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US company plans WASHINGTON, Dec 12: Maxim Integrated Products Inc, a California-based international supplier of quality analog and mixed-signal products, has.....more Congress
investigating WASHINGTON, Dec 12: Congress is investigating the collapse of Enron Corp., whose swift downfall left countless investors burned, thousands of ..more Prevention
of Food NEW DELHI, Dec 12: The Comptroller and Auditor General of India (CAG) has decried the lopsided implementation of the Prevention of Food .....more Industrial gloom continues; growth slips to 1.9 pc in Oct NEW DELHI, Dec 12: Industrial growth rate slipped further to 1.9 per cent in October, keeping the April-October index down at 2.2 per cent, according to ......more |
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ICRA downgrades NEW DELHI, Dec 12: The investment Information and Credit Rating Agency (ICRA) has downgraded the ratings assigned to the Rs 12.5 crores partly........more ‘Legal
framework for BANGALORE, Dec 12: An adequate and effective legal framework to tackle cyber operations with worldwide perspective is eluding india despite various ...more Indian
Oil Corpn to MUMBAI, Dec 12: Indian Oil Corporation Ltd is divesting its entire equity holding in Indo Mobil Pvt. Ltd, a joint venture company promoted by Indian .... ...more US
launches crackdown NEW YORK, Dec 12: In the biggest ever crackdown on software piracy groups, American investigators have served 37 search warrants in 27 cities .....more |
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Congress investigating Enron’s collapse WASHINGTON, Dec 12: Congress is investigating the collapse of Enron Corp., whose swift downfall left countless investors burned, thousands of employees out of work with decimated retirement savings and the once high-flying company in federal bankruptcy court. The huge energy-trading company has declined to send any officials to a hearing by two house panels. And investigators for another committee are trying to locate Enron’s former Chief Financial Officer, the lead architect of complex partnerships that are under Government scrutiny. Amid the company’s strife, nearly 600 employees deemed criitical to its operations received more than dlrs 100 million in bonuses last month as enron faced a merger that unraveled and then bankruptcy. The hearing today by two panels of the house financial services committee was designed to help congress and the public "understand as best we can what structurally went wrong, what mistakes were made and what mistakes were not noticed," Committee Chairman Rep. Michael Oxley, an Ohio Republican, said yesterday. Subjects being examined include the Houston-based company’s accounting practices, potential securities law violations and Enron’s handling of its employees’ retirement investment plans oxley said. Joseph Berardino, Chief Executive of the Accounting Firm Arthur Andersen Llp, which was Enron’s longtime auditor, and Robert Herdman, Chief Accountant of the Securities and Exchange Commission, were testifying as requested by the lawmakers. The SEC is examining Enron’s use of questionable partnerships that allowed the company to keep some dlrs 500 million in debt off its books, and has issued subpoenas to andersen related to its auditing of Enron’s accounts. Enron, which only months ago was the nation’s seventh-biggest in revenue, has acknowledged that it overstated profits for four years. Absent from the hearing was Enron Chairman and Chief Executive Kenneth Lay, who had been asked to appear by the lawmakers. "I don’t think they want to, or are not prepared to answer some very pointed questions about what went wrong," Oxley said. Enron Spokeswoman Karen Denne said neither lay nor any other Enron officials were testifying because "we don’t believe we would be able to adequately serve the interest of the committee while at the same time trying to serve the interest of our creditors’ shareholders and our current and former employees." Lay, who built the world’s largest energy trader by buying electricity from generators and selling it to consumers, is no stranger to washington. He is a friend of President George W Bush and one of his largest campaign contributors, donating dlrs 25 0,000 to the Republican Party during Bush’s run for President and raising at least dlrs 100,000 for Bush from other donors. Lay was among the executives who met privately with Vice President Dick Cheney as his task force formulated an energy plan last spring. (AP) |
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Prevention
of Food Adulteration Act NEW DELHI, Dec 12: The Comptroller and Auditor General of India (CAG) has decried the lopsided implementation of the Prevention of Food Adulteration Act resulting in the failure to achieve its objective and the purpose "to eliminate the danger to human life." In its latest report, CAG observes that despite 46 years of enactment of the act, monitoring of the implementation of the act was woefully inadequate both at the central and state levels. Procedures for monitoring and evaluation were not set up in some states and the state level advisory committees remained non-functional in many. No management information system had been developed to monitor the implementation of the act. While emphasising the need to have a relook for effective implementation of the act, it notes that the State Governments were unable to launch prosecution cases against the defaulters. About one-third of the defaulters were not taken to the courts and even in those cases where prosecution was initiated, about 50 per cent ended in acquittal. The failures were mainly due to inability of the state to defend the cases properly, non-maintenance of basic records and non-appointment of food analysts, it revealed. The