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Sunday,
December 9, 2001, Chandigarh, India  
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UTI not to dump shares: Damodaran
Set up agri export zone on dairy PAU shifts
focus on hybrid varieties of paddy, wheat
LSE closure may be considered on Dec 14
Invest Smart offers plans |
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Maruti bags latest ISO certification Chennai, December 8 Maruti Udyog Ltd, has been awarded the lately revised ISO certification (ISI 9001:2000) ahead of other automobile giants in the world.
Calculation of retirement benefits
ILS-III working not satisfactory
Q: We are engaged in the business of manufacture and sale of wheat flour, maida, suji and other related products being a dealer registered under the Haryana General Sales Tax Act, 1973 and the Central Sales Tax Act, 1956 in the District of Ambala. Please clarify as to what will be the impact of the introduction of the proposed new system of taxation, called, Value Added Tax on flour mills functioning in the State of Haryana? Will it enhance our competitiveness as far as scope of trade relating to wheat products is concerned?
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UTI not to dump shares: Damodaran Dubai, December 8 “UTI will not dump the shares it is holding just to achieve that objective (increasing the debt exposure in US-64), but was working out schemes to get maximum returns from both non-performing and performing assets,” Damodaran told NRI investors here. “One of the factors holding the market down now may be the feeling that UTI may download shares to meet redemptions once it accepts NAV-based listing next month. But we are not going to sell to meet fund demands,” he said. The UTI chief, however, threatened to sell unattractive shares to their competitors at attractive prices. UTI will offer its stake in companies yielding nothing, to their rivals if these companies themselves did not buy back the shares, he said, adding that “we are concerned only with investors’ interests.” Damodaran assured the NRI investors in the Gulf that US-64 was firmly on the road to recovery and suggested that investors stay with the fund for better returns. He told reporters that the US-64, which will be traded on the basis of its net asset value (NAV) from January 1 2002, was being restructured along with other schemes to reduce the equity exposure and increase debt exposure. Damodaran also said UTI will not launch assured-return close-ended schemes though it may have monthly income schemes with variable returns. He said the UTI board will consider the recommendations of the Malegam Committee on restructuring India’s largest mutual fund at the end of this month or early next month. He also clarified that UTI has not yet approached Infosys Technologies with any proposal to convert its entire equity holding in the IT company into American Depository Receipts (ADRs) for offloading them in the international markets. Damodaran said there is no proposal to convert its 5.6 per cent holding in the it major to ADRs and market abroad to realise a higher value.
PTI |
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Set up agri export zone on dairy Panipat, December 8 The decision to constitute LEDA was taken at a recent general body of the chapter held under the chairmanship of Dr Jagveer Rawat, Scientist of Chaudhary Charan Singh Haryana Agricultural University, Hisar. The meeting urged the Haryana and the Central Governments to establish an “agri export zone on dairy” in Panipat district. It was felt that the organisations such as the Haryana Progress Initiative and Health Agriculture Biodiversity and Information Technology for All round
Transformation (HABITAT) should play a significant role in promoting investment of foreign capital in the food processing and catering sector. With that end in view it was suggested that all dairy units from the district should be housed in one “modern dairy enterprises complex”. To work in this direction LEDA Panipat Dairy executive committee was formed under the chairmanship of Dr Rawat. While Mr Ram Niwas Malik of Nimbari village was elected the secretary, Mr Gurmender Singh of Binjhol was elected the treasurer. Mr Charan Singh of Siwah village was elected the vice-chairman. |
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PAU
shifts focus on hybrid varieties Chandigarh, December 8 The Punjab Agricultural University, which has played a pivotal role in ushering the country into green revolution in the 1970s, has started changing its research priorities to focus on the improvement of quality of wheat and paddy varieties to make these competitive in the international market. Talking
