‘There’s merit for subsidies on welfare count’
NEW DELHI, Feb 14 — As the government hikes prices of ration food and cooking gas citing its swelling subsidy bill at Rs 1400 billion or 14 per cent of GDP, experts say more than doles it’s poor revenue recoveries that are spelling trouble.

NPAs are major cause for worry
NON performing assets of banks and Financial Institutions has become a big cause for worry. Executives of banks carry much blame for this.

DSE forward list drops inactive scrips
NEW DELHI, Feb 14 — The Delhi Stock Exchange has restructured the forward list by dropping a large number of not too active scrips and adding a few more to generate liquidity on the bourse, a senior DSE official has said.

Matiz exports from April NEW DELHI, Feb 14 — South Korean auto major Daewoo Motors India Ltd has planned to export its recently introduced Matiz small car to East Europe as also Egypt and Australia from April this year, company sources said.

LIC launches health policy
NEW DELHI, Feb 14 — The Life Insurance Corporation of India will launch a new health insurance plan “Jeeven Asha-II” tomorrow promoting regular health check-ups and cover for emergency surgeries for certain diseases.

‘There’s merit for subsidies on welfare count’
From Sudha Passi

NEW DELHI, Feb 14 — As the government hikes prices of ration food and cooking gas citing its swelling subsidy bill at Rs 1400 billion or 14 per cent of GDP, experts say more than doles it’s poor revenue recoveries that are spelling trouble.

“Subsidies are given in every country, the magnitude is not important... who benefits from subsidies is more important,” says Dr B.B. Bhattacharya, Director, Institute of Economic Growth.

“There’s a merit for subsidies on welfare count. The issue is how much is reaching the poor... The concern is high because they are being targeted at even those who don’t need it (subsidies),” says Subir Gokaran, Chief Economist, National Council for Applied Economic Research.

Today it is convenient to say that the widening gap between government revenue and expenditure of the rising fiscal deficit is due to subsidies that have to be given to ensure essential commodities and services at an affordable price.

But that’s only one of the reasons, says Gokaran suggesting that other ways of reducing spending should be considered.

“...And subsidies are not going to be easy to cut, as has been seen recently when people below poverty line were exempted from the recent price hike,” notes Gokaran.

Restructure them

In a highly unequal society there has to be discrimination in pricing and redistribution of resources, says Prof Kamal Kabra, Head of the Economic Department of Indian Institute of Public Administration.

Calling for an immediate relook and restructuring of subsidies, the economists say the government should carefully scrutinise all areas and then withdraw it from those sectors where subsidies are being given to those who don’t need it.

“Now time has come when the government needs to prove that subsidies, both open and hidden, enjoyed by the rich of the farm and industrial sectors are phased out. Only then it can have the moral right to reduce its fiscal deficit by cutting doles for the poor,” says N.C. Joshi, former Reader, Delhi University.

According to Dr Bhattacharya, a large part of the government money on the PDS food is actually spent in the operational costs. Only through proper management wastage handling could be reduced substantially bringing down the subsidy bill.

Instead of decreasing diesel prices, as was done a few months ago, the government should have retained it at the previous level and used it for bridging the gap, says Dr Bhattacharya.

He also notes that encouraging the manufacture and sale of private diesel cars would translate into subsidy for the rich.

Education

Both Gokaran and Dr Bhattacharya suggest that university education is yet another area where services are priced much below the actual costs.

Today, college fees are so less that many students are not taking education seriously, notes Gokaran citing the instance of many developed countries where students have to seek scholarships under various programmes to avail benefits. Such modalities can be worked out in India too, he says.

Both, the extent of subsidies as well as where they are being sourced from have to be looked into, says Kabra noting that public financing cannot be looked at in isolation.

The State just can’t keep raising prices or diminishing subsidies for after a point it would become impossible to raise prices (ration) more than the market prices, says Kabra observing that the government should spruce up its revenue recovery mechanism.

Despite lowering the tax rates and widening of the tax net, there has not been substantial improvement in tax recoveries in indirect and direct tax collections. He attributes the rise in direct collections mainly to the amnesty schemes of the government in the last couple of years.

