Indian statement on failed summit with Pakistan
Following is the text of a statement issued by External Affairs Minister Jaswant Singh on Tuesday, following the failed summit between Prime Minister Atal Behari Vajpayee and Pakistan President Pervez Musharraf.
"At the invitation of Prime Minister Shri Atal Bihari Vajpayee, the President of Pakistan H.E. General Pervez Musharraf visited India on 14-16 July, 2001.
"In keeping with his abiding vision of good neighbourly relations between India and Pakistan, the prime minister had invited President General Pervez Musharraf to walk the high road of peace and reconciliation.
"Our commitment to that noble objective, upon the attainment of which rests the welfare of many, is not transitory. It is that commitment which was demonstrated at Simla, in Lahore and recently during President General Pervez Musharraf's visit.
"Significant CBMs that were announced prior to President Musharraf's visit would be fully implemented on our part. It is our conviction that, when put in place, they will make an important contribution to our relations.
"During his visit, the President of Pakistan had extensive discussions with our entire leadership. These included three rounds of one-on-one meetings with the prime minister and an hour-long farewell call prior to his departure yesterday night.
"There were also detailed discussions during delegation level talks. All these meetings were marked by cordiality and candour. They provided an invaluable opportunity to both sides to understand each others' view points, concerns and compulsions.
"Our negotiations for an agreed text of a document were seriously pursued. There were long hours of discussions at official and political levels. During these negotiations India did not shy away from any issue.
"In keeping with the confidentiality, which is necessary for these negotiations, and the maintenance of which is essential for the future of bilateral relations themselves, it would not be proper to go into details.
"However, it needs assertion that, during the negotiating process, India fully respected all established international norms. As a mature and responsible democracy, we negotiate to improve bilateral relations with our neighbours, not to indulge in public relations.
"We are of course, disappointed that the two sides could not arrive at an agreed text. It will not be a breach of confidentiality to clarify that this was on an account of the difficulty in reconciling our basic approaches to bilateral relations.
"India is convinced that narrow, segmented or unifocal approaches will simply not work. Our focus has to remain on the totality of relationship; our endeavour to build trust and confidence, and a mutually beneficial relationship even as we address and move forward on all outstanding issues, including Jammu & Kashmir; building upon the existing compacts of Simla and Lahore.
"It was also made abundantly clear to the Pakistan side during the visit, that the promotion of cross-border terrorism and violence are unacceptable and must cease. Let there be no illusions on this score: India has the will and resolve to defeat all such challenges.
"We will pick up the threads from the visit of the president of Pakistan. We will unceasingly endeavour to realise our vision of a relationship of peace, friendship and cooperation with Pakistan."
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Manipur hills bandh called against ceasefire extension
Imphal,Tuesday, July 17, 2001: A 13-hour Manipur hill bandh has been called tomorrow by underground Kuki Defence Force (KDF) against the Centre-NSCN (I-M) ceasefire extension in the state as various hill leaders expressed opposition to the truce.
A KDF statement said the bandh was also called in memory of those killed in police action during anti-ceasefire agitation and also several Kukis killed in the Naga-Kuki ethnic conflict in early 1990s.
The statement said all vehicular traffic between hills and other Centres would come to a halt and appealed to all communities to maintain normal and harmonious relations.
The statement signed by KDF president Zouramthang said the terms 'naga' or 'kuki' had been introduced by the British to broadly classify the tribes in the hills and added that Manipur had been an independent kingdom before it was subjugated by the British in 1891.
Reports said sit-in protests and rally were also reported from Kangpokpi in Senapati hill district.
Some valley and hill leaders including nagas also held meeting at Pantilong Kabui naga village where several speakers condemned the extension of ceasefire in Manipur.
Chairman of the Nagaching Kabui Naga village, Kuilong Gangmei speaking on the occasion yesterday, demanded immediate withdrawal of ceasefire from Manipur.
"We all are Manipuris and we will never leave the state," Gangmei told the gathering.
Several other speakers also demanded withdrawal of ceasefire to bring communal harmony among various tribes and communities.
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Small investors should not exit US-64: analysts
Small investors should not exit the Unit Trust of India’s beleaguered US-64 fund for the next two years since it offers a better guaranteed rate of return than fixed income instruments, analysts said. ‘‘Investors should stay put in US-64 now that returns are guaranteed at 12 percent for the next two years,’’ said Dhirendra Kumar, managing director of fund tracking firm Value Research.
‘‘There will be a yearly dividend payout, and any remarkable turnaround in the market will translate into superior returns.’’ UTI announced on Sunday that from August 1 to May 31, 2003, it would allow all investors to redeem up to 3,000 units each. For those units, said the repurchase price would be the higher of either the net asset value (NAV) of the fund at the time of redemption or the specified price for that month. The minimum guaranteed price begins at Rs 10 per unit for August, and increases by 10 paise per month to a maximum of Rs 12 in May 2003. ‘‘Returns are better than fixed income options,’’ said Sanjay Dutt, director at Quantum Securities.
