|Saturday, February 5, 2000,
Garment industry needs foreign
Draft Umbrella Insurance
Act on anvil
Kuber ordered to repay deposits
BERLIN, Feb 4 (PTI) German telecom giant Mannessman and Britains Vodafone have agreed to merge in a $ 190 billion deal to create the worlds biggest mobile phone company with interests in more than 30 countries, including India.The record deal is expected to be approved by Mannessmans supervisory board (board of directors) later according to Mannessman officials in Dusseldorf.
The agreement about the merger through the proposed all stock transaction, announced last night, brought to an end a bitter duel for the last three months between vodafone chief executive Chris Gent and Mannessmanns chief Klaus Esser for control of the German conglomerate that had transformed itself into the biggest provider of wireless communication in Europe.
While Vodafone is Britains leading wireless company, Mannessman is Germanys largest cellular phone operator. Mannessman also has interests in automotive and engineering businesses.
The combined company, which eclipsed the America Online (AOL)s $ 130 billion acquisition of media group Time Warner last month, will control mobile phone networks in three of Europes biggest phonemarkets Britain, Germany and Italy along with a 45 per cent stake in the biggest American network and holdings in more than 30 other countries from Sweden and Poland to India and Japan.
The pact, which came just four days before the expiry of Vodafones hostile offer to Mannessmans share-holders, is seen as a bitter defeat for Esser who had passionately fought to preserve his companys independence.
Although the transaction is described as a friendly merger, Esser was reported to have capitulated when it became obvious that a majority of his share-holders were about to sellout.
Mannessmans shareholders will end up with about 49.5 per cent of the combined company stock and Esser will resign from the company in favour of Gent. Vodafones share-holders will hold a majority 50.5 per cent.
Analysts said the new wireless giant would dominate the European market and have a major foothold in the USA, Asia and Africa. It has access to an estimated 43 million subscribers.
given more time to settle plot dues
LUDHIANA, Feb 4 Considering difficulties faced by the allottees of industrial plots at different focal points developed by Corporation and the demand raised by various industrial associations, the Board of Directors of PSIEC, at a meeting held on January 27, decided to extend various concessions to the defaulter allottees.
Mrs Surjit Kaur Sandhu, Managing Director, PSIEC, said in a press note that defaulter allottees who had failed to settle their accounts by paying the additional cost of the plots accruing from enhancement in land compensation along with interest and penal interest, have now been allowed one-time opportunity to clear their dues. Defaulter allottees of different focal points to whom notices for the recovery of additional cost of plots were given by the corporation during the year 1993 and post 93 period, can now make payment of the additional cost (principal) along with interest as applicable under respective terms of allotment (without compounding and penal) in lumpsum within three months.
The restoration fee applicable to the cancelled allotment of the plots/sheds have now been reduced in case of Focal Points of Ludhiana, Mohali, Amritsar, Jalandhar and Khanna at the rate of Rs 40 per sq yard while Rs 20 per sq yd has been fixed for other areas.
The allottees of plots
in those cases where maximum permissible period for
commencement of construction/production stood expired
after March 31, 1999, have now been allowed additional
time period of six months along with the payment of
industry needs foreign tie-ups: Rana
NEW DELHI, Feb 4 Union Textiles Minister, Kashiram Rana today called on the Indian garment industry to become multi-locational and a world class player in all respects by forging strategic alliances for accessing new markets and technology.
Inaugurating the 24th Indian International Garment Fair here, Mr Rana asked the Government manufacturers to explore the possibilities of offshore investments to access locational and other advantages of third countries.
It was imperative that the garment industry recognised the need to move up the value chain through product diversification and development of high-value products.
Expressing satisfaction over the performance of the apparel industry in the past few years, Rana said exports of readymade garments for 1999 reached $ 5323.5 million, which was over 14 per cent of the countrys total export earnings. Indias share in the world market in garments has gone up to 2.75 per cent in 1999 from 1.5 per cent in 1980.
The industry needs to adopt vigorous marketing strategies to maintain and increase its growth particularly in view of the imminent opening up of the textile sector by the end of 2004.
He reaffirmed the Governments resolve to assist the garment export industry to revitalise itself and develop new business opportunities. We are committed to speeding up the reform process and developing stronger infrastructure he said.
MUMBAI, Feb 4 (PTI) The Government is working on a draft Umbrella Insurance Act without any schedules to replace the existing Insurance Act of 1938 and the General Insurance Business (Nationalisation) Act of 1972 to encompass life, non-life and reinsurance business in the country.
On a long-term basis we are working on a Comprehensive Insurance Act so that there is no requirement for separate acts to govern the life and general insurance industry, B.K. Chaturvedi, Special Secretary (Insurance) in the Union Finance Ministry, said at a convention on financial services organised by the Bombay Management Association here today.
He said there was no possibility of any change in the 26 per cent equity cap on foreign investments in insurance sector in the coming few years and advised financial services to plan their business strategy accordingly.
Under the liberalised insurance regime, there would be no limitations on the number of players who could take part in the business, Chaturvedi said.
The Insurance Regulator would have an autonomous role and the Governments role would be restricted to taking up policy issues like inadequate coverage of geographic areas and social commitments, he added.
Member of the Insurance Regulatory Authority (IRA), H. Ansari, said moves are afoot to come out with advertisement guidelines to protect guillible investors against false claims that may be made by insurers to garner business.
Ansari said regulations
governing insurance business, which is being formulated
by professional bodies like Institute of Chartered
Accountants of India and the Actuarial Society of India,
would be unveiled in April.
NEW DELHI, Feb 4 (PTI) The Company Law Board has directed defaulting Nidhi company Kuber Mutual Benefits Ltd to repay the money to its depositors in the next two years.
CLB member C.R. Mehta in a suo motu order directed Kuber to repay the deposits, collected under different schemes, which have already matured and the deposits which will mature in future.
According to the repayment scheme, the deposits up to Rs 5,000 has to be re-paid within the next three months. The deposits between Rs 5,000 and Rs 10,000 have to be returned in two equal six-monthly instalments.
While the deposits between Rs 10,000 and Rs 15,000 have to be paid in three six-monthly equal instalments and for the deposits over Rs 15,000, repayment is to be made in four equal six-monthly instalments.
As per the CLB directions, entire amount of Rs 100 crore in the form of various deposits has to be re-paid by Kuber by the end of 2002.
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