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Need for large knowledge based labour poll for BPO stressed MUMBAI, Dec 11: India needs creation of large knowledge-based labour pool for the Business Process Outsourcing (BPO) industry because of higher level .........more IVRCL
infrastructure MUMBAI, Dec 11: The Board of Directors of IVRCL Infrastructure Projects Ltd at its meeting has given a go-ahead to the issue ...more Emami,
killer jeans MUMBAI, Dec 11: Cosmetics manufacturer Emami and killer Jeans company have ....more ICICI
bank defrauded NEW DELHI, Dec 11: Five persons have been arrested on the charge of duping the ....more |
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Goodyear accounting problems delay debt sale CHICAGO, Dec 11: Goodyear Tire Rubber Co said on Wednesday it had discovered more accounting problems, forcing it to postpone a planned debt .....more US
announces new WASHINGTON, Dec 11: US Overseas Private Investment Corporation (OPIC) President Peter Watson has announced......more Govt to introduce amended bill for petro sector regulator NEW DELHI, Dec 11: Government will introduce in Parliament this month an amended bill for a regulator for petroleum.....more RBI
should have MUMBAI, Dec 11: Reserve Bank of India Governor Y V Reddy today said the central....more |
Need for large knowledge based labour poll for BPO stressed MUMBAI, Dec 11: India needs creation of large knowledge-based labour pool for the Business Process Outsourcing (BPO) industry because of higher level of attrition and turnaround of existing manpower, according to Raman Roy, CMD of Wipro spectramind. Addressing a group of entrepreneurs at the Indian Merchants Chamber (IMC) last night, Mr Roy said, India would lose its global advantage of cost effectiveness in business processing if the shortage of suitable manpower for the industry give rise to increase in wages which in turn would increase the cost of outsourcing business for global clients. It is high time for the Government and people in the decision making system get the act together for the survival of the BPO industry in the country which Mr Roy described as the "new born baby that is yet to learn to walk". In other competitive nations like China, Malaysia and Philippines, the authorities there became very pro-active to provide various fiscal incentives and support in order to derive growth not only in country’s revenue but also in employment. Mr Roy who is fondly referred as the father of Indian BPO industry, said that India could be the only country in the world to supply top grade manpower for the industry that not only served as call centre but also solution provider to scale up production, efficiency and profitability of the services and manufacturing sector world over. As per the demographic profile of India, he said quoting some research papers, India would have huge number of young talented skilled manpower by 2020. According to Mr Roy, BPO is a live-transaction process with no corrective course and that needs a high quality manpower with technology to correct the mistake before its operation mode. Currently, India provides employment of one million people in BPO industry which is likely to go up 40 times by 2020, providing a saving as large as of 70 per cent in expenditure to global corporates. Such growth needs government patronage to facilitate investment to the tune of US dollar 24 billion annually. In fact, India’s main attraction for global players was its skilled manpower that addressed demand-supply mismatch of manpower along with the absence of suitable technology in foreign lands, he observed. The key survival of the industry was to provide the capability to fulfil the needs on a global platform in a seamless manner to enhance the productivity and profitability, he added. (UNI) |
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IVRCL infrastructure get go-ahead for equity shares issue MUMBAI, Dec 11: The Board of Directors of IVRCL Infrastructure Projects Ltd at its meeting has given a go-ahead to the issue of equity shares, company officials said in a communication to the Bombay Stock Exchange (BSE) here. The board passed a resolution authorizing, subject to the approval of the members at an EGM scheduled to be held on January 05, 2004 and subject to entering into definitive agreements with the investors and fulfillment of conditions precedent in accordance with the agreements. It has decided to issue and allot upto 80,00,000 equity shares of Rs10 each at a premium of Rs115 per share aggregating to Rs1,000-million to the foreign investors. According to the release, the company will issue citicorp international finance corporation — and or one or more other affiliates of CVC international a unit of Citigroup global investments, collectively CVC international up to 40,00,000 equity shares and or Chrys capital 11 llc and or one or more of its affiliates (collectively, chyrs cap) upto 40,00,000 equity shares. The board has also decided to issue 4,00,000 warrants to the promoters of the company to be converted into 4,00,000 equity shares of Rs 10 each at a premium of Rs 115 per share aggregating to Rs 50 million within a period of 18 months from the date of the issue and to issue 4,00,000 options equivalent to 4,00,000 equity shares at an offer price of Rs 100 per share to the employees in accordance with the applicable SEBI guidelines. (UNI) |