Gokaran too notes that almost 70 per cent of government spending is today being used up in salaries and financing debts or paying interest over state borrowings. This expenditure should also be justified, says Gokaran implying that if salaries of government employees go up so should productivity.

NPAs are major cause for worry
By P.D. Sharma

NON performing assets (NPA) of banks and Financial Institutions has become a big cause for worry. Executives of banks carry much blame for this. Estimate Committee of the 12th Lok Sabha on public sector banks — bad debts has said that it was not enough for the RBI to issue a letter of displeasure to top functionaries who have caused pecuniary loss to banks. In this regard Indian Bank, Bank of Maharashtra and Vijay Bank have come under special focus.

As per committee’s report the NPAs in absolute terms went up from Rs 39,253 crore in March 1993 to Rs 43,577 crore in March 1997. Currently 17 bank have NPAs of 10-20 per cent and 8 hold above 20 per cent. One banks has NPA of 36 per cent while another has 39 per cent. Only two banks reported NPAs in the range of 5-10 per cent.

The reasons enlisted for this sorry state are: failure to render honest; dedicated and diligent service in the discharge of responsibility to borrowers; poor motivation and inadequacy of professional skills for assessment of business risks corporate failures both in the public and private sectors; siphoning off of funds by corporate racketeers and no fear under the present slow and complex legal system.

International rating agency Moody’s Investor Service its report titled; “Banking Outlook: India” has stated that NPAs are under-estimated and their level is much higher. In its rating ‘A’ stands for the strongest and ‘E’ for the weakest. It has slotted Bank of Baroda, Bank of India, Canara Bank, Oriental Bank of Commerce and PNB at ‘D’ ; and SBI at ‘D’ plus. Central Bank is placed at ‘E’ and UBI at ‘E’ plus. The level of NPAs of even the strongest banks has risen during the last two years.

It has been observed that banks and FIs resort to ever-greening of loans by subscribing to the quasi debt of the company whose loan has turned sticky. Special Secretary Banking, Government of India has raised doubts about the veracity of NPA figures. He has charged the banks for indulging in ever-greening NPAs by extending fresh loans to the defaulting companies.

Public sector banks have written off over Rs 6,170 crore between 1994 and 1997 as bad debts. SBI accounts for the largest share in this. As on March 1998 out of 16,107 cases transferred or filed with debt recovery tribunals only 2271 cases involving Rs 1167.96 crore have been decided and only Rs 246.19 crore were recovered.

RBI has advised banks that if there is no prospect of recovering the debts the decision to write off can be taken in the larger interest of the bank. Some banks have delegated powers for writing off loans. It is estimated that less than 7 per cent of India’s sick industries are viable.

The government should keep in mind that by enacting such laws the economy shall suffer further jolt. Already the credit-deposit ratio (C/D) in 1998-99 has come down to 25.67 per cent as against 37.78 per cent in the last year. Supreme Court bench has also given a decision that owners of insolvent business should be shown a human face.

Instead of strengthening DRT Act the burden of which will fall on small borrowers government should announce amnesty scheme as suggested by banks themselves and resort to write offs where full recovery is not possible.

DSE forward list drops inactive scrips

NEW DELHI, Feb 14 (PTI) — The Delhi Stock Exchange (DSE) has restructured the forward list by dropping a large number of not too active scrips and adding a few more to generate liquidity on the bourse, a senior DSE official has said.

The forward scrip list of 121 will be eased to 88 from Monday by dropping most of the inactive scrips to improve the liquidity on the exchange as well as the turnover, DSE President Ashok Aggarwal told PTI.

He said there were some counters which were in the specified group but had hardly any carry forward (badla) business.

The main liquidity on the bourse was from 40 badla scrips for their carry-forward trading. The exchange picked up and added 48 more scrips for the badla trading, Aggarwal said, adding that this would be a specified section of 88 scrips.

“The decision has been taken to boost liquidity and allow investors to take a long view of the market,” he said.

The member brokers were trading in some scrips for seven days before including in the new list and squaring up their positions. Now, they could carry forward the trading for 90 days as per the Securities and Exchange Board of India (Sebi).

Among the newly introduced 48 scrips, 34 are already in the specified group and eight scrips shifted from non-specified to the forward list. The remaining six scrips would be configured as permitted scrips.

