PNB zone profit jumps 51.17 per cent CHANDIGARH, July 9 — Punjab National Bank’s Northern Zone has registered a 51.17 per cent increase in its net profit during 1998-99 at Rs 83.61 crore. Corel gives Punjab software CHANDIGARH, July 9 — The Punjab Government today signed an MoU with software giant Corel Corporation which will provide free software to technical education institutions in Punjab.

A maquette of "The Allies" which depicts former US President Franklin D. Roosevelt, left, and Sir Winston Churchill, is given a close scrutiny by Jane Orr of Sotheby's, in London. The item, expected to reach between US $ 12,640 - 18,960 will be the part of Sotheby's Political Sale scheduled to take place on July 14. The full-size version of the maquette is in London's Bond Street. AP/PTI

KVIC opens zonal bee-keeping centre
CHANDIGARH, July 9 — The KVIC has opened a zonal beekeeping extension centre at Bassi Pathana in Fatehgarh district. The centre will have branches in the North Zone which includes Punjab, Haryana, J&K, Himachal Pradesh, Delhi and Rajasthan.

Infosys net profit zooms 106.84 per cent
BANGALORE: Infosys Technologies Ltd has reported a net profit of Rs 48.96 crore for the first quarter of the financial year, 1999-2000, a 106.84 per cent increase over Rs 23.67 crore recorded for the same period in the last fiscal.

ABCL declared sick company

NEW DELHI, July 9 (UNI) — In the face of objections from secured creditors, the BIFR today declared Amitabh Bachchan Corporation Limited (ABCL) a sick company and appointed IDBI as the operating agency.The accumulated losses of ABCL were to the tune of Rs 70.82 crore, well above its net worth of Rs 60.52 crore as on September 30, 1998.

After more than 90 minutes of hearing, said to be a heated one at times, the BIFR declared ABCL bankrupt under Section 3 (1) (0) of the Sick Industrial Companies (Special Provisions) Act, 1985. Further, the BIFR asked the company to submit its revival proposal to the OA by August 20, 1999.

Importantly, the board stopped the two secured creditors - Canara Bank and Allahabad Bank - and others who had approached the Bombay High Court, from proceeding in their court cases.

“There is a stalemate now between ABCL and its creditors. We are in the process of submitting a revival proposal which will take care of all the creditors,’’ Mr M.P. Narang, consultant for ABCL, told waiting newspersons after the hearing.

Amitabh Bachchan told UNI efforts are being made to restructure and pump back life into his debt-ridden company.

A few minutes after his mega entertainment venture was declared sick Bachchan said: We are trying to restructure the operations of ABCL and put it back on track.” He refused to divulge details.

ABCL chief executive Ajayan said ABCL’s interest burden is only about Rs 1 crore a year. We will only have to manage the company better.”

ABCL, was floated by the mega star in association with his wife Jaya Bachchan as an entertainment software company to venture into various activities of film production, audio cassettes and event management. Billed as a prestigious venture, ABCL hit a rough patch after the much-touted Miss World pageant in 1996 failed and a series of films bombed at the box office. The Miss World fiasco had led to a default of Rs 18 crore to Prasar Bharti.

Sahara fund launched

NEW DELHI, July 9 (PTI) —Sahara India today floated a Rs 50 crore fund for the families of defence personnel killed in the Kargil conflict and for the rehabilitation of the disabled soldiers.

Announcing the package “Sahara Sankalp”, Amitabh Bachchan Director of Sahara Indian Kartavya Council said, “we are here to give moral support to the families and children of the brave soldiers who have given their lives to protect us.”

The fund with a total corpus of Rs 50 crore will provide a financial package comprising subsistence allowance to the dependent widow or parents and siblings, to cater to educational needs of children and special festive allowance.

The package will also provide for family’s medical bills and financial aid for children’s marriage.

“Very often the jawan is forgotten after the war and so Sahara devised this package,” he said, adding that the modalities of the disbursement will be chalked out later in consultation and coordination with the Army.

Kapil Dev, Council Director, appealed to individuals and corporate bodies to join in Sahara’s efforts.

“We are all Indians and should stand for the cause,” he said. “We must provide for these jawans who are giving their today for our better tomorrow,”

lT Gen S.S. Grewal said the Army was seeking long-term commitment for the families of martyrs and disabled soldiers.

Under the fund, an annual allowance of Rs1lakh will be given to the families of soldiers (jawans to Hawaldar Major), Rs 1.43 lakh to Naib Subedar to Subedar Major, Rs 1.93 lakh to 2nd Lt to Major and Rs 2.58 lakh to Lt-Col and above.

The facilities will continue for 10 years but will be extended if the wards don’t get self-dependence within this time period.

The dependent wife of a jawan to Hawaldar Major would be entitled to Rs 24,000 per annum family allowance whereas Naib Subedar to Subedar Major would be entitled to Rs 42,000 per annum.

In the case of officers, up to the rank of Major, the dependent wife will be eligible for Rs 60,000 per annum family allowances, whereas the dependent wife of a Lt-Col and above will be eligible for Rs 90,000 per annum.

