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| Goondas Act invoked against Raghu, Sundaresa Iyer KANCHEEPURAM, Jan 22: The Special Investigating Team probing the Sankararaman murder case today detained.....more Address CG
issues before I MUMBAI, Jan 22: Virtually turning down the request of Reliance group company IPCL for reconsidering his resignation.....more Competition
worries LONDON, Jan 22: After a two-year probe, UK regulators have prompted a group of broadcasters to scrap arduous......more Hyflux
launches CHENNAI, Jan 22: Hyflux aquosus, the Singapore-based Hyflux group company, has launched ‘dragonfly’, a wonder......more |
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Top Mitsubishi motors officials to resign: Nikkei TOKYO, Jan 22: Three top executives of Mitsubishi Motors Corp (MMC) are expected to step down to take responsibi........more Address CG
issues MUMBAI, Jan 22: Virtually turning down the request of Reliance group company IPCL for reconsidering his resignation........more India
showcases aviation BANGALORE, Jan 22: Chilean President Ricardo Lagos today witnessed a breathtaking display of aerobatic flying by....more Citigroup
says sec NEW YORK, Jan 22: The staff of the US Securities and Exchange Commission is considering recommending a civil.........more |
Goondas Act invoked against Raghu, Sundaresa Iyer KANCHEEPURAM, Jan 22: The Special Investigating Team probing the Sankararaman murder case today detained jailed junior pontiff Vijayendra Saraswathi’s brother R Raghu and Kanchi Mutt manager Sundaresa Iyer under the Goondas Act, a day after chargesheet was filed against the two Kanchi Sankaracharyas in the case. Already the SIT had detained eight others Kathiravan, Chinna, Ambikapathy, Mattu Basker, Meenakshisundaram, Anandkumar, Anil Kumar and K S Kumar under the act, taking the total number of detainees to ten, police said. A total of 24 persons, including Kanchi Seer Jayendra Saraswathi have been arrested in connection with the Sankararaman murder case. Jayendra was enlarged on bail on January 10 last. Initially there were 25 accused, but after one of the accused Ravi Subramaniam desired to become an approver, he has become a prosecution witness. The provisions of the Goondas Act are invoked on those, who have a series of cases against them. In police parlance only "habitual offenders" are detained under the act. Those detained under the act cannot seek bail but could approach a review committee for relief after three months of their detention. The detenues could then approach the committee through his advocate to challenge his detention. The Investigating Officer has to produce before the committee all the relevant documents. If the committee felt that the detention was not legal, they could order the release of the detenues. (PTI) |
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Address CG issues before I reconsider resignation: Anil MUMBAI, Jan 22: Virtually turning down the request of Reliance group company IPCL for reconsidering his resignation as vice chairman and director, Anil Ambani, engaged in a war of attrition with elder brother Mukesh, today sought resolution of issues, including corporate governance and disclosure, before any rethink on his decision. Speaking through his spokesperson, Anil said "there are substantial issues of corporate governance, disclosure, related party transactions and conflict of interest among others that the board needs to seriously address. "Once these issues have been resolved, a constructive forward path on the resignation can be considered," the spokesperson said adding "Anil Ambani has not heard anything from IPCL or its chairman Mukesh Ambani." Anil had resigned from the board of IPCL, a PSU acquired by the Reliance group in 2002, saying it would be below his dignity to serve on the same board as Anand Jain, whom he accused of conspiring to divide the family. He alleged Jain had a conflict of interest in the company where, through his relatives, he was a distributor of the products, besides being a director. The IPCL board at its meeting on January 20 requested anil to reconsider his resignation but none of the issues raised by him, including a demand for independent report from a reputed accounting firm on Anand Jain’s business relations, was taken up. Anil’s statement came a day after it was revealed that mukesh had been seeking a meeting with him since November 30 to resolve the differences. The younger brother, however, responded by saying a meeting could be productive only if a "fair and equitable" solution was proposed and he was willing to talk to his brother immediately thereafter in the presence of mother Kokilaben and other family members. According to reports available, Mukesh had again sought to meet Anil on January 20 after the IPCL board meeting, which the younger brother did not attend, and was in Delhi talking to officials in the ministries of finance and power in connection with reliance energy, a company headed by him. Sources close to Anil indicated he was not likely to withdraw his resignation as none of the issues raised by him were taken up at the board meetings of either IPCL or group’s flagship company RIL, headed by Mukesh, yesterday. The disclosure about the communication between the two brothers through letters, though the two stay in the same building seawind in Mumbai, came within hours of Y P Trivedi, an independent director in RIL and heading the corporate governance committee, gave a clean chit to the flagship company on investments in Reliance Infocomm, headed by Mukesh. Trivedi had said if Anil wrote to RIL board on any issue relating to corporate governance, then the committee would surely look into it. (PTI) |
