenced to two years’ simple imprisonment and fined Rs 1 lakh each by a court here in connection with the accidental death of a Tisco worker inside the factory.

The two were convicted by Judicial Magistrate Brajesh Chandra Jha for violating the provisions of the Factory Act.

A case was filed by the then factory Inspector, S.B. Jha, in 1991 in connection with the accidental death inside the factory of Tisco worker Sagar Sinku on March 14, 1991.

Dr Irani and Roy were present in the court when the judgement was delivered.

The court also ordered additional six months’ simple imprisonment to run concurrently in case of failure to pay the fine.

The court allowed the two to appeal against the verdict in a higher court against furnishing a bond of Rs 25,000.

Disinvestment of Modern Food TUs seek PM’s intervention
Tribune News Service

CHANDIGARH, Oct 5 — Leaders of five major Central Trade Unions, the Indian National Trade Union Congress (INTUC), the Bharatiya Mazdoor Sangh (BMS), the Hind Mazdoor Sabha (HMS), the All-India Trade Union Congress (AITUC) and the Centre of Indian Trade Union (CITU) in a joint letter to the Prime Minister, Mr Atal Behari Vajpayee, today described the government decision on disinvestment of Modern Food India Ltd (MFIL) as "shortsighted" and sought his intervention for reversion of the government decision.

Mr A.D. Nagpal, secretary of the HMS, who released the letter, said: "The government has decided to disinvest 74 per cent shareholding in a profit making public sector undertaking, Modern Food Industries (I) Ltd. The report of the Disinvestment Commission with regard to the MFIL is shocking. There are no reasons given in the said report which fits in the criteria of disinvestment. The MFIL has been making profits for the past five years. The profits in the year 1997-98 were despite withdrawal of subsidies and even monetary support. The 50 per cent of monetary support was in the form of capital investment and on the rest of 50 per cent the MFIL was paying 16 per cent interest besides paying dividends. What prompted the government to accept this report, which was short-sighted not only from socio economic angle but also from the angle of workmen and consumers, is beyond comprehension".

The then Minister of State for Food Processing Industries, Mr Dilip Ray, had rejected the recommendations of the report and the then Prime Minister, Mr I.K.Gujral, had asked the Ministry of Industry "to see what can be done". Thereafter a decision was taken to disinvest only 50, keeping the interests of the workers and consumers’ in mind. The said decision was again changed and the total disinvestment was raised to 74 per cent.

The letter said: "The MFIL is the only public sector undertaking which has been catering to the needs of hospital, school and defence by supplying bread and energy foods in the 1971 Indo-Pak war and even during the Kargil war. Does the government feel that supply of bread to schools, hospitals and to the defence sector should be done by multinationals? Moreover, for all other social support action programmes, like mid-day meals and other nutritional schemes, the energy food which includes sattoo and panjiri extracted food. " This PSU established in 1965 has at present 14 bakery units, 17 franchises, and eight ancillaries located throughout India with experienced staff of 2,500 and 50 times more people earn their livelihood through the MFIL and also has a strong market base.

Why the disinvestment of such a PSU should be done in favour of multinationals who will get the grains flour from abroad and serve that to Indian people which will include genetically engineered substances banned opposed even in Britain and France, etc, and thereby, creating dependence on food items on multinationals, the letter said.

The workmen of the MFIL were not even heard by the Disinvestment Commission or by the government . After serving a PSU for so many years and earning profit for it the workers cannot be thrown out on the streets and left at the mercy of the MNCs.

Bank dues recovery improves in Punjab
Tribune News Service

CHANDIGARH, Oct 5 — Mr Rashid Jilani, Chairman and Managing Director of Punjab National Bank, said here today that the recovery of bank dues in Punjab has improved to 85 per cent and urged the State Government to finalise amendments to the State Recovery Act.

Presiding over the 70th meeting of the State Level Bankers Committee for Punjab, Mr Jilani reviewed the performance of banks in the State and said from June 98 to June 99 the aggregate deposits increased by Rs 4,536 crore.

Mr Jilani told the meeting that banks in Punjab have issued 19,067 Kisan Credit Cards up to June ’99 despite a strike by patwaris in the State.

Welcoming the participants, Mr S.K. Chawla, General Manager, PNB, said that under the Annual Credit Plan 1999-2000, up to June 99 banks have disbursed loans amounting to Rs 1,720 crore against the quarterly targets of Rs 1,526 crore. The percentage achievement works out to 111.5 per cent.