‘There is no point exiting because the downside is capped, and there is a one per cent appreciation each month.’’
The net asset value of a fund is the market value per unit of its investment portfolio. From next January, US-64 will be reopened to new subscriptions and unlimited redemptions. The repurchase price for all units acquired after that date — and for units purchased in the past in excess of the 3,000-unit limit of the special offer — will be redeemed at the fund’s prevailing NAV.
UTI’s relief plan is meant to mollify the approximately 20 million investors in US-64. The fund manager imposed the freeze following a surge in withdrawals from US-64 in recent months, triggered by concerns UTI would cut the dividend and slash the repurchase price as a result of a stock market decline that began in March.
On July 2, UTI did cut its dividend — to 10 per cent from 13.25 per cent. Since its inception, US-64, which accounts for a fifth of UTI’s assets, has never been required to announce its net asset value. The repurchase price was set on a monthly basis by UTI, by means never made clear to the market.
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Pak orders combing of prisons to look for Indian POWs
Islamabad,Tuesday, July 17, 2001: Pakistan government has ordered "combing" of all prisons in the country to find Indian prisoners of war languishing there, soon after President Pervez Musharraf promised to look into the issue, media reports quoting official sources said today.
"We have already checked twice with all the jails but found no clue of any Indian POW as claimed by the Indian authorities," an Interior Ministry official said.
It is difficult for Pakistan to keep prisoners of war so long as it was bound by the Geneva Convention, he was quoted as saying by the daily 'Dawn'.
Indian Government has stated that that there could be around 54 Indian PoWs still lodged in Pakistani jails.
Pakistan has refuted it on several occasions, but the issue was raised again during Musharraf's breakfast meeting with senior editors in Agra on Monday.
In response, Musharraf promised to personally look into the matter.
"I am a soldier. I would be the first man to release prisoners of war. But still this issue is being raised again. .. so I will certainly personally look into it," he said.
Prior to Musharraf's arrival, relatives and families of the missing prisoners of war had staged rallies in front of the Pakistani High Commission in New Delhi demanding their release.
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Jaswant slams Pak journalists' unruly behaviour
The unruly behaviour of some Pakistani journalists in treating a senior Indian official in an 'uncivilised' manner came in for condemnation by External Affairs Minister Jaswant Singh on Tuesday.
At a post-midnight briefing by external affairs ministry spokesperson Nirupama Rao, Pakistani journalists shouted angrily alleging that President Pervez Musharraf had been denied an opportunity to address a press conference after his summit with Prime Minister Atal Bihari Vajpayee had collapsed. She along with some other senior officials were mobbed by a group of journalists from Pakistan.
Asked about the incident, Singh said, "This is regrettable and condemnable. I am responsible for the security of my officials.... It is very uncivilised," Singh said at a press conference referring to Monday night's incident where Rao and some other officials were mobbed and heckled after the spokesperson's briefing.
Asked if any action would be taken against misbehaviour by the journalists, the minister said, "They are from your fraternity. I don't want to tell the media how to behave."
After Monday night's briefing, the journalists chased Rao and a couple of other officials in the hotel lobby forcing the hotel security to intervene.
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Musharraf "hurt, disappointed" at summit failure
Islamabad,Tuesday, July 17, 2001: Pakistan's President Pervez Musharraf was "hurt and disappointed" that an agreement on the disputed Kashmir territory withered in the 11th hour of a peace summit with neighbor India, a senior official said today.
"The president did not hide his feelings," Pakistan's Information Minister Anwar Mahmood said in an interview.
"He was very, very disappointed and hurt that he and (Indian Prime Minister Atal Bihari) Vajpayee had agreed to everything, they had settled on an agreement and six hours later it was in tatters," he said. "How can this happen?"
In the end the summit agreement collapsed over wording, said Mahmood.
Musharraf's failure to return home with an agreement is seen as a major setback to his attempts to try to wean Kashmiri guerrillas off of war and into diplomacy as a means to settle their dispute.
"This is unfortunate, particularly because for the first time there was a sentiment from within the political leadership of Kashmir, but also from other elements in Kashmir that there is a need for dialogue to resolve this issue. This was happening for the first time in more than 50 years," he said.
Despite the failure of the two sides to get an agreement, Mahmood said Pakistan's invitation to Vajpayee to visit still stands. "We certainly hope that the talks will continue. It is a disappointing set back but the doors are always open for talks," he said.
Although no date for fresh talks has been set, Mahmood said it's possible that the two leaders may meet in New York when both leaders will be there to attend the UN General Assembly.