The decision was taken at the DSE board meeting last week and forwarded to the badla committee headed by M.M. Kapoor of the Unit Trust of India.

An official of the exchange said in the last few months the exchange had observed that more than 90 per cent of the total turnover was recorded in less than 10 scrips and the balance 10 per cent attributed to the remaining listed 90 per cent shares.

Aggarwal said the exchange would also introduce “market specialist” from next Monday to further create depth and liquidity based on market-making concept, like in the New York Stock Exchange.

Under the scheme which was designed by the newly elected DSE board, the market specialists would offer two-way quotes in a given scrip on regular basis.

On a trial basis, a list of 182 scrips was prepared, which were also active among the top 200 shares at the Bombay Stock Exchange or having trading frequency between 25 and 25 per cent.

Each market specialist having capital adequacy of Rs 15 lakh would be given one scrip and a maximum of two. If the exchange received more than one application for each scrip, a draw of lot would be done to select a member specialist.

The member opting for the scheme would get an incentive of 0.01 per cent on a deal done by the DSE and the other non-specialist members would be debited 0.01 per cent on the deal done in the scrips.

Aggarwal said with this, the DSE would become the first stock exchange in the country to have this facility to uplift thinly traded shares.

He said the performance of the specialists would be reviewed every month by a committee consisting of the President, the Executive Director and a public representative Director at the bourse.

With this, there would be a cheerful situation for all as the specialist gets his cut, the investor gets an entry and exit option and the exchange a higher turnover, he said.

World’s fastest scooter coming

NEW DELHI, Feb 14 (PTI) — Italian two-wheeler major Piaggio plans to introduce three of its frontline scooters in India shortly, including Gilera, claimed to be the fastest scooter in the world.

Gilera, a virtual hybrid combining the best features of a scooter and a motorcycle, can cruise to an astonishing speed of 170 km per hour for a two-wheeler guaranteeing at the same time safety for the rider, Mario Empirin Gillardini, Resident Manager of Piaggio, told PTI.

Gilera, a spinoff from Piaggio’s motorcycle division Gilera, is a big hit in Europe with customers liking its sporty design, he said. It comes in four variants ranging from 50 cc to 200 cc.

Matiz exports from April

NEW DELHI, Feb 14 (PTI) — South Korean auto major Daewoo Motors India Ltd has planned to export its recently introduced Matiz small car to East Europe as also Egypt and Australia from April this year, company sources said.

“We will export the first consignment to Egypt followed later by Australia and countries in East Europe,” the sources told PTI.

Matiz has proved to be popular in Europe and there is a shortage as the parent plant in Korea is unable to cope with the increased demand, the sources said, adding the Indian plant will step in and make up the shortfall.

Matiz samples have already been despatched to some of the export destinations for getting different approvals ranging from safety to environment specifications.

Matiz, which was introduced in India three months ago, has a sales volume of 1000 to 1500 per month. Fifty per cent of the total production has been earmarked for exports.

The engine and gear box from its plant were already being exported to the parent company in Korea.

So far components worth $ 35 million had been exported to Korea. These components were being used in cars exported to the USA.

Daewoo, the sources said, was also considering introducing some of its luxury cars later this year in India depending upon market trends.

“Our plan is to sell some of the luxury models in India at close to half the price of Mercedez Benz while offering the same comfort and features of the prized German vehicle,” sources said.

LIC launches health policy

NEW DELHI, Feb 14 (PTI) — The Life Insurance Corporation of India (LIC) will launch a new health insurance plan “Jeeven Asha-II” tomorrow promoting regular health check-ups and cover for emergency surgeries for certain diseases.

The new open-ended scheme with periodical payments is open to those in the age group between 18-50 years for a period of 15, 20 and 25 years.

The sum assured under the scheme marks up from Rs 50,000 to Rs 3 lakh with fixed benefits for specified surgical procedures that can be availed twice, provided the first surgery is minor.

Under the first benefit, a policy-holder can avail 50 per cent of the sum assured and 20 per cent in case of minor surgery. While for the second benefit the holder can avail 30 per cent of the sum assured for a major surgery and 20 per cent for a minor surgery.

The new scheme also gives policy holders of Jeevan Asha the option to switch over from the old scheme within one year.