Mr R.S. Mann, Chief Secretary, Punjab, appreciated the efforts made by banks in increasing the advances in general and in implementing various Government-sponsored programmes in particular.

Mr K. Vijayaraghavan, Regional Director, RBI, said implementation of the Swarnjayanti Gram Swarozgar Yojna will help in activating self-help groups.

The meeting was also attended by Mr K.R. Lakhanpal, Principal Secretary, Finance, Punjab; Mr V.K. Aggarwal, General Manager, PNB Head office; Mr N.R. Kannan, Chief General Manager, NABARD; and Mr D.S. Guru, Special Secretary, Industries and Commerce, Punjab.

Protest against Verma report

NEW DELHI, Oct 5 (UNI) — Employees and officers of Indian Bank numbering around 27,000 staged a demonstration before their offices all over the country today protesting against the “anti-labour attitude” of the Verma committee.

The committee, which submitted its report to the Reserve Bank of India yesterday, has failed to come out with concrete recommendations to recover the mind-boggling dues to the nationalised banks by the industry and big business, the Federation of Indian Bank Employees said in a press note today.

The issue of non-performing assets of the nationalised banks, which have touched a whopping Rs 45,000 crore over the years, has been glossed over by the committee.

Bathinda refinery progress reviewed
Tribune News Service

CHANDIGARH, Oct 5 — A meeting held today under the chairmanship of Mr Parkash Singh Badal reviewed the refinery project being set up at Bathinda by Hindustan Petroleum Corporation Limited (HPCL) in financial collaboration with PSIDC. Mr HL Zutshi, Chairman & Managing Director, HPCL was also present.

The project, estimated to cost Rs 10,000 crore is scheduled to be completed within 48 months.

Steps have been taken for developing the project. The requisite approvals have been obtained. DFR consultants have been finalised. The possession of land measuring 2000 acres has been taken and compensation paid. An 18 km long well — probably the longest in the country — has been erected at the site at a cost of Rs 4-5 crore in a record time of four months.

Action has been initiated to identify the consultants for setting up the pipeline and the refinery.

MoU with NABARD
Tribune News Service

CHANDIGARH, Oct 5 — The Punjab govt and Punjab State Cooperative Bank Ltd Chandigarh, signed a memorandum of understanding (MoU) with NABARD at a simple ceremony held in the office of Mr K.S. Janjua, Financial commissioner and Secretary (Cooperation) Punjab, yesterday. Mr Janjua and Mr P.S. Sidhu, Managing Director, executed the MoU on behalf of the Punjab government and Punjab State Cooperative Bank respectively. Mr N.R. Kannan, CGM, signed on behalf of NABARD.

The MoU, signed for three years from 1999-2000 to 2001, 2002, envisages disbursement of loans aggregating Rs 3,360 crore during the year 1999-2000 by CCBs in the Punjab. Of this the aggregate loans for raising various crops like wheat, paddy, sugarcane and cotton will approximately aggregate to Rs 1705 crore.

Bonus for rail staff

NEW DELHI, Oct 5 (PTI) — The Railway Ministry today announced the payment of productivity linked bonus equivalent to 51 days’ wages for the non-gazetted group ‘B’, ‘C’ and ‘D’ employees for 1998-99. This will benefit about 15 lakh non-gazetted railway employees across the country. The bonus is based on productivity indices reflecting the performance of the Railways.

Modi Revlon
NEW DELHI, Oct 5 (TNS) — Modi Revlon today announced the launch of “Revlon Mini Nail Enamel” range in India. It comes in 38 shades packaged in 8-ml bottles priced at Rs 55.

Motorola centre
NEW DELHI, Oct 5 (UNI) — The Motorola Excellence Centre, built at Gurgaon at a cost of Rs 80 crore was inaugurated today by Mr C.D. Tam, President of Motorola Asia Pacific.

New ice candy
MUMBAI, Oct 5 (PTI) — Hindustan Lever Ltd today announced the launch of its one-rupee ice candy, Max Uno.

Website
NEW DELHI, Oct 5 (TNS) — Indian art, culture, hotels, industries and markets are now just a mouse click away, courtesy “www.yatraindiac.com”, which was launched here today. The website, created at an estimated cost of Rs 1.5 crore, offers extensive data, descriptive details and fascinating images that make India come alive on the Net.

DSJ Com
NEW DELHI, Oct 5 (PTI) — The AAIFR has admitted an appeal against a BIFR order rejecting DSJ Communication’s application for being declared sick. Admitting the application filed by DSJ Communications, an AAIFR bench also issued notice to BIFR.