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| Court refuses to release Indian business executive PARIS, Oct 17: PARIS, Oct 17: An Indian business executive detained by French police two days ago has been refused bail by a court here and ordered to remain ..more
BHEL draws
multi- NEW DELHI, Oct 17: Spurred by the success achieved on the....more UP will
soon be LUCKNOW, Oct 17: Uttar Pradesh would soon be airlinked with...more
Rajiv asked me to takeover NEW DELHI, Oct 17: In a new twist to the controversy surrounding...more |
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Prabhu
seeks exclusive NEW DELHI, Oct 17: Fertiliser and Chemicals Minister ....more
MRTPC powers NEW DELHI, Oct 17: Law and Company Affairs Minister....more Union Govt will soon HYDERABAD, Oct 17: The Union Government will soon...more BIA urges
Centre PATNA, Oct 17: Bihar Industries Association has urged ..more |
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Court refuses to release Indian business executive PARIS, Oct 17: An Indian business executive detained by French police two days ago has been refused bail by a court here and ordered to remain in custody till November 12. Chand Mehta, chief exports manager of Jaipur-based Auto Lite, was taken into custody by police at the ongoing Equip Auto 99 exhibition in Villepinte, near Paris, to inquire about a copyright violation by his company. Auto Lite, which is participating on its own in the exhibition, produces auto spare parts, mainly head lights for cars. We are puzzled by the arrest of Mehta. Normally, business disputes do not come under any criminal offence. Despite Mehta’s company offering to pay the bail amount of 30,000 French francs (5000 usd) he was not released, official sources here said. The company, owned by industrialist D P Jain, has been in the business for the last 20 years and supplies components to all the major auto-makers in India and abroad. It was erroneously reported in a section of the press that six Indian businessmen were arrested on charges of copyright violations. Along with Mehta, a Belgian representative and a Taiwanese woman executive were arrested on similar charges by different companies. While the Belgian was released on bail, the Indian and Taiwanese executives continue to be in prison, sources said. (PTI) |
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BHEL
draws multi-pronged action plan NEW DELHI, Oct 17: Spurred by the success achieved on the export front, Bharat Heavy Electricals Limited (BHEL) has drawn up a multi-pronged action plan to ensure sustained growth in overseas markets. In the last few years, BHEL’s sustained efforts in many target markets in the West Asia mediterranean, Africa and South-East Asia have provided it with a wider global presence. As a result, the company’s export turnover (including deemed) has increased from a meagre Rs 276 crore in 1989-90 to Rs 2061 crore in 1998-99. For further honing its competitive edge and to emerge as a world class organisation,enhancing physical exports has been identified as one of the thrust areas. During fiscal 1998-99, initiatives taken in this area have resulted in a quantum jump of 150 per cent in export order booking at Rs 250 crore. While consolidating its presence in existing markets, the company is making efforts to grab project export opportunities in new markets and is proactively taking this up with the Government and the Exim Bank for support. For entering new markets in the product export segment, BHEL is focusing on certain target products which meet international standards of quality. The company is also positioning itself a regular source of components and products, for global OEMS Engineering, Procurement and Construction (EPC) contractors and other multinational companies. Besides, strategic alliances are being worked out in some target export markets to establish local presence. Maintaining the tempo of excellent growth in 1998-99, this year also BHEL has achieved a breakthrough by bagging the first ever export order for a frame 9 gas turbine based power plant of 124 MW ISO rating. The order valued at Rs 106 crore is specially significant as it not only firmly establishes BHEL in the setting up of large size gas turbine based power plants abroad, so far the forte of a few companies from the developed world. This is the fourth successive order secured by BHEL from Oman. It comes close on the heels of an order received last year from petroleum development organisation, Oman for a 90 MW Turnkey power plant. Having already set up power plants for a utility like Ministry of Electricity and Water, a power plant for captive power needs for Oman Cement Company and an order for a similar power plant from an oil company, BHEL’s versatility to meet varying needs of different sectors like power, industry, oil , as also BHEL’s benchmark of quality conforming to global standards stands established. (UNI) |
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UP will soon be airlinked with Singapore LUCKNOW, Oct 17: Uttar Pradesh would soon be airlinked with Singapore and Hong Kong to increase agriculture export of the state, Chief Secretary Yogendra Narain said here today. The State Government had fixed an agricultural export target of Rs 1600 crore by 2002 and work was in full swing to upgrade the Amausi airport at Lucknow to international level, he said. In view of higher percentage of horticulure production in the state, preparations were on to provide better transportation and marketing facilities to the producers, he said, adding Singapore and Hong Kong would be airlinked with the state soon. The Government had taken several steps like starting air service to Sharjah in view of immense possibility of agriculture export and ensuring proper marketing facilties, Narain said addressing a workshop on draft report prepared by Uttar Pradesh Agriculture and Horticulture Products Export Promotion Committee (AHPEPC). The Chief Secretary asked the agriculture exporters to ensure high quality of products in accordance with the ISO-9000 standard. Referring to the AHPEPC draft report, he said a work plan would be made for implementation of the recommendations. (PTI) |
