ICAI statement provides guidance on CARO
New Delhi: The Institute of Chartered Accountants of India has released its statement on the Companies (Auditor's Report) Order, 2003 (CARO). The statement provides detailed guidance to auditors of companies on compliance with the reporting requirements laid down by the Order, and its implementation is mandatory for members of the institute

CARO has enhanced considerably the reporting responsibilities of the auditors of companies by requiring them to comment upon, among other things, the diversion of funds, frauds on or by the company, affect of sale of substantial part of fixed assets on the going concern status of the company and continuing failure to correct major weakness in internal control.

CARO was issued by the Union Government in June 2003, replacing the Manufacturing and Other Companies (Auditor's Report) Order, 1988.

According to ICAI the statement released by the institute would result in achieving the compliance with the Order in letter and spirit.
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Tata Motors launches largest FCCN issue ever from India
Mumbai: Tata Motors Ltd has priced the first tranche of $100 million, of the total $400-million foreign currency convertible note (FCCN) issue, at Rs 573.10 per share, which will be at a 17.5 per cent premium to the company's closing share price on the Bombay Stock Exchange on April 19, 2004.

The $400 million FCCN issue is the largest international capital market offering from India as yet as well as the first ever multi-tranche convertible offering by an Indian company. The foreign currency bonds will be listed on the Singapore Stock Exchange.
The FCCN issue is being offered in two tranches. The second tranche aggregates $300 million and is convertible at a conversion price of Rs 780.40 per share, which is at a 60 per cent premium to the stock price that closed on April 19, 2004.
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Reliance Energy to raise securities in global markets
Mumbai: Reliance Energy Ltd has informed the Bombay Stock Exchange that its board of directors has approved the issue of securities in the international markets.

According to Anil Ambani, Chairman and Managing Director, REL, the company "may approach international markets with a GDR or ADR issue for raising capital to fund its expansion plans."
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ISO mulling on norms for call centres
New Delhi: The International Organisation for Standardisation (ISO) is planning to come up with quality standard norms for call centres. The organization has said that some countries already had national standards for call centre services but there were no international standards. The organization was yet to set up a technical committee.
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Summer Wars: Pepsi readies Dukes Lemonade
Mumbai: Pepsi has come up a new tagline and an interactive radio commercial for its lime brand, Dukes Lemonade. The radio advertising revolves around a campaign created by J Walter Thompson, and is built around a character Bandya Shinde.
Dukes Lemonade is available in 200-ml and 300-ml returnable glass bottles (RGB), 600-ml PET and 1.5 litre PET bottles.
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Greaves to go ahead with gear unit sale
Mumbai: Greaves Cotton Ltd, has signed a memorandum of understanding with Premium Energy Transmissions for sale of its gears business for Rs 72 crore. Its gears and couplings manufacturing units are located at Chinchwad (Pune), Falta (West Bengal) and Aurangabad. This decision forms part of the company's financial and business restructuring programme, which envisages selling off its non-core businesses.
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Wockhardt sets up marketing arm in US
Mumbai: Wockhardt Ltd has established its own sales and marketing organization in the US, Wockhardt USA Inc, which will be in addition to its existing two-and-a-half-year-old research and clinical trials facility, Wockhardt Americas Inc.

The research and clinical trials facility, has helped in increasing the drug filings made by the company in the US, company officials said.

Wockhardt currently sells four products in the US including ranitidine, enalapril, bethanecol chloride and captopril. It filed six new abbreviated new drug applications (ANDA) with the USFDA, last year and plans to file 15 ANDAs this year, the company note said.
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US chamber to fight for outsourcing
New Delhi: The President and Chief Executive Officer of the US Chamber of Commerce, Thomas J. Donohue has said that the chamber is leading the fight to preserve the "freedom and flexibility" of American companies to source and trade around the world.

Defending BPO, Mr Donohue added that it made good sense for many companies as they could turn their attention to invest in new products and create new and better jobs at home. While explaining the reason for his present visit to India, he said that one of the chief goals was to explore how India and the US can work together to fight counterfeiting and piracy in knowledge-based products that both countries produce.

Donohue also announced the decision to organise a US-India Trade Development partnership.
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Tata Tele to invest Rs 700 crore in Maharashtra
Mumbai: Reliance Tata Teleservices (Maharashtra) would be investing Rs 700 crore on network expansion, billing systems, IT infrastructure and customer care facilities during the current financial year. The amount would be raised partly through debt and partly through equity, the ratio of which was being worked out.

The company, whose service is available under the brand name of Tata Indicom, had acquired 14 per cent of net wireless additions in Mumbai from the period July to December 2003.
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Tata Tele sets up Wi-Fi access at Delhi airports
Mumbai: TheTata Teleservices is setting up Wi-Fi access systems at both the domestic and international airports in New Delhi which will allow an Internet user to access the net from anywhere in a Wi-Fi enabled area, without having to connect his laptop by wire to an Internet access system.

The departure lobbies and some other areas have been Wi-Fi enabled at these airports. The company has provided Wi-Fi services at 11 star hotels in the city. It would also be providing the same to three Taj hotels in Goa.
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