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FE NEWS SERVICE
Romesh Sharma detained under NSA: Romesh Sharma, an alleged front man of the Dubai-based underworld don Dawood Ibrahim, was today detained under the National Security Act on the orders of Delhi police commissioner VN Singh citing threat to society and national security. A detention warrant under the NSA was served on Sharma, who was formally arrested today by the crime branch of city police on charges of conspiring to kill notorious gangster Babloo Srivastava, lodged in Allahabad's Naini jail and extorting money from a few tycoons, police said.
Assocham predicts 5.5% GDP growth: The Associated Chamber of Commerce and Industry has estimated that the real GDP growth in the current financial year would be 5.5 per cent as against the government expectation of seven per cent which would result in the fiscal deficit exceeding the Budget by around Rs 14,000 crore. President L Lakshman said at the most, agriculture would witness a growth of 1.5 per cent, industry five per cent and the services sector8.5 per cent during 1998-99.
Stipend for trade apprentices raised: The monthly stipend for trade apprentices and certain other categories have been increased with immediate effect following rise in the consumer price index. Labour ministry sources said trade apprentices would now get Rs 680 per month (first year), Rs 780 (second year), Rs 900 (third year) and Rs 1020 (fourth year). Similarly, engineering graduates for post-institutional training would get Rs 1630 a month, sandwich course students from degree institutions and diploma holders for post- institutional training Rs 1160, sandwich course students from diploma institutions Rs 940 and technician (vocational) apprentices Rs 900.
BHEL ties up with Russian firm: Bharat Heavy Electricals Ltd has tied up with Russian company Autoexport and Royal Bengal Industries, a company floated by a London-based non-resident Indian, to introduce trolley buses in Calcutta. About 300 cities the world over already have trolley buses.
Birla group injoint Ugandan venture: Birla Group is expected to sign a joint venture agreement with the Uganda Investment Authority to establish an industrial park along the country's border with Kenya. Municipal authorities in Jinja town, where the park is to be set up, have already reportedly provided 133 acres to Birla Engineering. The UIA has also agreed to provide the infrastructure.
Most SFCs financially critical: Loans amounting to a whopping Rs 6,400 crore ($1.50 billion) extended by state financial corporations have turned into non-performing assets which is nearly 45 per cent of the total assets base of Rs 14,500 crore of the 18 SFCs in the country. This precarious financial position of the SFCs has been revealed in a study prepared by Small Industries Development Bank of India. The total outstanding loans as on March 31, 1998 stood at Rs 11,133.40 crore.
Centre to invite offers for oil blocks under NELP: The Centre plans to issue notices inviting offers for some of the 48 blocks eligiblefor fiscal concessions in the new exploration and licensing policy `in a few days', according to Union minister of state for petroleum and natural gas Santosh Gangwar.
Chamber wants code of conduct for FIs: The PHD Chamber of Commerce and Industry has suggested that financial institutions should fund the purchase of shares by promoters of the target companies in case of a hostile takeover. This will go a long way in protecting the interests of the shareholders, the chamber has suggested in a discussion paper on the proposed modifications in the takeover code. It has called for evolving a code of conduct for FIs regarding takeovers as they are the major shareholders who can tilt the balance through their own holdings in any takeover bid.
Scope for delinking VRS, national renewable fund: The Standing Conference of Public Enterprises has asked the government to delink the recently announced voluntary retirement scheme for public sector units from the national renewable fund. It has said the VRSwill help to make the PSEs more attractive for buyers. The cabinet has recently cleared a VRS for eight sick PSUs. The VRS should be merged with the PSE Restructuring Fund and should be used to support integrated restructuring plans of individual PSEs. The fund can be used for providing compensation to workers of PSEs which are facing closure.
NACT demands recognition for private training sector: The National Association of Computer Trainers, criticising the omission of the private computer education and training sector in the prime minister's national IT task force, has demanded its inclusion in the various committees related to issues on IT education and training. The computer training sector has generated an estimated revenue of Rs 856 crore in 1997-98. It is growing at a rate of 50 per cent per annum.
Ficci for early decision on insurance sector: The Federation of Indian Chambers of Commerce and Industry has urged the government to expedite decision on permitting minority shareholdingwith a minimum equity benchmarking of 26 per cent in the insurance sector by resolving the differences on the methodology of opening up of the insurance sector.
Sushma alleges character assassination: Delhi chief minister Sushma Swaraj lambasted Congress and a prominent newspaper for indulging in character assassination and `yellow journalism' and appealed to Congress president Sonia Gandhi to prevent this kind of mud-slinging as the persons leading the two parties in Delhi were women. She reiterated that she had never met the mafia don Romesh Sharma who is now being tried for a number of cases.
Central staff seeks hike in transport allowance: The government employees on Wednesday sought a hike in transport allowance and restoration of 12 casual leaves. A delegation of Bharatiya mazdoor sabha which called on Prime minister Atal Behari Vajpayee also demanded that bonus be delinked from productivity and time-bound promotions. The demands include hike in transport allowance from Rs 100 to Rs500 for group 'B', 'C' and 'D' employees and withdrawal of the raise in central government health services contribution.
Trade union leaders meet PM: A joint trade union delegation comprising representatives of CITU AITUC, INTUC, HMS and BMS met prime minister Atal Behari Vajpayee on Wednesday and demanded reversal of the government decision to close down eight public sector units, including the Cycle Corporation of India, Weighbird India Ltd, National Instruments, Mining and Allied Machinery Corporation, Tannery and Footwear Corporation of India, Bharat Ophthalmic Glass Ltd, Rehabilitation Industries Corporation and National Bicycle Corporation of India.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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