Crores paid to defunct J&K units
NEW DELHI, Oct 26 — Massive financial and administrative irregularities have been reported in the Jammu and Kashmir Industries and Commerce Department during the past more than five years resulting in financial losses running into crores of rupees.

Ikon for Rs 4.99 lakh NEW DELHI, Oct 26 — Ford India Limited today announced Ford Ikon prices. The car will be available in three variants which include two petrol models 1.6 ZXi and 1.6 CLXi and one diesel model 1.8 ZXi. The various car models are priced between Rs 4.99 lakh and Rs 6.47 lakh, Managing Director Philip G Spender said.

Ford Ikon which was launched in New Delhi on Wednesday.

Pentium III products unveiled
NEW DELHI, Oct 26 — Intel Corporation today launched 15 new Pentium III processor products, including one for the mobile personal computers.

Women count money at a money exchange shop in Islamabad, as foreign exchange bureaus resume trading on Monday. — AP/PTI

Task force to raise railway resources NEW DELHI, Oct 26 — The Railways has set up a task force comprising representatives from trade and industry and the Ministry to prepare a white paper to identify areas of partnership in mobilising resources. The task force was constituted at the end of a meeting between the Railway Minister and industrialists.

Hind Lever Chem net soars
Hind Lever Chemicals on Tuesday reported over a three-fold growth in net profit at Rs 6.5 crore for the third quarter ended September 1999 as against Rs 1.5 crore during the same period last year.

Gold drops sharply
NEW DELHI, Oct 26 — Gold prices dropped sharply today on lack of buying influenced by a weak trend in the overseas market where it touched 296 US dollars an ounce and closed with notable losses.

LIC policies for the poor
CHANDIGARH, Oct 26 — Mr G. Krishnamurthy, Chairman, LIC, has announced that October is being celebrated as a social security month by LIC.

Bata lifts lockout
FARIDABAD, Oct 26 — The eight-month-old lockout in Bata Shoe Factory here was lifted yesterday after an agreement.

Crores paid to defunct J&K units
From Ramesh Bhan

NEW DELHI, Oct 26 — Massive financial and administrative irregularities have been reported in the Jammu and Kashmir Industries and Commerce Department (DIC) during the past more than five years resulting in financial losses running into crores of rupees.

Although the department officials attribute the losses to the decade-long militancy in the valley, a senior official of the State Government held massive corruption and administrative failures at various departmental levels responsible.

No records were maintained on either monthly or yearly basis about registers of grants/appropriations and other budgetary control mechanisms and Rs 7.68 crore expenditure was incurred during 1993-94 to 1996-97 by the department officials without any budgetary provision.

Nearly 61 per cent of 1244 handicraft cooperative societies in Kashmir division and 78 per cent of 361 societies in Jammu division set up as of March 1997, were either defunct or under liquidation. There was no proper follow-up to the handicraft training programme as no carpet weaving unit had come up either in private or cooperative sector despite an expenditure of Rs 3 crore during 1993-94 to 1997-98 for the purpose.

The department had not maintained consolidated records and institution-wise details of investment in cooperative societies. It had invested Rs 97.4 crore by 1997-98 end as equity in nine out of 10 public sector undertakings and Rs 14.6 crore up to March 1997 in cooperative institutions/societies.

The department had also advanced Rs 188.67 crore long-term loans during the past nine years to these companies which included plan assistance converted into loans. No loan ledgers or other relevant records were maintained for watching the recovery of loans and the interest and no arrangements fixing terms and conditions of repayments etc. were executed with these companies.

According to the latest report of the Comptroller and Auditor General (CAG) of India, funds allotted by the Government to the department during 1993-94 to 1997-98 had not been fully utilised resulting in a shortfall in utilisation ranging between 6 and 51 per cent.

The CAG report, which was made available to UNI here, says that entries in cash book/drawal registers were not attested/verified regularly by the heads of departments. Physical verification had also not been conducted nor was cash/personal security obtained from the persons handling cash.

This had facilitated embezzlement of Rs 6.80 lakh at the District Industries Centre (DIC) at Udhampur between June 1990 and April 1997.

The department has also come under severe criticism on the manpower management front and for many irregular appointments.

As many as 172 people were appointed to different posts during the period 1990-97 directly by various officers in violation of government orders. These included 28 in the Industries and Commerce Department, 136 in handicrafts and eight in handlooms. The vacancies had neither been advertised nor referred to committees concerned. — UNI

Task force to raise railway resources
Tribune News Service

NEW DELHI, Oct 26 — The Railways has set up a task force comprising representatives from trade and industry and the Ministry to prepare a white paper to identify areas of partnership in mobilising resources.

The task force, chaired for the time being by Mr Shanti Narain, Member, Traffic, Railway Board, was constituted at the end of a meeting between the Railway Minister, Ms Mamata Banerjee, and representatives from apex chambers of commerce and industry.

The chairperson and members of the task force were elected by consensus after Ms Banerjee insisted on immediate constitution of the task force. “People want to see results very quickly,” she said.

Asked by mediapersons whether there would be an increase in rail fares, Ms Banerjee said: “There is no such proposal.”

Ikon for Rs 4.99 lakh
Tribune News Service

NEW DELHI, Oct 26 — Ford India Limited today announced Ford Ikon prices. The car will be available in three variants which include two petrol models 1.6 ZXi and 1.6 CLXi and one diesel model 1.8 ZXi. The various car models are priced between Rs 4.99 lakh and Rs 6.47 lakh, Managing Director Philip G Spender said.