act was framed in 1954 with the objective of preventing adulteration of foodstuffs and other goods with the ultimate aim of protection of the general public and eradication of the social evil of adulteration — bringing about a uniform single legislation applicable to all states —preventing fraud on consumers by prohibiting misbranding of foodstuffs and maintaining the health of the community and eliminating danger to human life and health. It said a phenomenal increase in urbanisation and a consequent growth in floating population, had led to the proliferation of eating establishments to cater to this market. But majority of these establishments were functioning without license as there was no effective monitoring. CAG expressed its indignation at the failure to carry out proper survey and surveillance leading to non-issue of licences to a large number of food establishments. It said that late introduction of licensing system in some states, non-maintenance of basic records of licensing and absence of any proper system of issue and renewal of licences had led to a large number of unlicensed food establishments operating across all the states. It said that in 13 out of 15 states there had been significant shortfalls in collecting of samples, the position being more serious in Goa, Gujarat, Manipur and Pondicherry. The report says that some of the principal activities under the act should have been the constitution of committees for laying down food standards, procedures and rules for food analysis and limitations on import, manufacture and sale of adulterated food besides establishment of central food laboratories. But it was found that the analysis of food samples suffered from want of adequate infrastructural facilities in the state food laboratories like inadequate testing facilities and lack of public analysts. Moreover complex chemical tests for detecting crop contaminants, pesticide residues, heavy metals, food additives could not be conducted due to lack of trained manpower, equipment and chemicals in the laboratories. The grants-in-aid by the ministry for strengthening the state food laboratories were rarely utilized by the states, which resulted in non-procurement of essential equipment required for carrying out analysis of food items, the report has noted. It also noted that there were about 59 per cent vacancies for the key post of food inspector. Cases of inordinate delays in filling up vacancies and idle or excess deployment of staff were also found in some states. (UNI) |
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Industrial gloom continues; growth slips to 1.9 pc in Oct NEW DELHI, Dec 12: Industrial growth rate slipped further to 1.9 per cent in October, keeping the April-October index down at 2.2 per cent, according to official statistics released today. The Index of Industrial Production (IIP), which reflects the growth of the sector, was 6.8 per cent in October last year, while the growth rate for April-October last year was 5.9 per cent. The growth figures, released by the Central Statistical Organisation (CSO), puts the growth of the manufacturing sector, which carries maximum weightage, at 2.4 per cent for the April-October period and 2.2 per cent for October alone. The growth for during the corresponding periods last year was 6.2 per cent, for october as well as April-October. Mining had a growth rate of 0.5 per cent (Apr-Oct) and 2.4 per cent (Oct) as compared to 4.2 per cent in Apr-Oct and 6.6 per cent in October last year. Electricity had a negative growth of minus 0.6 per cent in October and 2.6 per cent in Apr-Oct, against last year’s corresponding growth rates of 11.5 per cent and 4.6 per cent. As many as seven sectors registered negative growth in October 2001. These are (with Apr-Oct growth percentage given in paranthesis) food products minus 8.6 per cent (minus 0.5), cotton textiles minus 2.5 per cent (minus 2.2), wool, silk and man-made fibre textiles minus 3.8 per cent (3.2), jute and other vegetable fibre textiles, except cotton, minus 1.2 per cent (minus 7), textile products, including wearing apparel, minus seven per cent (minus 3.9), wood and wood products, furniture and fixtures minus 11.1 (minus 10.4), leather and leather and fur products minus 2.9 per cent (15.6), non-metallic mineral products minus 0.2 per cent (2.2 per cent), and metal products and parts, except machinery and equipment minus 11.5 per cent (minus 13.8). Following are the other sectors and their growth percentages during october and Apr-Oct (given in paranthesis): Beverages, tobacco and related products 6.7 (10.5), paper and paper products and printing, publishing and allied industries 0.5 (0.5), basic chemicals and chemical products, except products of petroleum and coal 0.2 (2.7), rubber, plastic, petroleum and coal products 10.4 (12), basic metal and alloy industries 4.4 (3.4), machinery and equipment other than transport equipment 9.7 (2.5), transport equipment and parts 15.8 (5.3), and other manufacturing industries 12.6 (9.3). (UNI) |
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ICRA downgrades ratings of JKDF NEW DELHI, Dec 12: The investment Information and Credit Rating Agency (ICRA) has downgraded the ratings assigned to the Rs 12.5 crores partly convertible debenture programme and Rs 10.5 crores non-convertible debenture programme of J K Dairy and Foods Limited (JKDF) from LBB" (L double B plus) to LD indicating default. This follows inability on part of the company to honor its interest and principal obligations to some institutions. JKDF has been regular in meeting the repayment obligations to the public. There has been a substantial deterioration in the financial performance of the company leading to reported accumulated losses to the tune of Rs. 1123 lakhs, thus eroding the networth which was Rs. 29 lakhs (as on March 2001). The company has become potentially sick under the provisions of Sick Industrial Companies (Special Provisions) Act (SICA). (UNI) |
