Goa govt told to furnish data on iron ore exported through MPT

The investigations pointed out that the ore was brought from Karnataka in the guise of blending it with local low-grade ore, which is non-consumable by the steel industry, and in fact exported through Mormugao Port even as Karnataka had banned the exports

Panaji: Armed with a report prepared by former Karnataka Lokayukta on illegal mining, Union ministry of mines has asked the Goa government to furnish data on the allegations that the Mormugao Port Trust (MPT) used to export the iron ore even as the neighbouring state had banned the activity, reports PTI.

The officials in the state mines and geology department told PTI that the Union ministry in a recent meeting in Delhi asked the Goa government “to furnish details on the Karnataka ore exported through the state during the last five years”.

The Union ministry also asked the state officials to produce data on the quantum of Karnataka ore allegedly used for blending the local low-grade ore during the last five years.

The state mines and geology department will have to submit the data from year 2005, when demand in the Chinese market boosted the iron ore exports, till year 2011 when the mining scam came to the light.

Former Karnataka Lokayukta justice Santosh Hegde, who had blown the lid off the scam, claimed that 45 lakh tonnes of high grade ore was exported through Goa’s Mormugao Port Trust (MPT).

The investigations pointed out that the ore was brought from Karnataka in the guise of blending it with local low-grade ore, which is non-consumable by the steel industry, and in fact exported through the port even as Karnataka had banned the exports.

The Lokayukta report also questioned the export of high grade ore, as higher as 64 degree Fe from Goa port, when the state does not have such a kind of ore. Justice Santosh Hegde had told PTI that the local authorities were involved in the illegalities.

The ministry of mines which had taken up the matter seriously also decided to ask the railways ministry to give details of the ore brought through wagons from Karnataka to Goa.

“Indian Bureau of mines (IBM) would record the data,” the officials added.

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Govt declares Maruti stir illegal; to cancel registrations of unions

The Haryana government’s labour department has declared the strike called by workers of Maruti Suzuki India, Suzuki Powertrain India and Suzuki Motorcycle India Pvt Ltd illegal. Besides, it has initiated a process for the cancellation of the unions of SPIL and SMIPL

Chandigarh/New Delhi: Taking a tough stand against the ongoing agitation at Suzuki’s Indian entities, the Haryana government on Wednesday declared the strike illegal and initiated process to cancel registrations of unions at Suzuki Powertrain and Suzuki Motorcycle, reports PTI.

The department has declared the strike called by workers of Maruti Suzuki India (MSI), Suzuki Powertrain India (SPIL) and Suzuki Motorcycle India Pvt Ltd (SMIPL) illegal, an official release said here yesterday.

Besides, a process has been initiated for the cancellation of the unions of SPIL and SMIPL, it added.

When contacted, a labour department official told PTI: “The workers have not replied to the notice issued against them for the violation of settlement agreement signed on 1 October and hence a prosecution will be filed against them in the court.”

Since the strike has been declared illegal, the police has been given the power to evict the workers from the factory, he added.

On 10th October, the labour department slapped a notice on workers for “breach of settlement” that was signed on 1st October to end the 33-day-long impasse and asked them to respond within the next 48 hours.

When contacted, Suzuki Powertrain India Employees Union (SPIEU) president Sube Singh Yadav said: “We have not heard about any such development. If the government has taken this step, then now we will not end our strike till our union is registered again”
Suzuki Motorcycle India Employees Union (SMIEU) president Anil Kumar said the union is scheduled to meet labour department officials on Thursday and it will discuss the issue then.

These decisions were taken in a meeting on Wednesday that was attended by police commissioner SS Deswal, labour commissioner Satwanti Ahlawat, deputy commissioner PC Meena, joint commissioner of police Alok Mittal, additional labour commissioner Nitin Yadav and deputy commissioner of police (East) Maheshwar Dayal.

It was also decided in the meeting that movement of men and material in all the three plants should be free and workers sitting on strike inside the plants have been advised to vacate the premises immediately so that a conducive atmosphere of negotiations can be created.

The workers have been advised to sit outside the plant after taking due permission from the administration, the statement said.

Workers at MSI’s Manesar plant went on stay-in strike on 7th October afternoon completely affecting production at the plant, demanding reinstatement of over 1,000 casual workers and 44 permanent employees, who were suspended during the standoff that started on 29th August.

Simultaneously, workers at SPIL and SMIPL have gone on strike in support of their colleagues at MSI Manesar plant.

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Converging Indian a/c norms with IFRS will affect profits: TRAI

“Adoption of IND AS will affect the profit for the year as well as the profit for subsequent years. Further, the current assets or liabilities will also change due to recognition of security deposit at present value,” TRAI said

New Delhi: The convergence of Indian accounting norms with global audit practice International Financial Reporting Standard (IFRS) will have a bearing on the profits of telecom companies as they will be required to assign fair value to their assets, reports PTI quoting a study by the Telecom Regulatory Authority of India (Trai) has said.

Under IFRS, “financial assets or liabilities ... are recognised at fair value on the date of initial recognition.

Adoption of IND AS will affect the profit for the year as well as the profit for subsequent years. Further, the current assets or liabilities will also change due to recognition of security deposit at present value,” TRAI said.

In accounting, fair value is defined as an estimate of the potential market price of goods or service, taking into consideration factors like acquisition, production and distribution costs and replacement costs.

“This (the change in profit figures) will have an impact on the income tax payable to the government by such companies,” it added.

In its ‘Draft Study Paper on Implication of Adoption of IFRS on Indian Telecom Service Sector Companies’, TRAI also said that the convergence will have an impact on annual licence fee payable by the service providers to the telecom department as there will be changes in accounting treatment of revenue recognition of certain services.

“As the revenue for the year of transaction will come down, the licence fee payable will be reduced for that year.

However, the revenue will be accounted for in future years and licence fee will accordingly be deferred to those years, it said.

Further, companies will have to make separate set of accounts to fulfil the requirements of TRAI’s existing Accounting Separation Regulations, and under IFRS.

Though uncertainty still looms over the implementation date of the IFRS, as per the earlier road map laid out by the MCA, companies will have to prepare their accounts as per the new norm in a phased manner, beginning with companies that have a networth of over Rs1,000 crore from 1st April.

Further, while scheduled commercial banks and urban cooperative banks will adopt IFRS from 1 April 2013, all insurance companies will convert their opening balance sheets with IFRS from April 2012.

Large, listed non-banking finance companies (NBFCs) will converge their opening books of accounts with IFRS norms from 1 April 2013.

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COMMENTS

Nikhil

5 years ago

Still date of transition has not been declared for conversion of books to IFRS (now called Ind AS). So from where this data that
"scheduled commercial banks and urban cooperative banks will adopt IFRS from 1 April 2013, all insurance companies will convert their opening balance sheets with IFRS from April 2012" comes from..? Are the date announced?

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