Wednesday, June 23, 1999
today's calendar
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B U S I N E S S | Wednesday, June 23, 1999 |
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Govt rules out revision
of open sale wheat price
Uco
cashier booked
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 Shown are file photos of the top five billionaires according to Forbes' 13th annual list of the World's Billionaires published in the July 5, 1999, issue of the magazine. Starting from top left in order of wealth, Microsoft Corp. co-founder Bill Gates is No.1 with $90 billion, investor Warren Buffett is No. 2 with $36 billion, Microsoft Corp. co-founder Paul Allen is No. 3 with $30 billion, Microsoft president Steven Ballmer is No. 4 with $19.5 billion, and tied at No. 5 with $16.5 billion are oil, rail and telecommunications magnate Philip Anschutz and Dell Computer Corp. chairman Michael Dell. — AP/PTI |
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Okara Agro ordered to
refund deposits SAIL board adopts McKinsey report 23 PSUs to be turned into joint
ventures Rs 11 crore SBI aid for Kargil
soldiers Medicine prices revised |
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Government rules out revision of open sale wheat price NEW DELHI, June 22 (PTI) — The Government has ruled out any revision in the open market sale prices fixed by it for the sale of 10 lakh tonnes of wheat to roller flour millers. “We will not revise the prices as the current market prices are close to what we have announced,”. Mr M D Asthana, Food Secretary, told PTI. The FCI was allowed to sell a total of one million tonnes of wheat to the roller flour millers in April at a price ranging from Rs 690 to 748 a quintal. Even after two months of the announcement, the FCI has not been able to find buyers for its grain as the current market prices are still ruling below the government price. The current market price of wheat dara in the North was around Rs 509 to 615 a quintal as against Rs 690 fixed by the Food Ministry for the FCI’s offer. The Secretary also ruled out any hike in the export quota of wheat from the current level of one million tonnes, saying the Ministry will prefer to wait for some more time to get a clear picture on the demand side. “Exports is one issue in which we want to be very cautious until the weather clears as there are reports of rise in global prices of wheat,” he said. Asthana said the Ministry was concerned about the global wheat trade forecast of a 20 per cent shortfall and added that the Government also may have to make provisions for hundreds of refugees fleeing the Indo-Pak border areas. “Though the foodgrain stock at the moment is quite reassuring, we will have to keep a watch on the refugee problem arising out of the Kargil trouble,” he said. As the open market prices of wheat during the coming months expected to rise, the FCI will be able to sell of the entire lot of 10 lakh tonnes in the domestic market. Under the open market sale scheme of the Ministry, only six lakh tonnes of wheat has been so far sold against the permission to unload 30 lakh tonnes. The Food Ministry had allowed the FCI to sell 30 lakh tonnes of wheat through the State Governments to flour millers and other targeted groups. Stating that the
Government had no plans to restrict wheat import by the
roller flour millers, Asthana said a total of six lakh
tonnes of wheat had come into the country from October
till date. |
Okara Agro ordered to refund deposits NEW DELHI, June 22 (PTI) — Okara Agro India Limited, a non-banking finance company, which attracted huge investments from the public in its various investment schemes, has been ordered to pay back the maturity amount plus interest to its investors. The Consumer Disputes Redressal Forum at Tis Hazari, which was approached by the company’s large number of investors for realisation of their “hard earned money”, also asked it to give Rs 1,000 each to the complainants. “The company should refund the maturity amount to the investors with 18 per cent interest per annum from the date of maturity till payment is made,” the forum said in its order. A large number of investors, mostly retired government officials, had deposited money in the company’s various lucrative agro investment schemes following publication of advertisements in various newspapers inviting the public to invest money. The company not only offered a good rate of interest on the amounts invested but also issued post-dated cheques to the investors inclusive of interest drawn on Punjab National Bank, Jangpura branch here. The bank, however, had
issued a public notice in March last year stating
“the account held by Okara Agro India Limited stands
closed with immediate effect” and requested
Okara’s investors not to present cheques for
encashment. |
SAIL board adopts McKinsey report NEW DELHI, June 22 (PTI) — SAIL has broadly accepted the McKinsey report on restructuring for turning around the monolith, except for recommendations relating to closure of unviable units and privatisation. The board, in its last meeting, broadly endorsed the McKinsey report but the implementation would take some time depending on a number of factors, SAIL Chairman Arvind Pande told PTI here today. Stating that the company had submitted a turnaround package to the government on the basis of McKinsey report, Pande said that recommendations relating to closure of unviable units and activities would be taken up as a “last resort and when all other options are exhausted.” Asked about recommendations relating to privatisation of SAIL, Pande said the issue was a long term one and would have to be decided by the government and not SAIL. SAIL had commissioned
the high profile consultancy firm to suggest measures for
restructuring of the company in the wake of sharp decline
in profitability and growing competition. |
23 PSUs to
be turned into joint ventures NEW DELHI, June 22 — The government has given in principle approval to convert 23 public sector undertakings (PSUs) into joint venture (JV) companies with equity participation upto 74 per cent by the JV partner. Consultants have been appointed for locating JV partners of 17 PSUs. With a view to shedding surplus manpower, Voluntary Retirement Scheme (VRS) has been introduced in a number of PSUs without causing hardship to employees. In unviable PSUs, a Voluntary Separation Scheme (VSS) has been introduced which gives benefits equivalent to VRS. This will benefit about 11,000 employees. The targets for out-turn for the 48 operating PSUs under the Department of Heavy Industry for the year 1999-2000 has been tentatively set at Rs 13,678 crore. The likely out-turn during the year 1998-99 is Rs 12,420 crore. The projected aggregate net loss in 1999-2000 is Rs 438 crore against the likely aggregate net loss of Rs 440 crore in 1998-99. The restructuring of
