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"concerned" over bribery allegations in Xeroxmodicorp NEW DELHI, July 25: The Modis today virtually held us partner Xerox Corp responsible in the bribery scam in joint venture Xerox Modicorp and said they were extremely concerned about allegations made against group company Spicecorp’s nominees in the joint venture....more Govt sells 5 Coal NEW DELHI, July 25: The Government will tomorrow sign the first ever contracts for the exploration and development of five Coal Bed Methane (CBM) blocks with Reliance Industries, the Indian Oil Corporation-Oil and Natural Gas Corporation (IOC-ONGC) consortium and Essar Oil......more CSC Indore among INDORE, July 25: Indore Centre of Computer Science Corporation (CSC) has been selected among.....more NABARD to float insurance MUMBAI, July 25: Apex rural finance institution National Bank for Agriculture and Rural....more |
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Comprehensive scheme CHANDIGARH, July 25: The Haryana Government has launched an ambitious programme to shift industrial units from residential areas to save people from the polluting atmosphere. .......more IOC
to export $100 mn NEW DELHI, July 25: State-run refiner Indian Oil Corporation (IOC) will export 30,000 tonnes of diesel and 10,000 tonnes of jet fuel, worth 100 million dollars, to Sri Lanka this year. . .......more Pvt
sector partnership between India, Iran MUMBAI, July 25 : India Inc is now extending its experience and expertise to Iran for the development of its private sector. . ......more Rs 400 crore sought for rail project in J&K state NEW DELHI, July 25: Railway Minister Nitish Kumar today presented in Parliament a Rs 400 crore supplementary demand for grants for financing . ...more |
Modis "concerned" over
bribery NEW DELHI, July 25: The Modis today virtually held us partner Xerox Corp responsible in the bribery scam in joint venture Xerox Modicorp and said they were extremely concerned about allegations made against group company Spicecorp’s nominees in the joint venture. "The recent disclosures by Xerox to the SEC, USA and the subsequent submission of the relevant sections to the Indian Government is something that Xerox has done pertaining to its day to day operations in India," Chairman of Spicecorp Veena Modi told PTI here. Xerox made a voluntary disclosure earlier this month that its Indian subsidiary Xerox Modicorp made "improper" payments of 700,000 dollars to Government officials in the year 2000 to promote business, following which the Department of Company Affairs ordered a thorough probe into the Indian venture. In its first reaction, the Indian partner, which holds about 25 per cent stake, said "Spicecorp is extremely concerned about the allegations being made against the Spicecorp nominees and the Indian Government. " As part of efforts to come clean on the controversy that broke about three weeks back, Modi said "we have initiated the immediate appointment of Ernst & Young as the internal auditor of XMC. They will examine and audit the company’s books, accounts and records". Spicecorp holds the largest 18.19 per cent "effective" stake in Xerox Modicorp while another seven per cent is held by other associate companies, she said. The appointment of E&Y as the new internal auditor would allow for an independent examination of Pricewaterhousecoopers report which was quoted by various sections of the media and which has also been submitted to DCA. The Chief Financial Officer of the JV S Venkatraman is incidentally a Spicecorp nominee besides Senior Vice-Chairman O P Dani, according to Modi. Asked about reports that DCA will now launch an investigation into all B K Modi group companies, Veena Modi said "we believe that in the present context it is important to know that Spicecorp has nothing to do with the other Modi group companies and is being professionally managed by an eminent board". On whether the Modis would exit the joint venture, she said "Modis will always keep the interest of its shareholders and customers supreme. The aim of our management is to constantly create value and to this end we shall take whatever steps the board thinks necessary". Asserting that the Indian partner was fully cooperating with all investigating agencies in the national interest, she said "we would be very happy to see the investigation follow its due course at the earliest and the persons responsible for the current situation are brought to task immediately". (PTI) |