In addition, Sahara India has assured employment for one person from each family in the organisation and also easy loan facilities for housing and household consumer products.

PNB zone profit jumps 51.17 per cent
Tribune News Service

CHANDIGARH, July 9 — Punjab National Bank’s Northern Zone has registered a 51.17 per cent increase in its net profit during 1998-99 at Rs 83.61 crore against Rs 55.31 crore achieved last year.

Announcing this at a press conference here today, Mr A.K. Bhargava, who recently took over as General Manager of the zone, said the total deposits of the zone have gone up from Rs 4,885.00 crore to Rs 5,590 crore showing an increase of Rs 705 crore.

While the current deposits showed a growth of 16.46%, savings deposits showed a significant growth of 23.71% over the previous year.

Advances stood at Rs 2068.00 crore registering a growth of 20.51% over Rs 1,716.40 crore at the end of March’98.

The priority sector advances amounted to Rs 1,204.40 crore, posting a growth of 22.40% over last year.

To improve customer service, the zone started seven-day working in 10 branches. Mr Bhargava said 23 branches of the zone have been fully computerised. The zone provides telebanking in eight branches.

Corel gives Punjab software
Tribune News Service

CHANDIGARH, July 9 — The Punjab Government today signed an MoU with software giant Corel Corporation which will provide software to technical education institutions in the State free of cost.

The boxes containing the software were handed over to the institutions at a function here today. Mr N.S. Kalsi, Director Technical Education and Industrial Training, presided.

The product range includes Corel Draw under Windows, Windows ‘95 and Corel wordperfect under Windows, Windows NT, Unix. Corel has donated the products to Giani Zail Singh College of Engineering and Technology, Bathinda, Government Polytechnic (Women), Amritsar, and Hi-Tech Institute, Mohali.

KVIC opens zonal bee-keeping centre
Tribune News Service

CHANDIGARH, July 9 — The KVIC has opened a zonal beekeeping extension centre at Bassi Pathana in Fatehgarh district. The centre will have branches in the North Zone which includes Punjab, Haryana, J&K, Himachal Pradesh, Delhi and Rajasthan. Dr Mahesh Sharma, Chairman, KVIC, and Mr Sucha Singh Langah, Industry Minister, Punjab, inaugurated the centre yesterday. Addressing a gathering, they advised the farmers to get maximum advantage of the centre. Dr Sharma said that KVIC is going to launch Sarvodya Brand Honey in August all over India. The Punjab State Beekeepers Federation has been selected as one of the supply sources of Sarvodya Honey.Mr Karnail Singh, Director, KVIC said 3.5 acres of land has been allotted by the Punjab Government to the KVIC free of cost. He requested the Chairman to pursue this issue with the Chief Minister.

Infosys net profit zooms 106.84 per cent

BANGALORE: Infosys Technologies Ltd (ITL) has reported a net profit of Rs 48.96 crore for the first quarter of the financial year, 1999-2000, a 106.84 per cent increase over Rs 23.67 crore recorded for the same period in the last fiscal.

Its total income has gone up to Rs 184.06 crore in the period from April to June this year as against Rs 98.43 crore in the corresponding period last year. The Bangalore-based company’s audited results, released today showed.

Total expenses rose to Rs 106.13 crore from Rs 66.82 cores, profit before interest, depreciation and tax was Rs 77.93 crore (Rs 31.61 crore), and profit after tax from ordinary activities Rs 60.61 crore (Rs 23.67 crore). Equity was Rs 33 crore (Rs 16.02 crore).

HDFC net up 15.3 pc

NEW DELHI: HDFC has registered a 15.3 per cent jump in the net profit during the first quarter of the 1999-2000 fiscal to Rs 75.58 crore from Rs 65.56 crore in the same period of the previous year.

HDFC’s April-June income was Rs 449 crore, up 13.7 per cent from Rs 395 crore in the same period of the previous year.

It made loans of Rs 656 crore in the period, up 35.3 per cent from Rs 485 crore in the same period of the previous year.

It approved loans totalling Rs 850 crore, up 23.2 per cent from 6.9 per cent in the previous year.

HDFC’s loans approved and given to individuals were up 38 per cent and 43 per cent, respectively, from a year again. (Agencies)

M.J. Enterprises
CHANDIGARH, July 9 (TNS) — M.J. Enterprises Ltd, based at Baddi making offset printing and corrugated cartons, has completed the second phase of expansion by doubling its production capacity. The unit now has an installed capacity of 30 tonnes per day. The company is now constructing a 18000 sq. ft. modern warehouse for stocking of raw materials and finished cartons, besides installing offset printing machines. The project will be completed by December, 1999.

Siemens
CHANDIGARH, July 9 (TNS) — Siemens Ltd. held a technical seminar here today on its industrial product range viz. automation products, drives switchgear & motor. Technical features of these products were explained by Siemens experts.

ATEC Software
CHANDIGARH, July 9 (TNS) — ATEC Software (P) Ltd, a Chandigarh-based company, today launched an advanced training centre in Amritsar. It was opened by the Vice-Chancellor of Guru Nanak Dev University. The company had opened another training centre in Jalandhar on July 6.