PSUs include revival through the process of BIFR, joint
venture tie-ups for upgrading technology and also for
market, finance, management, manpower rationalisation and
financial restructuring wherever needed, the release
added. |
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NEW DELHI, June 22 (UNI) — The CBI has registered a case of forgery and cheating against the cashier of the SAS Nagar branch of Uco Bank in Punjab. The official is alleged to have cheated the bank of Rs 13,85,500. CBI sources said today that the accused while working on teller seat, took Rs 5.92 lakh in cash and accounted the money against a saving withdrawal form drawn on his account. Each time he sat on the
cash payment counter, he took out cash of Rs 30,000 after
alterations in the cash payment book as well as token
books of account department cheating the bank of nearly
Rs 6.50 lakh. |
Rs 11 crore SBI aid for Kargil soldiers NEW DELHI, June 22 (PTI) — State Bank of India Chairman G.G. Vaidya today handed over two cheques aggregating Rs 11 crore to Prime Minister Atal Behari Vajpayee for welfare of soldiers fighting in Kargil. Of this sum, the SBI workmen staff and officers through their respective federations have donated Rs 6 crore to the Prime Minister’s Relief Fund by encashing their one-day privilege leave, a bank statement said here today. Also, as a caring and corporate citizen, the SBI has donated Rs 5 crore to the National Defence Fund, it said. “It is understood that the officers’ and workmen federations have also decided to donate a day’s salary of this month to the Army Jawan’s Welfare Fund in addition to the donations already made,” the statement said. NABARD MUMBAI:
The employees of the NABARD have decided to contribute a
day’s salary to the defence fund. The employees and
officers of the bank will make the contribution as a mark
of respect to the soldiers and officers of the Army
fighting in Kargil, a statement from the All India NABARD
Employees’ Association said here today. |
Indian goods still popular in Pakistan ISLAMABAD, June 22 (UNI) — The events in Kargil have by no means dampened the popularity of Indian goods in interior Sindh. “They are selling like hot cakes in interior Sindh because of their low prices and high quality,’’ bemoans Urdu daily Jasarat, the mouthpiece of the Jamaat-i-Islami which is in the forefront of the current anti-India propaganda in Pakistan. Besides the interior part of the province, Indian goods are also very popular in Badin, Hyderabad, Mirpurkhas, Umarkot and Nawabshah districts. But it is not only
interior Sindh, all over Pakistan, especially in its
major cities, Indian goods are very popular. In Karachi,
Lahore, Quetta and Peshawar all big shops display Indian
goods with pride. |
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NEW DELHI, June 22 (PTI) — The National Pharmaceutical Pricing Authority (NPPA) today increased prices of 14 medicine formulation packs in the range of 3.5 per cent to 9.6 per cent and reduced prices of 26 packs up to 51 per cent. The formulations for which prices have been revised consist of a range of deriphyline formulation used for treatment of asthma, levodopa tablets for anti-Parkinson disease, rubraplex liquid and lederplex liquid used for vitamin deficiency and ledermycin tablets used as broad spectrum antibiotics. The prices have been fixed in accordance with the provision of the Drugs Prices Control Order, 1995, and as per the established criteria and guidelines, an official release said. The new prices will
become effective within 15 days from the date of
notification in the official gazette or the receipt of
the order of the NPPA. |
Not all
that rosy farming PUNE, June 22 — Rose farming is beginning to look up due to some astute entrepreneurship by a few die-hard businessmen. Scores of rose farms, including those set up by some corporate giants, wound up after they took the fast lane in the export market without first assessing the international standards and requirements. Different markets in the world accepted different varieties of the flower and some, like Japan, allowed only fumigated roses into their country. And many farms proved miserably inadequate to keep international standards in stem cutting, bunching and packaging. However, among the mind-boggling failures are a few success stories. “Fila Rozil”, for one, learnt quickly how to stem the rot. Not surprisingly, therefore, the Rs 6 crore private venture located between Pune-Lonawala, about 50 km from here, has become the only company in the country to have received the ISO 9002 certification for quality rose farming. According to Mr Firoze Poonawalla, Managing Director of Fila Rozil Exports Private Limited, a 100 per cent export-oriented unit, it has planted 225,000 bushes in seven polyhouses in its sprawling farm, which grows eight varieties of roses. The farm also has a cold storage plant, a fumigation chamber to get rid of pests, separate section for herbal plants and also a 195 kv standby genset, besides a special polyhouse for research and development in growing, for the first time, organic roses. “We have a target of exporting about six million rose stems during the season — September-April (1999-2000),” Mr Poonawalla said. The world rose season is between September and March and out of these nine months, there is no flower production for about seven months in the entire Europe, the U.S.A. and Japan. In such a situation, rose farming in India can be highly productive with a little imagination, involvement of the promoter and also with the government’s commitment to build infrastructure to help exports, Mr Raj K Mirakhur, a rose specialist who helped set up Fila Rozil, said. India is the only
country which is charged import duty on the roses
received by other countries which makes the Indian roses
a little costlier than other countries. — UNI
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