BJP sweeps polls in GujaratBharatiya Janata Party has regained power in Gujarat, its traditional stronghold. The party, hit by internal squabbles in the state, has got an overwhelming mandate from voters. It has won a two-third majority in the assembly by capturing 95 of 153 seats declared at the time of going to press. The party's national vice-president Keshubhai Patel is scheduled to be sworn in as the 14th chief minister of Gujarat for a second term on Wednesday.
Karnataka to challenge order on Cogentrix: The Karnataka government will soon file a special-leave petition in the Supreme Court, challenging the order of the division bench of the Karnataka high court directing a CBI probe into alleged payment of kickbacks in setting up the Mangalore power project by the American multinational Cogentrix. The project has been in the pipeline since 1992. State law minister MC Nanaiah said the government would seek a stay on the order.
Govt asks CLB to appoint directors on Peerlessboard: The government, concerned about the poor investment-portfolio of the residual NBFC, Peerless General Finance & Investment Company Ltd, has asked the Company Law Board to appoint an independent director on its board to safeguard the firm's interests, shareholders and creditors. The petition filed through the Department of Company Affairs, has asked CLB board to appoint a government nominee on the company's board for three years.
LIC Mutual Fund plans Dhanvarsha (12) in April: Undeterred by the tepid response to Dhanvarsha (11), LIC Mutual Fund plans to add to the series by launching Dhanvarsha (12) on April 1 this year. LIC MF's Dhanvarsha (11), which closed for subscription on February 20, managed to mop up only Rs 40 crore against a target of Rs 150 crore. The scheme would be a close-ended regular-income and growth-scheme with assured returns.
Tatas group to shift global operations: The Tatas will gradually shift the management of overseas facilities of group companies to TataInternational, previously Tata Exports, the international-trading arm of the group. Several group companies have extensive international operations.
FII investment up in February: The cumulative net investment by foreign-institutional investors during February 1998 has grown to $9,097.3 million from $8,898.7 million the previous month. FIIs, who were net-sellers in January, made purchases worth Rs 1,494.5 crore last month, while gross sales amounted to Rs 755.1 crore during the period.
I-T to accept returns till March 31: The I-T department will accept returns for fiscal 1996-97 filed under section 139(1) till March 31, 1998, with penal interest. It has urged those eligible under to utilise the opportunity. The amended 139(1) section makes it mandatory to file income-tax returns if a person satisfies any two of the four economic criteria. These include occupation of commercial/residential property, owner or leasee of a motor-vehicle, telephone-subscriber and would have travelledabroad.
Clarification: This is with reference to an article entitled "Nirma mulls open offer for Gujarat Heavy Chemicals' that appeared in the edition dated March 2 of this paper. Nirma has clarified that it has no inclination to take over Gujarat Heavy Chemicals Ltd.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