It also provides periodic benefit payment of 2 per cent of the sum assured even after getting the fixed benefit.

by Ashok Kumar

ABB

ASEA Brown Boveri (ABB) is a 51 per cent subsidiary of the US $ 35 billion 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. The power generation segment, regardless of the slow progress of the country’s power sector, is set to grow immensely in the coming years and ABB would definitely benefit from the same. After synchronising GVK Industry’s 235-MW Jegurupadu power plant in Andhra Pradesh, the country’s first fast track project to go on stream, ABB has finalised the EPC contract for the Daewoo power project. ABB has been striving to achieve the status of a full-fledged power equipment manufacturer, something which only BHEL can boast of now. 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 fifth-largest among the group’s operations worldwide. Overall, the prospects of this company appear to be fairly promising.

Widia India

WIDIA India, which is a subsidiary of the US $ 1.9 billion Cincinnati Milacron, is the market leader in the duopolistic market of tungsten carbide cutting and metal forming tools. Against the backdrop of the continuing downward trend in the economy affecting Widia’s key user industries like auto ancillaries (which account for around 40 per cent of its sales), general engineering, etc, it has managed to report good performances. Even in its mainline segment of hard metal products, the metal tools segment has cushioned the impact of the drop in offtakes of metal cutting and metal forming tools. Achieving international quality in mining tools with technical collaboration with overseas majors has apparently strengthened Widia’s portfolio in this segment and enabled it to post significant progress here.

Better value addition in production segments, greater productivity, waste reduction, improvements in production processes, etc, have been reflected in the sharp fall in the ratio of material consumption/sales. Overall thus, the prospects of this company appear to be looking up.

MICO

A member of the global automotive major Bosch group of Germany Motor Industries Company (MICO) is the country’s leading auto ancillary manufacturing company with market dominance in key engine parts of fuel injection pumps (FIPs), used in diesel engines and spark plugs (for petrol engines) with its market share standing at over 60% and 70% respectively. Diesel Injection (DI) equipment, which is its major contributor to revenue comes in a wide range, catering to engines ranging from 5-2500 HP. While FIPs find applications in wide spectrum of automotives, the commercial vehicles (CVs) sector is the major user of DI equipment.

MICO derives around 60 per cent sales from the OEM segment and around 40 per cent from the after sales service market segment. To reduce the vagaries of the cyclical auto industry. MICO has, over the years, expanded its product range to include electric power tools, industrial equipment, packaging machines, car audio systems, hydraulics, etc, and leveraging its strong distribution network, it also distributes Germany’s Aral range of lubricants. The company has also focused on exports catering to the Bosch group and Bosch customers. The long term prospects of this company thus seem satisfactory.

J.C. Anand
Budget uncertainties ahead

THE Budget session of Parliament begins on February 22 and the Budget is expected to be presented on February 27. During this period, the stock market is not expected to stage any rally. True, that in the previous years it was usual for the market to have a rally in expectation of favourable budget proposals. But this year the expectation is that the Budget proposals are expected to be stiff. The Finance Minister has already declared that the Budget proposals are likely to be hard.

Another reason is that the Indian economy has been under severe strain. While the agricultural sector has done well with a 5 per cent growth, the industrial growth has been disappointingly low, at less than 4 per cent. A recent survey by the Associations Council of the CII indicates that of the 80 sectors of industry, only 29 have shown improvement, while 47 sectors have posted lower growth. Four sectors have been stagnant. The period covered by the CII survey is April-December 1998. The automobile and steel sectors are among the worst affected by recession.

The government is also under pressure to cut down subsidies both in view of the WTO pressure and commitments and the need of the economy to cut down expenditure to raise its resources. Some evidence of the government’s resolve in this direction has been demonstrated by the recent cut on subsidies in foodgrains, fertilisers and the cooking gas. Consumers will have to shoulder the additional burdens.

There is also some uncertainty about the capacity of the Union Government to push through Parliament its Budget proposals as well as some important but controversial Bills in their undiluted form. The stability of the government itself is in some doubt, though I believe that the present coalition government will be able to surmount its present difficulties at least till the next bout of Vidhan Sabha elections next year.

