Chairman of Infosys Technologies N.R. Narayana Murthy and chairperson of Tractors and Farm Equipment (TAFE) Mallika Srinivasan were today adjudged the businessman and businesswoman for the year 1999 by India business report (IBR) in recognition of their achievements of best business minds in the country.

The criteria for nomination for the award, which would be broadcast by BBC world on December 19, includes contribution to the world of business as Resident Indian with a business in India and also the innovative skills, success and growth of the businessman or woman in his or her chosen field.

It also includes the entrepreneur’s ability to incorporate changes as they place in the global business, transparency and corporate governance.

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The joint workshop of Ohio State University, USA and Punjab Agricultural University scientists here is discussing the possibility of a partnership between the universities to chalk out strategies in agriculture research and development in the new millennium.

The workshop would discuss the possibility of developing collaborative research education and extension programmes.

Inaugurating the workshop, Dr. R.S. Paroda, secretary, Department of Agricultural Research and Education, Ministry of Agriculture and the Director General of Indian Council of Agricultural Research, cautioned that Punjab could not continue to live on wheat-rice rotation.

He said the state must diversify to other crops in order to sustain its natural resources and preserve the environment.

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In order to increase its funding activities, Industrial Credit and Investment Corporation of India Ltd. (ICICI) has decided to fund mergers and acquisitions. This was stated here today by ICICI managing director and chief executive officer K.V. Kamath.

On the question of the selection process for such M&As and whether it was related to those companies in which ICICI has large exposures, he said a decision will be taken on a case by case basis depending upon the proposal’s viability.

Industrial Credit and Investment Corporation of India has also decided to take 51% equity stake in defaulting companies. Kamath said this was being done to play an ‘assertive role’, particularly in case of restructuring the loan portfolio of a company.

In case the company does not perform as per expectations, Industrial Credit and Investment Corp of India will assert its right and would be interested in changing the management," he added.

In another development, ICICI Bank has joined hands with Satyam Infoway Ltd (SIFY) to set up a 50:50 venture, ICICI SIFY.Com. The new company will help in online distribution of retail banking products and services of ICICI Bank.

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A four-day international Indian Handicrafts and Gifts Fair (IHGF, Spring 2000), the largest in Asia, will be held in the capital from February 11 to 14. The fair will focus on the new millennium and draw visitors’ attention to environment-friendly and traditional products. According to the Export Promotion Council for Handicrafts, the main organisers of the fair, the fair will showcase exclusive handicrafts, including new ranges specially designed on the theme of the new century.

The other product ranges at the fair will include woodcraft, metalcraft, fashion jewellery, traditional textile products, crafted stones, musical instruments, dress materials, furnishings and iron crafts.

More than 1000 leading handicraft and gift manufacturers from the country will display 25,000 select handicraft items during the fair. The total floor space taken by the fair is 40,000 square metres.

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Jalandhar has become the first city in Punjab to introduce the ‘Phone-Card’ named as the ‘virtual calling card’ whereby a person with or without a personal telephone connection can obtain a phone card by paying Rs. 105 for local calls, Rs. 210 for STD & Rs. 525 for ISD and can call up from any phone booths provided by the Telecom department.

The phone-card can be used in Chandigarh, Ambala, Bhopal, Calcutta, Jaipur, Lucknow, Chennai, Hyderabad, Bangalore, Patna, Shillong, Guwahati, Cuttack, Jammu, Shimla, Agra and New Delhi.

The Clinton administration has set in motion the process of lifting the sanctions by ordering removal of 51 Indian entities from the list of over 200 entities, which the US had originally sanctioned in protest against India’s May 1998 nuclear tests, denying them technology and other facilities.

Assistant Secretary for Export Administration R. Roger Majak, who made this announcement, said the order would take effect after a rule is published in the federal register.

The 51 freed entities include a host of ordnance factories, scientific institutions, Bharat Heavy Electrical Limited and Tata Institute of Fundamental Research.

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The Punjab Government will write to the union Government to restart the excavation work at Sanghol village in the district where only 25% work has been done and sculptures of the Harappan and Gupt periods have been unearthed, said Lieut-Gen J.F.R. Jacob (retd.), Governor of Punjab, at the Sanghol museum.

Taking a keen interest in the antiques, he said the excavation at Sanghol village yielded archaeological treasures of great significance, indicating a long history of the cultural heritage of Punjab. He said these treasures needed to be preserved and displayed at Public places.