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Competition worries prompt TV AD sales changes LONDON, Jan 22: After a two-year probe, UK regulators have prompted a group of broadcasters to scrap arduous financial tests imposed on buyers of ad time, a practice that inflated costs for the agencies and restricted competition. The office of fair trading yesterday said that tv eye — owned by itv, gmtv, channel 4 and five — would get rid of certain credit restrictions on media agencies and instead simply gather information and allow broadcasters to decide for themselves which of them it would allow to buy advert time. TV eye also proposed to allow broadcasters to cover agency risk however they wish, to reduce the scope of information it collects and shares with member broadcasters and to make sure that no sales directors of any of its member broadcasters sit on its board, the oft said. "The oft was concerned that, by allowing broadcasters collectively to agree certain terms and conditions for the sale of advertising airtime, TV eye restricted competition between the UK’s main terrestrial commercial TV stations," the regulatory agency said. "Media agencies seemed to have little choice but to accept those terms in order to secure TV advertising for their clients," the oft said. "These revisions will allow a freer, more competitive environment." TV eye had required agencies without a one-to-one debt-to-equity ratio to secure bank guarantees to ensure they could cover any unpaid airtime costs. The controversial policy was referred to the oft in April 2003 by the institute of practitioners in advertising because the guarantees wound up costing some of the biggest agencies millions of pounds after acquisition sprees had increased their debt loads. "The IPA is happy with the broad outcome of the oft investigation, and its members look forward to working more closely with the broadcasters to build the businesses of all advertisers who use this powerful medium," the institute said in a statement. The proposals from TV eye are subject to consultation with third parties before becoming final, the oft said. The big media buyers are part of large advertising conglomerates like publicis’s Zenithoptimedia, interpublic group’s universal Mccann and Havas’s media planning group. (AGENCIES) |
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Hyflux launches ‘portable water generator’ CHENNAI, Jan 22: Hyflux aquosus, the Singapore-based Hyflux group company, has launched ‘dragonfly’, a wonder machine, which extracts moisture from air to give the freshest water possible. ‘Potable water generator,’ the first-of-its-kind in the country, was launched here through Bangalore-based carewell technologies and products, the authorised dealer for dragonfly in India. The ‘pure drinking water producer’ was ideally suited for Chennai, where the humidity was high and the problem of drinking water was perennial, Mr Sanjiv Narain Bansal, partner, Carewell said. Mr Garry Ong, senior manager sales and marketing, Hyflux said that the water generator extracted water from moisture in the air, using Hyflux membrane technology. "A re-circulation process keeps the water constantly fresh while in storage," he said. Besides being hygienic and chlorone free, the water eliminates the risk of bacterial build-up in bottled containers stored over a period of time, Mr Ong said. At just push of a botton, one could enjoy cool, hot and warm water and it was ideal for offices and retail outlets. Mr Bansal said the water generator imported from Singapore would cost Rs one lakh in view of the more than 40 per cent duty on components. Carewell had imported 96 generators in the first consignment and proposed to sell 400 machines during this year in the city. Carewell also proposed to tap business opportunities for Hyflux in water treatment and desalination plants in the country, he said. (UNI) |
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Top Mitsubishi motors officials to resign: Nikkei TOKYO, Jan 22: Three top executives of Mitsubishi Motors Corp (MMC) are expected to step down to take responsibility for their failure to turn round the ailing Japanese car maker, the Nihon Keizai newspaper said today. MMC chairman Yoichiro Okazaki, vice-chairman Koji Furukawa and president Hideyasu Tagaya could step down at the end of March, the newspaper said, adding that it was not clear who would replace them. The auto maker has faced a difficult future since former majority shareholder Daimlerchrysler AG gave up on it in April last year, leaving it to scrape together funds for a revival plan from Mitsubishi group firms and others. Financial sources said on Wednesday that Mitsubishi group firms may have to pour another 300 billion yen ( 2.91 billion) into MMC. They said the company would announce a new revival plan on January 28, the centrepiece of which was expected to be the fresh aid and a strategy of supplying vehicles on an Original Equipment Manufacturing (OEM) basis to other auto makers. Last year, MMC secured an aid package worth 496 billion yen from the Mitsubishi group and others, but its troubles deepened when past cover-ups of vehicle defects resurfaced. The subsequent blow to the brand led to a 40 percent plunge in MMC’s domestic sales last year. The financial sources said Mitsubishi group firms, including machinery maker Mitsubishi Heavy Industries Co., trading house Mitsubishi corp. And Mitsubishi Tokyo financial group, would buy common and preferred shares in MMC and could also take over some of MMC’s assets. They may seek other forms of aid for the car maker and total assistance could reach 400 billion to 500 billion yen, the sources said. (AGENCIES) |
