Monday, June 22, 1998
CAG raps DoT on cell phone fee structure
The Comptroller and Auditor General (CAG) has flayed the Department of Telecommunications (DoT) for causing a loss of Rs 837 crore to exchequer due to faulty licence fees structure for cellular operators in four metros. CAG also rapped DOT for not recovering licence fee of over Rs 685 crore from cellular mobile telephone operators despite reinforced safeguards in the licence agreements.
FIBP clears ABB subsidiary
The Foreign Investment Promotion Board (FIPB) has allowed Asea Brown Boveri's wholly owned subsidiary in the country to retain a two per cent spread on investments made in down stream ventures. The MoF, which was asked for its comments on the company's proposal in this regard as the cost of operative subsidiary would increase marginally, left it to the FIPB to take a decision on merit.
Punjab Tractors pays 125%
The directors of Punjab Tractors Ltd (PTL) have recommended a dividend of 125% for the year ended March 1998 compared to 80% paid last year. The company has earned 72% higher net profit of Rs 96.63 crore during the year against Rs 56.31 crore last year.
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