Sunday, August 22, 1999
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B U S I N E S S | Sunday, August 22, 1999 |
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Bright future for
consultancy companies Bank credit falls by Rs 481 crore Indian Sugar wins quality
competition
Ambala rakhi makers look up |
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Bank of Punjab opens 51st branch Seminar on Tata Cummins
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Bright future for consultancy
companies SHIMLA, Aug 21 — Increasing business complexities, advent of electronic commerce business (E-CB) and the restructuring initiatives being taken by the Indian companies to face the challenge of multinationals hold a promising future for consultancy companies, according to Mr K.N. Memani, Chairman of the Erust and Young, the world’s largest accounting and tax advisory firm, in the country. “Within Indian economy doing fairly well, despite world wide recession, and prospects of a stable government quite bright, the country is likely to attract a lot of foreign investment, particularly in the infrastructure sector, offering vast opportunities for consultancy services”, Mr Memani who is in the city in connection with the company’s three-day business strategy meet, told the TNS during an exclusive interview. The business scenario is becoming highly competitive with the arrival of multinationals, making restructuring initiatives necessary for domestic companies to sustain leadership in areas of core competencies. Besides, they had also been forced to switch over to E-CB to make business transaction quick and cost effective. All these initiatives require the help of consultants. Besides helping in restructuring their business activities, valuation mergers, acquisitions and getting foreign collaborators, the Erust and Young (E and Y) is also working out employee stock options schemes for the domestic companies. In developed countries such schemes had been introduced to long back to reward the employees who contributed the growth of companies. In fact, employees in many American companies had become millionaires following the implementation of such schemes. When employees had stakes in the company, they became more committed and produced better results, Mr Memani observed. He said with a vast pool of human resource, India had tremendous scope for growth of consultancy services which require intellectual input. Although exact statistics were not available but the total consultancy market in the country was estimated at Rs 2000 crore. It had been growing at a fast pace over the past couple of years. Referring to the companies performance he said the growth in the current year had been 50 per cent and it envisaged a target growth of 40 to 50 per cent over the next four years. It had set up seven offices in the country manned by 900 professionally. World wide the company was spread across 135 countries and had an annual turnover of $ 11 billion. Top corporates like American Express, Coca-Cola, CNN, Intel, Micro Soft and Whirlpool were among its clients. Mr Memani felt that the inflow of foreign investment into the country was slow, despite economic reforms and liberalisation, as only the policy has changed the mindset of the bureaucracy had not changed at all. Besides there were still the necessity of various approvals and regulatory problems. The insurance sector had not been opened so far, the Telecom policy had been jumbled up now and then. In comparison China was
better of as unlike India, where the democratic set up
made taking decisions difficult, there were no such
problems. Decisions were taken instantly and implemented,
Mr Memani observed. |
Bank credit falls by Rs 481 crore MUMBAI, Aug 21 (PTI) — Bank credit to the commercial sector decreased by Rs 481 crore during the fortnight ended July 30, 1999, amid euphoria over the signs of economic revival. The bank credit was, however, higher by Rs 349 crore during April-July 1999, against a fall of Rs 6,001 crore in the corresponding period of 1998, according to RBI’s weekly statistical supplement. Higher credit pick up in the current year is being cited as a beacon of the economy being on the revival path. Term deposits increased by Rs 6,586 crore during the fortnight to take the growth in 1999-2000 till July 30 to Rs 35,913 crore against last year’s growth of Rs 31,317 crore in the same period of last year. The continuing robust growth in deposits saw commercial banks’ dependence on the certificate of deposits (CDs) dwindling. Compared to Rs 621 crore mobilised in the second half of December 1998, banks have raised small amounts in the current year. Banks issued CDs worth
just Rs 67 crore in the first half of April, Rs 30 crore
in the second half of June and Rs 40 crore in the first
half of July. |
Indian
Sugar wins quality competition CHANDIGARH, Aug 21 — The “Tarang quality circle from the Indian Sugar and General Engineering Corporation, Yamunanagar today won the 12th preliminary regional quality circle competition organised by the CII (Northern region) at Chandigarh. The preliminary competition is a built up to the regional level competitions that will take place as part of CII ongoing thrust towards strengthening the quality movement in India. The “Jagriti” quality circle from the JCT, Phagwara won the first runner-up trophy and the second runner-up trophy was won by “Sangharsh” the quality circle from the Indian Sugar & General Engineering Corporation, Yamunanagar. The “Kiran” quality circle from The Trident Group won the special instituted Rolling Trophy which has been constituted for participating circles where the concept of QC Circles have been introduced 1997 onwards. Mr J.R. Kundal, Secretary, Labour and Employment gave away the trophies to the winners at the valedictory session. Mr C.V. Subrahmanyam,
Counsellor — TQM Division was the chief judge at
this session. Mr K. M.S. Nambiar, Company Secretary and
General Manager — HR, Fujitsu India Telecom Ltd and
Mr Ravi Palia, Vice President — HRD, Telephone
Cables Ltd were the other judges.
