Divisional commissioner to pull up Telco for not complying with diktat
The divisional commissioner of Pune, Arun Bhatia, is out to "fix" Telco for failing to follow his diktat of investing Rs 15 crore in the National Saving Certificates or Vikas Patras. Bhatia said at a Mahratta Chamber of Commerce and Industries (MCCI) meeting in Pune on Friday that he would not undertake any work related to Telco unless the company did as it was told. He, however, claimed that the amount to be invested could be negotiated.
Alcan denies move to offload Indal holding
The Canadian aluminium-major Alcan has disassociated itself from the open offer made by Sterlite Industries to acquire a 20% stake in the Indian Aluminium Company (Indal). In a statement issued yesterday, Alcan, which holds a 34.6% stake in Indal, clarified that it has no intentions to sell its holdings in Indal.
Chelliah recommends 5-year budgets
Noted economists Raja J Chelliah and Ashok V Desai have made a case for the country's budget exercise to stretch over the medium term from the current annual programme. Speaking at a seminar on "long-term fiscal policy" organised by the Madras Chamber of Commerce and Industry (MCCI) in Chennai, Chelliah, said that budget makers put down figures primarily to keep budget deficit down without considering the medium-term impact of these measures.
HLL signs fuel supply pact with IOC
Hindustan Lever Ltd (HLL) has signed a Fuel Supply Agreement (FSA) with public sector Indian Oil Corporation (IOC) for the entire fuel and lubricant requirements of its manufacturing unit in Orai. The FSA is for for five years supply of HSD (petrol), furnace oil and lubes to the tune of 555 kilo litre per month.
War uncertainty creates a gulf between homesick Indians and Kuwait bosses
Indians residing in Kuwait are facing tough times from their employers who are holding back passports and not letting them leave the country till the fears of US-led air strikes get cleared. Annual vacations sanctioned by employers are either being cancelled or being postponed because employees who on vacation have extended their stay due to the fear of a war.
Kalyan Singh government dismissed; Jagdambika Palto take charge
The five-month-old Kalyan Singh government in Uttar Pradesh was dismissed yesterday by the governor, Romesh Bhandari. Bhandari has reportedly invited Jagdambika Pal of Loktantrik Congress to form a new government yesterday itself. A 17-member council of ministers, all of Cabinet rank, is likely to take oath along with Pal.
