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Oil PSUs may face losses
http://www.thehindubusinessline.com/businessline/blnus/03131506.htm
NEW DELHI: The Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum may suffer over Rs 15,000 crore revenue loss on fuel sales this fiscal, Petroleum Secretary, Mr R S Pandey said on Wednesday.
“At current crude prices, oil marketing companies are likely to end 2009-10 fiscal with over Rs 15,000 crore under-recovery (revenue loss) against Rs 1,03,292 crore of the previous year,” he said addressing the India Energy Forum here.
Mr Pandey said the retailers were currently incurring loss on sale of petrol, domestic LPG and kerosene while they made a small profit on diesel sales.
They sell petrol at a loss of Rs 1.80 per litre, kerosene at Rs 12.27 per litre and LPG at a loss of Rs 91.51 per cylinder. On diesel, however, they make Rs 1.19 a litre profit.
The three firms lose Rs 48 crore per day on fuel sales. IOC, BPCL and HPCL incurred revenue loss of Rs 1,03,292 crore on sale of auto and cooking fuel in 2008-09.
Of this, Rs 32,000 crore was met by upstream firms like Oil and Natural Gas Corporation by way of discount on crude oil they sell to the three firms.
Besides, government issued the three retailers Rs 60,967 crore worth of oil bonds. - PTI
Showing posts with label News. Show all posts
Showing posts with label News. Show all posts
Wednesday, May 13, 2009
Saturday, April 4, 2009
PSUs to feed state-run banks
PSUs to feed state-run banks
http://timesofindia.indiatimes.com/Business/India-Business/PSUs-to-feed-state-run-banks/articleshow/4273299.cms
17 Mar 2009, 0000 hrs IST, Sanjay Dutta, TNN
NEW DELHI: The government has extended by a year an order asking profitable state-run entities to park their surplus funds with public sector banks to ensure that the financial institutions have enough cash at a reasonable cost which they can lend at the present reduced rate of interest through the economic slowdown. TOI had first reported on June 26 last year that the government had ordered PSUs to park funds, or at least 60% of the corpus, with public banks. It came in the wake of debt waiver and fresh loans for the farm sector were announced.
The banks had said raising cash for such schemes were prohibitive as they had to borrow at a higher cost as well as compete against private banks and offer higher interest rates for securing deposits and accounts from public sector units. The order was issued for a year. But with the economic slowdown continuing, it has been extended to help banks to maintain lower lending rates for all borrowers. With the order in place for another year, PSUs are likely to renew their deposits with the same bank. This will ensure that the cost of funds remains low for banks and provides leeway in reducing lending rates further. For PSUs, however, the extension will mean loss in additional income for another year to entities such as flagship explorer Oil and Natural Gas Corporation, which alone parks some Rs 17,000-18,000 crore in such deposits and wrestled about Rs 400 crore extra interest annually by securing higher rates through bidding. The interest rates offered in bids were about 200 basis points higher than their prevailing market rates. Profitable PSUs such as ONGC, generation utility NTPC, equipment manufacturer BHEL, steelmaker SAIL and other entities together are estimated to have over Rs 100,000 crore surplus cash. They used to keep this in term deposits of a year or more with banks chosen through bidding -- whichever offered higher interest.
http://timesofindia.indiatimes.com/Business/India-Business/PSUs-to-feed-state-run-banks/articleshow/4273299.cms
17 Mar 2009, 0000 hrs IST, Sanjay Dutta, TNN
NEW DELHI: The government has extended by a year an order asking profitable state-run entities to park their surplus funds with public sector banks to ensure that the financial institutions have enough cash at a reasonable cost which they can lend at the present reduced rate of interest through the economic slowdown. TOI had first reported on June 26 last year that the government had ordered PSUs to park funds, or at least 60% of the corpus, with public banks. It came in the wake of debt waiver and fresh loans for the farm sector were announced.
The banks had said raising cash for such schemes were prohibitive as they had to borrow at a higher cost as well as compete against private banks and offer higher interest rates for securing deposits and accounts from public sector units. The order was issued for a year. But with the economic slowdown continuing, it has been extended to help banks to maintain lower lending rates for all borrowers. With the order in place for another year, PSUs are likely to renew their deposits with the same bank. This will ensure that the cost of funds remains low for banks and provides leeway in reducing lending rates further. For PSUs, however, the extension will mean loss in additional income for another year to entities such as flagship explorer Oil and Natural Gas Corporation, which alone parks some Rs 17,000-18,000 crore in such deposits and wrestled about Rs 400 crore extra interest annually by securing higher rates through bidding. The interest rates offered in bids were about 200 basis points higher than their prevailing market rates. Profitable PSUs such as ONGC, generation utility NTPC, equipment manufacturer BHEL, steelmaker SAIL and other entities together are estimated to have over Rs 100,000 crore surplus cash. They used to keep this in term deposits of a year or more with banks chosen through bidding -- whichever offered higher interest.
Top 10 cos add Rs 20k cr in a week; ONGC most valued PSU
http://economictimes.indiatimes.com/articleshow/4266709.cms
15 Mar 2009, 1330 hrs IST, PTI
MUMBAI: The country's 10 most valued firms witnessed an addition of nearly Rs 20,000 crore in their market valuation last week, with ONGC toppling Beware of the 'penny stocks' power producer NTPC as the most valued state-run entity.
State-run oil producer ONGC added Rs 6,951 crore last week to clinch the second place in the elite club, replacing NTPC, which lost Rs 5,483 crore to skid to the third spot.
During the week, shares of ONGC surged five per cent on the Bombay Stock Exchange taking its market capitalisation to Rs 1,50,994 crore. While, scrip of NTPC dipped four per cent dragging its valuation down to Rs 1,40,338 crore.
The coveted club of top 10 firms, which comprises four private entities and six public sector companies, gained Rs 19,763 crore during the last week with total valuation of Rs 9,86,966 crore.
In the previous week, the valuation of the club stood at Rs 9,67,202 crore.
Mukesh Ambani-led Reliance Industries regained its Rs trillion turf in valuation by adding Rs 17,595 crore last week. RIL scrip surged by 10 per cent during the week on BSE, taking its valuation to Rs 2,01,816 crore from Rs 1,84,221 crore in the previous week.
Amid the domestic bourses witnessing some rally last week, only two firms -- NTPC and Bharti Airtel-- among the top 10 most valued firms witnessed a combined erosion of Rs 13,731 crore from their valuation.
Power equipment maker BHEL rose to the sixth spot by adding Rs 3,011 crore, while PSU trading firm MMTC dropped to seventh slot despite adding Rs 300 crore to its market cap.
Private telecom services provider Bharti Airtel, which lost Rs 8,248 crore from its valuation last week, stood at the fourth place. Besides, IT bellwether Infosys Technologies added Rs 4,418 crore to its market cap.
Diversified conglomerate ITC added Rs 226 crore to its valuation while the market cap of two state-run firms, SBI and NMDC, rose by Rs 775 crore and Rs 218 crore, respectively.
Apart from the top 10 most valued firms, two private sector lenders ICICI Bank and HDFC Bank together added Rs 5,809 crore to their valuation last week.
While, ICICI Bank saw its market cap surge by Rs 4,386 crore to Rs 34,366 crore, HDFC Bank added Rs 1,423 crore to Rs 57,210 crore at the end of trade on Friday last week.
