Government pandering to steel lobby? The Director-General of Foreign Trade issued notification on December 11, 1998 last year to the effect that import of hot rolled coils would be permitted only if the minimum CIF value was $302 per metric tonne.

World-watch

Rice millers face sales tax problems
By Yoginder Gupta
Tribune News Service

CHANDIGARH, March 21 — The adoption of different methodologies and procedures by different sales tax authorities in Haryana has created problems for rice millers, while bringing no additional revenue to the State exchequer.

Problems of rice millers relate to reimbursement of the differential tax from the Food Corporation of India through the Haryana Food and Supplies Department. The differential tax is the difference between the sales tax imposed on paddy and that on the rice shelled out of that paddy. Since 75 per cent of the non-basmati rice is sold by the millers to the FCI, they pass on the differential tax to the corporation.

The corporation, however, does not pay differential tax to the millers at the time of the purchase of rice. It is only after the sales tax authorities recover the tax from the millers that they can claim reimbursement from the FCI.

In the past years the millers used to pay differential tax only after the authorities had scrutinised their sales tax returns and completed the assessment proceedings. This used to take years.

To speed up the flow of the coffers of the State, the sales tax authorities changed the procedure some time ago. They insisted that the millers should pay differential tax to the State along with their tax returns. This created a cash crunch with the millers who could not claim the differential tax on the rice sold to the FCI as levy till the sales tax authorities passed assessment orders.

The Karnal sales tax authorities appreciated the problem of the millers and found out a way out to mitigate the difficulty of the millers without causing any revenue loss to the State.

Sources in the milling industry say the Karnal authorities started issuing provisional assessment orders, permissible under law, to the millers, who on the basis of the provisional orders, approached the FCI for reimbursement.

The Deputy Excise and Taxation Commissioner, Karnal, Mr R.C. Mittal, said they were issuing a certificate of differential tax paid by the millers so that they could claim reimbursement from FCI.

The tax authorities in the other districts, while insisted that the millers should pay differential tax along with their tax returns, however, did not issue provisional assessment orders or a certificate of payment of differential tax to the millers, who have to wait for at least a couple of years for the assessment orders.

The Deputy Excise and Taxation Commissioner, Kurukshetra, Mr B.S. Dinodia, said provisional assessment could not be done only for differential tax. The provisional assessment was done in only those cases where an assessee was either a big tax payer or his bona fides were doubtful.

A miller, whose money is locked up with the State government, said if a certificate of payment of differential tax or a provisional assessment order was issued to the assessee, it would not cause any revenue loss to the state. On the other had, such a step would help the milling industry which was currently passing through a “very bad phase”. The differential tax was to be paid by the FCI which reimbursed it to the millers only after the sales tax authorities certified liability of the miller in this respect.

He said the Chief Minister, Mr Bansi Lal, should either direct the sales tax authorities to adopt a uniform pro-assessee policy throughout the State or he should use his good offices with the FCI to change its procedure for reimbursement of differential tax to the millers.

It happens only in Ludhiana...
From A.S. Prashar
Tribune News Service

LUDHIANA : Subtlety is not exactly a strong point with the yuppies in Ludhiana. Ostentatious lifestyle, display of wealth and conspicuous consumption seem to come naturally to them.

However, do not be harsh in your judgement if you come across a yuppy wielding two, instead of the usual one, mobile phone. He may actually be trying not to be a spendthrift.

Persons carrying two cellphones is a fairly common sight in this megacity. One of the cellphones has a Spice SIM card while the other has the Essar connection. The Spice cellphone is used to call any DoT or cellphone number in the megacity and elsewhere. Essar is used primarily to receive calls or for making Essar-to-Essar calls.

The Spice cellphone service is paid and is, therefore, used very sparingly. Due to a peculiar problem which the company has been unable to resolve so far, the Essar cellphone provides free airtime in Ludhiana, although the choice of numbers one can call is extremely limited.

Says one subscriber: “The Essar cellphone in Ludhiana is, at present, almost comparable to a pager because while it can receive calls, almost all outgoing calls are barred. The only numbers which can be reached are Essar cellphones in Ludhiana, Chandigarh and Jalandhar. But even this is a great facility, especially when it is free. We find it extremely useful.

Little wonder, the Essar SIM cards, which were going abegging some time ago because of the inability of the company to provide DoT connectivity in Ludhiana, have now begun to command a premium in the market. People have suddenly come to realise that Essar service is useful even without the DoT connection.

