INDIA BUSINESS WORLD - 1st APR - TO - 30th APR - 2012
THE MONTH THAT WAS...
News & important developments from the most prospective of the New World markets. India. Our effort is to provide you with the latest and relevant developments that take place in the Indian business, economic and legal environment.
LEGAL AND ECONOMIC NEWS :
Delhi Cabinet has approved Court Fees (Delhi Amendment) Bill, 2011 and approved the auction of 93 vacant shops underneath subways and 13 shops in residential colonies on freehold basis.: Delhi Cabinet approved Court Fees (Delhi Amendment) Bill, 2011: The Delhi Cabinet has approved the Court Fees (Delhi Amendment) Bill, 2011 and also approved the auction of 93 vacant shops underneath subways and 13 shops in residential colonies on freehold basis. The Bill seeks to completely abolish stamp paper of all denominations and shift to electronic-stamping facility. The Bill seeks a 10-fold hike in court fees thereby it will increase the revenue collection from court fees from Rs. 50 crore annually to Rs. 500 crore........More The Rajya Sabha has passed two key bills to enable students of Indian Institutes of Science Education and Research get their degrees and give 8 new IITs their status through an Act of Parliament.: Rajya Sabha passed two key education bills: The Rajya Sabha has passed Institutes of Technology (Amendment) Bill, 2011 and National Institutes of Technology (Amendment) Bill, 2010 to enable students of Indian Institutes of Science Education and Research get their degrees and give 8 new IITs their status through an Act of Parliament. The Bills have already been passed by the Lok Sabha. .......More The Cabinet has approved the Public Procurement Bill that will regulate government purchases of above Rs. 50 lakh through a transparent bidding process.: Government approved Public Procurement Bill: The Cabinet has approved the Public Procurement Bill, which seeks to regulate government purchases of above Rs. 50 lakh through a transparent bidding process. The Bill has a provision to debar bidders found engaged in corrupt practices. The bill provides for imprisonment for a term ranging from six months to five years for public servants found guilty of demanding and accepting bribes from bidders of government contracts........More India and Switzerland have signed a treaty for liberal interpretation of the identity requirements under their double taxation agreement: India has signed treaty with Switzerland to exchange information on Indian nationals: India and Switzerland have signed a treaty for liberal interpretation of the identity requirements under their double taxation agreement. Switzerland has agreed to provide information about Indian citizens even if New Delhi is able to give limited details, in a big boost to India's efforts to nab tax evaders with bank accounts there........More In its Macroeconomic and Monetary Development Report, RBI has cautioned that though the growth will improve, but inflation will stay sticky: RBI Released Macroeconomic and Monetary Developments in 2012: RBI in its Macroeconomic and Monetary Development Report has cautioned that inflation is likely to remain "sticky" at the current level through out the fiscal (2012-13). It hinted at lowering interest rates saying that focus of monetary policy needs to be shifted to arrest declining growth while keeping inflation under control. The inflation was 6.89 per cent during March, while the growth during 2011-12 declined to three-year low of 6.9 per cent. The government, however, has pegged it at 7.6 per cent for the current fiscal. The report warns that high oil prices and suppressed inflation will leave this at the current levels in the new fiscal and that excessive consumption demand has to be curtailed........More OTHERS... BUSINESS AND NEW DEVELOPMENTS:
eClerx Investments Ltd., has acquired 100% of Agilyst Inc., a Philadelphia-based KPO company: eClerx acquires US analytics KPO firm Agilyst: eClerx Investments Ltd., the overseas subsidiary of Mumbai-based eClerx Services Ltd., has acquired 100% of Agilyst Inc., a closely held Philadelphia-based KPO company for an undisclosed amount. The company is expected to generate just under $10 million in revenues for FY12, and is profitable. .......More India Hospitality Corp. (IHC), has bought UK's Adelie Food Group for $350 million from PE firm Duke Street Capital: India Hospitality Corp acquires UK’s Adelie Food for $350-M: India Hospitality Corp. (IHC), the owner of eateries Jazz by the Bay and All Stir Fry, has bought UK's Adelie Food Group for $350 million from PE firm Duke Street Capital. The acquisition of Adelie Food is IHC’s first major investment in UK. IHC had recently divested India’s largest Air-Catering business SkyGourmet to Zurich-based GateGroup. IHC has acquired 100% stake in Adelie group from Duke Streeet Capital. .......More The Competition Commission of India has given its approval for the amalgamation of India Power Corporation Ltd. (IPCL) into DPSC Ltd.: Competition panel clears amalgamation of India Power Corporation into DPSC: The Competition Commission of India has given its approval for the amalgamation