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Emami, killer jeans move Court against Rakesh Roshan, Hritik MUMBAI, Dec 11: Cosmetics manufacturer Emami and killer Jeans company have filed separate criminal complaints in a Court of Magistrate against film maker Rakesh Roshan, his actor son Hritik and their firm Filmkraft Productions (India) Pvt Ltd for allegedly violating agreements on displaying the products of the company in their latest film ‘Koi Mil Gaya.’ The complaints were filed on December 9 by the two companies in the Court of Additional Chief Metropolitan A M Garde at Suburban Andheri. The cases would come up for hearing on February 7, lawyer for the complainant companies Ashok Sarogi told PTI here today. The complainants have alleged that the Roshans had allegedly committed criminal breach of trust and cheating by going back on their agreements to show the products of the companies in some shots of the film. It was agreed between the parties that for a certain consideration, the film would be shot in Mall Road, a hill station in north India, and in the background the products of the company would be displayed. Emami alleged that the Roshans had agreed to shoot a scene with the heroine Priety Zinta holding a company product in a beauty parlour and they also promised to show close shots of the article held by her. In return, the company had paid Rs 12 lakh in instalments. Similarly, killer Jeans company alleged that the Roshans had agreed to shoot a scene in which the hero Hritik would be picturised wearing the killer Jeans. However, both the companies claimed that the shots were not found in the movie on its release in theatres all over India recently. They charged the Roshans with cheating. There is a clause in the agreement which provides for arbitration. But this could be invoked in a civil case and not when criminal action was being sought, lawyer Sarogi said. A spokesman for Rakesh Roshan said they have not received notices from the Court and would file a reply when the cases come up for hearing. (PTI) |
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ICICI bank defrauded of Rs 1.34 cr, 5 arrested NEW DELHI, Dec 11: Five persons have been arrested on the charge of duping the ICICI bank of Rs 1.34 crore by encashing a cheque purported to have been issued by Fortis Banque of France, police said today. They have been identified as Vinay Gupta, Pankaj Chopra, Dinesh Bhalla, Ramdev Puri and Ashok Kumar. One Darshan Lal of Ludhiana who had opened an account with ICICI bank, Preet Vihar, in the name of a non-existing firm which encashed the cheque is absconding, Deputy Commissioner of Police (economic offences wing) Dinesh Bhatt said. Investigation revealed that NAIM, an NRI, procured a stolen cheque of Fortis Banque and came to India in August. He contacted his associate Dinesh, who had been in Paris for about four years. Thereafter, the two contacted Ashok of Tank road, Delhi, and Ramdev of Ludhiana to get the cheque encashed. Ramdev then got in touch with Darshan, a hosiery trader of Ludhiana. On an agreement reached between them, Darshan opened a fictitious account in ICICI bank in the name of Jai Maa Dyeing Co., Gandhi Nagar, representing himself as a sole proprietor. The stolen cheque for Rs 1.5 crore was deposited in the bank and the amount credited to the account of the fictitious firm. Darshan then withdrew Rs 1.34 crore between August 26 and September 13. However, on October 10, ICICI bank received information from fortis Banque that the cheque was stolen, and immediately the balance Rs 16 lakh was blocked. Meanwhile, Dharshan gave Rs 20 lakh to Ramdev as Commission, of which Rs ten lakh was to be given to Dinesh. Darshan also paid Rs 4.80 lakh to Ashok as his share. Darshan was to get Rs 55 lakh. Naim was supposed to visit India in October to collect his share of Rs 70 lakh. Vinay, son of Darshan, was also a conspirator as he forged the signatures of one Pankaj Gupta on whose name the rent agreement of the firm was signed with the landlord. Scrutiny of the bank statement of Jai Maa Dyeing revealed that Rs 30 lakh were transferred in Vinay’s account which he maintained with HDFC bank, Radhu Palace. Goods worth Rs 5-6 lakh purchased by Vinay and Pankaj out of this amount have been recovered from the firm, the DCP said. (UNI) |
