Tuesday, September 15, 1998
Buyback needs change in Companies Act
One of the reasons for market operators' disappointment with finance minister Yashwant Sinha's budget was that there was no announcement for introduction of buyback of shares. It needs to be mentioned that buyback of shares needs amendment to the companies act and cannot be made a part of the Finance Bill.
Recover power cost
As reported by the Express Investment Week on September 6, the Union power ministry plans to introduce a cess to be paid by all consumers across the country. However, with the funds raised through cess not required to be necessarily used for development or upgradation, and considering the states' financial position, there is a strong possibility that the funds could be diverted for purposes other than infrastructure development.
Planning reform
It must be said to the credit of the BJP-led government that despite its anti-Nehruvian stance on economic policy, it is not allergic to planning per se. This is seen in its search for a role for the Planning Commission, mothballed by the liberalisers of the finance ministry.
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