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Govt sells 5 Coal Bed Methane blocks NEW DELHI, July 25: The Government will tomorrow sign the first ever contracts for the exploration and development of five Coal Bed Methane (CBM) blocks with Reliance Industries, the Indian Oil Corporation-Oil and Natural Gas Corporation (IOC-ONGC) consortium and Essar Oil. RIL will sign the contract for east Sohagpur and west Sohagpur blocks in Madhya Pradesh, the IOC-ONGC consortium for Bokaro and north Karanpura in Jharkhand and Essar Oil for east Raniganj block in West Bengal. Apart from these five blocks, the prospective buyer ‘failed to chalk out adequate work programme’ for the sixth block in north Barmer, Rajasthan. Last September, the Petroleum and Natural Gas Ministry had received 16 bids for six of the seven CBM blocks it had offered for exploration. The Satpura block in Madhya Pradesh, however, did not attract any bids. The companies that had participated either alone or as part of a consortium in the bidding for these blocks included US-based Coal Gas Mart IIC, ONGC, Indian Oil Corp, Reliance Industries, Essar Oil and great Eastern Energy Corp. The blocks are being awarded under the country’s first ever Coal Bed Methane policy announced last year. CBM is used as a substitute for petrol and can be used as auto fuel and fuel for the power sector. The exploration would help the nation in saving valuable foreign exchange by helping to cut down import of the crude oil. Methane is the simplest hydrocarbon found in marshes of coal mines. It is used as a fuel by many countries for generating energy. Many countries in the world are encouraging exploitation of CBM from coal fields because it reduces the risk of fire hazards. According to highly placed sources, the potential availability of CBM in the six blocks is around 200 billion cubic metres. India is the third largest coal producer, behind China and the US, with 330 million tonnes in the last year. It is estimated that the country had coal reserves of 213.9 billion tonnes in depths of upto 1,200 metres.(UNI) |
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CSC Indore among 150 software industry worldwide INDORE, July 25: Indore Centre of Computer Science Corporation (CSC) has been selected among the 150 worldwide organisations of the software industry in the Carnegie Mellon University’s Software Engineering Institute process maturity profile. According to the profile of the software community, Indore CSC Centre has attained CMM Level IV in April this year. As per the National Association of Software Services Companies (NASSCOM) Survey, CSC Indore was India’s 20th organisation to attain level IV compliance. A CSC release said this rating has validated the organisation’s quantitative management techniques. Dr Arun K Maheshwari, Managing Director, CSC India, said the company was now targeting to achieve the CMM level V Rating. He said the current rating has enabled the company to deliver more cost effective products and services to its clients. He said CSC India, which is operating two centres at Indore and Noida, has been looking at consolidating and growing the business in insurance, banking and healthcare sectors. Computer Science Corporation India Pvt Ltd, a cent per cent subsidiary of the CSC, has also recorded an 84 per cent growth by making a foray into new domains of banking, healthcare and chemicals last year. CSC India’s last year turnover was around Rs 53 crores. Manpower-wise it witnessed a growth of 97 per cent as the number of employees increased from 255 to 576. (UNI) |
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NABARD to float insurance company for rural India MUMBAI, July 25: Apex rural finance institution National Bank for Agriculture and Rural Development (NABARD) has joined hands with the General Insurance Corporation (GIC) to set up an insurance company to cater to the needs of rural India. To be floated in the last quarter of the current year, the proposed New Delhi-based company will offer non-life insurance products covering most of the needs of the rural sector. The major focus areas would be cash crops, animal husbandry and poultry farming, where losses have driven many farmers to commit suicide. A senior NABARD official told UNI that the bank and GIC were likely to hold 30 per cent each in the rural insurance firm. The rest will be shared equally among four other partners. The name of the new firm is yet to be decided. While GIC would like its four subsidiaries to be partners, the decision will have to await the verdict of the task-force that is finalising the blue-print of the new company. The Insurance Regulatory and Development Authority (IRDA) has been apprised about the proposed company and the final approval will be sought once all the details are known, the official said. The decision to provide non-life insurance products for rural India was announced by former Finance Minister Yashwant Sinha. The move up the JV company is seen in the context of the sharp criticism the Government had to face for "not adequately addressing the issue of suicides by cash crop farmers, including those growing chilly and cotton in Andhra Pradesh." According to a Human Rights Organisation based in the state, 287 farmers had committed suicide in the last three years as cash crops failed due to drought and pest problems. Similarly, 168 farmers had reportedly committed suicide in Karnataka and a few suicides had been reported from Punjab and other parts of the country. These farmers, mostly marginal and medium peasantry, took their lives after failing to repay loans availed from banks and financial institutions.(UNI) |