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Strategic sale of equity holdings is least priority: UTI chief
Mumbai,Tuesday, July 24, 2001: Unit Trust of India will sparsely use strategic-sales of its equity holdings in companies to realise value of its holding, UTI chairman M Damodaran said.
+The strategic sale will be the least of our priorities while restructuring the schemes+ Damodaran, who took charge on July 15, told reporters after the release of +Mutual Fund Yearbook-2000+ here today.
On July two, then UTI chairman P S Subramanyam after annoucing the decision to freeze sale and repurchases for six months of US-64 scheme units, had said that +this time will be utilised to divest strategic holdings thereby reducing exposure to the equity to a more reasonable level+.
Damodaran said review of UTI's working would also cover the investment strategies adopted by the various funds, which were under the wings of country's largest MF.
While working on immediate concerns like investor confidence and feedback, and US-64 scheme package for small investors, UTI management would also work on long term measures to tone up working of organisation, he said.
On the exit route for US-64 investors, he said +UTI's concerns were not confined to people holding units upto 3,000. This is one of the steps to strengthen investors confidence+.
+Today might look troublesome but there is merit in staying with the schemes since benefits will follow from our restructuring efforts+, Damodaran said.
+UTI does not have intention to swell the corpus of fund and focus will be on improving management of what is with the mutual fund+, he added.
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SEBI asks 24 poorly-performing MFs to review work
Mumbai,Tuesday, July 17, 2001: The Securities and Exchange Board of India (SEBI) has asked 24 mutual funds (MFs), which have been +performing unsatisfactorily+, to review their work including investment strategies.
+The capital market regulator has asked MFs (which are not doing well) to review their performance and place the report before their board and trustees'+, SEBI Chairman, D R Mehta, said releasing 'Mutual Fund Year Book-2000' here today.
+SEBI has no intention to meddle with their working+, he said adding, some of the poor performing funds have given negative retuns of over 30 per cent.
Referring to the performance of Unit Trust of India schemes, including US-64, he said the problem was with the equity schemes, but the debt funds managed by UTI had provided better returns. +UTI is a powerful body and will be able to overcome the problems+, Mehta said.
Most funds were following SEBI guidelines and +had submitted to discipline that inspires investors confidence+, the chairman said.
The Net Asset Value (NAV) of equity funds were ruling low due to fall in the markets but the debt funds have done well with returns in the range of 10-11 per cent, Mehta added.
The asset management companies have raised net funds worth Rs 69.90 billion in the first quarter of this fiscal while the gross collection in April-June 2001 was about Rs 282.00 billion, Mehta added.
Mooting an idea for MFs to support investors education, he said +unclaimed dividend of Rs 5 billion lying with the mutual funds can be used for this purpose+.
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Maha to announce terms of reference of Enron probe in a week
Mumbai,Tuesday, July 17, 2001: Maharashtra governemnt would announce within a week the terms of reference of the proposed judicial probe into the Power Purchase Agreement (PPA) with US energy major Enron, the state legislative council was informed today.
Making the announcement during question hour, the Minister for Energy Padmasingh Patil made it clear that the July 11 announcement by Chief Minister Vilasrao Deshmukh was about the decision taken by the Democratic Front (DF) to constitute a judicial inquiry into the controversial PPA.
An official announcement about the probe with the scope of terms of reference would be made in a week's time, Patil said while replying to supplementaries, on a question asked by Prakash Jawadekar (BJP) and others.
The minister said Enron had not sent any proposal to the Maharashtra government about reducing power tariff of the Dabhol electricity supply but talks in this regard were on with the Godbole committee, set up to review the project.
The Maharashtra State Electricity Board (MSEB) had stopped purchasing DPC power from May 29, 2001, he said.
Minister of State for Finance Rajendra Darda told members that government would place all relevant documents pertaining to the Enron agreeement before the house.
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SC allows BALCO to raise the issue of discrimination
New Delhi,Tuesday, July 17, 2001: The Supreme Court today allowed BALCO to raise the issue of discrimination regarding issuing of various notices by Chhattisgarh Government to it on the land use plan following the sale of 51 per cent equity by the company to Sterlite Industries for Rs 5.515 billion.
Allowing BALCO'S application for amending its petition against a series of notices to the company on alleged change of non-tribal land use plan, a Bench headed by Justice B N Kirpal directed the company to file amended writ incorporating the issue of discrimination witthin one week.
The Bench, having Justice N Santosh Hegde and Justice B N Agrawal as the other two judges, also directed Chhattisgarh Advocatte General to file additional affidavit giving names of the other private parties including companies, to whom the tribal land had been allotted by the government.
