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Time limit
for Cos NEW DELHI, Oct 1: In a significant step to build investors’ confidence, the Department of Company Affairs has shortened the time limit for ....more Exports growth jumps NEW DELHI, Oct 1: India’s exports growth again touched double-digit levels ...more Suratgarh thermal JAIPUR, Oct 1 : The Suratgarh Thermal Power Project has proposed to be ...more Indian Power sector NEW DELHI, Oct 1: The Indian power sector is fully geared up to....more |
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Gold takes another dive NEW DELHI, Oct 1: Gold prices dropped further...more DVB should be corporatised,
NEW DELHI, Oct 1: The PHD Chamber of Commerce......more Insurance employees to CHENNAI, Oct 1: Insurance employees throughout....more |
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Time limit for Cos liquidation shortened NEW DELHI, Oct 1: In a significant step to build investors’ confidence, the Department of Company Affairs has shortened the time limit for liquidation of companies under the Companies Act, 1956 to seven months against the current 12 months. Accordingly, official liquidators will take over possession of assets, books of accounts and other records of companies in liquidation within 15-30 daysfrom the date of winding up order from the High Court concerned. In addition, the completion of inventories of the assets and books of accounts will take 30 days from the date of taking over possession. Time taken for valuation of the property will be 30 days from the date of completion of inventories. Completion of sale of assets will take 45 days from the date of valuation of properties. Handing over possession of property to buyers will take seven days from the date of payment of sale price, a DCA press release said. Scrutiny of books and records of companies and submission of reports to the highcourt in respect of transfer company under Section 394 (1) of the Companies Act will take 30 days. Invitation of claims and settlement of lists of creditors will be executed in 90 days. Payment of creditors will be made in 15 days from the date of settlement of claims. In all, total times taken in the liquidation of a companyand settlements of investors’ claims will be about seven months as against the earlier norm of more than a year. This measure is intended to build confidence of investors, the official release said. (UNI) |
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Exports growth jumps to 10.16 pc in August NEW DELHI, Oct 1: India’s exports growth again touched double-digit levels at 10.16 per cent in August this year compared to August 1998. Cumulative exports from India in dollar terms grew by 4.62 per cent during April-August compared to the same period last, according to the latest trade data released here today. Exports had grown by a meagre growth of 2.11 per cent in July. Exports had grown by 11.68 and 11.14 per cent in May and June this year respectively. Exports in August 1999 stood at 3.06 billion dollars against 2.78 billion dollars a year ago. Exports from the country during April-August stood at 14.11 billion dollars compared to 13.49 billion dollars in the same period last year. Imports during August shot up by 19.3 per cent to 3.86 billion dollars compared to 3.24 billion dollars last year. Imports during the first five months of the current fiscal grew by 3.94 per cent to 18.07 billion dollars against 17.39 billion in the same period in 1998-99. Trade deficit widened to 3.96 billion dollars during the year so far from 3.9 billion dollars in April-August last year showing a rise of 1.59 per cent. Trade deficit during August rose sharply by 75 per cent to 799 million dollars compared to 456 million dollars in August 1998. In rupee terms, exports during august grew by 11.97 per cent to Rs 13327.17 crore against Rs 11902.21 crore during the same period last year. During April-August, exports grew by 8.49 per cent in rupee terms to Rs 60813.17 crore compared to Rs 56054.88 crore. Imports in rupee terms witnessed a sharp rise of 21.26 per cent and was valued at Rs 16799.59 crore compared to Rs 13854.07 crore. During April-August, imports rose by 7.97 per cent to Rs 77882.30 crore from Rs 72132.03 crore in the same period last year. (PTI) |
