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Sterlite Tech Q2 net jumps nine-fold to Rs 54.67 crore
IT firm Sterlite Technologies today said its net profit jumped nearly nine-fold to Rs 54.67 crore for the second quarter ended September 30, 2009, over the same period last year.

National Tax Tribunal is a distant reality
In the words of our present Chief Justice of India,“….. the citizens’ faith in the judicial system will begin to wane because justice delayed is justice forgotten, excluded and finally discharged “ The quote certainly does not auger well if one were to look at pendency of tax cases in different layers of our judicial hierarchy – 28,000 cases in high courts with disposal rate of roughly 6000 each year. Ironically, the situation is worse in Mumbai, Delhi, Kolkata & Chennai where the wait time ranges between 10-15 years. Not to forget the figure of 2 lac crores often debated in the Parliament as arrears of tax in dispute. These could be more staggering in the future.

News of the day

Where am I?
The latest calendar from the rural development ministry has a picture of the minister and two ministers of state. The third minister of state was upset enough to call up the minister, CP Joshi, to protest. The minister has now ordered that the calendars not be circulated — a fresh calendar will soon be sent around.
Corporate

Sales not impacted by swine flu so far: Aditya Birla Retail

As a precautionary step against swine flu, Aditya Birla Retail has provided its employees with masks to be worn in stores and is making sure they get treated even for a mild disorder. - Five more swine flu deaths in Pune; countrywide toll 23 - Allow retail sale of drug, say domestic pharma players - 60% drop in Pune mall footfalls - Mumbai malls, stores see biz dropping up to 50 per cent - Bangalore reports first death, toll rises to 20 - Suspected swine flu case in Bihar "All employees in our office (headquarters) here and at our "more..." stores have been provided with face masks and hand-sanitizers. We are quarantining the sick ones and making sure they get treated even if it is a mild fever," Aditya Birla Retail CEO Thomas Varghese told PTI here today. Around 700 personnel work in the company"s headquarters in suburban Mumbai. The value-chain retailer currently operates 49 supermarkets in Mumbai and 32 in Pune, the city worst hit by the pandemic in the country. "Surprisingly, we have seen good footfalls in the last 3-4 days even in Pune. Foodstuffs are unlikely to take a major hit as these are essentials," Varghese said. He said sales would not be negatively impacted in case people reduce frequenting malls as most stores are on high- streets. Future Group CEO Kishore Biyani said his company has temporarily shut down one of its outlets in Pune, while sales in Mumbai have also been affected. "Sales in Mumbai are down by 6-8 per cent, while in Pune they are down by around 20 per cent," he told private channel CNBC TV 18.


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