Ludhiana is the only city in Punjab where Essar cellphone company continues to provide free air time to its subscribers even a year after it came on the scene. Initially, the free air time was for a month or so. But when the company was unable to provide DoT connectivity within the stipulated period, free air time was extended for a few months more. Finally, free time was allowed indefinitely but all outgoing calls from cellphones in Ludhiana to DoT and non-Essar cellphones were barred.

“It is for reasons entirely beyond our control” says Mr Vijay Kaul, Vice-President, Essar Cellphone. “We have been trying out best to secure DoT connectivity in Ludhiana but to no avail. They are insisting on advance payment of certain amount of fee before connectivity is provided. We, however, feel that since the whole matter of cellphone licence fee structure is being examined by the Government of India and the courts, connectivity should be given immediately in the overall interests of the subscribers pending the final outcome. That is where the matter is stuck at present...”

Mr Kaul says that he is aware that even with limited service in Ludhiana, Essar SIM card has begun to command a premium. “But we are not issuing any new SIM cards in Ludhiana. Subscribers are free to use the old SIM cards the way they deem fit.

Government pandering to steel lobby?
By P. D. Sharma

The Director-General of Foreign Trade (DGFT) issued notification on December 11, 1998 last year to the effect that import of hot rolled coils (HRC) would be permitted only if the minimum CIF value was $302 per metric tonne. The anti-dumping body had fixed import price at $ 250. International price at that time hovered around $ 240 and in some countries as low as less than $200. This huge difference in the fixed price created a lot of suspicion. On the face of it there is no justification for fixing higher import price when steel prices in the international market are going down each day.

From this came the accusation of doling up of Rs 5000 crore to a cartel of HRC producers. It is alleged that two bureaucrats in steel and commerce ministries who matter in this case are service batch-mates of a chairman of a public sector unit of steel sector and the latter co-ordinated the operation.

Subsequent to the fixing of import price HRC producers formed a cartel and decided not to honour any back log orders from January 4, this year onwards. Increase in price of Rs 1,900 per tonne was announced and supplies were stopped. Does this not manifest lobby-driven short termism on the part of the government.

Mere denials from government do not take away the sting of the allegation. It has to answer few questions. How can the user industry survive at this arbitrarily fixed price when competitors in other countries get at much lower price? Would not our already dwindling exports be hurt? Would not user industry be tempted to resort to over invoicing which simply means hawala transactions? Would not small investors be losers if steel using companies go sick? Some decisions on the pick and choose basis have been taken on few other items like acrylic fibre, acetylene blacks and styrene butadiene rubber.

The charge of pandering to lobbies gains ground when seen from another angle. The steel sector of the country is in doldrums. Most of the smaller units have closed down. Many delegations have been meeting the high ups but not a single step has been taken to save them. This landed the banks and FI’s in deep trouble as huge amounts have been sunk in these units.

Only a few administrative steps with small rationalisation of central excise rules could avert this catastrophe. On the other hand government is pressuring FI’s to bail out the same bigger units with fresh heavy doses of finance. For one company alone package of Rs 1,700 crore is being prepared.

The government reduced custom duty on kerosene oil from 30 per cent (plus 2 per cent special duty) to zero for this company (Reliance) only by issuing mid-year notification on September 8, 1998. Custom duty on kerosene oil was raised from zero to 30 per cent in the budget. Simultaneously Nirma’s case for similar reduction of duty on N-paraffin was rejected. However, later on Nirma must also have followed the beaten track and got exemption. The pampered company is going to manufacture Naptha. In this budget Finance Minister seems to have taken care to impose 5 per cent custom duty on Naptha to protect this company from international competition.

Part of the reason for these goof up’s is the growing size and power of Prime Minister’s office (PMO). This tendency started in Indira Gandhi’s time and every Prime Minister strengthened it gradually. Bureaucrat take decision in the PMO which can be embarrassing. For instance while formulating policy for road sector they led PM that 6000 km of road shall cost Rs 28,000 crore where as this cost is Rs 60,000 crore. The Government had to correct it later after giving wrong figure to Parliament. Can such bureaucrats be relied on policy making.

Rockland Leas

I deposited Rs 10000 in Rockland Leasing Limited, Chandigarh in the month of December, 1997 for one year. I have deposited the cheque No 0049828 in December, 1998 in my account (which was given to me against FD) was returned by the bank with the remarks “payment stopped by the drawer”. I had sent many reminders to Delhi and Chandigarh office of the company but there is no result.

