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Naveen unfurls tri-colour amid Maoist threat
, Jan 26 (PTI) Amid a tight security net in view of the Maoist call for boycott and an e-mail threatening Chief Minister Naveen Patnaik, Republic Day was celebrated across Orissa with enthusiasm showcasing state"s rich culture and economic progress.

Gems, jewellery ind for lower lending rates, import duty cuts
The gem and jewellery industry has sought enhanced dollar liquidity, lower lending rates, a 2-year tax holiday and turnover tax and import duty reductions as part of budgetary relief, a top industry official said.

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FM asks officials to design new simple I-T forms
Finance Minister Pranab Mukherjee wants the Income Tax forms to be simple so that a taxpayer can understand his liability without consulting experts or chartered accountants.
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SFIO probes into Sesa Goa for financial irregularities

The government has ordered the SFIO to probe into mismanagement and financial irregularities in Vedanta Group-owned Sesa Goa and its subsidiary Sesa Industries (SIL), the company said today. - Sesa Goa gets govt letter ordering probe - Sesa Goa crashes on fears of SFIO enquiry - SFIO to probe Sesa Goa accounts - Sesa Goa: Realisations drop - Sesa Goa tumbles 8% on drop in net - Bullish sentiment in new Samvat "The scope of (SFIO) investigation include looking into the state of affairs of the company and its subsidiary Sesa Industries Ltd, in respect of mismanagement, malpractices, financial and other irregularities," Sesa Goa said in a filing to the Bombay Stock Exchange. The Serious Fraud Investigation Office (SFIO) enquiry, to be completed in six months, follows a probe by Registrar of Companies which was looking into Sesa Goa"s case since 2003. "The company... Has received request from the RoC for information for the period from 2001 to 2009," the statement said, adding it also received an intimation for the SFIO probe from the Ministry of Corporate Affairs yesterday. Clarifying its position, Sesa Goa said, "the company believes that the investigation originates from the complaints filed by one of the shareholders of SIL against SIL, the company and the directors in 2003, prior to the acquisition of the company by Vedanta in April 2007." The company added it will fully cooperate with the investigation and expressed its commitment to follow the highest norms for corporate governance and transparency. Following the announcement, Sesa Goa shares fell as much as six per cent in morning trade on the BSE. It was trading down 1.69 per cent in the afternoon session. Allegations against the company, official sources said,also include diversion of funds. The RoC had submitted its report on Sesa Goa early last week. Yesterday, Corporate Affairs Minister Salman Khurshid had termed the inspection as a "normal procedure" and said, "These (inspections) are procedures that have to be followed before taking a final decision." Meanwhile, another case pertaining to merger of Sesa Goa, the country"s leading iron ore producer, with its subsidiary Sesa Industries is pending before the Supreme Court. The London-based Vedanta Resources in 2007 had acquired a 51 per cent controlling stake in Sesa Goa from Mitsui & Co, for $981 million.


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