Bizbits

Sengupta, who visited WCL yesterday and reviewed its performance and plans for production, rationalisation of manpower, increasing productivity and monitoring of world bank and other projects, called for cost control measures to tide over the cash crunch caused by general industrial recession in the country, according to a WCL release. WCL CMD K C Vijh and the directors appraised Sengupta of the problems facing the company.

UTI scheme

MUMBAI: Unit Trust of India UTI has decided to assure returns only for the first year for its Institutional Investors Special Fund Unit Scheme IISFUS 8217;99 which it plans to launch shortly. The rates for the rest of the years will be decided at the beginning of each year. The Trust proposes to pay anassured return of 11.50 per cent per annum in the first year, moving away from the normal practice of assuring returns for five years at a stretch. The Trust has set a minimum mobilisation target of Rs 100 crore. IISFUS 8217;99 would be a five-year close-ended assured return income-oriented scheme with an option to repurchase after a period of three years.

Rediff plans

MUMBAI: Internet company Rediff On The Net plans to go public once its marketshare stabilises and its income becomes more predictable, according to its CEO and founder chairman Ajit Balakrishnan. Balakrishnan said the company would not necessarily wait to turn in profits. Refusing to commit on the timing of the IPO, he said, quot;It could be many moons away.quot;

SBI extends banking time

HYDERABAD: State Bank of India has decided to extend the business hours at all computerised branches by two hours, according to SBI managing director V Janakiraman.

In his presidential address at the third lecture of State Bank Institute ofInformation and Communication Management here today, he said the decision was taken with the objective of achieving the target of 70 per cent coverage of total business by January 2001 set by the Central Vigilance Commission . Janakiraman said the bank has adopted relational database management system technology to strengthen the management information system.

SBI was in the process of installing 100 ATMs all over the country with online connectivity, he said, adding the networking of computerised branches to extend technology based services to all parts of the country was in an advanced stage. 8220;We have successfully networked a few branches in Bangalore, Mumbai and Nagpur. This facility will be extended to nine more centres during the current year,8221; he said.

Demerger rules

NEW DELHI: Laws FOR DEMERGER OF COMPANIES SHOULD BE STREAMLINED BY ALLOWING it through shareholders approval replacing the current lengthy and cumbersome procedures, a leading industry chamber today said. quot;The demergerprocedures should be streamlined through shareholders approval replacing the current provisions governing demerger process under Section 391 to 394 of the Companies Act 1956,quot; FICCI said in a statement here.

This presupposes an application to the court under Section 391 and the sanctioning order by the court is a lengthy and cumbersome procedure, FICCI said adding that this should be replaced to grant flexibility to the corporates for expediting the process of demerger. The current laws also have some practical difficulties in transferring the common assets of the company and the undertaking. It is stipulated that all the properties and liabilities of the undertaking should be transferred to the resulting company.

Blue Dart pact

MUMBAI: Blue Dart Express Limited, India8217;s leading express company, today announced signing of interline agreements with DAS Air, Saudi Arabian Airlines and KLM Royal Dutch Airlines. With these three new agreements, Blue Dart has signed up 14 interline agreements and isthe undisputed leader to provide high quality services to the interline market. In addition to these three interline agreements, Blue Dart Express carries interline cargo for eleven international airlines 8211; Air India, Air France, Air Canada, British Airways Emirates, Federal Express, Singapore Airlines, Swissair, Cargolux, Alitalia and Asiana Airlines from its five hubs 8211; Calcutta, Delhi, Mumbai, Bangalore and Chennai 8211; to and from gateways for these international airlines.

Nilkamal Plastics

MUMBAI: The Rs 200 crore Nilkamal Plastics Ltd, the country8217;s leading moulded furniture company, has introduced two designer chairs 8211; Harmony and Heritage. These path-breaking chairs, though made from polypropylene, are on lines of antique wooden furniture thereby providing a different dimension to the concept of plastic furniture.

Mercedes Benz

MUMBAI: Auto-Hangar, a Mercedes Benz authorised service station, has come out with a summer offer exclusively for Benz owners to keep their vehicles in goodshape for the month ahead. They can avail of special packages at special rates, comprising general vehicle check amp; maintenance brakes, cooling amp; AC systems, renewal to Mercedes-Benz recommended Mobil-1 engine oil at competitive prices and computerised alignment.