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‘Legal framework for cyber operations ineffective’ BANGALORE, Dec 12: An adequate and effective legal framework to tackle cyber operations with worldwide perspective is eluding india despite various legislations of the Union Government, Institute of Company Secretaries of India (ICSI) president P V S Jagan Mohan Rao said today. Dr Rao told newspersons here that though the Information Technology (IT) Act was operational, the semiconductor integrated circuits layout-designs act was implemented and the Copyright Act amended, there was no effective legal framework. The Government must make efforts to put in a place a credible legal framework for internet operations and cyberspace, he added. He said the onset of internet and advances in the IT sector had dematerialised, deterrotorialised and depersonalised the laws. A striking feature of the internet law was the net-inherent dematerialisation, where material assets lost their significance in favour of new intangible assets. The offshoot of the fast-paced digital revolution was increase in cyber crimes and hence necessary systems should be designed reduce breach of security to a minimum. He said the institute, holding its 29th national convention here from tomorrow, would evaluate the magnitude of developments in corporate and cyber laws and deliberate upon their desired operation. It would come up with recommendations that would be presented to the Union Government. The theme of the convention, to be attended by more than 600 delegates, was ‘developments in corporate and cyber laws’. The convention would make an in-depth analysis of the theme in its four technical sessions on perspective and imperatives in company law reforms, financial market dynamism and reforms in securities law, synchronising trade related laws in WTO environment and developing regulatory framework for e-governance. The convention would also be the platform for the ICSI to release the first ‘secretarial standard on meetings of the board of directors’. The standards would initially be recommendatory in nature and later they would be made mandatory, Dr Rao said. The institute was also finalising two guidance notes on meetings of the Board of Directors and on postal ballot. Eminent speakers who would address the convention included Company Law Board Vice Chairman S Balasubramanian, Vysya Bank Chairman K R Ramamoorthy and Stock Holding Corporation of India Managing Director B G Vaud. (UNI) |
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Indian Oil Corpn to divest stake in Indo Mobil MUMBAI, Dec 12: Indian Oil Corporation Ltd is divesting its entire equity holding in Indo Mobil Pvt. Ltd, a joint venture company promoted by Indian Oil and Mobil Petroleum Corporation Inc, USA. The JV company was incorporated on March 04, 1994 to import, blend and market, mobil branded lubricants in India, Nepal and Bhutan. The equity holding of Indian oil in joint venture company is 50 percent, while the remaining 50 per cent is held by Mobil Petroleum, USA. The transfer of equity held by Indian Oil in Indo Mobil Pvt. Ltd in favour of Mobil would be effected for a consideration of Rs 22 crore. With the exit of Indian Oil from Indo Mobil Pvt. Ltd, the joint venture agreement entered into between Indian Oil and Mobil Petroleum would stand terminated. The above would take effect on December 12, 2001 at the board meeting of Indo Mobil Pvt. Ltd, said a communication from the company to the BSE. (UNI) |
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US launches crackdown on software pirates NEW YORK, Dec 12: In the biggest ever crackdown on software piracy groups, American investigators have served 37 search warrants in 27 cities across the country, seizing computers and software from leading university campuses, houses and businesses. Searches were also being undertaken in Britain, Australia, Finland, Norway and Sweden where another 20 search warrants had been issued and one report said five people were held in Britain. The crackdown follows investigation into the activities of a group called Warez, which is allegedly involved in pirating copyrighted material. US customs officials were quoted as saying that "Operation Buccaneer", as the crackdown is called, is the largest and most extensive investigation of its kind and underscored the gravity of a multibillion dollar swindle on the internet. They said they expect to seize about 130 computers, each of which, they believe, could contain thousands of pirated software, movie and music titles. Authorities said billions of dollars worth of pirated software, movies and music titles might have been sold around the world by the pirates. ABC television network reported that a major group targetted by US investigation is drink or die, founded by a Russian hacker in 1993, and believed to be responsible for cracking and distributing Microsoft’s windows 96 operating system two weeks before its official release. According to customs officials, Drinkordie may be one of the most sophisticated internet piracy group in the Warez community. Officials were quoted as saying that they believe Warez pirates, including Drinkordie, were usually white-collar workers, corporate executives, computer network administrators, university students and employees of technology and computer firms. Officials said often pirates crack copyrighted software for "intellectual challenge" and not profit. Duke University, University of California and Massachusetts Institute of Technology were among the leading universities which were served search warrants. (PTI). |
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