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Why no one
now talks of exit policy CHANDIGARH: Manifestos, like biknis and bras, reveal a great deal, but hide the vital parts. First, take the left-over leftists’ agenda: self-reliant economic development. That is something being discarded the world over. Both CPI and CPM manifestos tell the same familiar tale. And what are they opposing this time? The BJP’s (not the Congress’s) “anti-poor, anti-farmer and anti-worker” policies, besides of course communalism. The Congress and NDA manifestos read alike. Both promise (a) removal of poverty and unemployment (b) higher spending on agriculture and infrastructure (c) laws to ensure fiscal discipline (d) a limit on government borrowings (e) an expenditure commission and (f) cutting down bureaucracy. All this sounds nice. CII President Rahul Bajaj says the NDA manifesto is dearer to him because it includes a commitment to support domestic industry. In practice, however, the BJP has reduced “swadeshi” to the status of an inner garment. FICCI President Sudhir Jalan regrets the two manifestos have failed to mention privatisation of banks, elimination of subsidies , imposition of user charges on public utilities and taxation of the rural rich. As if just the mention would mean action. Irrespective of which party or group of parties comes to power at the Centre, hard and unpleasant decisions are unlikely. Only softer parts of the economic reform have been implemented so far. No party is serious about downsizing the government. No party talks of exit policy. The reforms can see better days ahead if either the BJP under Vajpayee or the Congress under Dr Manmohan Singh comes to power. TV or toilet? What is more important: TV or toilet? Villagers in Punjab and Haryana would rather buy a television set than put up a toilet at home. If the NCAER’s India Human Development Report data is to be believed , 40.3 per cent rural households in Haryana and 38.6 per cent in Punjab possess TV sets, while only 8 per cent Haryanvi and 19.8 per cent Punjabi homes have toilets. However, for North-East
Indians, Keralites, Bengalis and even Biharis the first
priority is to establish a toilet at home. TV can wait.
Over to sociologists. |
Why this
silence? THE provisions contained in sub-Section (1-A) of Section 5 of the Punjab General Sales Tax Act, 1948, barely authorise the State Government to provide for levy of tax in respect of such goods excluding declared commodities at the first point thereof as may be notified in the official gazette. Once a notification is issued in terms of these provisions, no tax becomes leviable on the goods so notified at subsequent points which obviously means the State Government is statutorily required to keep itself restricted to single point levy as is also evident from the language employed by the State Legislature in proviso appended to the main provision. It is equally obligatory for the State Government to ensure that the notification sought to be issued does not have the effect of lobbying double taxation. Ironically the State Government has overlooked completely this mandate of law while issuing the notification No S.O. 29/PA/46/48/S.5/Amd./99 dated March 31, 1999, which plainly travels beyond the scope of the statutory provisions. Timber, plyboard, wooden, rubber goods, auto parts, ball bearings, tractor and combine parts are among the other items which the State Government has brought through this notification on the list of first point tax. The timber based industry mainly comprising of units engaged in the manufacture and sale of sports goods, wooden packing cases and furniture is the worst affected owing to levy of first point tax on raw-material as well as on the sale of finished products. It has become quite impossible for it to compete with the units based in the neighbouring States primarily because of introduction of tax on inputs which has the effect of escalating substantially the price of the manufactured products. For example in Haryana, there is a provision in the Haryana General Sales Tax Act, 1973, and the rules made thereunder which gives relief to the manufacturers as well as traders in a similar situation in the form of set off and refund of tax paid at first stage. It was therefore essential for the Punjab Government while introducing tax at first point to have provided for similar benefit of tax adjustment to the manufacturers to avoid double taxation. The authorities entrusted with the job of sending reports to the State Government for amendments in the sales tax provisions told this writer that clause (xiv) of Rule 29 of the Punjab General Sales Tax Rules, 1949, deals with a situation arising out of levy of tax at first point. However on a careful study of these provisions one fails to see any relief that becomes available to the manufacturers and the dealers engaged in inter-State business in the event of double taxation. What is interesting to
note in this context is that the State Government issued
a draft notification on June 7, 1999, providing for