RIL, the numero-uno in the list, is followed by ONGC (Rs 1,50,994 crore), NTPC (Rs 1,40,338 crore), Bharti Airtel (Rs 1,06,054 crore), Infosys (Rs 74,234 crore), Bhel (Rs 67,265 crore), MMTC (Rs 66,140 crore), ITC (Rs 62,408 crore), SBI (Rs 60,507 crore), NMDC (Rs 57,211crore).
http://economictimes.indiatimes.com/articleshow/4266709.cms
15 Mar 2009, 1330 hrs IST, PTI
MUMBAI: The country's 10 most valued firms witnessed an addition of nearly Rs 20,000 crore in their market valuation last week, with ONGC toppling Beware of the 'penny stocks' power producer NTPC as the most valued state-run entity.
State-run oil producer ONGC added Rs 6,951 crore last week to clinch the second place in the elite club, replacing NTPC, which lost Rs 5,483 crore to skid to the third spot.
During the week, shares of ONGC surged five per cent on the Bombay Stock Exchange taking its market capitalisation to Rs 1,50,994 crore. While, scrip of NTPC dipped four per cent dragging its valuation down to Rs 1,40,338 crore.
The coveted club of top 10 firms, which comprises four private entities and six public sector companies, gained Rs 19,763 crore during the last week with total valuation of Rs 9,86,966 crore.
In the previous week, the valuation of the club stood at Rs 9,67,202 crore.
Mukesh Ambani-led Reliance Industries regained its Rs trillion turf in valuation by adding Rs 17,595 crore last week. RIL scrip surged by 10 per cent during the week on BSE, taking its valuation to Rs 2,01,816 crore from Rs 1,84,221 crore in the previous week.
Amid the domestic bourses witnessing some rally last week, only two firms -- NTPC and Bharti Airtel-- among the top 10 most valued firms witnessed a combined erosion of Rs 13,731 crore from their valuation.
Power equipment maker BHEL rose to the sixth spot by adding Rs 3,011 crore, while PSU trading firm MMTC dropped to seventh slot despite adding Rs 300 crore to its market cap.
Private telecom services provider Bharti Airtel, which lost Rs 8,248 crore from its valuation last week, stood at the fourth place. Besides, IT bellwether Infosys Technologies added Rs 4,418 crore to its market cap.
Diversified conglomerate ITC added Rs 226 crore to its valuation while the market cap of two state-run firms, SBI and NMDC, rose by Rs 775 crore and Rs 218 crore, respectively.
Apart from the top 10 most valued firms, two private sector lenders ICICI Bank and HDFC Bank together added Rs 5,809 crore to their valuation last week.
While, ICICI Bank saw its market cap surge by Rs 4,386 crore to Rs 34,366 crore, HDFC Bank added Rs 1,423 crore to Rs 57,210 crore at the end of trade on Friday last week.
RIL, the numero-uno in the list, is followed by ONGC (Rs 1,50,994 crore), NTPC (Rs 1,40,338 crore), Bharti Airtel (Rs 1,06,054 crore), Infosys (Rs 74,234 crore), Bhel (Rs 67,265 crore), MMTC (Rs 66,140 crore), ITC (Rs 62,408 crore), SBI (Rs 60,507 crore), NMDC (Rs 57,211crore).
Swiss Banks Agree to end Secrecy
Swiss Banks Agree to end Secrecy
http://timesofindia.indiatimes.com/articleshow/4266161.cms
15 Mar 2009, 0520 hrs IST, AGENCIES
GENEVA: Wealthy individuals and companies will no longer be able to hide their riches in Zurich's bank accounts now that Switzerland has bowed to international pressure to end the era of no-questions-asked banking.
Under pressure from the US and other troubled economies, the Swiss government announced on Friday that it would cooperate in international tax investigations, breaking with its long-standing tradition of protecting wealthy foreigners accused of hiding billions of dollars. Austria and Luxembourg also said they would help.
Against the background of the financial crisis, international cooperation has grown stronger, especially against tax crimes, Swiss president Hans-Rudolf Merz said.
The decision was a hard one for the Swiss, whose renowned discretion has long attracted the wealth of famous foreigners as well as refugees fleeing political or religious persecution.
Swiss banks hold an estimated $2 trillion of foreign money, and financial services account for about 12% of the country's GDP. According to the Boston Consulting Group, those holdings amount to one-fourth of the world's foreign-owned assets.
The famed numbered accounts that do not bear the owner's name will still be available for clients willing to pay for added anonymity. But the government will now be able to demand account holders' identities in cases of suspected wrongdoing, and to share that information with foreign authorities.
Switzerland's move comes ahead of a meeting next month in which world powers will discuss stepping up their fight against tax cheats. The greatest pressure has been on Switzerland, which has been embroiled in a dispute with the US over wealthy Americans who have stashed their money in its biggest bank, UBS AG.
Seeking to avoid being blacklisted as uncooperative tax havens, other countries have also announced plans to open their books to foreign tax inspectors. Austria and Luxembourg said on Friday that they would offer more help on tax investigations. Over the past month, leaders have made similar promises in Singapore,
Liechtenstein, Bermuda, the British islands of Jersey and Guernsey, and tiny Andorra on the border between France and Spain.
The move comes as a fillip to British Prime Minister Gordon Brown's attempts to clamp down on tax havens at the G20 meeting.
http://timesofindia.indiatimes.com/articleshow/4266161.cms
15 Mar 2009, 0520 hrs IST, AGENCIES
GENEVA: Wealthy individuals and companies will no longer be able to hide their riches in Zurich's bank accounts now that Switzerland has bowed to international pressure to end the era of no-questions-asked banking.
Under pressure from the US and other troubled economies, the Swiss government announced on Friday that it would cooperate in international tax investigations, breaking with its long-standing tradition of protecting wealthy foreigners accused of hiding billions of dollars. Austria and Luxembourg also said they would help.
Against the background of the financial crisis, international cooperation has grown stronger, especially against tax crimes, Swiss president Hans-Rudolf Merz said.
The decision was a hard one for the Swiss, whose renowned discretion has long attracted the wealth of famous foreigners as well as refugees fleeing political or religious persecution.
Swiss banks hold an estimated $2 trillion of foreign money, and financial services account for about 12% of the country's GDP. According to the Boston Consulting Group, those holdings amount to one-fourth of the world's foreign-owned assets.
The famed numbered accounts that do not bear the owner's name will still be available for clients willing to pay for added anonymity. But the government will now be able to demand account holders' identities in cases of suspected wrongdoing, and to share that information with foreign authorities.
Switzerland's move comes ahead of a meeting next month in which world powers will discuss stepping up their fight against tax cheats. The greatest pressure has been on Switzerland, which has been embroiled in a dispute with the US over wealthy Americans who have stashed their money in its biggest bank, UBS AG.
Seeking to avoid being blacklisted as uncooperative tax havens, other countries have also announced plans to open their books to foreign tax inspectors. Austria and Luxembourg said on Friday that they would offer more help on tax investigations. Over the past month, leaders have made similar promises in Singapore,
Liechtenstein, Bermuda, the British islands of Jersey and Guernsey, and tiny Andorra on the border between France and Spain.
The move comes as a fillip to British Prime Minister Gordon Brown's attempts to clamp down on tax havens at the G20 meeting.
Friday, February 27, 2009
Ministry raises red flag on law banning strikes in oil sector
Ministry raises red flag on law banning strikes in oil sector
Maneesh Chibber :: The Indian Express :: February 27, 2009
NEW DELHI, THE UPA Government’s plan to bring a legislation to make it illegal for petroleum employees to go on strike has run into rough weather, with the Law Ministry questioning the provisions of the proposed law.
Sources said the Law Ministry has referred the matter back to the Petroleum Ministry.
