CAG reveals severe lapses in state firms
The financial condition of corporations and companies promoted by the Maharashtra government are in bad shape if the report brought out by the Comptroller and Auditor General of India (CAG) is any indication. The report has revealed severe lapses like non-finalisation of accounts, inadequate control on stock/store levels, non-reconciliation of inter-office accounts, deviation in accounting policies and accumulation of huge losses in the functioning of these white elephants.
India to contest US complaint at WTO
India has decided to contest America's complaint against Indian import restrictions to the World Trade Organisation (WTO). The decision to contest the American complaint was taken at a more than an hour-long cabinet meeting today. Up until now, India was continuing talks with the US in the hope of resolving the matter bilaterally.
Cabinet to amend ECA, make it trader-friendly
The Cabinet has decided to amend the Essential Commodities Act (ECA) 1955 and repeal most of the sections of the Special Provisions (1981) to the Act. The special provisions were introduced to impose stock limits to check hoarding as well as to prescribe stringent punishment for erring traders.
Plantation cos returns skewed: Crisil
The returns being promised by collective investment schemes (CIS) of plantation companies are significantly high apart from the fact that future liabilities are of a magnitude much higher than the resources raised through such schemes. Rating agencies have expressed doubts about the ability of plantation firms to provide returns and, the lack of sound accounting practices.
Kerala govt rejects KPPL-Enron project
Under political compulsions, the CPM-led LDF Government has rejected the tie-up between Kannur Power Projects (KPPL) promoted by K P P Nambiar and controversial Enron International , questioning the basic character of the US multinational.
Montek hints at more banking reforms
The second phase of reforms in the banking sector will be implemented as soon as the government accepts the second report of the Narasimham committee submitted recently, Union finance secretary Montek Singh Ahluvwalia said yesterday.