relief of set off only in respect of auto parts, tractor
parts, combine parts and industrial paints and leaving
aside altogether the other items which have been notified
to be taxed at first point under sub-Section (1-A) of
Section 5. This discriminatory treatment is not at all
understandable. Why is the State Government maintaining
silence over this issue? |
Ambala
rakhi makers look up OVER 50-year-old rakhi industry of Ambala, which was having more than 50 per cent share in the country, has been losing its share in the past two decades which has dropped to hardly 10 per cent till last year. The manufacturers now see a ray of hope this year while introducing new designs in higher range. Last year Ambala manufacturers developed “zarri” and “baadla” rakhis and the quality was appreciated by customers. “We have introduced rakhis made of Chandan wood this year and in spite of lack of pure Chandan wood in the country, we have received good orders,” said Tarsem Jain, one of the oldest manufacturers of rakhis in the town who started his business in 1947 after the partition. He said rakhi business of Ambala had declined by about 400 per cent in the last decade as “jaali” and “foam” rakhis for which Ambala was famous could not face “silk” and “zarri” rakhis of Calcutta, “loomba” rakhis of Rajasthan and “dori” rakhis of Punjab which affected the market share of Ambala rakhi industry severely. According to Gian Chand Jain, another leading manufacturer, most of the bulk rakhi buyers have switched over to the Delhi market where rakhis of all types are available under one roof. “Delhi has emerged as the biggest market in the country giving a cut-throat competition to Ambala manufacturers in spite of the fact that the Haryana Government granted an exemption of sales tax to rakhi manufacturers about four years back.” Kamal Maheshwari said that during the boom this industry had hundreds of families assembling rakhis of bulk traders. Arun Chawla started
manufacturing rakhis 20 years back. “Ambala rakhi
industry is supplying goods to Punjab, Himachal, Jammu
& Kashmir, Andhra Pradesh, Gujarat and Maharashtra
and making exports to Britain,Canada and America,”
said Chawla. |
Tackling NPAs According to Mr S.M.S. Nayar, Chairman, Associate Banks Officers Association, Unit, State Bank of Patiala, NPAs of all public sector banks, including the State Bank group, are around Rs 45,000 crore. Nearly Rs 35,000 crore is owed by large and medium industries. They belong basically to the private sector. They have the capacity to repay but are not repaying. There is a nexus between these industrialists and politicians. Despite repeated submissions by the bank employees and officers’ organisations, no tangible change has so far been made in the laws to recover the amount from these groups of people. On the contrary, in the name of privatisation, public sector banks are sought to be handed over to these defaulters. If the amount is recovered public sector banks in India can be healthier than any bank. The All India Bank Officers’ Confederation has suggested. 1. An overhaul of banking laws to make recovery easier. 2. Attachment of personal properties of the defaulting borrowers. 3. Debar the defaulters from holding any public office and also from getting any governmental assistance. 4. Declare the wilful default of bank loans as a criminal offence. If these steps are implemented, the NPA position of the public sector banks can be much better. S.M.S. Nayar Trade names The marketplace has a variety of products that bear trade marks like India, Jaiselmer, Ajanta, Konarak, Gulmarg etc. And if a formulation is changed or a product is relaunched then the prefix “new” is given as in “New Ganga” In keeping with the trend of using such denominations that may commercially boost the image or brand personality of a commercial merchandise, it is likely that names like “Kargil” and “Jawan” may well be commercially exploited for some consumer or durable of non-durable products. I strongly plead that the above names should not be accorded any trade mark registration or other brand property rights by the Central and State Governments. For any products that may adopt “Kargil” or “Jawan” as its name or mascot the government should take suo motu action. In any case it might help if a detailed notification is issued so they any such intended liberties are contained in time. Your etc. P Mohan Sachdev |
Bank of
Punjab opens 51st branch AMRITSAR, Aug 21 — Bank of Punjab opened today its 51st branch at Court Road here. This branch is the third banking office of the bank in Amritsar with two existing ones being at Golden Temple premises and Guru Nanak Dev University. This branch will provide extended business hours from 10 am to 5 pm and will be open on all the seven days of the week. This branch will also provide the facility of 24-hour cash withdrawal and deposit through the on-line ATM installed at the branch premises. This ATM is connected to other ATMs of the bank. The bank plans to open
25 more branches across the country at major metros like
Chennai, Calcutta, Bangalore, Bombay and Delhi during the