"We have sent the file back to the Petroleum Ministry, asking them to rework the draft Bill. We wanted to know how somebody could be sent to jail for striking, and that too with stringent bail provisions. It has now been indicted to us that the Government has also given up on its intention to bring an ordinance for banning strikes," said a senior Law Ministry officer, who did not want to be named.
Sources in the Petroleum Ministry also said that unhappy with some draconian provisions in the proposed law, the Home Ministry refused to give any inputs on the draft Bill.
"The Home Ministry has informed us that it would not like to comment on the provisions in the Bill. While the official communiqué says that the reason for this is that since a policy decision has already been taken to bring the law, it had no comments to make, the actual reason is something else," said a senior officer.
The proposed legislation — Petroleum Sector Employees (Prohibition of Strikes) Bill, 2009 — is aimed at banning strikes by all categories of employees of oil companies, including contractual staff and employee associations.
The decision to bring the legislation was taken after a recent three day strike by employees of state owned oil companies crippled the economy and brought the country to a standstill.
According to the draft Bill, a copy of which is with The Indian Express, striking oilmen will face, in addition to strict disciplinary action including summary dismissal, jail terms of up to a year and/or a fine of upto Rs. 50,000.
It also allows the police to arrest striking employees without a warrant, while denying the arrested employee the facility of bail unless the prosecution has been heard by a magistrate and given an opportunity to oppose the bail plea.
A Law Ministry officer, who dealt with the issue, said the main objection of the Ministry was to the stringent provisions in the Bill.
"Why have such a law only for the petroleum sector? Why not include other sectors, including transport, civil aviation, railways, etc, in the proposed law? Our view is that the Government should revive the Essential Services Maintenance Act, 1981, which lapsed in 1990," the officer said.. "Other than this, there are enough provisions in the National Security Act to deal with attempts by any section of society to disrupt the economic or financial sector." Sources said with elections so near, the Government won’t issue an ordinance to bring in such a law, which is certain to become unpopular with employees in the oil sector.
Maneesh Chibber :: The Indian Express :: February 27, 2009
NEW DELHI, THE UPA Government’s plan to bring a legislation to make it illegal for petroleum employees to go on strike has run into rough weather, with the Law Ministry questioning the provisions of the proposed law.
Sources said the Law Ministry has referred the matter back to the Petroleum Ministry.
"We have sent the file back to the Petroleum Ministry, asking them to rework the draft Bill. We wanted to know how somebody could be sent to jail for striking, and that too with stringent bail provisions. It has now been indicted to us that the Government has also given up on its intention to bring an ordinance for banning strikes," said a senior Law Ministry officer, who did not want to be named.
Sources in the Petroleum Ministry also said that unhappy with some draconian provisions in the proposed law, the Home Ministry refused to give any inputs on the draft Bill.
"The Home Ministry has informed us that it would not like to comment on the provisions in the Bill. While the official communiqué says that the reason for this is that since a policy decision has already been taken to bring the law, it had no comments to make, the actual reason is something else," said a senior officer.
The proposed legislation — Petroleum Sector Employees (Prohibition of Strikes) Bill, 2009 — is aimed at banning strikes by all categories of employees of oil companies, including contractual staff and employee associations.
The decision to bring the legislation was taken after a recent three day strike by employees of state owned oil companies crippled the economy and brought the country to a standstill.
According to the draft Bill, a copy of which is with The Indian Express, striking oilmen will face, in addition to strict disciplinary action including summary dismissal, jail terms of up to a year and/or a fine of upto Rs. 50,000.
It also allows the police to arrest striking employees without a warrant, while denying the arrested employee the facility of bail unless the prosecution has been heard by a magistrate and given an opportunity to oppose the bail plea.
A Law Ministry officer, who dealt with the issue, said the main objection of the Ministry was to the stringent provisions in the Bill.
"Why have such a law only for the petroleum sector? Why not include other sectors, including transport, civil aviation, railways, etc, in the proposed law? Our view is that the Government should revive the Essential Services Maintenance Act, 1981, which lapsed in 1990," the officer said.. "Other than this, there are enough provisions in the National Security Act to deal with attempts by any section of society to disrupt the economic or financial sector." Sources said with elections so near, the Government won’t issue an ordinance to bring in such a law, which is certain to become unpopular with employees in the oil sector.
Wednesday, February 25, 2009
CPM asks govt to seek details of Swiss bank accounts
TOI_latestnews
http://timesofindia.indiatimes.com/CPM_asks_govt_to_seek_details_of_Swiss_bank_accounts/articleshow/4176194.cms?
CPM asks govt to seek details of Swiss bank accounts 23 Feb 2009, 1459 hrs IST, PTI
NEW DELHI: With one of the Swiss banks agreeing to provide information to the US about its account- holders, the CPM on Monday demanded that the UPA government should seek details of Indians who have illegally stashed funds in Switzerland and other tax havens.
The CPM Polit Bureau said it is imperative that the UPA government demand details of Indian account-holders from Swiss banks and from banks in other tax havens.
"In the case of India, it is not only a case of tax evasion but also of funds being illegally stashed abroad, or used for money laundering," the CPM said in a statement.
The CPM reminded the government that UBS, the largest Swiss Bank, has agreed to provide information to the US of account-holders who are suspected to have evaded taxes in America while British Prime Minister Gordon Brown has also called for such an action.
"If the (UPA) government is serious about stopping black money and raising resources to meet growing economic crisis, it must take steps to bring back the unaccounted or ill-gotten wealth of Indians abroad," the party said.
The Swiss banks with secret accounts are known to hold substantial sum of money deposited by Indians, it said adding "these funds amounting to billions of dollars were either illegally taken out of the country or were deposited in Switzerland and other tax havens instead of being repatriated to India."
http://timesofindia.indiatimes.com/CPM_asks_govt_to_seek_details_of_Swiss_bank_accounts/articleshow/4176194.cms?
CPM asks govt to seek details of Swiss bank accounts 23 Feb 2009, 1459 hrs IST, PTI
NEW DELHI: With one of the Swiss banks agreeing to provide information to the US about its account- holders, the CPM on Monday demanded that the UPA government should seek details of Indians who have illegally stashed funds in Switzerland and other tax havens.
The CPM Polit Bureau said it is imperative that the UPA government demand details of Indian account-holders from Swiss banks and from banks in other tax havens.
"In the case of India, it is not only a case of tax evasion but also of funds being illegally stashed abroad, or used for money laundering," the CPM said in a statement.
The CPM reminded the government that UBS, the largest Swiss Bank, has agreed to provide information to the US of account-holders who are suspected to have evaded taxes in America while British Prime Minister Gordon Brown has also called for such an action.
"If the (UPA) government is serious about stopping black money and raising resources to meet growing economic crisis, it must take steps to bring back the unaccounted or ill-gotten wealth of Indians abroad," the party said.
The Swiss banks with secret accounts are known to hold substantial sum of money deposited by Indians, it said adding "these funds amounting to billions of dollars were either illegally taken out of the country or were deposited in Switzerland and other tax havens instead of being repatriated to India."
