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Sunil Jain: Problem post
Are Indians likely to mail five times as many letters this year as they were expected to last year? That"s the question that comes to mind when you see the rise in the deficit for the postal department. From a revenue deficit of Rs 958 crore in the budget estimates for 2008-09, this rose to a whopping Rs 3,825 crore in the revised estimates for the year and an estimated Rs 5,395 crore in 2009-10 budget. It turns out nothing of the sort is happening. The postal department’s receipts fell from a budgeted Rs 6,159 crore in 2008-09 to Rs 5,966 crore in the revised estimates, but this is budgeted to rise again, to Rs 6,136 crore in 2009-10.

Raja accuses NDA of Rs 1.6 lakh cr telecom scam
Communications Minister A Raja today alleged that the Bharatiya Janata Party (BJP)-led NDA government had distributed free spectrum to operators in what he called “biggest ever scam” that deprived the exchequer of over Rs 1.6 lakh crore revenue.

News of the day

BSES Commercial users are not consumers : National Commission
The National Consumer Commission has held that commercial users cannot move against service providers for any deficiency in service under the Consumer Protection Act.
Small Business

NMDC may get issue advisors, investment bankers soon

The government is likely to appoint investment bankers and advisors soon for the disinvestment of additional 8.38 per cent stake in iron ore producer NMDC, official sources said today. - MF investment:Take your pick - CCEA clears NMDC stake sale: Virbhadra Singh - "SAIL, NMDC divestment plans before Cabinet soon - SAIL, NMDC divestment plans before Cabinet soon: Virbhadra - Milestone invests Rs 60 cr in KIMS - Top 10 firms lose Rs 40,000 cr last week The disinvestment department is likely to ask the Department of Audio-Visual Publicity (DAVP) to come out with an ad for appointing investment bankers and issue advisors for the NMCD selloff process, they said. The DAVP sources, however, said they have not received any request so far in this regard. "As per the existing norms, firms like NMDC can issue an ad directly but it has to follow the DAVP norms," they added. The DoD officials could not be contacted. The inter-ministerial group on disinvestment, which comprises representatives from the disinvestment department and steel ministry, met NMDC officials today to start the selloff process in the Navratna firm. The government is likely to mop up about Rs 14,000 crore from the proceeds, based on today"s NMDC share price of Rs 420.85 on the BSE, where it shed 0.45 per cent. The selloff department officials are also expected to meet the market watchdog Sebi soon to expedite the process. "The DoD is working to fast-track the NMDC disinvestment process. They are likely to meet Sebi officials soon to expedite it," the official said.


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