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Goodyear accounting problems delay debt sale CHICAGO, Dec 11: Goodyear Tire Rubber Co said on Wednesday it had discovered more accounting problems, forcing it to postpone a planned debt sale until next year and possibly unleashing additional labor problems for the top north American tyre maker. The company said it identified "possible improper accounting issues" in Europe as part of an ongoing internal investigation. It has not determined whether the problems will have an impact on its financial statements. Goodyear had announced on Oct 22 that it would restate results for periods dating back to 1998 because of mistakes made in North America when it switched to a new computerized accounting system. It has since said net income will be reduced by 84.7 million. The company plans to delay filing an amended 2002 10-K with the securities and exchange commission until its review of the European accounting issues is complete. As a result, it will not be able to sell 250 million in debt and 75 million of equity by year-end, as required by its labour agreement with the united steelworkers of America. The union has the right, but not the obligation, to strike if the conditions aren’t met. Goodyear said it has started talks with the steelworkers on Wednesday to "explore mutually beneficial options." it said those options could include aggressively pursuing financing options once the amended 2002 10-K is filed. The united steelworkers, in a statement, said it will monitor the situation. "We are hopeful that the problems in Europe are not significant," said USWA International Vice President Andrew Palm. "We expect that the company will quickly resolve this situation and move on to complete their financing commitments in the near future." The USWA, goodyear’s largest union, represents more than 18,000 hourly employees in 20 company facilities, as well as more than 24,000 retirees. Although goodyear is required to sell only about 325 million in debt and equity, analysts had expected it to sell much as 1 billion in debt and/or equity this week. Akron, Ohio-based goodyear has been struggling to turn around its largest unit, North American tyres, after losing 1.3 billion in the past two years. It has already eliminated its dividend, cut jobs, frozen wages, reduced health-care costs, and refinanced its bank debt as part of a turnaround plan. Goodyear must use at least half of the net cash proceeds from any debt or equity sale to pay down bank debt under a refinancing agreement reached with its bankers in early April. (AGENCIES) |
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US announces new info-tech initiative for emerging market WASHINGTON, Dec 11: US Overseas Private Investment Corporation (OPIC) President Peter Watson has announced that the agency will establish a 400-million dollar fund to encourage US investment in telecommunications projects which will help other nations build access to the latest Information Technologies (IT). "Dependable and current telecommunications and IT infrastructure represent a cornerstone for sustainable development and economic growth in emerging markets around the world," Mr Watson said yestereday. The private sector will play a critical role in developing and diffusing new technologies to those markets, he added. OPIC — an agency of the US Government devoted to supporting sustainable economic development through the establishment of public-private partnerships — has already made a substantial commitment to the information technology sector with a record 5 billion dollars flowing to almost 200 projects in markets in Latin America, Asia, Africa and Eastern Europe. OPIC’s goal with these projects is to promote a more efficient use of advanced technologies in order to help developing countries enter the global marketplace more rapidly, bringing greater economic opportunity to their citizens. Mr Watson told reporters that the new programme will be devoted to helping existing economic sectors in developing countries — such as education, health and agriculture — join the it revolution that has helped improve productivity and increase efficiency in businesses and enterprises in the developed countries. "Telecoms and the information technology sector catalyse the ability of those sectors to be able to be integrated into the international economy, " he added. (UNI) |