He said some of these antiques would be taken to the museum at Chandigarh.

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The Union Government will introduce a Bill for a Competition Law in the February 2000 Budget session, aimed at promoting healthy and balanced competition as well as curbing monopolistic formations on the country’s economic scene.

Disclosing this, Union Minister for Law, Justice and Company Affairs Ram Jethmalani today said the government would not allow any mergers or acquisitions that would damage free and healthy competition in a particular segment of the economy and threaten the interests of the consumer.

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One of India’s foremost agronomist, Dr. Gurdev S. Khush, has warned that India’s present food security is artificial and the country can face a serious problem if efforts all not made immediately to step up agricultural output.

Dr. Khush, who at present is working as Principal Plant Breeder and Head, Plant Breeding, Genetics and Biochemistry division at International Rice Research Institute, Manila, says although India seems self-sufficient in food at present, it must not be forgotten that there are about 200 million person who go to bed hungry every night in the country because they cannot afford food. "They can’t buy food because there is unemployment, they are poor and they don’t have the money. But if they had the purchasing power, the food we have won’t be sufficient to feed them."

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"The Bombay Stock Exchange (BSE) today announced its plans to become a corporate body and separate its ownership from membership. The exchange, which has been set up as a trust, has to be first converted into a company and the legal issues can talk about going public and whether it would be listed on the BSE itself or elsewhere," BSE President Anand Rathi said.

A committee of the governing board comprising seven members has been set up for detailing the plan and a final decision would be taken by March, 2000.

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The Indian Airlines subsidiary, Alliance Air, has announced a steep cut in the fare between Delhi and Agra and a one-way ticket in the sector would now cost Rs. 700 instead of Rs. 1,450. A round trip would cost only Rs. 1,200.

Fares have also been reduced in the Mumbai-Mangalore sector and a one-way ticket in the sector would cost Rs. 3,610 instead of the normal Rs. 6,530.

Alliance Air officials said the new fares would help increase passenger load factor in the sector and give a boost to tourism, especially in the Delhi-Agra sector.

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Expressing concern about the deportation of certain non-resident Indians (NRIs) by the airport and immigration authorities, the NRI Sabha has taken up the matter with union minister Sukhdev Singh Dhindsa.

The chairman of the sabha, Mr. B.K.Srivastava said even some of the NRIs who have valid visas, were harassed at Indian airports from where they were deported on account of their suspected terrorist links in the past.

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Punjab Finance Minister Kanwaljit Singh said there was a need to increase sales tax rates in union territory of Chandigarh to prevent diversion of trade from Punjab to the union territory.

Participating in a meeting of the standing committee of state Finance Ministers to monitor sales tax reforms, he said all goods sold from Chandigarh to Punjab were leviable to a tax of 1 per cent instead of 4 per cent as applicable under the provisions of the Central Sales Tax Act. This has resulted in a huge diversion of trade from Punjab to Chandigarh.

The meeting was a follow up of the meeting of the State Finance Ministers held on November 16 wherein a consensus decision had been reached on the implementation of uniform floor rates by the states and union territories to be implemented with effect from January 1,2000; phasing out of sales tax incentives for industries from January 1,2000, finalisation of modalities and timeframe for introduction of value added tax (VAT) from April 1, 2000; and rationalisation of sales tax.

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The parliament adopted a legislation to delete 'epilespy' from the Hindu Marriage Act of 1955 as a reason to annul a marriage or seek divorce.

Law Minster Ram Jethmalani, while moving the bill for passage, said epilespy, which was being used in a major way by men to seek divorce, had now become fully curable through advances made in the field of medicine.

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The Punjab Uban Development Authority (PUDA) has announced a novel scheme for defaulters who have been allotted houses and plots under the instalment scheme and who are unable to pay for them. The scheme would benefit those who have luxury units or plots and built up houses. This scheme is open till February 29, 2000.

The Punjab Government, which is establishing an industrial renewal fund for the sick SSIs, is toying with the idea of levying a cess on profits of medium and large companies to raise money for the fund.

Announcing this, the Principal Secretary, Industries, Mr. Ramesh Inder Singh, said SIDBI had also committed Rs. 4 crore for the purpose. While medium and large industries had the option of going to the BIFR if they fell sick, this facility was not available to small industries.

The industrial renewal fund will provide technological and human resource guidance in addition to funds to needy small units.