NIIT spin-off on course

New Delhi, March 28: NIIT today said the plan to spin-off of its software division into a separate company is on track. “We had said that by June-end the spin-off would be implemented and at this point of time, it stands. After the ballot results of the extraordinary general meeting (EGM) are declared in the next two to three days, we will have to inform the high court. Our next step will be based on that,” CEO Vijay Thadani said. The EGM was held on March 24 to seek shareholders’ approval.

Two-wheelers

New Delhi, March 28: Two-wheeler sales recorded a growth of 9.66 per cent during the first 11 months of this financial year. Around 48.8 lakh units were sold in April-February against 44.57 lakh units in the same period last year, data compiled by the Society of Indian Automobile Manufacturers showed.

CII action plan

New Delhi, March 28: The Confederation of Indian Industry (CII) today suggested a six-point action plan for the introduction of value-added tax (VAT) regime across all the states.

Fiscal deficit

New Delhi, March 28: The Rs 60,000-crore market stabilisation bonds coming up from April will not affect the government’s fiscal deficit, pegged at 4.4 per cent of GDP in 2004-05. “The market stabilisation scheme will only sterilise the high build up of forex reserves,” finance secretary D. C. Gupta said.

IDBI recast

New Delhi, March 28: The conversion of IDBI into a commercial bank is likely to be deferred by six months.“We have asked the government to defer the appointed date (for conversion of the financial institution into a bank) to October 1,” IDBI chairman M. Damodaran said.