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Govt to introduce amended bill for petro sector regulator NEW DELHI, Dec 11: Government will introduce in Parliament this month an amended bill for a regulator for petroleum sector. The cabinet, last night, approved certain amendments in the bill (originally introduced in Lok Sabha in May 2002) based on suggestions made by Parliamentary Standing Committee on petroleum and the amended bill will now be placed during the current winter session of Parliament for approval, Parliamentary Affairs Minister Sushma Swaraj told reporters here today. The bill provides for "a regulatory mechanism that would facilitate uninterrupted and adequate supply of petroleum and petroleum products in all parts of the country including remote areas at fair price, and promote competitive markets and access to monopolistic infrastructure in the nature of common carrier on non-discriminatory basis by all entities." Swaraj said one of the amendments to the bill is for enhancement of punishment for violators of Government policy to three years. "Persons committing offences under the proposed bill would be punishable with imprisonment which may extend to three years or with a fine which may extend upto Rs 10 lakh or with both." While Government has accepted suggestion of extending protection against encroachment of retail network of the existing state-run entities for at least five years, it has turned down recommendation of inclusion of connected facilities like storage, marketing and import terminals in the definition of common carrier. Only pipelines will fall under the ambit of common carrier principle where all entities have the right to hire the infrastructure for a fee. The standing committee had recommended an amendment in the function of the board to include declaration of storage, hydrant systems at airports, marketing and import terminals as common carrier. However, Petroleum Ministry felt as per international standards and practices, storage facilities are not considered as common carrier. The ministry agreed with the suggestion for a separate regulation for natural gas sector. Besides authorising construction of infrastructure and monitoring social service stipulation for retail companies, the board shall also monitor prices and check profiteering. "The intention of the Government is that the entities should not resort to excessive profits by manipulating competition, indulging in cartelisation, predatory pricing or are inconsistent with widely prevalent international norms and accepted practices," the bill states. (PTI) |
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RBI should have appropriate regulatory powers: Reddy MUMBAI, Dec 11: Reserve Bank of India Governor Y V Reddy today said the central bank "is not very comfortable" with lack of clear statutory provisions regarding takeover of bank managements in terms of the legal framework. To plug the statutory gap, a bill has now been introduced in parliament relating to banking regulations, Reddy said while addressing the bank economists conference here. "RBI’s proposals in this regard should reasonably take care of takeover of the management and RBI would have appropriate regulatory power to satisfy itself that persons proposing to acquire such shares are fit and proper persons", he added. However, he said the experience of Reserve Bank has been by and large satisfactory in approving several schemes of amalgamation in the recent past. Reddy said one area of concern to RBI is merger of non-banking companies with banks as the law does not impose any obligation on the part of the latter to seek RBI’s approval before filing the scheme in High Courts, he said. Reddy said to take care of these regulatory gaps, RBI has proposed some amendments to the legislation of Banking Regulations Act that merger of a non-banking company with a bank would be made by following a similar procedure currently applicable for merger of two banking entities. (PTI) |
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RBI to set up board for payment and settlement systems: Reddy MUMBAI, Dec 11: Reserve Bank of India will set up a Board for Payment and Settlement Systems (BPSS) to provide efficient governance and best practices in risk management even as it urged banks to focus on legal, institutional and transactional aspects to reach global standards. "BPSS will function similar to the board of supervision and provide policy directions in areas relating to regulation, supervision of payment and settlement systems, approval of payment systems, criteria for membership and handling of offences," RBI Governor Y V Reddy announced today in his inaugural address at the bank economists conference here. This would ensure that all payments and settlements in the country are subject to good and efficient governance and that they adopt the best practices in risk management, which is the prime requirement relating to safe, secure and efficient payment and settlement systems, he said. These arrangements should also facilitate easy transition to a more formal statutory system, he added. Reddy said a decision has been taken to introduce a system of feedback on supervision on a regular and continuing basis. "We expect to hold a meeting next week and finalise an ongoing system," he added. Reddy hoped with this some unnecessary elements would be eliminated while enhancing quality of supervision, particularly in terms of its utility to the supervised, and result in overall reduction in transaction costs. (PTI) |
