Satellite communication for airlines planned
New Delhi: Airports Authority of India (AAI) and Indian Space Research Organisation (ISRO) will jointly provide satellite navigation and communication coverage of the entire Indian airspace including the oceanic region.

The project, called SATCOM, to cost Rs 80 crore, involves launching of a satellite with the specific payload and establishment of ground stations to guide aircraft operating on this vast airspace.

The project is likely to be made fully operational by 2006.
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IOC plans largest V-SAT network
New Delhi: Indian Oil Corporation Ltd (IOC) is is set to become the country's largest user of captive V-SAT based network for its internal use.

The company has already taken up bandwidth on INSAT 3B for 225 V-SAT terminals. IOC would also establish a communication hub at its Faridabad-based research and development centre.

The communication infrastructure is part Rs 350 crore investment IOC is making for integrating its IT systems across the company's 500 plus business units.
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400 OCBs housed in 23 addresses
Mumbai: The Securities and Exchange Board of India (Sebi) inquiry into the March 2001 stock market scam has revealed that there were 23 common addresses lodging more than 400 registered overseas corporate bodies (OCBs).

According to Sebi's second interim report, one such address -- P O Box 1130, 12 Remy Ollier Str, Port Louis, Mauritius -- houses as many as 67 OCBs.

By far, the Lescascades building on Edith Cavel Street, Port Louis, Mauritius, is the favourite spot, with 118 OCBs being housed there.

While 57 OCBs are housing there without any reference to any identifying floor in the building, another 53 are shown to be on the third floor at the same address. Further, four OCBs are housed on the fourth floor and another four on the fifth floor. That brings a total of 118 OCBs in the same building alone.
The addresses shown as the registered offices of OCBs are actually belonging to chartered accounts, which provide financial services to the OCB clients.

According to Sebi, Mauritius has been the hot favourite of more than 80 per cent of OCBs, operating from various tax havens such as British Virgina Islands and Panama.
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CBI raids Usha group premises
New Delhi: The CBI on Saturday carried out searches at 12 places including the residential premises of chairman of the Usha group Vinay Rai for allegedly duping four financial institutions of about Rs 100 crore.

Besides residence of Vinay Rai, the searches were being carried out at the premises of Anil Rai and Kulwant Rai, vice chairmen of all the three firms of the group, M C Gupta, managing director of Usha India and Usha Ispat, S K Mittal, managing director of Malvika Steel, J R Gupta, director Usha India, K B Gupta, V B Gupta and G D Goel, executive directors of Usha Group and official and residential premises of S K Bansal, chartered accountant of the company.

The CBI in its FIRs has alleged that the Usha group had floated nearly 250 fictitious companies and defrauded financial institutions like General Insurance Corporation (GIC), Industrial Development Bank of India (IDBI), Industrial Finance Corporation of India (IFCI) and Unit Trust of India.
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