Abhay Joshi
Panchkula

Woolworth

I hold shares of Woolworth (India) with Folio No 054344. My dividend for ‘92-93 amounting to Rs 170 stands deposited with Register of Companies, West Bengal-II, Calcutta vide Si No 726 dated 15.2.96 of Form-1 as unclaimed. I applied for refund on 5.11.97 but despite several reminders, no response has been received.

Satwant Singh Bakhshi
Jalandhar

Ross Murarka

I sent 15 debentures with Folio No K-9489 allotment No 8288 dated 29.4.86 to Ross Murarka Finance Ltd Bombay now named R.M. Financial Services Ltd. Dr Annie Basant Road, Worli, Bombay for redemption on 21.7.97. Till to-date I have not received the redemption amount along with interest.

Kamlesh Abrol
Batala

UTI

I am not getting 20 per cent dividend of the following units period ending June 1998 — 40096 0010261225 (409.697), 400970200857673 (40.970). I have written to Chairman UTI, Bahadur Shah Zafar Marg, New Delhi-110002, but I have not received the dividend.

Yash Pal Singh
Dabwali

Stiefel Und Schuh

I applied for 800 shares of Stiefel Und Schuh (I) Ltd in 1995. I had been allotted only 100 shares against Folio No 014437. A refund pay order of the balance amount (worth Rs 3000) was sent to me by the above said company. The refund pay order had been lost from my side. I requested the company to send duplicate refund pay order as I had lost the original one. On reconciliation, the company realised that refund pay order remained unpaid. Despite many reminders I have not received the duplicate one.

Kamal Kishore Chawla
Ambala City

World-watch

Prisons in private sector growing

THE bad news released last week on prison overcrowding is good news for one industry — private prison operators.

Company officials and analysts agree private prisons should continue to show 20 per cent to 25 per cent revenue growth annually, even though the industry has slowed recently due to investor nervousness over mergers, public opposition and other political factors.

Last year, 1.8 million people were incarcerated in America, an increase of 76,700 over the previous year, according to data released recently by the Bureau of Justice Statistics. At midyear 1998, when the survey was conducted, 1 in every 150 US residents was incarcerated.

Private companies operate 135,000 beds at 180 facilities in the US, less than 4 per cent of the country’s jails and prisons.

Not only is the incarceration rate, rising, but privatisation is growing to new areas. “More and more states are privatising,” said Mr James Macdonald, an analyst who covers private prisons for First Analysis, a Chicago-based venture capital firm.

The companies offer options to politicians who would rather spend money on schools, roads and health care than prisoners, said Ms Susan Hart, Vice-President of Communications at Corrections Corp of America, the management arm of the country’s largest private prison company, Prison Realty Corp.

Private companies can build a prison at 30 per cent to 40 per cent cheaper than the Government in virtually half the time, according to Mr Macdonald.

The industry also saves money through lower labour costs. Through better design and technology a new prison need spend only 60 per cent of its operating budget on labour whereas an older prison requires up to 75 per cent, said Mr Charles Thomas, a professor of criminology at the University of Florida. — Reuters

Michael Jackson

Michael Jackson, the pop superstar, is buying a stake in Sun International, the South African entertainment outfit famed for extravagant and bizarre gambling resorts such as Sun City. Mr Jackson is expected to pay about 400 million rand ($65m) for a 27 per cent holding.

Sun City is one of the singer’s favourite hotels. It was built in what was an “independent” black homeland under apartheid to cater for whites wishing to gamble or consort with black prostitutes, activities then illegal in South Africa proper.

With the abolition of the homeland system, the end of laws governing inter-racial sex, and with new gambling centres near the big cities, Sun City is trying to reinvent itself as a family holiday resort. It has not been wholly successful. The hotel sacked 2,000 workers earlier this year. Several of Sun International’s other resorts have been driven out of business by changes to South Africa’s gambling laws. — The Guardian

Public subsidies

Build-Operate-Transfer (B-O-T) is being hailed by industry, government and multilateral banks as the wonder solution to financing large infrastructure projects such as dams, railways and roads to create public infrastructure without draining the public purse conjuring up images of “free development”. What is the reality behind the B-O-T mask?

Investing in public infrastructure such as roads, bridges, ports, power plants, public utilities or railways is conventionally considered to be a necessary prerequisite for industrialisation and economic growth. It has traditionally been the responsibility of governments, both in capitalist and socialist economies.