current fiscal year. |
Seminar on
Tata Cummins CHANDIGARH, Aug 21 — Cummins Diesel Sales and Service (I) Ltd and JK Supplies & Solutions today organised a seminar on Tata Cummins at Mohali today. The Zonal Manager of Cummins Diesel Sales and Services (I) Ltd, Mr Sanjay Tandon, said it would provide support to the owners of buses and trucks of Tata Cummins. The mechanics and drivers would also be given training. Mr R.S. Chahal of JK
Supplies and Solutions said it would sell valvoline oil
and coolant along with the spare and service of the Tata
Cummins buses and trucks. A service centre would also be
opened in Mohali. Mr R.P. Das, Area Service Manager also
spoke. |
Q: Whether failure to mention “failing which suit for ejectment will be filed” would render the notice invalid? Ans: This point was considered by the Allahabad HC in Mohd Javed v Smt Rukmani Devi (1999 (2) CCC 412) From reading of the notice, it is clear that the land lady has clearly stated that the tenancy would stand terminated after 30 days of the receipt of this notice and it was also stated therein that after expiry of 30 days from the receipt of the notice, the applicant was required to pay the arrears of rent and to remove possession and deliver the possession to her. It is true that the word “failing which a suit for ejectment will be filed” is not mentioned in the notice. The question is whether this failure would invalidate the notice. The HC took the view that in the instant case, the notice is in accordance with the requirement of S.106 of T.P. Act and there is assertion to terminate the tenancy after expiry of 30 days from service of notice as well as to deliver possession of the premises to land lady after expiry of 30 days from the service of notice. Thus, demand of possession within stipulated period is categorically mentioned. By not mentioning “failing which suit for ejectment will be filed”, it cannot be said, held the HC, that the land lady had not demanded possession from the lessee after expiry of 30 days from the date of service of notice. The HC added, the requirement of S.106 is to terminate the tenancy by 30 days notice. In the instant case, there is specific averment regarding termination of tenancy and demand of possession after expiry of 30 days of notice. Thus, the HC concluded, from the above discussion, that the notice U/S. 106 served by the land lady on the applicant does not suffer from any infirmity and it is a valid notice. Therefore, tenancy of applicant was determined in accordance with law and suit for ejectment on this ground was not defective in any manner. In view of this, the HC
held that the present revision is without any force or
merit and hence dismissed the same. |
AROUND six months ago, I had picked a few sectors which looked potent enough to merit the attention of investors. Six months later, having been proved right, I shall now proceed to review some of these sectors to determine whether they still merit the attention of investors. The sectors which we shall review this time around are telecommunications, paper, auto-ancillaries and cement.Telecommunications, it must be reiterated is no more a luxury, but a necessity subsequent to economic development especially in an era of economic liberalisation and globalisation of trade, financial and labour laws. The Government has realised the need for faster and comprehensive development of telecommunication in the country, along with privatisation. However, nothing significant has really been done in this segment. The objective for privatisation was not only to fulfil the need for faster and comprehensive development of telecommunication but also to make India recognised as a major manufacturing base and exporter of telecom equipment. But the fact is that most companies find it difficult to survive due to the whims and fancies of DoT. Nevertheless many MNCs which set up shop in India are also repenting their decision. It is a trying period for the telecom, industry, which is evident from the fact that the private entrepreneurs have not even started full-fledged operations and are already facing crisis on account of uncertain policies. Due to the sudden changes in the policies as well as delays in finalisation of projects, the industry has been badly affected. Yet, notwithstanding all the negative factors, this is an industry with immense growth potential. On account of the low demand and the sluggish economy, the paper industry has been witnessing a bad phase reaching unprecedented depths. The problems of the industry are further compounded by fierce and intense competition and rising imports. The industry comprises of these categories, namely cultural papers, industrial papers and newsprint. Cultural papers enjoy a dominant share of 45 per cent, however, the same is expected to diminish. The market share of the industrial papers segment which accounts for 35 per cent of market is growing at the rate of 10 per cent, the market share of the cultural papers segment is growing only at the rate of 6 per cent. This is because the industrial papers segment comprises kraft paper which is used in the production of sacks, corrugated boxes, composite boxes and liners and accounts for 65 per cent of the industrial papers segment. Though the country comprises of 16 per cent of the world population, it accounts for only one per cent of the global consumption. The per capita