Saturday, February 21, 2009
Public sector companies' turnover rises 84%
The combined turnover of the central public sector enterprises (CPSEs) has gone up 84% to Rs.10.81 trillion (Rs.10,81,000 crore) last fiscal from Rs.5.87 trillion in 2003-04, Minister for External Affairs Pranab Mukherjee said here on Monday.
http://economictimes.indiatimes.com/articleshow/4137013.cms
Public sector companies' turnover rises 84%
16 Feb 2009, 1521 hrs IST, IANS
NEW DELHI:
Presenting the interim budget for 2009-10 in the Lok Sabha on behalf of Prime Minister Manmohan Singh who is recuperating from heart bypass surgery, Mukherjee said combined profit of the CPSEs has increased 72% from Rs.530 billion to Rs.910 billion. The public sector companies' contribution to the central exchequer by way of dividend, interest and taxes and duties went up 86%. The minister added that the number of loss making enterprises has come down from 73 in 2003-04 to 55 in 2007-08, while the number of profit making enterprises has gone up from 143 to 158. Mukherjee said the government set up the National Investment Fund in November 2007 to finance select social sector schemes. The proceeds made by disinvesting government stakes in public companies were deposited in the fund. "The residual 25% annual income of the fund will be used to meet the capital investment requirements of profitable and revivable CPSEs," Mukherjee added.
http://economictimes.indiatimes.com/articleshow/4137013.cms
Public sector companies' turnover rises 84%
16 Feb 2009, 1521 hrs IST, IANS
NEW DELHI:
Presenting the interim budget for 2009-10 in the Lok Sabha on behalf of Prime Minister Manmohan Singh who is recuperating from heart bypass surgery, Mukherjee said combined profit of the CPSEs has increased 72% from Rs.530 billion to Rs.910 billion. The public sector companies' contribution to the central exchequer by way of dividend, interest and taxes and duties went up 86%. The minister added that the number of loss making enterprises has come down from 73 in 2003-04 to 55 in 2007-08, while the number of profit making enterprises has gone up from 143 to 158. Mukherjee said the government set up the National Investment Fund in November 2007 to finance select social sector schemes. The proceeds made by disinvesting government stakes in public companies were deposited in the fund. "The residual 25% annual income of the fund will be used to meet the capital investment requirements of profitable and revivable CPSEs," Mukherjee added.
Thursday, February 19, 2009
Courts Propose, Govt Disposes- Strikes in Oil Sector
Supreme Court may have ruled that it is a Constitutional Right for any body to go on strike in a Democracy but Govt thinks otherwise! Soon a Law soon to ban oil strikes is going to come it seems!!
http://www.indianexpress.com/news/law-soon-to-ban-oil-strikes/425400/
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Maneesh Chhibber Posted: Feb 19, 2009 at 0139 hrs IST
New Delhi: The Government is set to bring a bill in parliament making it illegal for Oil sector employees to go on strike. The Petroleum Sector Employees (Prohibition of Strikes) Bill, 2009 will ban strikes by all categories of employees of oil companies including contractual staff and employee associations, sources in the petroleum ministry told The Indian Express. The bill is likely to be introduced in the current session of parliament, the sources said.
A three-day strike by nearly 55,000 employees of state-owned oil companies demanding higher salaries and perks paralysed the nation last month with fuel pumps and gas outlets running dry and air traffic getting disrupted. The striking oilmen backed off after the government took a tough line, sacking 70-odd officers, invoking ESMA and calling in the Army to maintain supplies.
According to the draft of the proposed law, striking oilmen will face, in addition to strict disciplinary action including summary dismissal, jail terms of up to a year and/or a fine up to Rs 50,000.
But, the most striking feature of the proposed law is that it allows police to arrest striking employees without a warrant. Arrested employees will not be released on bail unless the prosecution has been heard by a magistrate and given an opportunity to oppose the bail plea.
Another tough clause provides for summary trials by designated courts.
Oil employees who will lose their right to strike work if the bill is passed include those involved in exploration, drilling, processing and distribution. They include all types of employees, whether in managerial, supervisory, non-managerial, manual or contractual labour categories.
Sources said many provisions of the proposed law are not in sync with the Industrial Disputes Act, 1947 — something that could lead to opposition from some parties.
http://www.indianexpress.com/news/law-soon-to-ban-oil-strikes/425400/
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Maneesh Chhibber Posted: Feb 19, 2009 at 0139 hrs IST
New Delhi: The Government is set to bring a bill in parliament making it illegal for Oil sector employees to go on strike. The Petroleum Sector Employees (Prohibition of Strikes) Bill, 2009 will ban strikes by all categories of employees of oil companies including contractual staff and employee associations, sources in the petroleum ministry told The Indian Express. The bill is likely to be introduced in the current session of parliament, the sources said.
A three-day strike by nearly 55,000 employees of state-owned oil companies demanding higher salaries and perks paralysed the nation last month with fuel pumps and gas outlets running dry and air traffic getting disrupted. The striking oilmen backed off after the government took a tough line, sacking 70-odd officers, invoking ESMA and calling in the Army to maintain supplies.
According to the draft of the proposed law, striking oilmen will face, in addition to strict disciplinary action including summary dismissal, jail terms of up to a year and/or a fine up to Rs 50,000.
But, the most striking feature of the proposed law is that it allows police to arrest striking employees without a warrant. Arrested employees will not be released on bail unless the prosecution has been heard by a magistrate and given an opportunity to oppose the bail plea.
Another tough clause provides for summary trials by designated courts.
Oil employees who will lose their right to strike work if the bill is passed include those involved in exploration, drilling, processing and distribution. They include all types of employees, whether in managerial, supervisory, non-managerial, manual or contractual labour categories.
Sources said many provisions of the proposed law are not in sync with the Industrial Disputes Act, 1947 — something that could lead to opposition from some parties.
Tuesday, February 17, 2009
PSUs cough up record interim dividends
Despite economic slowdown and weak results this fiscal.
Major payouts
NTPC Ltd forked out Rs 2,308.73 crore for 2008-09
SAIL handed over a crisp cheque of Rs 460.81 crore
ONGC board approved 180% interim dividend
Anil Sasi Richa Mishra Anil Sasi Richa Mishra
New Delhi, Feb. 14 A slowdown may well be in the air, but the interim dividends being forked out by the ‘navratna’ public sector undertakings (PSUs) seem oblivious to the worsening economic outlook.
State-owned firms, led by the blue-chip companies in the power and oil sectors, have announced all-time high interim dividends, despite the financial performance so far this fiscal being less than cheerful in most cases.
The biggest beneficiary in all of these PSU dole-outs is the largest shareholder in all of these companies, namely the Government of India.
Leading the charge, power major NTPC Ltd, forked out its highest-ever interim dividend of Rs 2,308.73 crore for 2008-09, of which Rs 2,066.30 crore works out as the Centre’s share.
The electricity generator had reported only a marginal increase of around Rs 13 crore (0.22 per cent) in net profit for the nine-month period of this fiscal.
Steel Authority of India (SAIL) handed over a crisp cheque of Rs 460.81 crore to the Government as the interim dividend for the fiscal, despite reeling under rising input costs and waning demand.
SAIL’s net profit was down 9.1 per cent for the first nine months of this fiscal, compared with the corresponding period last financial year, while the third quarter net nosedived 56 per cent.
Upstream oil PSUs also continued with high dividend payouts despite their bottomlines coming under strain.
The ONGC board approved an interim dividend of 180 per cent for 2008-09, even as its nine month net profit slipped by 1 per cent and the third quarter net fell 43 per cent.
GAIL (India) Ltd announced a 40 per cent dividend for the fiscal just after the third quarter results, which were down from Rs 651 crore to Rs 253 crore, even though the nine-month net was up 16 per cent.
However, the oil marketing companies such as IOC, BPCL and HPCL, which have taken a major hit on their profits, have desisted from announcing any payouts this fiscal.
“There has been an informal directive from the Finance Ministry to administrative ministries governing profitable public-sector companies, especially in the power and petroleum sectors, to pay interim dividends.
