DCA tightens monitoring
Bolstered by its recent successes against Derring managements, the Department of Company Affairs (DCA) has written to all its regional directors to personally monitor all prosecution cases against companies which have violated the Company Law provisions dealing with investor protection. The Investor Protection Cell of the department has also asked the regional directors to ensure that the Registrar of Companies (RoC) attach increased importance to these cases. It has also directed that the RoCs should be present in all the important hearings.
Rs. 1000 cr needed for Bangalore international airport
Only private investment can help develop an international airport at Bangalore, Mr. Ghulam Nabi Azad, Minister for Civil Aviation and Tourism, has said. He told newspersons… that the project would require at least Rs. 1,000 crores. It was up to the Karnataka Government to acquire land and provide infrastructure to attract investment, he said. The Kerala Government had taken similar steps and was developing airports at Cochin and Calicut with financial help from non-resident Indians.
Steel industry wants SDF to go
Steel industry needs immediate abolition of steel development fund (SDF) and the engineering goods exports assistance fund (EGEAF) to meet challenges arising out of the Budget proposals that reduced import duty and hiked excise on steel products, sources said. For survival as also maintaining international competitiveness, the industry also demanded the removal of freight equalisation scheme and imposition of countervailing duty on all categories of project imports at 15 per cent to bring it on par with the revised rate of excise duty.
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