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No inspection of Tata Finance accounts ordered: Jaswant

"No inspection or checking of accounts of Tata Finance Ltd has been ordered under Section 209 A of the Companies Act, 1956," Finance and Company Affairs Minister Jaswant Singh said in a written reply to the Rajya Sabha on Tuesday.

However, market watchdog Securities and Exchange Board of India has investigated into the "affairs relating to buying, selling, dealing in the shares of Himachal Futuristic Communications Ltd. Also, Sebi asked the Bombay Stock Exchange to undertake an analysis of order log and trade log of shares of HFCL," Singh's deputy Anandrao V Adsul said in the Upper House.

Divestment

Till September this year, only 25.2 per cent of the budgetary estimates for 2002-03, at Rs 3,022 crore (Rs 30.22 billion), were received on account of divestment, Adsul said.

Sebi

He said Sebi has begun examination of proposals for the introduction of margin trading in the capital market. It has received request proposals from the Bombay Stock Exchange, Securities Industry Assciation, the BSE Brokers Forum and Association of NSE Members of India.

Advance tax

Minister of State for Finance and Company Affairs Gingee N Ramachandran said advance tax collection has increased by 28 to 105 per cent across several sectors including banking, petroleum, pharmaceuticals and information technology.

Adsul also said there is no proposal to create a Central Economic Reforms Commission with the government.

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