UTI to seek probe into investments
New Delhi: The board of Unit Trust of India is meeting on 11 April to decide on entrusting to the central vigilance commission for "pre-investigation" 10 cases of bad investments made by UTI in companies, including investment of around Rs 1,000 crore in Reliance in early 90s.

The Tarapore Committee, which examined the investment decisions of the UTI over the last decade following the recent crisis in the flagship fund, US 64, had found 19 cases of "imprudent" decisions, of which 18 resulted in loss to UTI. The committee had recommended further investigation into these cases.

The joint parliamentary committee, investigating last years stock scam and the UTI affairs, has directed the UTI that probe into the cases of "imprudent" investment decisions be expedited.

The case of UTIs investment in Reliance is one instance in which the Tarapore committee had recommended "pre-investigation".
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Economy showing signs of revival
New Delhi: There are clear signals of revival in the domestic economy, according to a CII-Ascon survey.

Over 50 per cent of manufacturing sectors exhibited a moderate growth during April 2001-March 2002 compared to the previous fiscal and may pick up during April-June 2002, if the government takes necessary steps to hasten reforms, it said.

The survey did not reveal sectors that are taking the lead as the actual figures for April 2001-March 2002 are still in the process of compilation.

The CII-Ascon study, covering 116 manufacturing and 12 service sectors, said the policies needed further streamlining for improving growth in the industry. The proposed spending on infrastructure and road development projects would help kick-start growth in related manufacturing segment, it added.
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Best employers in India
New Delhi: The company that compiles the Fortune 100 list of great places to work for in the US is here. It has tied up with Grow Talent Company, an HR consultancy.

Started in 1983 in San Francisco, GPTW now brings out the survey in 10 countries, including the European Union. In India, it will be the first employee-centric rating of work places.
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Ficci to open office in China
New Delhi: Federation of Indian Chambers of Commerce and Industry is opening its office in China.

Announcing this, Ficci President R S Lodha said with China joining the WTO, the time was ripe to intensify business interface with them.

Lodha said the Chamber was also setting up a China desk to support and assist Indian companies reach out their Chinese counterparts and set up offices there.

Ficci, which already has a fast track memorandum of understanding with its Chinese counterpart China Council for the Promotion of International Trade (CCPIT) is also taking a high-powered business delegation in May.

This delegation will visit the special economic zone at Pudong, attend the annual Asian Development Bank conference and have a corporate retreat at Shuzau.

Ficci has formed six task forces for IT, education, chemicals, telecom and wireless with CCPTI.
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Govt invites bid for 5 ITDC hotels
New Delhi: The government has invited initial bids for sale of latest tranche of India Tourism Development Corporation (ITDC) hotels, including Hotel Kanishka and Hotel Ranjit.

The fourth tranche, for which the expression of interest (EOI) has been invited, includes five ITDC hotel properties including Hotel Indraprastha (Ashok Yatri Niwas), five star hotel project in Chandigarh and Hotel Varanasi Ashok, besides Kanishka and Ranjit.

While government has pegged Rs 35 crore as minimum combined net worth for entities eying Kanishka or Ranjit, in the case of Ashok Yatri Niwas and the five star hotel project (Chandigarh), the combined net worth for interested parties had been fixed at Rs 10 crore.
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MFs can invest in foreign papers
New Delhi: The Securities and Exchange Board of India (SEBI) has said that each Indian mutual fund can invest up to four per cent of its net assets as on 28 February 2002 in rated securities in countries with fully convertible currencies and in American depository receipts /global depository receipts issued by Indian companies in overseas markets.

In addition to the four per cent norm, a maximum investment limit of $50 million has also been placed on each Indian mutual fund for investment in rated foreign securities and ADRs/GDRs issued by Indian companies. Currently, an upper limit of $500 million is applicable for the entire mutual fund industry for making investments in ADRs/GDRs issued by Indian companies and in rated foreign securities.
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IRDA allows 100 pc hike in motor insurance rate
New Delhi: The Insurance Regulatory and Development Authority (IRDA) has allowed companies to hike motor third party insurance tariffs by a maximum of 100 per cent on renewal over the previous year.

IRDA said that the general insurance companies and the general insurance public sector association (GIPSA) had been appraised of the cap in loading.
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RBI puts up two securities for sale
Mumbai: The Reserve Bank of India has decided to offer two securities for sale by way of a price-based auction on 8 April.

The 11.19 per cent 2005 will be auctioned for an aggregate amount of Rs 3,000 crore and the 10.25 per cent 2021 for an amount of Rs 2,000 crore, said a press release.
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