The Telegraph
Since 1st March, 1999
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Business Briefs

Taxmen to track cell bills

New Delhi, Oct. 27: In a bid to check tax evasion, government has drawn up a list of individuals whose mobile phone bills exceed Rs 50,000 for scrutiny of income-tax returns. “We have collected details (of individuals with mobile bills exceeding Rs 50,000). We will take action at the appropriate time,” Central Board of Direct Taxes chairman P. L. Singh said today. CBDT is reported to have circulated the list of individuals whose mobile bills are much higher than their salaries and above Rs 50,000.

IGL offer

New Delhi, Oct. 27: Sebi has cleared the initial public offering of 3.5 crore equity shares of Indraprastha Gas Ltd (IGL), the sole supplier of CNG to automobiles in national capital. IGL is expected to come out with the IPO by November end. Morgan Stanley, Enam Financial Consultants and Kotak Mahindra Capital have been appointed lead managers to the IPO.

Reliance move

New Delhi, Oct. 27: Reliance Industries has sought a two-year extension of its agreement with Indian Oil Corp to sell Jamnagar refinery products through the state-run firm’s retail network.

SBI Life plan

New Delhi, Oct. 27: State Bank of India and France-based Cardif are expected to infuse an additional capital of Rs 50 crore in SBI Life, their life insurance joint venture, by 2004-05.

Icra forecast

New Delhi, Oct. 27: Economy is poised to grow by 6.5 to 6.9 per cent this fiscal following a good monsoon and an expected robust 9 per cent growth in agriculture, credit rating agency Icra said today.

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