to The Tribune in this connection, Dr Govinder Singh Nanda, Director
Research, PAU, Ludhiana said “We have shifted our entire energy to
develop hybrid varieties of wheat and paddy suitable for this region”. Elaborating further, he said that already testing of paddy hybrid varieties had started at Kapurthala and other research stations of the PAU. It would take two to three years to develop a suitable hybrid paddy variety for this region. He said that with the development of paddy hybrid varieties, the area under this crop would be reduced but the yield and quality would improve. Paddy have been transplanted in about 26 lakh hectares in Punjab this year. The government as well as the PAU wanted to reduce the area under this crop to 16 lakh hectares. Dr
Nanda said that because of the extensive cultivation of paddy crop in
the state, the level of sub soil water was constantly going down. In
fact, a new problem in shape of “deep level of sub soil water” has
started cropping up in the state. Farmers have to sink their tubewells
very deep to draw water for irrigation purpose. It was a very costly
affair. Coming to wheat, Dr Nanda, who has done excellent work in this
field, said that it would take four to five years to develop hybrid
varieties of wheat by the PAU. “Our scientists are on the job but
farmers would have to wait for some more years to get a good hybrid
variety of wheat from the PAU”, he added. “It is not good for the
state to be dependent on a single variety”, said Dr Nanda. “We would
like that there should be two to three varieties sown in almost equal
proportion in the various parts of the state. Otherwise, in case of the
domination of a single variety, its consequences could be harmful for
the state at any stage. For instance, if the variety becomes suspectible
to any disease at any stage, then their would be panic all around”, he
added. In other areas also like vegetables, floriculture and
horticulture, the PAU has started changing its priorities. |
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LSE closure may be considered on Dec 14 Ludhiana, December 8 Mr Jaspal Singh, President of the LSE, said: “The management had earlier asked SEBI to allow us to use the BMC, security deposited by the members in the LSE, partially as Settlement Guarantee Fund (SGF ) in the LSE Securities, so that the members could have more exposure at the NSE. However, SEBI asked the management to fully close down the LSE to utilise the amount. Some of the members have asked us now to formally discuss the proposal.” He added, “We will consider this proposal at the next meeting of the Board of Directors, to be held on December 14. We expect SEBI will take the initiative due to various financial ramifications. It is learnt that the trading volumes of the LSE has drastically come down from Rs 30-40 crore to just a few lakh rupees. It has forced the management to find a safe way to close down the exchange like the proposals of other regional stock exchanges in the country. The brokers including a director, have formally written to the management to find a way to use their security about Rs 4 lakh per member with the LSE in the LSE Securities Limited. Under the present rules of SEBI , the only option is to close down the exchange. |
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Invest Smart offers plans Chandigarh, December 8 While iQomfort is a product for the retired that will help them to manage their retirement funds, iQonfidence is a product for those who have begun their career. Under schemes, we will provide expert advise to help one to fulfil ones short term as well as long term obligations in a planned manner”. iQapitalise is a long term equity advisory plan where the investment will be constantly monitored for consistency in performance. One can opt for either a growth plan which is a portfolio of growth stocks that provide a suitable capital appreciation or a value plan — portfolio of intrinsically undervalued stocks that have the potential of becoming future growth stocks. iPreserve is a customised investment advisory scheme offering investment solutions in mutual funds. “The clients will be advised about their investments in mutual funds, encompassing both debt as well as equity schemes and investsmart will also implement and monitor on behalf of the customer”.
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Maruti bags latest ISO certification
Chennai, December 8 The coveted award has been given as per the recommendation of noted global auditors A.V. Belgium which had conducted a four-day audit of maruti systems and procedures recently. According to him, the A.V. Belgium in its audit report has said Maruti may consider itself as a benchmark in the worldwide automotive industry.