“The fiscal giveaways in the stimulus package have resulted in a big spurt in Government spending, and there is pressure on PSUs to maintain last year’s dividend pay-out levels despite the downturn,” a Power Ministry official said.
http://www.thehindubusinessline.com/2009/02/15/stories/2009021551270100.htm
Major payouts
NTPC Ltd forked out Rs 2,308.73 crore for 2008-09
SAIL handed over a crisp cheque of Rs 460.81 crore
ONGC board approved 180% interim dividend
Anil Sasi Richa Mishra Anil Sasi Richa Mishra
New Delhi, Feb. 14 A slowdown may well be in the air, but the interim dividends being forked out by the ‘navratna’ public sector undertakings (PSUs) seem oblivious to the worsening economic outlook.
State-owned firms, led by the blue-chip companies in the power and oil sectors, have announced all-time high interim dividends, despite the financial performance so far this fiscal being less than cheerful in most cases.
The biggest beneficiary in all of these PSU dole-outs is the largest shareholder in all of these companies, namely the Government of India.
Leading the charge, power major NTPC Ltd, forked out its highest-ever interim dividend of Rs 2,308.73 crore for 2008-09, of which Rs 2,066.30 crore works out as the Centre’s share.
The electricity generator had reported only a marginal increase of around Rs 13 crore (0.22 per cent) in net profit for the nine-month period of this fiscal.
Steel Authority of India (SAIL) handed over a crisp cheque of Rs 460.81 crore to the Government as the interim dividend for the fiscal, despite reeling under rising input costs and waning demand.
SAIL’s net profit was down 9.1 per cent for the first nine months of this fiscal, compared with the corresponding period last financial year, while the third quarter net nosedived 56 per cent.
Upstream oil PSUs also continued with high dividend payouts despite their bottomlines coming under strain.
The ONGC board approved an interim dividend of 180 per cent for 2008-09, even as its nine month net profit slipped by 1 per cent and the third quarter net fell 43 per cent.
GAIL (India) Ltd announced a 40 per cent dividend for the fiscal just after the third quarter results, which were down from Rs 651 crore to Rs 253 crore, even though the nine-month net was up 16 per cent.
However, the oil marketing companies such as IOC, BPCL and HPCL, which have taken a major hit on their profits, have desisted from announcing any payouts this fiscal.
“There has been an informal directive from the Finance Ministry to administrative ministries governing profitable public-sector companies, especially in the power and petroleum sectors, to pay interim dividends.
“The fiscal giveaways in the stimulus package have resulted in a big spurt in Government spending, and there is pressure on PSUs to maintain last year’s dividend pay-out levels despite the downturn,” a Power Ministry official said.
http://www.thehindubusinessline.com/2009/02/15/stories/2009021551270100.htm
Strikes are not banned under any Law or Court Order- Supreme Court
Strikes are not banned under any Law or Court Order- Supreme Court is what the Apex Court ruled on Monday 15th Feb 2009. So what stops the PSUs, in general and OSOA from going to court whenever Court orders are used to restrain PSU strikers wanting their demands to be met in a democratic manner? Resorting to all sort of repression is totally undemocratic. Even the Supreme court says so!!
We had put up an earlier post here on this Supreme Court judgement here. On Monday it has ruled again.
Read on.. TOI Chennai 16-02-2009
Supreme Court Judgement on Strike
We had put up an earlier post here on this Supreme Court judgement here. On Monday it has ruled again.
Read on.. TOI Chennai 16-02-2009
Supreme Court Judgement on Strike
Tuesday, February 10, 2009
Govt oilmen flock to private sector cos
TOI Chennai News dtd 10-02-09
Jeeva TNN
Chennai: But in the oil sector the story is different. Despite fears of a global recession, officials of governmentrun oil companies continue to join private sector which offer better pay package. Sources said IndianOil Corporation (IOC), Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and ONGC lost around 1,000 officials to their private competitors last year.
In Chennai alone, ONGC lost 15 officials from geology and geophysics divisions to companies like Reliance, Hardy Oil and Cairn Energy. Some even joined firms in Kuwait and Malaysia. Those who left have 20 to 25 years of experience.
Officials said attrition rate was on the rise in ONGC. 370 middle and senior level officials quit last year compared with 307 in 2007.
According to sources, around 600 officials of IndianOil, BPCL and HP quit in the last two years. Most of them geologists, geophysicists, production engineers, drilling engineers and reservoir engineers and from finance and marketing division.
“There is job insecurity in private sector because of the economic crisis but we can get higher pay package. As most of the branches in the oil sector are specialised fields and those who are working in oil PSUs are well experienced, private companies offer salaries five times of what we are drawing now,” said an IndianOil official.
To cope with the increasing attrition rate at higher levels, IndianOil is recruiting 500 officials, source said. However, many senior officials in oil PSUs said their companies were recruiting only at the entry level and freshers cannot fill the vacuum at higher levels.
Many officials are awaiting a pay revision which the Centre is expected to be announced soon. “Though even a pay revision cannot positively match the salaries in private sector, we want it should be satisfactory to some extent. Otherwise, attrition would inevitably go up,” said a senior official with ONGC.
Last month, oil company officials went on a two-day strike demanding the Centre to revise their pay scales without any delay. When the government took out newspaper advertisements saying they were drawing a month salary of Rs 1 lakh to Rs 2 lakh and their agitation was unreasonable, around 100 officials in the city filed applications under Right To Information Act seeking details to justify its statement. According to them, the government resorted to ‘false’ propaganda as most of the officials in oil PSUs who have been working for 20 to 25 years were drawing Rs 50,000 to Rs 55,000.
Jeeva TNN
Chennai: But in the oil sector the story is different. Despite fears of a global recession, officials of governmentrun oil companies continue to join private sector which offer better pay package. Sources said IndianOil Corporation (IOC), Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and ONGC lost around 1,000 officials to their private competitors last year.
In Chennai alone, ONGC lost 15 officials from geology and geophysics divisions to companies like Reliance, Hardy Oil and Cairn Energy. Some even joined firms in Kuwait and Malaysia. Those who left have 20 to 25 years of experience.
Officials said attrition rate was on the rise in ONGC. 370 middle and senior level officials quit last year compared with 307 in 2007.
According to sources, around 600 officials of IndianOil, BPCL and HP quit in the last two years. Most of them geologists, geophysicists, production engineers, drilling engineers and reservoir engineers and from finance and marketing division.
“There is job insecurity in private sector because of the economic crisis but we can get higher pay package. As most of the branches in the oil sector are specialised fields and those who are working in oil PSUs are well experienced, private companies offer salaries five times of what we are drawing now,” said an IndianOil official.
To cope with the increasing attrition rate at higher levels, IndianOil is recruiting 500 officials, source said. However, many senior officials in oil PSUs said their companies were recruiting only at the entry level and freshers cannot fill the vacuum at higher levels.
Many officials are awaiting a pay revision which the Centre is expected to be announced soon. “Though even a pay revision cannot positively match the salaries in private sector, we want it should be satisfactory to some extent. Otherwise, attrition would inevitably go up,” said a senior official with ONGC.
Last month, oil company officials went on a two-day strike demanding the Centre to revise their pay scales without any delay. When the government took out newspaper advertisements saying they were drawing a month salary of Rs 1 lakh to Rs 2 lakh and their agitation was unreasonable, around 100 officials in the city filed applications under Right To Information Act seeking details to justify its statement. According to them, the government resorted to ‘false’ propaganda as most of the officials in oil PSUs who have been working for 20 to 25 years were drawing Rs 50,000 to Rs 55,000.
Monday, February 9, 2009
Army People too Unhappy with Salaries!!
