Bizbits

BPCL signs MoU with govt

MUMBAI: Bharat Petroleum Corporation Ltd, the public sector oil giant, has entered into a memorandum of understanding (MoU) with theMinistry of Petroleum and Natural Gas for the year 1998-99. The MoU was signed by Prabir Sengupta MoP and NG secretary and I U Sundarajan, chairman and managing director of Bharat Petroleum. This is the ninth year in succession that BPCL has entered into a MoU with MoP and NG. In the MoU, the highest weightage of 60 per cent has been accorded to the financial performance, company release said here today.

IFTRT for same duty on MUV, cars

NEW DELHI: A transport research body has demanded that multi-utility vehicles (MUV) be treated on par with passenger cars for all purposes including that of levying excise duty. Indian Foundation of Transport Research and Training (IFTRT) said in its memorandum to the finance ministry that multi-utility vehicles were currently enjoying a lower rate of 11 per cent excise duty on par with that of light commercial vehicles. However, passenger cars attract a higher duty.

Most of the MUVs were owned by the upper strata of the society, the association said, adding thesevehicle owners also enjoyed the cost benefit of diesel-driven engines. Stating that there was a "serious anomaly" of pricing of diesel and petrol vehicles, IFTRT said while the government bore the subsidy on diesel, the vehicle manufacturers benefitted by hiking the diesel version prices by at least 20 per cent.

Anagram Finance

MUMBAI: Anagram Finance Ltd has clarified that its vice chairman and managing director, Satish D Nadkar, has not resigned from the company. Nadkar, who is also the chairman of Equipment Leasing Association, has maintained that he has no differences with the Lalbhais on any issue and would continue in the group.