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Suratgarh thermal power project to have second phase JAIPUR, Oct 1 : The Suratgarh Thermal Power Project has proposed to be expanded by including two additional units of 250 Megawatt each in its second phase, it was officially stated here today. Rajasthan Chief Minister Ashok Gehlot will lay the foundation stone of the Rs. 2060 crore second phase of the project at suratgarh in Ganganagar district on October 3. Gehlot will also dedicate to the nation the 250 Megawatt unit of the phase one of the project. The total capacity of the project, including the two units of the phase second, will be 1000 Megawatt to make it the first super thermal power station in the state. The construction work of the second unit of the phase one is currently under way and is likely to start generation by July next year. The estimated cost of the first phase is Rs. 2300 crore. Generation in the first unit of the phase two is likely to be commenced by March in 2002, while the second unit of this phase is expected to commence generation six months later. (PTI) |
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Gold takes another dive on global note NEW DELHI, Oct 1: Gold prices dropped further on the bullion market on reduced offtake following a falling trend in the international markets and closed with notable losses. However, silver maintained its upward march on local buying by industrial units while silver coins declined on some offerings. Marketmen said a global weak trend in gold prices influenced the trading sentiment to some extent. They said some people described the fall as a natural correction after a drastic rise in gold prices in the London markets and drove the prices in Indian markets to dizzy heights. In Asian markets, gold declined by 2.25 US dollar an ounce at 298.25, though it moved between the range of 297.25 and 301 US dollar. It opened on the London market at 303 US dollar an ounce. Traders said the opening trend in London market gives the indication of a firm trend in the next session. Standard gold and ornaments dropped further by Rs.65 each at Rs.4660 and Rs.4510 per ten gram respectively. Sovereign was unchanged at Rs.3900 per piece of eight gram. Silver .999 (ready) rose by another Rs.50 at Rs.8450 per kilo while weekly delivery declined by Rs.65 at Rs.8230 per kilo. Silver coins also lost Rs.100 at Rs.11,200/11,300 per 10 pieces. (PTI) |
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DVB should be corporatised, immediately PHDCCI NEW DELHI, Oct 1: The PHD Chamber of Commerce and Industry (PHDCCI) today suggested to the Delhi Government that the Delhi Vidyut Board (DVB) should be corporatised immediately and incorporated as a Corporation under the Companies Act by conversion of at least 51 per cent loan capital into equity. This is one of a series of measures to be adopted immediately by the Delhi Government the Chamber has said as the power supply position in the city, in the industrial areas and commercial centres has been extremely unsatisfactory resulting in loss and delays in production and loss of valuable ‘man-hours.’ Each distribution circle must become a ‘zonal profit centre’ under a chief engineer who should be responsible to organise and manage power supply, billing and revenue collection in their respective circles, says the Chamber. Also, time bound action plan should be formulated immediately for renovation and modernisation of the existing power plants over a period of one to two years and requisite funds made available thereof. Immediate action needs to be taken to expedite completion of the 400 kv ring main, which would enable DVB to draw more power from the northern grid. The time schedule for its completion was 1993-94, but its construction has been abnormally delayed and the Bawana and Barnnauli section of the ring main and the associated 400 kv/200 kv 2x315 mva sub-station has still not been completed. T and D system needs to be strengthened and upgraded and priority must be given for completion of the 220 kv and down the line system. This would also help in reducing technical losses. Similarly, to control theft/pilferage of power, the suggestions made by the Vasant Committee need to be implemented on priority. Furthermore, routine measures of surprise checks/raids by the enforcement staff alone would not yield the required results. The government would have to display a strong ‘political will’ to curb this menace with a strong hand so that a message goes down the line in DVB, says PHDCCI. Most importantly, urgent steps need to be taken to expedite finalisation of the private sector proposals presently in the pipeline viz. Bawana I (421 mw), Bawana II (650 mw) and Apollo (330 mw) as no additional generation capacity has been set up despite the critical power shortage, the Chamber stressed. PHDCCI suggested that encouragement be provided to potential private parties who are willing to install and generate their power through their own sub-stations. These would be viable commercial proposals, which would take up both generation and distribution and would be independent private centres. The Delhi Government had announced a proposal to supply bulk power to the industrial associations who would distribute the same to their members. The future industrial policy of Delhi plans on giving emphasis to hi-tech and non-polluting industries and their power requirement would be much higher and hence it is submitted that sanctions for increased load should be given on a continuous basis on a ‘self required basis’ and not be periodic ad-hoc allowances by DVB, a PHDCCI press release here said. (UNI) |
