Wednesday, September 16, 1998
Auditors qualify Wyeth Lederle books over equalisation-account claims
A F Ferguson, the auditors of Wyeth Lederle, have qualified the company's accounts owing to non-provision of Rs 2 crore which may be payable into the Drugs Prices Equalisation Account (DPEA) for a specific period as against tentative demands amounting to Rs 16.36 crore. The company's management, however, says that its does not consider it necessary to revise the Rs 2-crore provision in respect of 1981-87 for the demands against Cyanamid India (CIL).
Oman Oil Company moots change in fertiliser project debt-equity structure
The crisis which engulfed the $1.2 billion Oman India fertiliser project on vital financial issues has partially receded with the Oman Oil Company (OOC) agreeing to increase the proportion of equity in the total funding package from 25 per cent to 33 per cent.
Philips India likely to sell Pune industrial components facility
Philips India is believed to be contemplating possible sale of its components factory in Loni, located about 20 km from Pune. Company sources say that talks are on, even though Philips India's official spokesperson said: "Philips has not sold off its components factory at Loni."
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