Governments use tax revenue or loans from commercial banks and international finance institutions, such as the World Bank, to fund infrastructure investments. While the private sector is often sub-contracted to carry out construction work on infrastructure projects, governments have borne virtually all project costs and risks.

Given the current rapid industrialisation in many Third World countries especially in Asia, for governments to maintain adequate investment in infrastructure which is very capital intensive means an enormous burden on public finances.

Third World countries now spend around US $ 200 billion a year on infrastructure investment, of which more than 90 per cent is government-sponsored.

This emphasis on infrastructure investment has been a major cause of burgeoning government budget deficits and foreign debt, and cut-backs to ‘softer’ sectors, such as health, education and social welfare, often in connection with structural adjustment and other austerity programs imposed by creditors such as the World Bank and the International Monetary Fund. — TWN

by A.K. Sachdeva

Q: We are engaged in the business of manufacture and sale of woollen carpets in Himachal Pradesh being a dealer registered under the provisions of the Himachal Pradesh General Sales Tax Act, 1968 and the Central Sales Tax Act,1956. Raw-material and other consumables which are required for use in the manufacture of finished goods are purchased from the places situated outside the State on the strength of ‘C’ forms as provided in the Central Sales Tax Act, 1956. What we want to know is whether the sale of woollen carpets that is proposed to be effected in an exhibition at Delhi attracts tax liability under the Himachal Pradesh General Sales Tax Act, 1968 or the Central Sales Tax Act, 1956 as applicable to our State? It may also be clarified whether any purchase tax liability rises under these circumstances when the finished goods are taken to other States for sale instead of carrying them as a result of sales in the course of inter-State trade or commerce?

— Anil Gupta, Solan

Ans: The provisions of the Himachal Pradesh General Sales Tax Act, 1968 as contained in Section 4 and Section 6 come into play only where a sale of goods takes place within the territory of Himachal Pradesh. However, simply carrying of finished goods from the State of Himachal to Delhi for sale in the exhibition does not constitute either a sale within the State or in the course of inter-State trade or commerce. This will be treated a sale outside the State within the meaning of Section 4 of the Central Sales Tax Act, 1956 which does not attract any tax liability under the Central Act. Similarly such kinds of sales do not attract tax liability under the provisions of the State sales tax more particularly Section 41 of Himachal Pradesh General Sales Tax Act, 1968, inter alia, lays down as provided in sub-clause (ii) of clause (a), no tax under this Act shall be imposed where a sale or purchase of goods takes place outside the State of Himachal Pradesh. As far as liability of tax on purchase is concerned, Section 5A which provides for levy of tax on the purchase value of goods does not come into operation unless the purchases are made from within the State of Himachal and that a registered dealer after using them in the manufacture of finished items sends the goods so produced out of Himachal otherwise than by way of a sale in the course of inter-State trade or commerce or in the course of export out of the territory of India.

Q: We want to start a new business in the State of Haryana. Can we buy goods from the places situated outside the State of Haryana for resale within the State without getting ourselves registered as a dealer under the provisions of the Haryana General Sales Tax Act, 1973? Precisely the question is whether we will be entitled to make purchases on payment of full Central Sales Tax for the purpose of sales of such goods in the State of Haryana without being registered as a dealer?

— H.K. Kumar, Karnal

Ans: Even if full Central Sales Tax is paid to the sellers, a dealer cannot carry on business in the State of Haryana without getting itself registered in terms of Section 19 of the Haryana General Sales Tax Act, 1973. The taxable quantum for a person who imports any goods for sale in the State of Haryana, as provided in clause (a) of Section 7 is NIL, and therefore it becomes essential for him to get registration certificate under the Act ibid. However, there is one exception to this rule that if a person exclusively deals in the goods as specified in Schedule ‘B’ commonly known as tax free items, no liability either for payment of tax or for registration will arise under the Haryana General Sales Tax Act, 1973.

Q: Kindly let us know under which provisions of law, the sale of country made shoes are exempt from payment of tax in the State of Punjab? Also clarify whether sales of such goods in the course of inter-State trade or commerce too exempt from payment of tax under the Central Sales Tax Act, 1956? It may be mentioned here that we buy these shoes from within the State.