Army people too are unhappy with salary increase. The only people who are happy are the ones who run this country because for themselves they increased their pay as they wanted!
Friends whether it is Congress or BJP, or anybody else they are all same when it comes to keeping promises. Read this news item. And what media does? They pit an Army man against Oil Sector Officers on Zee TV and the army man too gleefully declares the Oil Strike demands unreasonable.. We wonder how much he was paid for saying that? And when his own brethren are unhappy too! & Why do you think they do not protest? It is only becasue of their disciplinary code.. or else are they Happy with the Govts? or the Bureucrats?
Quote
TOI, Chennai: 8th Feb 2009:
Army veterans to return medals To Protest Against Govt Apathy Over Pension Today Rajat Pandit TNN New Delhi: Soldiers wear their medals with immense pride and honour. To lose them can be a gutwrenching and traumatic experience, but that is precisely what many of them will voluntarily do on Sunday.
A “large number” of ex-servicemen will return their gallantry awards and distinguished service medals to the President after a protest rally at Jantar Mantar in the Capital on Sunday in sheer disgust at the non-implementation of the “one-rank, one-pay (OROP)” principle as well as the “raw deal” given to armed forces by the 6th Pay Commission.
Among them will be Colonel (retired) Kanwar Bhardwaj and his wife, Shiksha, who will surrender the Shaurya Chakra awarded posthumously to their son, Captain Umang Bhardwaj, who died battling heavily-armed terrorists in Jammu and Kashmir in 2002. While the protest may resolve around pension, it has melded with the growing unease over continued apathy towards the services who, unlike their civilian counterparts, are bound by the disciplinary code not to protest.
Incidentally, even demands of serving military personnel over their new revised pay scales are yet to be fully resolved by the government. The creeping sense of being left behind now seems to have grown into powerful resentment, dissolving the distinctions of rank and hierarchy.
The jawans and havaldars who are coming for the protest have the support of their former bosses. “The country is not recognising the pillar which supports it,” said former Navy chief Admiral Sushil Kumar.
Added Col Bhardwaj, “The status of the armed forces, which are keeping the country safe, has been systematically downgraded by bureaucrats and politicians.
DISSENT IN THE RANKS
Ex-servicemen demand pay and pension on ‘One Rank One Pay’ basis as promised by different political parties in their election manifestoes.
Veterans claim that the Sixth Pay Commission has created four ranks within a rank — pre-1996, post-1996 to Dec 2005, post-Jan 2006 to Sept 2008 and post-Oct 2008.
Now, a havaldar who retired before 1996 draws less pension than a sepoy who retired after 2006.
The UPA government has rejected the demand, citing huge financial costs — over Rs 3,500 crore, with annual liabilities of Rs 700 crore.
The estimate includes payment of arrears from January 1, 1996, when the recommendations of the Fifth Pay Commission came into effect.
We’ve been pushed to the wall: Ex-servicemen
New Delhi: “We love India but we have been pushed to the wall. My wife will return my son’s Shaurya Chakra, while I will surrender my Sena Medal, awarded for gallantry in 1971,” said Col Bhardwaj. This was the general mood a day before a large number of ex-servicemen go to the Rashtrapati Bhavan to return their gallantry awards and service medals. They are returning them in protest against the non-implementation of “one-rank, one-pay” and the “raw deal” armed forces got by the 6th Pay Commission.
Former Army deputy chief Lt-General (retd) Raj Kadyan said, “My medals are my proudest possession but I will hand them over to the President, the supreme commander of the armed forces, for safe-custody till our demands are met.” The ex-servicemen feel they have been hoodwinked by successive governments on OROP despite virtually all political parties promising its implementation in their manifestos, election after election.
The governments, in fact, have even brushed aside recommendations by parliamentary committees to swiftly resolve “the disparity of pensionary benefits between pensioners of the same rank” without much ado.
The UPA government, on its part, has rejected the OROP demand, holding that it will entail huge financial costs — well over Rs 3,500 crore, with annual liabilities of around Rs 700 crore. This estimate takes into account payment of arrears with effect from January 1, 1996, the date from which the recommendations of the 5th Pay Commission were effective. “It’s also not possible to implement OROP due to administrative reasons and possible repercussions from the civil side, public sector and autonomous bodies,” said a defence ministry official. [comments: These people will always cite fear about the other groups!! What prevents them to make everybody happy? when they take care of themselves!!!]
Ex-servicemen, however, beg to disagree. Tenets of justice demand that defence personnel of the same rank and length of service should get the same pension, irrespective of the retirement date, says the vice-chairman of the Indian Ex-Servicemen Movement (IESM), Major-General (retired) Satbir Singh, who will also return his Sena Medal on Sunday.
“But after the 6th Pay Commission, the government has created four classes within a class — pre-1996, post-1996 to December 2005, post-January 2006 to September 2008 and post-October 2008,” he said.
“For instance, a havildar who retired before 1996 draws less pension than a sepoy who retired after 2006, and a Lt-Gen draws less pension than a Lt-Col. Ex-servicemen have been on a relay hunger strike at Jantar Mantar since December 16 but nobody listens to us since we are not a votebank,” he added.
But political parties better watch out. Defence pensioners alone notch up a tally of around 20 lakh, with another 55,000 being added to it every year. If one adds family members, over one crore people in India are directly connected with defence personnel or ex-servicemen.
Maj-Gen Singh said four former chiefs — General VP Malik and Admirals Sushil Kumar, Madhvendra Singh and Arun Prakash — “had promised their support” to the rally on Sunday.
CONTINUING WOES
The ex-servicemen feel they have been hoodwinked by successive governments on one-rank, one-pay (OROP) despite virtually all political parties promising its implementation A The UPA government has rejected the OROP demand, saying it will entail well over Rs 3,500 cr, with annual liabilities of Rs 700 cr .
Endquote
Friends whether it is Congress or BJP, or anybody else they are all same when it comes to keeping promises. Read this news item. And what media does? They pit an Army man against Oil Sector Officers on Zee TV and the army man too gleefully declares the Oil Strike demands unreasonable.. We wonder how much he was paid for saying that? And when his own brethren are unhappy too! & Why do you think they do not protest? It is only becasue of their disciplinary code.. or else are they Happy with the Govts? or the Bureucrats?
Quote
TOI, Chennai: 8th Feb 2009:
Army veterans to return medals To Protest Against Govt Apathy Over Pension Today Rajat Pandit TNN New Delhi: Soldiers wear their medals with immense pride and honour. To lose them can be a gutwrenching and traumatic experience, but that is precisely what many of them will voluntarily do on Sunday.
A “large number” of ex-servicemen will return their gallantry awards and distinguished service medals to the President after a protest rally at Jantar Mantar in the Capital on Sunday in sheer disgust at the non-implementation of the “one-rank, one-pay (OROP)” principle as well as the “raw deal” given to armed forces by the 6th Pay Commission.
Among them will be Colonel (retired) Kanwar Bhardwaj and his wife, Shiksha, who will surrender the Shaurya Chakra awarded posthumously to their son, Captain Umang Bhardwaj, who died battling heavily-armed terrorists in Jammu and Kashmir in 2002. While the protest may resolve around pension, it has melded with the growing unease over continued apathy towards the services who, unlike their civilian counterparts, are bound by the disciplinary code not to protest.
Incidentally, even demands of serving military personnel over their new revised pay scales are yet to be fully resolved by the government. The creeping sense of being left behind now seems to have grown into powerful resentment, dissolving the distinctions of rank and hierarchy.