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Address CG issues before I reconsider resignation: Anil MUMBAI, Jan 22: Virtually turning down the request of Reliance group company IPCL for reconsidering his resignation as vice chairman and director, Anil Ambani, engaged in a war of attrition with elder brother Mukesh, today sought resolution of issues, including corporate governance and disclosure, before any rethink on his decision. Speaking through his spokesperson, Anil said "there are substantial issues of corporate governance, disclosure, related party transactions and conflict of interest among others that the board needs to seriously address. "Once these issues have been resolved, a constructive forward path on the resignation can be considered," the spokesperson said adding "Anil Ambani has not heard anything from IPCL or its chairman Mukesh Ambani." Anil had resigned from the board of IPCL, a PSU acquired by the Reliance group in 2002, saying it would be below his dignity to serve on the same board as Anand Jain, whom he accused of conspiring to divide the family. He alleged Jain had a conflict of interest in the company where, through his relatives, he was a distributor of the products, besides being a director. The IPCL board at its meeting on January 20 requested anil to reconsider his resignation but none of the issues raised by him, including a demand for independent report from a reputed accounting firm on Anand Jain’s business relations, was taken up. (PTI) |
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India showcases aviation strength for Chile President BANGALORE, Jan 22: Chilean President Ricardo Lagos today witnessed a breathtaking display of aerobatic flying by India’s indigenously-built advanced light helicopter Dhruv, the light combat aircraft Tejas and the intermediate jet trainer. The highlight of the nearly 20-minute display was a formation fly-past by three dhruvs followed by a solo performance of aerobatic manoeuvres on the advanced light helicopter by Wg Cdr C D Upadhyay. The south American nation is believed to be interested in buying the Dhruv and the chopper has already undergone extensive performance testing in a range of weather and terrain conditions in Chile. "We are hopeful that a deal will be worked out soon," Hindustan Aeronautics Limited Chairman A K Baweja said. Chile is thought to be keen on inking a deal for purchasing the first lot of four Dhruvs by April this year. Mr Lagos later left for Agra by a special Indian Airlines flight. He was seen off by Karnataka Governor T N Chaturvedi and senior State Government officials. (UNI) |
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Citigroup says sec staff may urge actions vs funds NEW YORK, Jan 22: The staff of the US Securities and Exchange Commission is considering recommending a civil injunction and/or administrative proceedings against Citigroup asset management, Citicorp trust bank, former asset management unit chief executive Thomas Jones and three other people, Citigroup said on Friday. The New York-based financial services giant said the actions are related to its creation and operation of an internal transfer agent unit serving more than 20 citigroup-managed closed-end funds. One of the individuals remains a Citigroup asset management employee and two are no longer with the money-management entity. Citigroup said it is cooperating fully with sec and is seeking to reach a settlement with the sec staff. In 1999, citicorp trust entered the transfer agent business and hired a subcontractor to perform some of these services. This subcontractor, not identified by Citigroup, signed a separate agreement with Citigroup asset management in 1998 that guaranteed investment management revenue to the money-management entity and investment banking revenue to an affiliate. The subcontractor business was later taken over by pfpc inc., a unit of PNC financial services group. The revenue guarantee was eliminated and a one-time payment was made by the subcontractor to an affiliate of Citigroup asset management. The sec has taken issue because citigroup asset management did not disclose the revenue guarantee when the boards of various Citi closed-end funds hired Citicorp trust as transfer agent. Citigroup asset management also failed to inform the funds of the one-time payment. Citigroup said. As previously announced, Citigroup asset management has already paid funds, primarily through fee waivers, about 17 million plus interest. That amount matches revenue received by Citigroup through its revenue guarantee, Citigroup said. The sec staff also said it is considering recommending the commission take action regarding Citigroup’s disclosures to the fund boards, Citigroup asset management’s initiation and operation of the transfer agent business and Citigroup asset management’s retention of the subcontractor. On Thursday, Citigroup said it established a reserve of 196 million during the second half of last year related to this case. Settlement negotiations are ongoing, Citigroup said. (AGENCIES) |