— Rajinder Kumar, Patiala

Ans: As per entry 59 Schedule “B’ of the Punjab General Sales Tax Act, 1948 the sales of country made shoes is exempt from payment of tax when such sales are effected by the maker of such shoes or by any other member of his family provided that the maker does not employ any outside labour or use power at any stage for making the shoes. However, this benefit of tax exemption does not become available to a trader who buys this variety of shoes from the maker of such shoes and sells them either in the State or in the course of inter-State trade or commerce.

by K.R. Wadhwaney

IA pension scheme operational

AIR India’s endeavour to return to retirement age of 58 from 60 year could not become a reality as many technical and legal problems surfaced. But one major problem got sorted out as Mr H S Oberoi sought “golden handshake” and left the company.

Mr Oberoi was to retire at 58 when the Government extended the retiring age to 60. At that time, his retirement orders and appointment orders of Mr Shanu Mukerjee, as Commercial Director, had been made.

The orders were withdrawn. But now with the retirement of Mr Oberoi, Mr Mukerjee has been appointed as Commercial Director.

Mr Mukerjee, who had joined Air India in 1969, was the Director Inflight Service and Business Development since September, 1995. He was also holding the additional charge of the Managing Director of Hotel Corporation of India (HCI), a subsidiary of Air India from October 1998.

Mr Jitendra Bhargava, Director Public Relations and National Marketing Division, has also been entrusted the additional responsibility of Inflight Service from 1993 to 1995. During the period, Air India received the Mercury Gold Award (1994), presented by the International Flight Catering Association for the “fastest meal service concept”.

No discount

Indian Airlines has begun flights services thrice a week between Delhi, Shimla, and Kulu.

The Dornier aircraft is a tiny one. It can accommodate only 18 passengers. As the capacity is very low, the airline has withdrawn discount facilities to students and passengers travelling on leave travel concession

The flight timings from Delhi to Shimla-Kulu are convenient. So are return timings .The operations will help tourists to explore the scenic beauty of Shimla and Kulu.

Pension scheme

The IA pension scheme has come into operation. Funded through the contribution of employees, it has been formulated in association with Life Insurance Corporation and is administered through a trust.

Except for pilots, who have a separate scheme, this scheme is for all employees of the airline. A member on superannuation is entitled to get benefits equivalent to 40 per cent of the last drawn salary. In case of death or permanent disablement, the benefit goes to the nominee.

HAL-airbus project

The Hindustan Aeronautics -Airbus Industry project pertaining to convertible aircraft of the A-320 version will be finalised before this year. In all probabilities, the partnership will be equally shared.

The joint partners are currently studying the market and working on design and production segments.

Both partners are optimistic that they will be able to launch the programme before the current year.

The emphasis on cargo movement has increased manifold during the last decade as airlines have realised that cargo upliftment is as rewarding as passenger traffic.

There was a time not long ago when emphasis was on passenger traffic. The budget also showed that more than 75 per cent was earmarked for passengers and only 20 to 25 per cent was for cargo upliftment.

by Ashok Kumar

Q. Do you think it is worth investing in the shares of Bajaj Auto at the current price level?

— Harjeet Sodhi, Ambala

Ans. After losing ground to its competitors over the past couple of years, Bajaj is now slowly but steadily regaining its market share. The company also plans to invest Rs. 700 crore in expansion over the next five years. It is planning to launch seven new models. At present, Bajaj Auto has 64 per cent market share in the scooters segment, 44 per cent in scooterettes, 22 per cent in mopeds, and 14 per cent in motorcycles. It is now focusing on the motorcycles segment and plans to project itself as a motorcycles manufacturer. Bajaj Auto has set itself a target of about 15 per cent growth in market share, it is now becoming more aggressive, and is planning to launch new models. It has already launched the Boxer range of motorcycles, targeted at the rural market, and the Classic-SL range of scooters, as also a diesel version of the three-wheeler. Bajaj Auto and TVS Suzuki are introducing four-stroke scooters. Bajaj is also introducing new models of motorcycles, and sales of the same are likely to grow at a faster pace than that of scooters.

The financial strength of the company also enables it to introduce attractive financing schemes for its products. After a continuous drubbing in the major part of the last financial, Bajaj Auto was able to catch up lost ground, recording an improved performance during the first half of 1998-99. This scrip thus merits the attention of discerning long term investors.

