ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Kirloskar Pneumatic Company Limited

persist. May I as usual, on your behalf and mine, extend to our Managing Director and all other members or Management and Staff, our grateful thanks for the manner in which they have conducted the Company's affairs during the past year to the continued and growing be nefit of all concerned. The apparent ease and continuity of their success in producing each year better results than in the previous one should not however mislead us into believing that their's has been or is today, an easy task. From personal knowledge, I can vouch for the tremendously hard work, ingenuity, and unremitting efforts required to achieve such results. It is very much to their credit that they have not allowed suc- cess dining the past few years to damp their zeal to out-perform themselves, and I hope they never will.

Tata Chemicals Limited

2 B D Dhawan and Dharm Narain, "Productivity Trends in the Indian Sugar Industry", Institute of Economic Growth, Delhi, 1965 (mimeo). 10 3 B D Dhawan, 'Location of Agro Industries: Case Study of Fruit and Vegetable Processing1, Artha Vijnana, Volume 11, Number 3, 11 September 1969, pp 345-56.

Geep Flashlight Industries Limited, Allahabad

any contradiction between the guiding principle's cogently argued in the first chapter of its Report and its basic recommendation that all the agricultural income groups above as low an income level as Rs 600 per annum should he subjected to a progressive direct tax under AIIT. It also suggesis a uniform levy of Re 1 per holding with incomes below Rs 600 per annum. The Committee tries to rationalise its recommen- dation for taxing the lower income groups in the following terms: "In fact, payment of land revenue, or some tax on holdings, is itself widely regarded by landholders as necessary evidence of their rights in their holdings" (p 43). lf land revenue is so popular with the small fanners, it is difficult to explain why there have been moves for its abolition in state after state! The crux of the matter is that the. Committee Tailed to muster enough courage for facing the question of inter- sectoral equity squarely. Exempting lower agricultural groups from direct FROM THE CHAIR taxes would, of course, mean a sizeable loss of revenue. The Committee allowed itself to be guided by the fiscal expedient and apparently considered it wiser to sacrifice this aspect of equity for the .sake of revenue rather than vice- versa.

Glaxo Laboratories (India) Limited-Statement of the Vice-Chairman and Managing Director, Mr D J R Farrant

Glaxo Laboratories (India) Limited Statement of the Vice-Chairman and Managing Director, Mr D J R Farrant THE following is the Statement of Mr D J R Farrant, Vice-Chairman and Managing Director, Glaxo Laboratories (India) Limited, for the year ended

Rural Electrification Corporation Limited

2,500 tons per year. This expansion is expected to he completed by March 1074. The ways and means of financing the. expansions are being studied.

ricals India Limited, Bhopal

a research project for assessing the technical characteristics of pumpsets manufactured in the country. Lastly, action has been initiated on a problem of some importance, namely, the wide" prevalence of imperfect joints and connections and consequent losses in transmission. Inadequate tools often contribute to this result. The Corporation has, accordingly, launched a project for duplicating ahand-crimping tool which has been found to be effective and is in vogue in other countries. It is proposed to fabricate and supply a prototype of the tool to each of the Electricity Boards.

Deepak Insulated Cable Corporation Ltd

October 7, 1972 (Ii) The impact of modernisation in track could not he realised in full within the short span. Nevertheles, capital cost of track system has broadened the financial base of the railways resulting in heavy burden payment of its obligation towards General Revenues, (iii) The technological change brought in locomotives has definitely reduced traction hours, but marginally. The advantages of modernisation could not be pressed further due to use of train (diesel and electric) locomotives for shunting, sidings, etc. (iv) The recession in the industry, no doubt, affected adversely the demand for freight services. It is also true that railways have failed to provide cargo handling facilities at origin and destination points to match the innovations introduced in movement of traffic. The lengthening of turn- round time is also a bad reflection on the railways' efficiency. Finally, it must be recognised (Table 1) that working expenses of Indian railways have not been brought under control. These have risen continuously. The Hail way Ministers at the time of budget presentation, seeking approval of Parliament for upward revision of fare and height rates, have always made promises to improve efficiency but have failed so far.

Industrial Finance Corporation of India

Statement of the Chairman, Shri C D Khanna THE following is the Statement made by Shri C D Khanna, Chairman, Industrial Finance Corporation of India, at the Twenty-fourth Annual General Meeting of the Shareholders of the Corporation held on September 28, 1972:

The India Cements Limited

The India Cements Limited Sri K S Narayanan, Managing Director, Reviews the Activities ADDRESSING the Twenty-sixth Annual General Meeting of The India Cements Limited held at Madras on September 20, 1972, Sri K S Narayanan, said:

New Standard Engineering Company Limited

Statement of the Chairman, Mr H M Patel THE following is the Statement by Mr H M Patel, Chairman, New Standard Engineering Company Limited, at the Fourteenth Annual General Meeting of the Shareholders of the Company held at Bombay on Wednesday, September

India Steamship Company Limited

27th March, 1972, Shri Vasantrao B Patil tendered his resignation from the directorship of the Corporation consequent upon his assumption of office as Minister of Power and Irrigation in the Government of Maharashtra, His place was filled by Dr W C Shrishrimal who was elected as a director at the Special General Meeting of the Corporation held on the 17th June, 1972, On behalf of the Board, I take this opportunity of thanking Shri N Ramanand Rao, Shri N V Nayudu, Shri P S Rajagopal Naidu and Shri Vasantrao B Patil for their valuable services and the keen interest they took in the affairs of the Corporation, i would further like to place on record my thanks to all the present directors on the Board for their valuable Cooperation and wise counsel.

Nirlon Synthetic Fibres and Chemicals Limited

Nirlon Synthetic Fibres and Chemicals Limited Speech of the Chairman, Shri Jaykrishna Harivallabhdas THE following is the Speech of the (chairman, Shri Jaykrishna HarivaUabhdas, at the Fourteenth Annual General Meeting of Nirlon Synthetic Fibres & Chemicals Limited hold in Bombay on September 20, 1972. GENTLEMEN, I have great pleasure hi welcoming you all to the Annual General Meeting of the Company. The Report of the Directors and the Annual Accounts for the year ended 31st March, 1972, are already in your hands for some time and with your permission, I propose to take them as reach ECONOMIC CONDITIONS We had satisfactory results on agricultural front but the run of good luck seems to have now broken. This year, greater part of the country has been affected by drought. This is causing concern both to the people and the Government. The economy of the country seems to be getting out of gear due to the deterioration on the agricultural front. In this Silver Jubilee year of our independence all sections of the community should co-operate in the tremendous task of steering the economy into its proper course. We welcome the steps taken by the Government for preventing illegitimate accumulation of wealth and its use for anti-social purposes. I am happy that there is a growing appreciation of the fact that industrial growth alone can provide the financial and material resources to pay for the large-scale employment and welfare Schemes.

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