SmithKline Pharma profits upAccording to managing director DM McDonald, profits for the first quarter of 1999 were adversely affected by the devaluation in the rupee, competitive pressure resulting in lower prices and additional promotion expenses on its new products.No coercion, says UTI chiefMUMBAI: Corporates are not being forced to have representatives of financial institutions on their boards, Unit Trust of India (UTI) charman P S Subramanyam said here today. ``We are not forcing anyone,'' he said in reply to specific queries, adding that the intention of UTI and other FIs was to inculcate corporate accountability.UTI has taken the lead in writing to the corporates to have a nominee on their boards, where they have a substantial shareholding, he told newspersons after inaugurating the dealing room of Jammu and Kashmir Bank here. Subrahmanyam said their intentions had been misrepresented ``we want to ensure good corporate governance, and ensure the interests of the minorityshareholers.''``If we really wanted to force the corporate sector into acceding to its demand, then we would be calling the shots in terms of who should be sitting on the board,'' he added. Dispelling reports to the contrary, the UTI chief said that by and large the corporate sector had responded favourably to its suggestions.Wipro bags 20 mn UK contractLONDON: India's leading software company, Wipro, has bagged the largest European offshore application deal worth in excess of 20 million pound sterling from British gas provider Transco Development. Transco, the gas transportation arm of the British Gas Plc, has awarded Wipro Infotech with a three year contract to help develop their it application to meet continuing rapid pace of deregulation of the UK gas market.Under the contract signed yesterday, Wipro would help Transco by providing ongoing maintenance and support system through one of its 25 offshore development centres in India.