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Panel on textile machinery industry to submit report by Feb 28 NEW DELHI, Dec 11: Working group on Textile Machinery Industry is expected to submit its report by February 28, 2004, the Government informed the Lok Sabha today. The working group chaired by Textile Commissioner, Mumbai, would study the current status of Textile Machinery manufacturing sector and and also identify all technical, financial and legal issues concerning the sectoral growth, Minister of State for Heavy Industries and Public Enterprises, Santosh Kumar Gangwar said in a written reply to a question. The group would prepare a vision 2020 statement for the sector as well a roadmap relating to research and development and export measures, he said. "The working group is expected to submit its report by February 28, 2004," he said. Cars: Gangwar said that production of cars increased to about 6.06 lakh in 2002-03 from 5.64 lakh in the previous year. He said the passenger car industry in India had grown steadily during the last few years except during 2000-01 when there was a negative growth due to global economic recession. Passenger car industry in India had 15 manufacturers with an installed capacity of 12.37 lakh units, he said. Export by Maruti: As per Maruti Udyog Ltd, the export accounted for 8.7 per cent of the total number of vehicles made by the company during 2002-03, Gangwar said. He replied in negative to a question as to whether the export target is being lowered by the company this year. (PTI) |
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Surya Pharma to hit market with IPO on Dec 18 NEW DELHI, Dec 11: Surya Pharmaceutical Ltd (SPL) will hit the market with a Rs 13.5-crore Initial Public Offer (IPO) on December 18. The pharma company will offer 30 lakh equity shares of Rs 10 each for cash at a premium of Rs 35. The IPO proceeds will be used to meet working capital requirements and fund a project to set up infrastructure and machinery for its research and development facility, Spl managing director Rajeev Goyal told newspersons here today. The shares of the company will be listed on the NSE and BSE with Systematix Corporate Services Ltd as the lead manager and Big Share Services Pvt Ltd as registrar. He said Surya, which manufactures active pharmaceutical ingredients, intermediates and formulations, is planning to foray into high value and regulated market by getting its products registered. Currently, SPL allocates 2 to 3 per cent of its total turnover on R and D. "We have decided to raise the spending on the R and D activities to optimise cost and increase process yield," Mr Goyal added. (UNI) Pre-feasibility study on New Delhi-Hanoi rail link: Sinha NEW DELHI, Dec 11: India has offered to conduct a pre-feasibility study on the proposed New Delhi-Hanoi rail link passing through six Asian countries, External Affairs Minister Yashwant Sinha told the Rajya Sabha today. Answering Mr Shahid Siddiqui and Rumandla Raamachandryya’s queries, Mr Sinha said the Government was currently examining the technical feasibility of laying the 300-Km missing rail link between nearest rail heads across India-Myanmar border between the hilly terrain of Jiribam in Manipur and Kalay in Myanmar in the first phase. The Rail India Technical and Engineering Services (RITES) of the railways had been asked to conduct pre-feasibility studies. He said in the meeting of the foreign ministers of the Mekong-Ganga cooperation countries last July, he had told them that the pace of work on the ground was not as fast as the countries wanted. India had offered pre-feasibility study to link 1000-Km missing link to cover the distance of 5000-Km distance between New Delhi and Hanoi. He agreed with the House that the countries had lost time in establishing the link and did not want to lose further time. The trans-Asian link would provide a filip to north-eastern states which felt neglected. All the countries were favourably disposed towards the idea of establishing the link, Mr Sinha further said. The minister said the links would certainly help to wean away the misguided youth who had taken to arms when opportunities for trade tie-ups would open up. (UNI) |
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