These uncertainties are likely to keep the stock market in a subdued form during this fortnight. The software and multinational pharma companies as well as multinational speciality companies are likely to maintain their present market price levels but what would happens if Parliament is unable to pass the Patents Bill once again? It is also expected that Parliament is likely to pass some liberal measure on opening the insurance segment to the private sector and multinationals. In this eventuality, HDFC may get a boost and its market price would go up.

The Budget is likely to cut down some relief now offered under Sections 80 and 88 of the Income Tax Act, but at the same time there are bound to be some concessions for the housing sector, infrastucture and the export-oriented companies. In case these concessions are offered, such companies as house-building loan companies, road construction companies, infrastructure companies will be the gainers. Larsen and Toubro, ABB, ACC and some other cement companies may move up. Even at their present market prices these companies are quoting on the low side.

There is some good news for the Chandigarh investors and traders. The Ludhiana Stock Exchange is expected to install its stock exchange terminals at Chandigarh in May-June this year. This would broaden the trading choices in a big way. During the last fortnight, two top functionaries of the Ludhiana Stock Exchange visited Chandigarh and held extensive discussions with the local stock market terminal operators. There was good response and it is expected that there would not be any roadblocks for this development.

During the last fortnight, the pharma shares like Glaxo, Burroughs Welcome, Pfizer, Novarties, Parke Davis as well as speciality chemicals shares like Clariant moved up in big strides. Hindustan Lever, which is declaring its results this week, registered a new high in the expectation of excellent results. Tata Tea moved up from Rs 380 or so to Rs 443 on FIIs buying.

Some shares are quoted at very low and attractive market rates. Tata Chemicals is quoting around Rs 72 and in case an investor is in a mood to lock up this investment for a minimum period of two year, it will reward the investor very well. Even during 1999, the company is likely to maintain its dividend of 65 per cent. In any case it is in a position to declare a dividend of 50 per cent on the strength of its first 9 month results. It is, of course, proper to point out that its results are substantially lower than its last years’ results.

by K.R. Wadhwaney
Need to be firm with ATCs

CHAOS in the air in the country, particularly at Indira Gandhi International Airport (Delhi), continues. This is because the Airports Authority of India (AAI) is merely a profit-making outfit, while the Directorate-General of Civil Aviation (DGCA) has been a toothless tiger. Ministry incumbents, bureaucrats and politicians, propose and plan lofty schemes which are, according to aviation experts, no more than building castles in the air.

Due to lax control by the authorities, air traffic controllers (ATCs) have been holding the country and passengers to ransom. Every third day they are either on strike or indulging in “go-slow” tactics for one reason or the other. When hike in salaries is not a demand, they find faults with the system or tools provided to them.

ATCs, particularly their ill-informed trade union bosses, do not realise that their uncalled for tactics are playing havoc with the industry. Apart from damaging the aviation credibility and undermining growth, the tactics can lead to accidents. India’s record in this respect has been far from satisfactory.

The time has come when the government must deal with the ATCs effectively. ATCs have got to be disciplined and a strong broom has to be used to get rid of mischievous incumbents in the unit. Trade union activities cannot be allowed to go unchecked. The government has got to put its foot down. Maybe, there is a need to appoint a trouble shooter at international airports to deal with such ticklish problems. The healthy balance-sheet of the AAI is not a substitute for jeopardising safety of passengers.

Privatisation

Citing an example of ‘success story’ of his airline, the British Airways chief Lord Marshall has advocated privatisation of airlines.

Lord Marshall said that the governments must see to it that there were regulations to safeguard safety and security of passengers and aircraft and that there was adequate infrastructure to meet the growing demands of the travelling public. He also advocated removal of unfair competition. This has been the slogan of almost all affluent operators. But, sadly, there is no airline which is absolutely “clean” in the matter pertaining to discounts and fixation of air fares.

Lord Marshall was in favour of international alliances. Experts, however, feel that international alliances will lead to big becoming bigger while small carriers will get wiped out.

More destinations

Minister for Civil Aviation Ananth Kumar, on a three-day visit to Kuala Lumpur, suggested that the Malaysian Airlines, in addition to daily Kuala Lumpur-Delhi service, should explore flying through Bangalore, Trivandrum, Calcutta and Mumbai.