The base petrol model will carry a price tag of Rs 4.99 lakh (ex-showroom in Delhi) while the power steering model will cost Rs 5.21 lakh. The fully loaded petrol version with exterior features and accessories is priced at Rs 5.72 lakh and the diesel version will be available for Rs 6.47 lakh. Booking of these cars will start from November 3.

Gold drops sharply

NEW DELHI, Oct 26 (PTI) — Gold prices dropped sharply today on lack of buying influenced by a weak trend in the overseas market where it touched 296 US dollars an ounce and closed with notable losses.

Marketmen said gold in the international markets lost support and crossed beyond its support level of $300 an ounce and traded at $ 296. Standard gold and ornaments lost further by Rs 50 at Rs 4625 and Rs 4475 per 10 gram respectively. Sovereign also lost support and declined by Rs 25 at Rs 3900 per piece of eight gram.

Pentium III products unveiled
Tribune News Service

NEW DELHI, Oct 26 — Intel Corporation today launched 15 new Pentium III processor products, including one for the mobile personal computers.

Mr Atul Vijaykar, Director, South Asia, Intel, said here today he said the earthquake in Taiwan would not affect the shipment of processors to India and ruled out any shortage of components or escalation in the prices of processors because of it.

Hind Lever Chem net soars

Hind Lever Chemicals on Tuesday reported over a three-fold growth in net profit at Rs 6.5 crore for the third quarter ended September 1999 as against Rs 1.5 crore during the same period last year. For the nine months ended September 1999, the company posted a net profit of Rs 18.5 crore against Rs 13.2 crore during the same period last year.

Spic on Tuesday reported a net profit of Rs 32.5 crore for the second quarter as against Rs 34.6 crore a year ago. Its net profit for first half of its financial year 1999-2000 went marginally up at Rs 23.3 crore from Rs 23 crore a year ago. Its sales for the half-year were at Rs 1,179 crore, down 3 per cent from Rs 1,219 crore a year ago.

ONGC handed over a dividend of Rs 659.6 crore for 1998-99 against Rs 342.6 crore in the previous year. ONGC Chairman and Managing Director B C Bora gave the cheque for the 55 per cent dividend to Minister for Petroleum and Natural Gas Ram Naik in Delhi on Tuesday.

IOC on Tuesday announced a 17.94 per cent rise in its net profit for the first half of the fiscal ending September 30 at Rs 1634.57 crore on a turnover of Rs 40637.80 crore.

Corporation Bank has recorded a 4.7 per cent rise in its net profit to Rs 111.74 crore during the first half of the current fiscal from Rs 106.73 crore in the corresponding period last year. Total income in the six months ended September 30 stood at Rs 907.99 crore.

Esab India on Tuesday reported a net loss of Rs 1.7 crore for the first half of its financial year 1999-2000 as against a net profit of Rs 3 crore a year ago. Its sales for the half-year dipped by 20.1 per cent at Rs 56 crore, from Rs 70.1 a year ago.

Bombay Dyeing and Manufacturing Company Limited has posted a net profit of Rs 8.76 crore during the quarter ended September 30, ’99, registering an increase by Rs 2.92 crore as against Rs 5.84crore recorded in the corresponding period in 1998.

Glaxo India Limited posted the lower net profit at Rs 15.98 crore during the quarter period ended September 30, ’99 as against Rs 21.51 crore recorded in the corresponding period of the previous year.

IPCL has recorded a net profit of Rs 102 crore. The company recorded a net turnover of Rs 1,923 crore for the H1 1999-2000 compared to Rs 1448 crore for corresponding period in the previous year, an increase of 32.8 per cent.

Indal on Tuesday recommended an interim dividend of Rs 2.50 per share for the financial year 1999-2000. Official sources said after a board meeting in Calcutta that net profit during the first half of the current financial year increased to Rs 40.59 crore from Rs 38.52 crore last year. — Agencies

LIC policies for the poor
Tribune News Service

CHANDIGARH, Oct 26 — Mr G. Krishnamurthy, Chairman, LIC, has announced that October is being celebrated as a social security month by LIC. During the month, benefits available under various schemes are being highlighted at seminars throughout the country.

Under the Landless Agricultural Labourer’s Group Insurance Scheme an amount of Rs 2,000 is paid to the family on the death of a landless agricultural labourer. No premium is charged under the scheme.

Under the Integrated Rural Development Programme a sum of Rs 5,000 is paid on the death of the beneficiary to his family if his death occurs within five years of taking loan (Rs 10,000 in case of accidental death). No premium is charged.

Bata lifts lockout
Tribune News Service

FARIDABAD, Oct 26 — The eight-month-old lockout in Bata Shoe Factory here was lifted yesterday after an agreement. All employees are expected to return to work within the next three weeks. The two suspended workers will be reinstated. All the workers as on October 25 will be paid a salary of Rs 7,000 on November 1. The payment of salary for the period February 24 and October 15 will be decided after a court decision.

JCT Electronics
CHANDIGARH, Oct 26 (TNS) — The workers of Mohali-based JCT Electronics will get ex-gratia of 20 per cent in lieu of bonus for the year 1998-99 without any eligibility limit of Rs 3500. This was decided between the management of JCT Electronics and the JCT Electronics Workers Union in a settlement arrived yesterday after prolonged negotiations. The ex-gratia will be paid at the rate of 8.33 per cent to the workers in the watch section.