consumption is only 3.2 kg per annum, which is extremely
low compared to global standards. However, the demand is
expected to grow during the year 2000. The Union Budget
1998-99 provided relief to the domestic players by hiking
the effective import duty. Cost of certain inputs have
increased such as pulp and waste paper. The demand which
is determined by the literacy rate, standard of living
and level of economic activity, is likely to increase, as
mentioned earlier. The domestic demand for industrial
paper is expected to grow by 13-15 per cent, while the
demand for cultural paper is also expected to grow by 6
per cent. |
IN the last decade or so, the number of consumer organisations in the country has gone up considerably. There are now nearly 900 of them. We now even have specialised consumer journals and consumer groups taking up comparative testing of products to help consumers make an informed choice. Consumer groups are also effectively representing consumers on many government policy-making bodies and advocating their cause. We also have specialised groups dealing exclusively with problems concerned with banking, rail transportation, basic telephony. While all these are positive changes, we still need to have more consumer groups to take the consumer movement forward. In fact there is need to institutionalise the concept of consumer protection in every residential locality and this is what I would like to discuss this week. A beginning can be made in this direction in the big cities and towns where co-operative group housing societies and residents’ associations can also double up as consumer protection groups. I am sure there is not a single urban household in India which is free of hassles associated with the payment of electricity and water bills. Consumers all over the country feel constantly harassed by public utilities which send inflated bills or don’t send bills at all. If residents associations constitute themselves into consumer bodies, they will acquire for themselves a legitimate forum to deal with electricity, water and telephone departments and the neighbourhood shopkeepers. Such collective activity in the furtherance of consumer interest will go a long way in relieving harassed consumers living in the locality. Members of the residents association can take turns to hold office in the consumer protection group. Such collective action will also ensure that complaints against utilities are lodged promptly and regular follow-up action taken on them. This would also pave the way for regular interaction between the office bearers of consumer protection groups and officials in charge of these utilities. Though efforts are being made towards privatisation of power supply and telephone services, this is still a long way off and until that happens and one sees marked improvement in the quality of service provided by State-owned monopolies, the emergence of such mohalla-level consumer protection groups will prove to be a boon for people living in urban and semi-urban areas. Under the Consumer Protection Act, every consumer has the right to seek relief through a consumer court. But there are many occasions when a problem can be resolved without seeking legal action if only someone has the time to make a few trips to the local electricity office or telephone exchange. Most people find this to be a difficult task because they have 9 to 5 jobs and visiting the offices of the utilities would mean taking leave or absenting themselves from work for a couple of days. In the present context this becomes even more difficult when the problem recurs at regular intervals. That’s why every consumer needs an organisation that can intervene on his or her behalf. A housing society with 200 members can easily have an efficient consumer protection organisation. Members can contribute a small monthly fee and employ people to attend to their problems while having a few office bearers to undertake some responsibility. Such associations can be
very effective for another reason. Be it a problem of
steep voltage fluctuations or power breakdowns or delays
in rectifying faults in telephones, many of these
problems are common to people in a specific locality.
Similarly, residents of an area are served by a common
post office, and if the postman does not deliver letters
promptly, it is not just one consumer who is affected,
but all the residents. If an LPG dealer in a particular
locality resorts to any unfair or restrictive trade
practice, all LPG consumers in the area suffer and have a
common complaint against the dealer. So is the case with
fair price shops. And imagine the impact of a complaint a
fair price shop that never opens or an LPG dealer who
delays delivery, signed by 200 residents!
