Bizbits

The amendment has further provided that "if the liability of the stock broker on account of payment of interest worked out to be Rs 100 or less the same may be waived off by the board taking into consideration the administrative cost involved in recovering the said amount".

SC issues notice to LML

NEW DELHI: The Supreme Court has issued notice to LML Ltd and its Indian promoters on a special leave petition filed by LML’s partner Piaggio Vesp B V challenging the Kanpur district judge’s order declining transfer of the dispute between the warring partners to ICC on transfer of shares.

A division bench comprising Justice S BMajmudar and Justice R P Sethi Monday fixed March 15 for the final disposal of the special leave petition and stayed further proceedings in the suit filed by Indian promoters pending before the Kanpur court seeking to buy Piaggio shares in LML. Piaggio counsel P Chidambaram also gave an undertaking that "arbitration proceedings concerning Indian partners triggering event will not proceed".

Drawback norms amended

NEW DELHI: The finance ministry has amended the Customs Act 1962 to provide that drawback shall be paid within a period of two months from the date of exports, an official released today. The President has given assent for the Customs Amendment Bill 1998 which was passed in the winter session of the Parliament.

Prior to the amendment, Section 75A of the Customs Act, 1962 provided for payment of drawback within a period of three months. The amendment has now reduced the period to two months for payment of drawback to exporters.

If drawback is not paid within the aforesaid period, thegovernment shall pay interest to exporters for the delayed period. These measure has been introduced in pursuance to the assurance given by the commerce minister in the Lok Sabha on August 1998 that the government shall pay interest to exporters if payment of duty drawback is delayed beyond two months.