India plans to move WTO against US

Officials of the Textiles Ministry are preparing themselves to file a petition against the US with the World Trade Organisation (WTO) as the Americans are threatening to slap quota restrictions on imports of woollen garments from India. This is likely to be the first petition to be filed by India with the WTO. The recent parleys in Washington between the two countries have failed to resolve the issue as the US negotiators were not willing to accept the Indian viewpoint that the American woollen industry has not been injured. Following the standoff, the US has reserved its right to unilaterally impose quota restrictions within 30 days of the date of consultations.

Dunlop to issue Rs. 318-cr rights

If anything was apparent at the 68th annual general meeting of Dunlop India today, it was that its Chairman, Mr. M. R. Chhabria, has lost much of his charisma. Once a hero of minority shareholders of Dunlop, Mr. Chhabria had to face some embarrassing moments when they questioned him on his capability of running the company. They also interrogated him on the frequent change of guards, very low rate of dividend and for not issuing any bonus share in the last 10 years, although the firm's general reserves were more than the equity capital base.

Forward trading in edible oils ruled out

The Government has decided not to permit forward trading in edible oils, notwithstanding the recommendation of the high-power committee on forward markets in favour of such a move. Edible oils, especially groundnut oil, were being hoarded in anticipation that the Government would permit forward trading, said official sources

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