Accusing state Chief Minsiter Ajit Jogi of "singling" out Balco for action, company's counsel senior advocate Ashok Desai said "the Chief Minister in his public pronouncements had said that he would not allow the company to function."
Balco in its application said though tribal land had been given to nine other companies including Daewoo Power Ltd, ESSAR Steels, Kelkar Products, Jindal Steel Ltd and Bagmar Bauxite Industries, the state government had chosen to issue notices to Balco following the disinvestment decision.
The court, which had stayed action of the notices issued to Balco on May 12, directed all the parties in the case to submit their replies to the amendment petition within two weeks of its filing, and fixed the matter for final hearing on August 28.
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Equities recover initial losses in lacklustre activity
Mumbai,Tuesday, July 17, 2001: Equities recovered their initial losses and select heavyweight counters like HLL, Infosys Tech and RIL registered smart to minor gains in lacklustre activity on the Bombay Stock Exchange (BSE) today following late purchases by Foreign Institutional Investors (FIIs).
Investors, however, were almost withdrawn from the market and seemed to have focussed their attention on the stock brokers meeting this evening at the BSE.
The BSE Sensitive Index opened weak at 3414.06 and later was trapped in an extremely narrow range of 3440.29 and 3397.65 before closing at 3431.93, a small fall of 2.90 points. The BSE-100 Index eased further by 3.41 points to 1603.85 from previous close of 1607.26.
The recovery in the sensex was made possible by a positive turnaround in select key heavyweights. Noticeable losses in a few old economy index counters impacted the benchmark negatively.
Attributing early disinterest among players to the failure of the crucial Indo-pak summit, market sources said the vital support from the principal driving force FIIs emerged only after the midsession, aiding the sentiment.
FIIs, who made fairly good net investments in the last settlement period, were conspicuous by their absence yesterday, sources added.
The brokers meeting this evening is likely to discuss formation of All-India forum of brokers to address various grievances including the recent ban on badla and introduction of rolling system, dealers said.
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Anand struggling to find his touch
Dortmund (Germany),Tuesday, July 17, 2001: Viswanathan Anand faces an uphill task as he seeks to make a comeback in the Dortmund Sparkassen Chess tournament here after the rest day today.
Anand has just two points from the first five rounds of the tournament and languishes at the joint fourth spot, 1.5 points behind leader Vladimir Kramnik of Russia.
The event has hardly seen the best of Anand so far and the world champion does not look like in good form. The rest day will probably give him the much needed composure to make a characteristic comeback.
Right from the very first round, Anand has looked a pale shadow of his brilliant self, recently exemplified in the manner in which he demolished Kramnik at the Mainz Classic.
He drew with Alexander Morozevich of Russia in the opening game after enjoying a slightly better position and has struggled to find his rhythm in the later rounds.
After playing another draw in the second round with Michael Adams of England, Anand saw new depths when he went down to Veselin Topalov of Bulgaria in the third round for his first loss this year in the classical variation.
It was Anand's second loss to the Bulgarian after going down to him in the Melody Amber Blindfold and Rapid tournament and again in a strong novelty that the champion has obviously missed during his home analysis.
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Sri Lanka take on New Zealand in series opener
Colombo,Tuesday, July 17, 2001: Made to look leaner and tougher by strenous workouts over the last few weeks, Sri Lanka would be hoping to live up to their recent form and exploit the home advantage to the maximum when they take on New Zealand in the day/night opening game of the triangular one-day series here tomorrow.
Sanath Jayasuriya's home side have a pretty balanced side and start as the obvious favourites over New Zealand who have come from a chilling winter back home to a city where temperatures hover above 30 degrees celsius.
The Kiwis though gave ample signals that they had acclimatised themselves to the conditions when they registered a comprehensive victory against a second string Sri Lankan side in a practice game yesterday in which the entire top order contributed to a handsome total.
Openers Nathan Astel and Matthew Sinclair, and middle order comprising captain Stephen Fleming, Craig McMillan and youngster Lou Vincent were in fine nick and they would be expected to carry on the good work in the triseries.
New Zealand did not seemed worried about reports that their matches would be played on slower tracks with little grass on them. Their bowling, at least on paper, appear less formidable than the hosts' whose attack would be spearheaded by left-arm seamer Chaminda Vaas and off-spinner Muttiah Muralitharan.
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Prabhakar's bail plea rejected
A Nainital court on Tuesday rejected a bail petition filed by former cricketer Manoj Prabhakar in a chit fund case, police said.
After hearing the arguments from the prosecution and defence lawyers, Nainital district judge S C Tiwari rejected the bail plea of Prabhakar, who had been remanded to judicial custody till July 21, Kumoun DIG Vijay Raghav Pant said by telephone.
Meanwhile, the condition of Prabhakar, who was admitted in a private nursing home in Haldwani following a brain stroke, was reported to be stable.
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