The jawans and havaldars who are coming for the protest have the support of their former bosses. “The country is not recognising the pillar which supports it,” said former Navy chief Admiral Sushil Kumar.
Added Col Bhardwaj, “The status of the armed forces, which are keeping the country safe, has been systematically downgraded by bureaucrats and politicians.
DISSENT IN THE RANKS
Ex-servicemen demand pay and pension on ‘One Rank One Pay’ basis as promised by different political parties in their election manifestoes.
Veterans claim that the Sixth Pay Commission has created four ranks within a rank — pre-1996, post-1996 to Dec 2005, post-Jan 2006 to Sept 2008 and post-Oct 2008.
Now, a havaldar who retired before 1996 draws less pension than a sepoy who retired after 2006.
The UPA government has rejected the demand, citing huge financial costs — over Rs 3,500 crore, with annual liabilities of Rs 700 crore.
The estimate includes payment of arrears from January 1, 1996, when the recommendations of the Fifth Pay Commission came into effect.
We’ve been pushed to the wall: Ex-servicemen
New Delhi: “We love India but we have been pushed to the wall. My wife will return my son’s Shaurya Chakra, while I will surrender my Sena Medal, awarded for gallantry in 1971,” said Col Bhardwaj. This was the general mood a day before a large number of ex-servicemen go to the Rashtrapati Bhavan to return their gallantry awards and service medals. They are returning them in protest against the non-implementation of “one-rank, one-pay” and the “raw deal” armed forces got by the 6th Pay Commission.
Former Army deputy chief Lt-General (retd) Raj Kadyan said, “My medals are my proudest possession but I will hand them over to the President, the supreme commander of the armed forces, for safe-custody till our demands are met.” The ex-servicemen feel they have been hoodwinked by successive governments on OROP despite virtually all political parties promising its implementation in their manifestos, election after election.
The governments, in fact, have even brushed aside recommendations by parliamentary committees to swiftly resolve “the disparity of pensionary benefits between pensioners of the same rank” without much ado.
The UPA government, on its part, has rejected the OROP demand, holding that it will entail huge financial costs — well over Rs 3,500 crore, with annual liabilities of around Rs 700 crore. This estimate takes into account payment of arrears with effect from January 1, 1996, the date from which the recommendations of the 5th Pay Commission were effective. “It’s also not possible to implement OROP due to administrative reasons and possible repercussions from the civil side, public sector and autonomous bodies,” said a defence ministry official. [comments: These people will always cite fear about the other groups!! What prevents them to make everybody happy? when they take care of themselves!!!]
Ex-servicemen, however, beg to disagree. Tenets of justice demand that defence personnel of the same rank and length of service should get the same pension, irrespective of the retirement date, says the vice-chairman of the Indian Ex-Servicemen Movement (IESM), Major-General (retired) Satbir Singh, who will also return his Sena Medal on Sunday.
“But after the 6th Pay Commission, the government has created four classes within a class — pre-1996, post-1996 to December 2005, post-January 2006 to September 2008 and post-October 2008,” he said.
“For instance, a havildar who retired before 1996 draws less pension than a sepoy who retired after 2006, and a Lt-Gen draws less pension than a Lt-Col. Ex-servicemen have been on a relay hunger strike at Jantar Mantar since December 16 but nobody listens to us since we are not a votebank,” he added.
But political parties better watch out. Defence pensioners alone notch up a tally of around 20 lakh, with another 55,000 being added to it every year. If one adds family members, over one crore people in India are directly connected with defence personnel or ex-servicemen.
Maj-Gen Singh said four former chiefs — General VP Malik and Admirals Sushil Kumar, Madhvendra Singh and Arun Prakash — “had promised their support” to the rally on Sunday.
CONTINUING WOES
The ex-servicemen feel they have been hoodwinked by successive governments on one-rank, one-pay (OROP) despite virtually all political parties promising its implementation A The UPA government has rejected the OROP demand, saying it will entail well over Rs 3,500 cr, with annual liabilities of Rs 700 cr .
Endquote
Friday, February 6, 2009
Zee Owners Evade Tax
Zee Evades Income Tax! I hate this Country of ours! This country is ruled by Chors and run by Chors! and the Public are sleeping!!
http://news.indiainfo.com/2008/09/25/0809251607_it-searches.html
IT Dept searches Zee-promoted realty company
Thursday, September 25, 2008 16:04 [IST]
New Delhi: Income Tax sleuths today searched the premises of a leading real estate company promoted by the Zee Group for alleged tax evasion. Income Tax Department sources said that the searches were initiated on the premises of Delhi-based Suncity Projects, promoted by Zee Group, Action Shoes and Odeon Builders. They said the searches were carried out in the official premises of the groups along with the residences of the promoters in Delhi, Himachal Pradesh, Haryana and Punjab. Income Tax officials said the Delhi residences of Lakshmi Goel and Jawahar Goel, brothers of Zee Group head Subash Chandra were also searched. Despite several attempts, Group Chairman Subash Chandra and his borthers Lakshmi and Jawahar Goel could not be contacted. Suncity Projects had announced plans to invest about Rs 6,000 crore over the next four years to construct SEZs and townships across the country. The company has formal approvals for an Information Technology SEZ in Haryana and two in- principle approvals for multi-product SEZs in Haryana and Rajasthan. The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships. The group is developing six townships at Rohtak, Jaipur, Kaithal, Rewari and Indore of various size ranging between 100-500 acre.
Source : PTI
http://news.indiainfo.com/2008/09/25/0809251607_it-searches.html
IT Dept searches Zee-promoted realty company
Thursday, September 25, 2008 16:04 [IST]
New Delhi: Income Tax sleuths today searched the premises of a leading real estate company promoted by the Zee Group for alleged tax evasion. Income Tax Department sources said that the searches were initiated on the premises of Delhi-based Suncity Projects, promoted by Zee Group, Action Shoes and Odeon Builders. They said the searches were carried out in the official premises of the groups along with the residences of the promoters in Delhi, Himachal Pradesh, Haryana and Punjab. Income Tax officials said the Delhi residences of Lakshmi Goel and Jawahar Goel, brothers of Zee Group head Subash Chandra were also searched. Despite several attempts, Group Chairman Subash Chandra and his borthers Lakshmi and Jawahar Goel could not be contacted. Suncity Projects had announced plans to invest about Rs 6,000 crore over the next four years to construct SEZs and townships across the country. The company has formal approvals for an Information Technology SEZ in Haryana and two in- principle approvals for multi-product SEZs in Haryana and Rajasthan. The company has acquired 4,000 acres of land in different cities where it would be developing over 10 projects in all verticals such as housing, commercial, shopping mall, hotels, SEZs and townships. The group is developing six townships at Rohtak, Jaipur, Kaithal, Rewari and Indore of various size ranging between 100-500 acre.
Source : PTI
Thursday, February 5, 2009
Pilots to Sue for Salary Cuts
Kingfisher pilots to sue airline for salary cuts
In a move that could have far-reaching ramifications for industrial relations across sectors, Kingfisher Airlines pilots, numbering over 600, have decided to sue the loss-making carrier for cutting their salaries. The pilots are alleging breach of contract by the airline on assured flying hours, which have been slashed from the contractual 70 hours a month to 55.
"Hence, there have been huge pay cuts to the extent of 25-30%. We have decided to approach the Bombay High Court since our salary structure is altered vis- -vis our contract documents," a senior pilot with the airline told FE. Kingfisher recently reported a Q3 net loss of Rs 626 crore. It has also reduced 21% of its domestic flights following a downturn in air travel.