PTI |
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ILS-III working not satisfactory Come fog in late December and early January, flights may once again be disrupted as the latest Instruments Landing System (ILS) category-III (A) at IGIA is been functioning as satisfactorily as it ought to. The situation has been further complicated as there has been little rapport between experts of the International Civil Aviation Organisation and officials of the Airports Authority of India (AAI). For certain reasons, functioning of the ILS has been erratic and it may take sometime before the system stabilise. The ILS category-III A is one of the most sophisticated and reliable land smoothly when the visibility is less then 50 feet from the ground. The ICAO team, which was here to monitor the functioning of the system, is reported to have said there an minor snags and will soon be sorted out. There is, however, no truth in the observation that the system is not working satisfactorily because of power fluctuation in the airport. No disinvestment
As the two main bidders — Videocon and the Hindujas — have been disqualified for several technical reasons by the Department of Disinvestment, the government has lifted ban on the Indian Airlines (IA) for augmenting its fleet. The Board of Directors, in its recent meeting, has asked the airline’s Chairman and Managing Director Sunil Arora to provide a detailed and specific proposal for acquiring new fleet of aircraft. The airline, with the help of some experts, is in the process of preparing several proposals ranging from 50-seaters to 100-seaters for clearance by the Project Investment Board (PIB). The airline will have about 20 aircraft in phased exercise. While buying new aircraft, the airline and its subsidiary Alliance Air will phase out aged aircraft. Bullet-proof doors
As the aviation and tourism industries are limping back to normalcy, a few international airlines have already introduced bullet-proof cock-pit doors which, according to security officials, can withstand on attack. The airlines have resorted to several other measures to regain the confidence of air travellers. To reduce incidences of hijacking, the aircraft will soon have close circuit TV cameras, which will be installed at strategic points. |
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by A.K. Sachdeva Q: We are engaged in the business of manufacture and sale of wheat flour, maida, suji and other related products being a dealer registered under the Haryana General Sales Tax Act, 1973 and the Central Sales Tax Act, 1956 in the District of Ambala. Please clarify as to what will be the impact of the introduction of the proposed new system of taxation, called, Value Added Tax on flour mills functioning in the State of Haryana? Will it enhance our competitiveness as far as scope of trade relating to wheat products is concerned? Ajay Gupta, Sanjay Agro, Ambala Cantt. Ans: The main objective behind the proposed abolition of the decade-sold sales tax enactment known as the Haryana General Sales Tax Act, 1973 governing the taxability of purchase and sale of goods in the State appears to be to take away the rights of the registered dealers to claim the benefit of single-point tax, sales to registered dealers and sales at successive stages of goods manufactured by the exempted units, and to buy goods without payment of sales tax for use in the manufacture or processing or packing of the finished products. In fact the state is switching over from single-point tax system to multi-point levy which will make the registered dealers liable for payment of tax on every transaction of purchase or sale of goods, except a few items proposed to be listed as tax-exempted goods (no list has so far been formulated), with a facility to claim input-tax credit against tax paid on purchases. As far as flour mills operating in the state of Haryana are concerned, the sales of wheat flour, maida, suji and packing material already attracted first stage tax and the right to sell these goods on the strength of the registration certificates without payment of tax had long ago been abrogated. The provisions of the Haryana Value Added Sales Tax Act, 2001 proposed to be introduced from the next financial year provide for levy of tax even on subsequent sales of the wheat products which did not attract any tax liability under the existing enactment as the dealers effecting such transactions used to show them as “Sales of tax paid goods”. The benefit of adjustment of set-off on account of first stage payment of tax will continue to be available to the assesses in the form or input-put tax credit and that this facility will also become available to the traders. It may be pertinent to note here that the benefit of input-tax credit will not be admissible in relation to tax paid on inputs purchased from the places outside Haryana. The new system of taxation is not, in any way, going to enhance the competitiveness of the wheat flour industry as the proposals of the state is obviously to involve subsequent sales of wheat products into the net of taxation. Q: It was in last week of November that a consignment of goods being carried on our behalf from Delhi to Jagadhri had been intercepted and subsequently detained by an Excise and Taxation Officer for came to be described “Goods detained under Section 37(5) of HGST Act, 1973 for verification”. Kindly clarify if detention of goods is permissible simply on the ground of “verification”? Narinder Kumar, Jagadhri.Ans: Sub-Section (5) of Section 37 of the Haryana General Sales Tax Act, 1973, which lays down the procedure for seizure of the consignment, does not authorise detention for “verification” as it becomes the statutory obligation of the checking officer exercising such powers to prove either that the consignment is not covered by proper and genuine documents or that the person carrying the goods is attempting the tax due under the Act. Viewed accordingly, detention of the goods for “verification” cannot be described in the face of the statutory provisions as lawful and fair. |
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