Q. Please comment on the prospects of Reliance Industries in which I hold shares?

— Dharam Sawhney, Shimla

Ans: The largest manufacturer of synthetic blended fibres (PSF/PFGY), intermediates (PTA/MEG/BX), plastics and polymers in India, Reliance Industries has become a truly global sized company that gives it the much required leverage and pull. Indeed, given the business it is in, size is a major determinant of success. This is simply because of the fact that these products are highly price-sensitive and the more one is able to reap the economies of scale, the better would be one’s competitive position. During 1997-98, the company successfully commissioned a new 2 lakh TPA polyethylene plant, a new 1.2 lakh TPA MEG plant, a 30,000 TPA FF plant and a new 2.5 lakh TPA PTA plant. In addition, the capacity of the multifeed cracker was increased from 5 lakh TPA to 7.5 lakh TPA of ethylene. In fact, over the past 2-3 years, the company has reportedly commissioned 17 new world class facilities with different technologies. At present, it is concentrating most of its efforts in building two world scale plants at the site of its Jamnagar refinery at a cost of Rs. 5,000 crore. Upon the completion of the project, the company is expected to emerge as one of the top five PP manufacturers in the world’s and also the world’s second largest producer of paraxvlene. In effect, its Jamnagar complex will be the first world scale manufacturing complex to have a fully integrated petroleum refinery, petrochemicals complex, power plant and a port with related infrastructure.

RIL’s PET has received approval from US Food & Drug Administration and EEC authorities resulting in enhanced export potential. However, considering the fact that 81 per cent of the market for fibre intermediates like Purified Terephthalic Acid and Mono-Ethylene Glycol is controlled by RIL’s domestic demand will solely depend upon growth in the polyester business.

RIL has already incurred a capital expenditure of over Rs. 700 crore during the first quarter of 1998-99. This would reduce outgo on taxation as depreciation available under the Income Tax Act would increase substantially. Besides, the company has revalued its plant and machinery located at Patalganga and Naroda resulting in an appreciation of Rs 2771 crore. This will also help in significantly reducing Minimum Alternate Tax (MAT) liability. Overall, the prospects of this company seem satisfactory, albeit unexceptional.

Q. Kindly discuss the prospects and plans of Bharat Petroleum Corporation Ltd.?

— Ajay Nayyar, Ludhiana

Ans: Bharat Petroleum Corporation (BPCE) is India’s second largest oil company in terms of market share. Its network is spread all over the country. It also manufactures and markets petrochemicals like benzene, toluene, Lab feedback and has recently started manufacturing MTBE, an additive for unleaded gasoline. During the financial year 1997-98, BPCL recorded a turnover of Rs 20,697 crore and net profits of Rs 532.7 crore. BPCL plans to invest more than Rs. 4,342 crore during the Ninth Plan period on several major projects. A diesel hydro—desulphurisation unit at BPCL’s existing refinery is being put up to meet the stringent limit on sulphur content in HSD. A project terminal at Bina, at a cost of Rs. 463.40 crore is being set up to develop and establish marketing facilities for rail/road transportation of products from the proposed 6-mln TPA Central India Refinery at Bina in Madhya Pradesh. BPCL recognises its responsibility towards reducing automotive emission levels. The refinery is the only one in the country that produces methyl tertiary butyl ether (MTBE), which is used as an octane booster in place of tetra ethy lead. The MTBE output is utilised for production of unleaded petrol for consumers in Mumbai. The refinery has received ISO 9002 certification from Det Norske Veritas, Netherlands. It has also received the Award of Merit from the National Safety Council, US, for the year 1996. BPCL also enjoys strong marketing infrastructure which includes coastal and inland storage facilities.

DSE terminals
NEW DELHI, March 21 (PTI) — In a move which could cripple the proposed inter-connected stock exchange (ISE), Delhi Stock Exchange (DSE) has decided to expand its operations beyond the capital by providing trading terminals in other major cities. As a first step in this direction, DSE would sign a MoU with Calcutta Stock Exchange tomorrow to provide DSE trading terminals in Calcutta.

‘Ganga’ soap
NEW DELHI, March 21 (PTI) — Oscar nominee Shekhar Kapur and Bollywood star Govinda will come together for the first time in Godrej’s ‘Ganga’ soap campaign, to be released later this week. The commercial would also star Govinda’s three-year-old son, who faces the arc lights for the first time.

NIIT
NEW DELHI, March 21 (PTI) — Premier computer education and software company NIIT Ltd has said it has no immediate plans for American Depository Receipts (ADR) as the company is confident of raising required funds for acquiring a foreign company internally.`