The augmentation of flights is generally based on bilateral arrangement. Do two national carriers, Air India and Indian Airlines, have enough fleet to operate on the Malaysian region? What is paramount is that the two airlines should be provided subsidy to buy aircraft without delay.

Sagar Suri Fin

I deposited certain amount with Sagar Suri Estates and Finance Ltd., Sagar Apartments, 6, Tilak Marg, New Delhi through their branch office at Patiala which I was issued post-dated cheques of quarterly interest and the principal amount. The post-dated cheques of interest and principal amount were bounced by the bankers with the remarks “insufficient funds”. I got the case filed in the local Consumer Forum. The decision was given by the Consumer Forum in my favour and the company was directed to make payment by July 1,1998 with 18 per cent interest and the costs thereof. But the company till date has not at all cared to make the payment to me. The bounced cheques are: cheque No FD/S00840/023298; Cheque No. FD/S00840/0233302, Cheque No. FD/S00810/022105 etc.

Kewal Krishan Sanon
Patiala

II

I deposited Rs 30,000 on 20-11-96 with M/s Sagar Suri Estates and Finance Ltd., through their Chandigarh Branch. I was receiving monthly interest. The deposits matured on 20.11.97. However, since then I neither received monthly interest nor the principal. The warrants with numbers 021 714 and 021715 issued for refund have not been honoured by Bank.

Surinder Kaur
Chandigarh

US-64

I sent the under-mentioned US-64 certificates UTI office at B.S Marg, New Delhi on 21-10-98, (Duly acknowledged on 23.10.98) for repurchase. However I have not received the proceeds of certificates even after the lapse of 2 months despite reminder. The certificates are: Certificate No. and No of Unit - 46911300141 — 100, 47111300127—350, 47611300799—200, 47711301688—240, 48711301920 — 800 etc.

Chaman Lal Grover
Chandigarh

Mahadev Corp

I had sent 300 shares to Mahadev Corp. (India) Ltd with folio No. is 1735 and 11676, certificate No’s 61638, 61639 and 57428, distinctive No’s 6600701 to 6600900, 617970 to 6179800 for transfer of shares in my name. Despite reminders I have not received shares back.

Narinder Kumar Gupta
Rampura Phul

NEPC India

I sent 1000 shares for transfer on 2.9.98 to NEPC India Limited with Regd. Folio No. : 00273079; Certificate No. 00650765 to 00650774. Despite many reminders I have not received shares after transfer.

Som Nath Aggarwal
Faridkot

Rama Newsprint

I hold 50 debentures of Rama Newsprint under Folio No. RM-00158228. The company has not paid interest on these debentures from 1.10.97 onwards despite requests.

Satish Arora
Mohali

Hanil Era Textiles

I had sent the original “letter of allotment (Part B) No 111202, folio No 00099850 for the refund of 50 non-convertible debentures each of Rs 35 to M/s Hanil Era Textiles on 22.8.97. I had given them 10 reminders for the refund of money after sending the original letter of allotment. But till date neither I have received the refund nor any reply from the company.

J.S. Juneja
Patiala

Pennar Paterson

I deposited Rs 10,000 with Pennar Paterson Securities Ltd, Chikoti, Gardens, Begumpet, Hyderabad for one year fixed deposit scheme vide FDR No HYD 10000 140 86. The said amount matured on 13-9-98. I have not received the amount uptil now despite many reminders.

Kuldip Singh
Chandigarh

DCM

I have purchased 10 NCDs of Rs 9900 series “A” for 17 months and 25 days of DCM Ltd., New Delhi with folio No. 201930 dated 20.2.97 and distinctive Nos. 182988-182997 NCDs. These were due for redemption on 14.8.98. Despite of sending letters/reminders along with letter of allotment, debenture certificate in original the company has not released the redemption amount till date. This caused me un-necessary mental harassment.

RAJ RANI
Chandigarh

Inflation falls
NEW DELHI, Feb 14 (PTI) — Reversing a two-week upward movement, the annual rate of inflation declined marginally by 0.12 percentage points to 4.58 per cent for the week ending January 30.

Mukerian Papers
CHANDIGARH, Feb 14 (TNS) — The Ludhiana Stock Exchange at its board meeting yesterday ratified the suspension of trading in the securities of Mukerian Papers Ltd on account of non-redressal of investor complaints.