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SEBI chief warns CAS to be wary of global players BANGALORE, Jan 22: Securities and Exchanges Board of India (SEBI) chairman G N Bajpai today warned chartered accountants of the country to be wary of entry of global players following the removal of restrictions in the service sector under the World Trade Organisation (WTO) agreement. Delivering the keynote address at the 17th national conference of the Karnataka State Chartered Accountants Association (KSCAA) here, he said "the five major global players will eat up your business if you do not collaborate and compete." In the fast changing world knowledge gets updated frequently and chartered accountants need to network and keep themselves abreast of the latest developments. He said chartered accountants should develop the ability to create new ways of networking using the available connectivity tools. They have to perform beyond their role as chartered accountants and get to know the business of their clients so that they could perform better. In this regard, he pointed out the IPO application of Jet Airways filed with the SEBI and said his officers had stated that the clearance would be delayed by some days as it was for the first time that an aviation company was seeking IPO and the business need to be studied extensively. Mr Bajpai said the accounting standards of the Chartered Accountants of India was comparable to those in the west and what was needed was some fine-tuning. In his address, Karnataka Cooperation Minister R V Deshpande sought the help of the KSCAA to come out with suggestions for restructuring the cooperative sector. There was a need for cobwebs to be removed to make the functioning of the sector more effective, he said. (UNI) |
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EU expects UK to scrap Gibraltar tax breaks BRUSSELS, Jan 22: The European Commission expects that Britain will phase out by 2010 certain tax breaks offered by Gibraltar, the European Union executive said on Friday. The commission has formally asked Britain to abolish the exempt company tax scheme because it suspects it amounts to a form of illegal subsidy and distorts competition. "We are now very optimistic that this measure will be withdrawn once and for all," Commission Spokesman Jonathan Todd told a news conference. Under the regime, a firm registered in Gibraltar as an exempt company pays no income tax on its profits but instead pays only a fixed annual tax of between 225 pounds ( 420) pounds and 300 pounds. Gibraltar’s tax breaks encourage thousands of foreign firms to invest in the UK colony and are the lifeblood of the local economy. The offshore centre offers investors an alternative to European low-tax centres such as Monaco or Luxembourg. "The United Kingdom has one month to formally accept these appropriate measures, failing which the commission may open a formal state AIDS investigation," the Commission said in a statement. But Neil Parish, member of the European Parliament for south west England and Gibraltar, said Tony Blair’s Government should oppose the Commission to avoid damaging Gibraltar’s economy. "The British Government owes it to Gibraltar to stand up to the Commission and kill off this proposal," he said. "A major part of Gibraltar’s economy is made up of the companies that benefit from the current arrangements and we expect the Government to do everything it can to keep enterprises in Gibraltar," he added. The Commission had wanted to open a state AIDS procedure against Britain, but refrained after Britain signalled it was ready gradually to eliminate the scheme, EU officials have said. The exempt company tax scheme, which was found unlawful by a group of EU experts, is enjoyed by around 8,500 offshore firms. Britain suggested last March a way to replace this scheme which the Commission rejected, leading to a British challenge in the EU court of justice. The Commission’s recommendation gives Britain time to wait for the court ruling before deciding how to amend the scheme. Until then, Britain can keep the scheme with limitations. The scheme will be capped, meaning that no more companies will be brought in unless some leave the scheme. Even in that event only a proportion of the number leaving can join. (AGENCIES) |
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Greenspan against faster rate hikes: Businessweek NEW YORK, Jan 22: Federal reserve chairman Alan Greenspan is comfortable with the current measured pace of US interest rate hikes and does not favour a more aggressive policy, a report in the online version of businessweek magazine said on Friday. The report noted that with the Fed’s Feb 1-2 policy meeting fast approaching, investors were fretting that Greenspan and his central bank colleagues might want to junk their go-slow strategy of bite-size interest rate hikes in favour of something more aggressive. "But those concerns don’t seem to have fazed the man atop the fed," said the report, written by fed watcher Rich Miller. "Associates say the chairman has shown no signs of panic and appears content with the strategy of small, slow rate hikes —one-quarter of a percentage point at each meeting." "Indeed, with another quarter-point hike expected at the Feb 1-2 meeting, short-term rates will be inching closer to levels where some fed officials might even consider taking a break from their rate-hiking campaign," the businesweek report said. Minutes of the last fed policy meeting in December showed some board members were growing concerned about inflation and some fretted about excessive risk-taking in financial markets, leading analysts to wonder if the fed as a whole might decide to speed up its rate hikes. However, recent comments from members have been more balanced, with many playing down the reaction to the minutes while expressing confidence that inflation will stay contained. (AGENCIES) VAT exemption: Rice mill owners thank TN Govt THIRUVALLUR, Jan 22: The Federation of Tamil Nadu Rice mill owners and paddy dealers associations today thanked Tamil Nadu Chief Minister J Jayalalithaa for her Government’s recommendation to the centre that rice be exempted from VAT. Chairman of the federation D Thulasingam told newsmen here that a resolution thanking the State Government was passed at a meeting. He said the Centre has agreed to exempt rice from the purview of VAT following the strong recommendation made by the Jayalalithaa (PTI) |
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