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Comprehensive scheme to shift units from residential areas CHANDIGARH, July 25: The Haryana Government has launched an ambitious programme to shift industrial units from residential areas to save people from the polluting atmosphere. According to Haryana State Pollution Control Board spokesman, a survey has revealed that a large number of units in old towns of Faridabad, Panipat and Yamunanagar are operating in residential areas without adopting proper pollution control measures. The units are not only causing pollution, but also creating nuisance to the people living in residential areas. The Board has identified the land in cooperation with Haryana Urban Development Authority for shifting the units on a priority basis, he said. About 150 unit operating in non-conforming areas of Faridabad have already started construction to re-establish their units in sector 58. A similar approach has been adopted for other towns. In Panipat, a project has been prepared to shift all the 400 units from residential areas to the industrial area. The board has launched a large-scale project costing Rs 10 crore for developing common site for the disposal of hazardous waste through proper treatment. The industry has been asked to have temporary facility for storing hazardous waste in their units. A Canadian agency- Senes Consultants Limited- has been assigned the task of making inventory of hazardous waste and prepare the project report. The private operators would be identified to develop properly designed non-leaching site in Faridabad where 32 acres of land has been identified for the project. The operators would transport hazardous waste from factories to the site and process it before disposing it of in a scientific manner. The Indian Medical Association (IMA) has also been approached for proper disposal of bio-medical waste generated by hospitals. The board has approved seven operators for handling and disposal of bio-medical waste. On persuasion of the board, the IMA has finally signed an agreement with one of the operators for picking up bio-medical waste from clinics and dispose it of after proper treatment. Already three agencies have started working in different parts of the state. Some of the clinics have also started disposing of their bio-medical waste through these agencies, the spokesman said. (UNI) |
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IOC to export $100 mn worth petro products to Lanka NEW DELHI, July 25: State-run refiner Indian Oil Corporation (IOC) will export 30,000 tonnes of diesel and 10,000 tonnes of jet fuel, worth 100 million dollars, to Sri Lanka this year. IOC inked the 100 million dollar term contract with Sri Lanka’s state-owned Ceylon Petroleum Corporation (CEYPETCO) in Colombo today, a company statement said here. IOC would supply 40,000 tonnes of products annually on C&F, Colombo (cost and freight) basis over a one-year period, commencing September 2002. "The value of supplies under the term contract would be 100 million dollar at current prices," the statement said. "This is the largest order IOC has bagged in recent times, and is in tune with our corporate vision of becoming a transnational energy major," IOC Chairman M S Ramachandran said adding the initiative would expand the company market base and convert surplus products into more wealth. CEYPETCO Chairman Daham Wimalasena and IOC Executive Director (International Trade) N K Nayyar signed the term contract in Colombo. Sri Lanka’s current demand for petroleum products stands at about 3.5 million tonnes per annum but its domestic refining capacity is constrained at about 2 million tonnes only. Sri Lankan national oil company, in order to meet the deficit of petro products, had been regularly importing about 1.3 million tonnes of petroleum products through tenders. (PTI) |
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Pvt sector partnership between India, Iran takes off MUMBAI, July 25 : India Inc is now extending its experience and expertise to Iran for the development of its private sector. A unique collaboration between two major industry associations in these countries, Confederation of Indian Industries (CII) and the Confederation of Iranian Industry (CIRI), taking off now, will draw up a strategic private sector development plan for Iran, according to a CII statement today. The collaboration will also contribute to strengthen the industrial cooperation between the countries at the private sector level. India’s cooperation in developmental initiatives is important to Iran, considering its image in the west, amply reflected in President Bush’s statement earlier, calling Iran part of an "axis of evil" along with Iraq and North Korea. CIRI has invited CII’s principal advisor A C Patankar for consultations as well as sharing the Indian experience of industrial development with specific reference to the role of private sector and industry associations such as CII. During Mr Patankar’s one week stay in Tehran from July 27, he would interact with CIRI members and the Iran Chamber of Commerce, Industries and Mines, the statement said. Mr Patankar would also meet senior Iranian business leaders and officials of the ministries and various agencies of the Government dealing with trade, commerce and industry. Iran has recently announced some economic reforms as a prelude, according the responsibility of industrial development to the private sector. The manufacturing sector in that country requires renovation and technology upgradation to play an effective role in development. CIRI was recently set up to boost these development measures. (UNI) |