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The grapevine has it has the Big Bull is eyeing this counter. With he promoters of the DSQ group finding themselves in a mess of sorts, it seems that the Big Bull has decided that the time is ripe to play this counter and rake in the moolah. Punters, take guard. ICICI AGM There were a lot of red faces at ICICI’s AGM, according to the grapevine. Why? Well, one of the institution’s shareholders chose to persistently query its top brass about the reason for its funding over-exposure to the Essar group. Wonder why no one queried the hefty salary package increases for the top brass? India Cement According to the grapevine a recently tabled FII report on the Indian cement sector suggests that India Cement has the potential to outperform most of its contemporaries and emerge as the new numero uno in its segment within the next ten years. Any takers? Sri Adhikari Bros Ever since the rumour
that his media software company was contemplating a
rights issue started doing the rounds, up upward journey
of its share price abruptly ended. But the story is not
over yet avers a veteran market operator who whipers that
a leading BSE punter has begun unloading this share at
the current price level. Watch this counter. |
Q: 1. Is difference between cost price and indexed sale price of UTI’s US-64 units be taken under Capital Gain Head? 2. Is Short Term Capital (Gain) loss be adjusted against Long Term Capital Gain/Loss. — Tarsem Jain, Patiala Ans: For the purposes of long-term capital gains the difference between indexed cost of acquisition and the sale price will be treated as long-term capital gain. The short-term capital loss can be adjusted against any long-term capital gain. Q: Kindly confirm if the dearness allowances is to be added in salary while calculating 10 per cent for the purpose of house rent exemption. I am working in Punjab State Electricity Board and dearness allowance is not treated as dearness pay. — Balraj Gupta, Amritsar Ans: The dearness allowance may be added with the salary for the purpose of house rent exemption. However, if your rules provide that the dearness allowance is not treated as dearness pay, then it need not be added. Q: Under Section 88 DD tax exemption of Rs 15,000 was available to parents of handicapped children under Section 88DD upto 1998-99. In a section of the press it is stated that the said exemption of Rs 15000 has been withdrawn in the Union Budget for the financial year 1998-99. Kindly advise whether this exemption has been really withdrawn or not. In case, it has been withdrawn, then such an exemption is now available under section of Income Tax Act. 2. Kindly advise whether interest of additional loan raised against the security of NSCs and Fixed Deposits will be treated at par with interest on House Loan for the purpose of exemption of interest on borrowed capital up to Rs 30,000 as per the provisions of Finance Bill of the year 1998-99. — Rakesh Kumar, Jalandhar Ans: The provisions of section 80DD are still applicable in respect of the Financial Year 1999-2000 relevant to the Assessment Year 2000-2001. As per the amended provisions, the overall limit of deduction u/s 80DD is Rs 40,000 which may be either in respect of any expenditure incurred for medical expenditure, etc of a handicapped dependent or the amount is paid or deposited under a scheme framed by LIC/UTI for the maintenance of a handicapped dependent. As per the new amendment, the expenditure for medical treatment of handicapped dependent by itself will qualify for deduction of Rs 40,000 as against “incurred expenditure” terminology for the earlier years. The additional loan raised for housing against the security of NSC/fixed deposit will be eligible for tax deduction within the overall limit of Rs 30,000 on account of interest payment for house property. This amount will be allowed deduction against any income of the year. Q: I have sold agricultural land of my village and want to make a residence and a shop in a town. Kindly let me know the period for which income-tax-free amount is available in my case noted above. — Paramjit Singh, Mohali Ans: For utilising the capital gains for investment in residential house the time period by which this investment must be made is within 2 years from the date of sale. If you are going in for construction of a residential house, the time period is 3 years from the date of sale. However, the tax benefit is only in respect of a residential house and not in respect of a shop. Q: I am a bank employee working in State Bank of Patiala, Faridkot. My total income for the financial year i.e. 1998-99 is 1,12,000 included Rs 9018 is leave encashment of 30 days. So, advise me whether the leave encashment is taxable or not during the service. As per verdict of Supreme Court of India in the case of Commissioner of Income Tax, West Bengal Vs Tollyyoumd Club Limited dated 18.12.1998 vide which it has pointed that amount of leave encashment is not income receipt but capital receipt. Hence, it cannot be taxable under any section of Income Tax Act under any circumstances. — Rakesh Gakhar, Faridkot Ans:
The amount of leave encashment received from the employer
will be included in your income and liable to Income Tax.
The exemption in respect of encashment of leave is only
at the time of retirement and not otherwise. |
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| Deluxe Corpn NEW DELHI, Aug 21 (TNS) — The $ 1.8 billion US based Deluxe Corporation will inaugurate its shared services centre in Gurgaon next week. Chairman of the company, Mr Gus Blanchard,is scheduled to visit India between August 24 to August 28, 1999 and is expected to announce significant India investments in the financial services sector. Campaign ICAI seminar |
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