ONGC introduces VRS
Mumbai: Oil and Natural Gas Corporation (ONGC) has introduced a voluntary retirement scheme (VRS) for trimming its 40,000 strong work force all over the country. The scheme is being offered in two categories, targetting employees with 45 years of age and 15 years of service and the other of 50 years of age and 20 years of service.
According to a senior ONGC official, the VRS offers 60 days salary for each completed year of service or for the remaining year, whichever is less.
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Follow China, says Gartner
New Delhi : Research advisory and management consulting firm Gartner has advocated following Chinas example of attracting foreign investment by setting up special economic zones with world-class infrastructure.

Gartner has emphasized the need to develop infrastructure like roads and transport, communication and power supply systems in these zones with a view to attracting foreign investment. It also called for liberalizing the labour laws.

Gartner is of the view that the slowdown in the US economy will not adversely affect the Indian IT sector which had the potential of generating over $ 160 billion business.

Referring to China, Taiwan and Malayasia, which have been strongholds of hardware industries, Gartner pointed out that when these countries could look towards tapping IT services, why could not India do the same.

Like China, which had set up semi-autonomous economic zones such as Shanghai, Shengzhen, Tianjin, shenyang and Suzhou, which were witnessing fast growth, India too could develop such pockets. Gartner pointed out that even a Communist country such as China had done away with labour regulations to felicitate industrial growth.
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Sebi fixes First Global for funding Tehelka
New Delhi: Securities & Exchange Board of India (Sebi) investigations have revealed that Shankar Sharmas First Global Stock Broking Private Ltd had extended unsecured loans of Rs 2.4 crore to Internet portal Tehelka.com.

Sebi, in its interim report on the role played by stock brokers, corporates and foreign investment companies, said funds were given to UD & MD Agencies Pvt Ltd, an investment company of First Global, for the purpose of operations of tehelka.com.

Sharma, his wife Devina Mehra and Tarun Tejpal of Tehelka.com were all on the board of directors of UD & MD Agencies. Mr. Tejpal was on the board between March and July 2000 when the sting operation into the defence deals was started by Tehelka.com.

Tehelka.coms subsequent operations were taken over by a new incorporated company, Buffalo Networks on June 23, 2000. According to the report, after obtaining a first round of private equity funding of Rs 3.50 crore which was raised against 10 per cent of equity of the company, an additional allotment of 5,556 shares of Rs 10 each was done at a premium of Rs 6,289 per share was made to First Global.
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