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Rajiv asked me to takeover DCM, Escorts: Swraj Paul NEW DELHI, Oct 17: In a new twist to the controversy surrounding his abortive bid to acquire DCM and Escorts in the early 1980s, NRI industrialist Lord Swraj Paul has said it was Rajiv Gandhi who pressed him to take over the two companies. The London-based entrepreneur said initially the thought of taking over the two companies had not come to his mind and he had only bought their shares. But then I think Rajiv got very excited about it... He said Swraj Paul, you must buy these companies, He told Vir Sanghvi in an interview for Star Talk telecast on Star TV. When the interviewer mentioned that common perception was that the then Prime Minister Indira Gandhi had urged him to teach a lesson to Indian businessmen and that Rajiv Gandhi had opposed it, Lord Paul said she had nothing to do with it. He went on to say it was in 1983-84 that the Government turned against him and he had told Indira Gandhi that Reserve Bank of India and its Governor Manmohan Singh had completely reversed the policy. Asked why his relationship with Rajiv Gandhi had soured later, Lord Paul said it happened after Arun Nehru, with whom Rajiv was having problems, stayed with him in London. Rajiv had not told him directly about it but I got a hint from Quattrocchi once that seven race course road (Prime Minister’s official residence) did not like it. He had told the controversial Italian businessman that it was none of his business. When the interviewer spoke of suggestions coming from seven race course road that Paul and Nehru had been business partners in various deals, such as purchase of A-320 aircraft for Indian Airlines, the NRI industrialist said he made no money on any deal. If I had made money on any deal then I will be a very changing fellow in my loyalties. And Swraj’s style is not of changing loyalties, neither in England nor in India, he said. Asked if he had any regrets looking back at India, Lord Paul said he would have liked himself to be setting up some decent size, efficient industry to show India as a world class industrial nation. I want India to be in the first league of nations, not in the second or the third and I hope that I will see it, he said voicing confidence that this would not take too long. To a question on his status as Britain’s roving business Ambassador, Lord Paul said he was at heart very, very Indian... I am still a boy from Jalandhar and I am still a very proud Indian. At the same time I am very proud of the country where I live now. (PTI) |
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Prabhu seeks exclusive say in fertiliser pricing, subsidy NEW DELHI, Oct 17: Fertiliser and Chemicals Minister Suresh Prabhu has sought exclusive right for his Ministry to decide on subsidy and prices of fertilisers as part of long-term plans for revival of the industry. We should have an exclusive say in the matters of subsidy and pricing. I will meet the Prime Minister soon for this, Prabhu told. The sensitive issue of pricing and subsidies for the agro input sector are presently the domain of the agriculture Ministry and Mrabhu wanted these to be transferred to his Ministry to revive the industry, which was ‘unfortunately neglected by the successive Governments’. Prabhu said the fertiliser industry needed to be freed from excessive controls to attract investment in this capital-intensive segment to ensure agro nutrients were available to farmers at affordable prices. Emphasising that he would not be influenced by ‘political populism’ in handling the industry, Prabhu said he was not averse to gradual increase in prices as long as farmers were ‘compensated’ in remunerative prices against these hikes. He said subsidies were eroding the very basis of the industry and he would evolve a long-term plan to revive the industry solely on the basis of ‘performance’ with the focus on ‘consumers’. (PTI) |
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MRTPC powers need dilution, says Jethmalani NEW DELHI, Oct 17: Law and Company Affairs Minister Ram Jethmalani has strongly favoured dilution of powers of the Monopolies and Restrictive Trade Practices Commission (MRTPC) saying customers’ interests are best protected through competition in a market-oriented economy. MRTPC’s powers should be relaxed and not strengthened, except for its duty to protect innocent investors from a fraud or illegality committed by companies, he told PTI in an interview. Asked if the country needed a stronger MRTPC and an effective competition law to guard against takeovers and acquisitions, Jethmalani said corporate frauds were a bigger threat to individual investors than the danger of takeovers. What the country needed today was a strict law to punish fly-by-night companies and fraudulent corporates who fleece investors of their hard-earned money and the MRTPC should be geared up to check this, he said, pointing out that competition was the best protection for the customers. Comments of Jethmalani, who began his second innings as Law Minister in Vajpayee Government, assume significance in the wake of demand from MRTPC for empowerment to play an effective market regulator role. The duty of the Government was to reasonably protect investors against frauds, misuse of power and manipulation of markets, he emphasised but clarified these were his tentative views. (PTI) |
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Union Govt will soon convene meeting of NDC HYDERABAD, Oct 17: The Union Government will soon convene a meeting of the National Development Council (NDC) in New Delhi to discuss the shortfall in the ninth plan targets and evolve strategies to achieve them. Disclosing this to newspersons here today, Union Minister of State for Planning and Programme Implementation Bangaru Laxman said even after three years of the ninth plan period, the achievement of plan targets was only 49 per cent as against the stipulated 60 per cent, due to the tight fiscal situation in most states. Except Haryana, Karnataka and Gujarat, the revenue expenditure in all other states exceeded the revenue. West Bengal and Uttar Pradesh had a accumulated revenue deficit of Rs 6000 and Rs 8000 crore respectively. However, the situation in Andhra Pradesh was not alarming, he added. Mr Laxman said his ministry would pay attention to the social sector, provision of drinking water and generation of employment. Efforts would be made to identify overlap of programmes, which had stood in the way of achieving of the targets. He said a task force, headed by Mr Montek Singh Ahluwalia, had been constituted to ensure that the targetted generation of employment was achieved. (UNI) |
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BIA urges Centre to grant special package for dev PATNA, Oct 17: Bihar Industries Association has urged the Centre to grant a special package for the development of industries in the state. BIA president K P Jhunjhunwala said a memorandum would also be sent to all Union Ministers from Bihar, apprising them of the hardships the industry was facing in the state and suggesting ways to bring an industry motivated economy in the state. He said the Association was also planning to send a memorandum to all MPs irrespecitve of party affiliation for bringing a consensus among them on this vital issue. Mr Jhunjhunwala said with the exception of Indian Oil Corporation’s refinery at Barauni and a few other industries, Central and North Bihar had no large industries. He said after the creation of separate proposed state of Vananchal, this parts of the state would face great industrial vacuum and there was a need for special emphasis for the development in rest of Bihar to ensure industrial growth. (UNI) |
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