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Insurance employees to strike if IRA Bill is adopted CHENNAI, Oct 1: Insurance employees throughout the country would go on a day’s strike, if the Insurance Regulatory Authority (IRA) Bill was adopted by the new Lok Sabha, despite opposition from the employees. General secretary of the All India Insurance Employees Association (AIIEA), N M Sundaram, said in a statement here today that as a first step, a memorandum containing 1.5 crore signatures would be submitted to the new Speaker soon after the 13th Lok Sabha was constituted. ‘We will continue and intensify the struggle if the Bill was adopted’. Sundaram also took exception to Union Finance Minister Yeshwant Sinha’s statement in Washington that if the BJP was elected to power, the Government would enact the IRA Bill within the first three days of the sitting of the Parliament. The statement is condemnable because of its timing and the fact that it was made in Washington, in the forum of the IMF- World Bank and the US-India Business Council and the CII. (PTI) |
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NEW DELHI, Oct 1: Smart Card Pioneers award was today presented to various organisations for their innovative and pioneering efforts to bring in a smart card revolution in the country. Former Minister of State for Science and Technology M G K Menon gave away the awards on the concluding day of the three-day first international conference and exhibition of Smart Card Technolopgy and Applications, hosted by Electronics today. Speaking on the occasion, Prof Menon said the Smart Card sector was growing at the rate of 40 to 50 per cent in the world. Mr S Swarn, chairman, organising committee, Smart Card Expo’99, said the current programme was a great success as 50 leading entities in the sector took part. The Smart Road Expo’2000 will be held at Mumbai from September 20 to 23 next year, he said. The Smart Card award winners were Dena Bank for its pioneering work in savings bank sector, the Department of Posts for introduction of Smart Cards in postal savings bank accounts, the Gujarat State Transport Corporation for introduction of Smart Card based driving license system, Aplab for manufacturing smart phones and Public Pay Phone Network, and Bombay Electric Supply and Transport Undertaking (BEST) for introduction of Smart Card application in fare collection. (UNI) |
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Indian Power sector all set to face Y2K challenge NEW DELHI, Oct 1: The Indian power sector is fully geared up to face the Y2K challenge and it is anticipated that by end of this month, power utility would be fully Y2K-compliant, said the Secretary, Ministry of Power, V K Pandit. Talking to newsmen here today, Mr Pandit said the effective installed generating capacity is 92,904 mega watts (mw). Of this, only about 1375 mw is yet to become Y2K-compliant. This will be achieved during the next two weeks. He said 61,196 mw installed capacity is not influenced by Y2K due to analog controls. The capacity influenced by Y2K is 31,708 mw. Of this 30333 is Y2K- compliant as of yesterday. The entire alternate current transmission system has been made Y2K- ready. The High Voltage Direct Current (HVDC) system has also been checked for Y2K- readiness. He said the system specific contigency plans would be coordinated at the regional level in each of the five power regions. This exercise is targeted for completion by the end of October this year. He disclosed that the National Thermal Power Corporation (NTPC), National Hydroelectric Power Corporation (NHPC) and Power Grind Corporation of India have fully achieved Y2K- compliance. From November this year, mock tests are proposed to be conducted on stations and systems through date roll-overs as though the dawn of 2000 has arrived as a rehearse exercise. Speaking at the meeting, Dr N Seshagiri, Chairman, National Informatics Centre (INC) disclosed that so far the country has spent around Rs 1000 crore in the entire economic activity of the country out of which around Rs 280 crore was spent towards the power sector to make it Y2K- compliant. He said a lot of foreign exchange and money has been saved through active involvement of the NIC in this Y2K- compliance process as it become difficult for the other it vendors to make quick buck by selling any Y2K -compliance product in this country. (UNI) |
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