The United Front Government has decided to decanalise sugar exports, breaking the monopoly of the Indian Sugar and General Industries Export Import Corporation (ISIGEC) which was the sole canalising agency until now Parliament’s approval will be sought shortly to amend the Sugar Export Promotion Act (1958) The decision to allow several players to export sugar by amending the SEPA Act has been taken by the Union Cabinet. The Food Ministry, which piloted the proposal for decanalisation, will forward a draft amendment to the SEPA to the Law Ministry for clearance.
Hind Lever pays 60% interim
Hindustan Lever Ltd (HLL) has announced an interim dividend of 60 per cent. It had declared an interim dividend of 50 per cent in the previous year. The company has recorded a 37 per cent jump in net sales at Rs 2,207.27 crores for the half year ended June 30, 1996 compared with Rs. 1,610 crores in the corresponding period of the previous year. According to a press release, the company has recorded a profit after tax (before extraordinary items) of Rs 147 89 crores, an increase of 40.1 per cent Profit before tax for the period was Rs. 23853 crores.
ICICI tells nominees to police corporates
The ICICI has told its nominees on company boards to act against managements which do not perform and adhere to ‘best’ corporate practices. In what signals an attempt to raise the standards of corporate governance in India, where the financial institutions have large equity holdings, ICICI has told its nominees to closely monitor the working of the company and also ensure that promoters follow the mandatory procedures at board meetings.
Sources;thehindubusinessline.com
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