Rival Jet Airways had last November asked some 700 of its pilots to accept a 25% salary cut. The pilots refused outright. Jet also had to reinstate over 700 employees that it sacked in October after much publicised demonstrations. The company has since marginally reduced salaries across the board.
On condition of anonymity a Kingfisher official said, "The airline is now following an international norm of productivity-linked compensation structures and, hence, there is a revision of salaries. However, even if a pilot flies for 55 hours, there would be a difference of only 4.5% in his gross salary and not 25-30% as claimed by the pilots."
Kingfisher pilots earn upwards of Rs 3 lakh a month, excluding perks, with the senior-most making over Rs 5 lakh. The airline has a fleet of more than 75 aircraft, with 570 flights daily connecting 74 cities. The salary cuts come at a time when the airline has scaled up its international operations.
The pilots had recently met senior company officials to register their protest against the salary cuts. A senior pilot flying wide-bodied aircraft said, "When we met the HR head, we were told there had been a pay revision as fallout of less flying hours." The pilots do not plan to strike work to press for their demands at this time.
In a move that could have far-reaching ramifications for industrial relations across sectors, Kingfisher Airlines pilots, numbering over 600, have decided to sue the loss-making carrier for cutting their salaries. The pilots are alleging breach of contract by the airline on assured flying hours, which have been slashed from the contractual 70 hours a month to 55.
"Hence, there have been huge pay cuts to the extent of 25-30%. We have decided to approach the Bombay High Court since our salary structure is altered vis- -vis our contract documents," a senior pilot with the airline told FE. Kingfisher recently reported a Q3 net loss of Rs 626 crore. It has also reduced 21% of its domestic flights following a downturn in air travel.
Rival Jet Airways had last November asked some 700 of its pilots to accept a 25% salary cut. The pilots refused outright. Jet also had to reinstate over 700 employees that it sacked in October after much publicised demonstrations. The company has since marginally reduced salaries across the board.
On condition of anonymity a Kingfisher official said, "The airline is now following an international norm of productivity-linked compensation structures and, hence, there is a revision of salaries. However, even if a pilot flies for 55 hours, there would be a difference of only 4.5% in his gross salary and not 25-30% as claimed by the pilots."
Kingfisher pilots earn upwards of Rs 3 lakh a month, excluding perks, with the senior-most making over Rs 5 lakh. The airline has a fleet of more than 75 aircraft, with 570 flights daily connecting 74 cities. The salary cuts come at a time when the airline has scaled up its international operations.
The pilots had recently met senior company officials to register their protest against the salary cuts. A senior pilot flying wide-bodied aircraft said, "When we met the HR head, we were told there had been a pay revision as fallout of less flying hours." The pilots do not plan to strike work to press for their demands at this time.
Wednesday, February 4, 2009
Public enterprises minister in favour of PSU wage revision
Look who is talking!!As far as I know everybody in the GOM meeting when our OSOA presented their case on 30/1/2009 objecte to what was demanded vehemently. Only Mr P Chidambaram kept quiet as he was heading the GOM and OIL Sector Board members supported. So now this Minister is telling in public that he is in favour of hikes? Do not forget that he was one of the persons who have been misleading OSOA by such promises. These ministers do not take a second to say something totally opposite.
You may find that the Govt is just keeping elections in mind and will say Yes We have Given proper thought,, yes the PSUs all deserve higher salaries.. Yes we will give them that.. and then they come out with 3 demands being met out of 10 saying.. ahh we have given you!! see? We have given you!! So friends.. do not forget that all this is just a Drama.. just do not lose sight of your demands and see what happens at the end.
http://www.livemint.com/2009/02/03224246/Public-enterprises-minister-in.html
The government is trying to prevent any further strikes - similar to what was attempted by workers of state-owned oil companies in December - before general elections fall due by May
New Delhi: Union minister for heavy industries and public enterprises Sontosh Mohan Dev on Tuesday said he is in favour of a salary increase for executives of public sector undertakings (PSUs), some of which have witnessed industrial action by employees for higher pay.
Dev said his ministry would move a cabinet note after receiving the recommendations of a group of ministers (GoM) that debated the issue.
The GoM is headed by home minister P. Chidambaram and has petroleum minister Murli Deora, minister of state for finance P.K. Bansal and Dev as members.
“We are taking a look at the pay revision of all PSUs and not only the oil sector PSUs... Why should they not be paid more? After we receive the GoM report, I will take it to the Prime Minister, shortly after which we will move a cabinet note for the cabinet’s decision on the same, as we are the nodal ministry appointed for this,” Dev told reporters in New Delhi.
The government is trying to prevent any further strikes— similar to what was attempted by workers of state-owned oil companies that had crippled power, fertilizer, steel and aviation companies in December—before general elections fall due by May.
A three-day strike spearheaded by the Oil Sector Officers’ Association—an umbrella group that was demanding a pay increase for the 55,000 employees in the sector—in December triggered nation-wide shortages of petroleum products such as petrol and diesel.
The situation could have become far worse if officers of NTPC Ltd, Bharat Heavy Electricals Ltd and NHPC Ltd, among others, had joined it.
The ministries of power, and petroleum and natural gas together account for the single largest chunk of public sector employees.
In matters relating to PSUs, the ministry of heavy industries and public enterprises handles general administrative matters, including salaries.
Dev said the cabinet note would be moved before the Election Commission of India’s model code of conduct comes into effect, which happens once the general elections—likely to be held in April-May—are announced.
You may find that the Govt is just keeping elections in mind and will say Yes We have Given proper thought,, yes the PSUs all deserve higher salaries.. Yes we will give them that.. and then they come out with 3 demands being met out of 10 saying.. ahh we have given you!! see? We have given you!! So friends.. do not forget that all this is just a Drama.. just do not lose sight of your demands and see what happens at the end.
http://www.livemint.com/2009/02/03224246/Public-enterprises-minister-in.html
The government is trying to prevent any further strikes - similar to what was attempted by workers of state-owned oil companies in December - before general elections fall due by May
New Delhi: Union minister for heavy industries and public enterprises Sontosh Mohan Dev on Tuesday said he is in favour of a salary increase for executives of public sector undertakings (PSUs), some of which have witnessed industrial action by employees for higher pay.
Dev said his ministry would move a cabinet note after receiving the recommendations of a group of ministers (GoM) that debated the issue.
The GoM is headed by home minister P. Chidambaram and has petroleum minister Murli Deora, minister of state for finance P.K. Bansal and Dev as members.
“We are taking a look at the pay revision of all PSUs and not only the oil sector PSUs... Why should they not be paid more? After we receive the GoM report, I will take it to the Prime Minister, shortly after which we will move a cabinet note for the cabinet’s decision on the same, as we are the nodal ministry appointed for this,” Dev told reporters in New Delhi.
The government is trying to prevent any further strikes— similar to what was attempted by workers of state-owned oil companies that had crippled power, fertilizer, steel and aviation companies in December—before general elections fall due by May.
A three-day strike spearheaded by the Oil Sector Officers’ Association—an umbrella group that was demanding a pay increase for the 55,000 employees in the sector—in December triggered nation-wide shortages of petroleum products such as petrol and diesel.
The situation could have become far worse if officers of NTPC Ltd, Bharat Heavy Electricals Ltd and NHPC Ltd, among others, had joined it.
The ministries of power, and petroleum and natural gas together account for the single largest chunk of public sector employees.
In matters relating to PSUs, the ministry of heavy industries and public enterprises handles general administrative matters, including salaries.
Dev said the cabinet note would be moved before the Election Commission of India’s model code of conduct comes into effect, which happens once the general elections—likely to be held in April-May—are announced.
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