The union cabinet on Saturday approved a proposal by the state-run oil firm IBP Co Ltd to float a domestic public issue of 3.73 million shares, a government statement said. "The premium will be decided by the company in consultation with merchant bankers subject to the condition that the president's share holding in IBP's share capital does not get reduced to below 51 per cent,' the statement added. It said that the union's government's holding after the public issue would get reduced to 51.01 percent from the current 59.6 per cent.

Assocham chief plea: A transparent election-funding process supported by the industry is possible only if various parties showed enhanced political maturity, Associated Chambers of Commerce and Industry (Assocham) president Lakshman has said. He refused to predict if the industry foresaw a mid-term election, following the fluid political situation and lack of consensus among the United Front partners on many of the crucial issues.

Software exporters see red: The domestic software industry has expressed serious concern over a bill in the US Congress which, if enacted, will adversely affect the country's software exports there. The bill, seeking to amend the Immigration and Nationality Act of the US, will increase the financial and administrative costs of hiring software professionals, according to the National Association of Software and Service Companies (Nasscom)

CBI to extradite London-based businessman in urea scam: The Central Bureau of Investigation (CBI) will soon move the British authorities for the extradition of the London-based Brazilian businessman, AE Pinto, for his alleged role in the Rs 133-crore urea scam, agency sources said on Sunday. Pinto, an agent of the Turkish firm, Karsan, who was questioned by the London police last month, is accused of having of receiving rupees seven-lakh slush funds.

CII to seek uniform excise duty for cotton yarn, fabric: A hike in the excise duty for cotton yarn and reduction in customs duty for textile-machinery imports are to be proposed by the Confederation of Indian Industry (CII) in its pre-budget memorandum to the government for the textiles sector. In its proposal, the CII plans to recommend a uniform rate of 10 per cent excise duty for cotton yarn, while suggesting that the duty for blended yarn be fixed at 15 per cent, on par with the levy for man-made fibre.

World output to rise in 1997, says IMF:The International Monetary Fund (IMF) has forecast a rise in world output and trade during 1997 as a result of reduction in fiscal imbalances and enhancement of the role of market forces due to structural reforms in developing countries. In its assessment of the global economic situation, IMF observed that the easing of monetary policy throughout Europe was expected to help in growth revival.

Japanese agency retains Metallurgical & Engineering Consultants: Japan Environment Assessment Centre of Tokyo has retained the public sector Metallurgical & Engineering Consultants (India) Ltd as its local consultants. The Japanese agency, in turn, provides consultancy services to the West Bengal Pollution Control Board, which is installing two pollution- control laboratories at Durgapur and Barrackpore. It is also upgrading the facilities of its Central Pollution Control Laboratory in Calcutta.

BHEL tops pollution-control gear output: The state-owned Bharat Heavy Electricals Ltd (BHEL) has emerged as the largest manufacturer of pollution-control equipment for core-sector industries in the country. During the last financial year, the company bagged cumulative orders worth about Rs 35 crore for the design, manufacture and supply of pollution-control equipment from thermal power stations and core industries.

Finance ministry panel: The finance ministry has constituted a high-powered committee under Dr Arjun Sengupta, Planning Commission member, to examine the problems faced by the capital-goods industry with the imposition of zero-duty imports. The committee, which has to submit its report in a month, will examine the extent to which the domestic capital goods industry had been placed at a disadvantage by import at zero duty.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.