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Rs 400 crore sought for rail project in J&K state NEW DELHI, July 25: Railway Minister Nitish Kumar today presented in Parliament a Rs 400 crore supplementary demand for grants for financing the Udhampur-Srinagar-Baramullah railway project in Jammu and Kashmir. The amount will be in the form of dividend-free budgetary support by the Centre. The Minister also presented a demand for excess grants of Rs 3.69 crore due to more expenditure under research and trial, maintenance and other charges for health and sanitation incurred by the Research Designs and Standards Organisation. Besides, a sum of 0.55 lakh supplementary demand for grants was sought for certain "out of turn" works which are regarded as "new services/new instruments of service" requiring Parliament’s approval.(PTI) Wall Street rally lifts some global share prices TOKYO, July 25: An overnight rally on wall street inspired markets around the world, although rises in Asia quickly ran out of steam today as lingering worries about America’s recovery sent the Tokyo benchmark down to a new five-month low. "It was all over after the open. There’s no feeling yet that the bottom’s been reached on Wall Street," said Yukio Takahashi, a Manager at Shinko Securities in Tokyo. The index for the Tokyo Stock Exchange, the biggest in Asia, edged down 17.81 points, or 0.18 percent, to close at 9,929.91. The close was the lowest since the 225-issue nikkei stock average closed at 9,834.13 on Feb. 20. The index had gained during the day, momentarily reversing its 2.62 percent loss yesterday. Share prices started higher in Europe. The financial times-stock exchange 100-share index in London was up 165.60 points, or 4.38 percent, to 3,942.70 points in early trading. Stocks were also initially up in Paris and Frankfurt. In Asia, some bourses recovered modestly, encouraged by the nearly 490-point surge in the Dow Jones industrial average — the second-biggest one-day gain ever. But most failed to sustain the momentum, seeing the gains in their indexes shrivel up later in the day. In Hong Kong, the Hang Seng index erased earlier gains and closed at 9,884.78 points, down 87.21 points, or 0.87 pc. Sentiment on Wall Street was boosted by hopes that reform efforts in the US May finally begin to patch up investor trust, sorely damaged by the recent spate of accounting scandals and corporate failures. But no one here is ready to bet the worst is over. After the market closed in New York Wednesday, AOL Time Warner said regulators were looking into its accounting practices, adding to the worries here, Takahashi said. Share prices rebounded in Australia, Taiwan and South Korea. The all ordinaries index in sydney closed at 2,990.60 points, up 25.50 points, or 0.86 percent, while taipei’s weighted stock price index finished up 5.59 points, or 0.11 percent, at 5,045.07. In Seoul, the Korea composite stock price index, or Kospi, closed at 723.52, up 2.11 points, or 0.29 percent. Asian stocks are extremely sensitive to fluctuations on Wall Street because their economies are closely linked to the US economy. Tokyo analysts say bargain-hunting at lower prices have kept the share price slides here in check and foresee the nikkei around the 10,000 point level for some time. The biggest worry for the region is whether the US stock volatility may hurt the economic recovery there. US economic recovery is critical to the emerging but fragile growth in Japan and the rest of Asia. Japanese Government officials say the nation’s economy has bottomed out earlier this year. But the upswing could prove short-lived, and the economy could again head downward in a "double dip", said Shuji Shirota, economist at Dresdner Kleinwort Wasserstein in Tokyo. (AP) Telco back in black Q1 net at Rs 28-cr MUMBAI, July 25: Tata Engineering Locomotive Company Ltd (TELCO) has posted a net profit of Rs 28.03 crore for the first quarter ended June 30, 2002, as compared to a net loss of Rs 98.9 crore for the same quarter in 2001. Total income (net of excise) during the quarter zoomed to Rs 1754.67 crore from Rs 1428.97 crore in the corresponding period a year ago. TELCO’s "Indica" car ended the first quarter with a sale of 11,905 units with volumes being affected due to planned closure of Tata "Sedan" and power crisis at the company’s Pune plant in the last week of May, the company said. However in June, Indica clocked a sale of 7056 units, re-emerging as the segment leader, the position it consistently occupied during most part of the previous year, the company added.(UNI) |
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