of India Power Corporation Ltd. (IPCL) into DPSC Ltd. IPCL holds 93% share in DPSC. As a result of the amalgamation, IPCL's investments in various companies including power sector companies will get transferred to investment trust in which beneficial interest will get transferred to DPSC. .......More Piramal Healthcare Ltd. is to acquire the worldwide rights to the molecular imaging R&D portfolio of Bayer Pharma AG : Piramal buys Bayer's potential Alzheimer drug: Drugmaker Piramal Healthcare has agreed to buy a research and development portfolio from Bayer AG in a deal that gives Piramal rights to florbetaben, a possible Alzheimer treatment. Piramal will acquire intellectual property, worldwide development, marketing and distribution rights of florbetaben and other clinical and pre-clinical assets of Bayer's molecular imaging business in the deal. .......More Avaya Corp signed a multimillion-dollar five-year contract to build call centers for India's leading telecom company, Bharti Airtel , in Asia and Africa: Avaya signs a 5-year contract with Bharti Airtel: Telecom equipment maker Avaya Corp has signed a multimillion-dollar five-year contract to build call centers for India's leading telecom company, Bharti Airtel , in Asia and Africa. With the new deal Avaya will also implement its technology for Airtel in Bangladesh, Sri Lanka and 18 African countries. .......More OTHERS... JUDGMENTS:
Long term possession of land by caretakers or agents does not give them the right of ownership of the property: Long term possession of land by caretakers or agents does not give them the right of ownership of the property: The Supreme Court of India has held that the watchman, caretaker or a servant employed to look after the property can never acquire interest in the property irrespective of his long possession. The watchman, caretaker or a servant is under an obligation to hand over the possession forthwith on demand. .......More Supreme Court has held that it is the duty of the Insurer to indemnify third parties on dishonour of cheque : Insurer to indemnify third parties on dishonour of cheque: The Supreme Court has held that where the policy of insurance is issued by an authorized insurer on receipt of cheque towards payment of premium and such cheque is returned dishonoured, the liability of authorized insurer to indemnify third parties in respect of the liability which that policy covered subsists and it has to satisfy award of compensation by reason of the provisions of Sections 147(5) and 149(1) of the Motor Vehicles Act........More Bombay High Court held that earning wife not parting with her salary in favour of the husband, can never be treated as a ground for cruelty : Earning wife not parting with salary does not amount to cruelty: The Bombay High Court has held that simply because wife is earning and did not part with her salary in favour of the husband, can never be treated as a ground for cruelty on the part of the wife to the husband. .......More Supreme Court held that plea of juvenility cannot be raised merely on basis of doubtful school admission record: Plea of juvenility cannot be raised merely on basis of doubtful school admission record: The Supreme Court has held that the plea of juvenility or the fact that he had not attained the age of discretion so as to understand the consequence of his heinous act is not free from ambiguity or doubt, the said plea cannot be allowed to be raised merely on doubtful school admission record and in the event it is doubtful, the medical evidence will have to be given due weightage while determining the age of the accused........More Supreme Court held that in state matters applications cannot be condoned merely on the ground that bar of limitation will cause injury to the public interest: In state matters applications cannot be condoned merely on the ground that bar of limitation will cause injury to the public interest: The Supreme Court has held that in cases involving the State and its agencies/instrumentalities, the Court can take note of the fact that sufficient time is taken in the decision making process but no premium can be given for total lethargy or utter negligence on the part of the officers of the State and/or its agencies /instrumentalities and the applications filed by them for condonation of delay cannot be allowed as a matter of course by accepting the plea that dismissal of the matter on the ground of bar of limitation will cause injury to the public interest........More OTHERS... CIRCULARS AND NOTIFICATIONS:
Amendments made to the format for disclosure of balance sheet under Schedule VI of the Companies Act, 1956: Amendments to the Equity Listing Agreement-Formats for Disclosure of Financial Results: SEBI vide its circular CIR/CFD/DIL/4/2012 dated April 16, 2012 has made amendments to the Equity Listing Agreement-Formats for Disclosure of Financial Results. It has made amendments to Clause 41 of the Listing Agreement regarding interim disclosure of financial results by listed entities to the stock exchanges, which shall be applicable for financial year ended on March 31, 2012 for all filings made after the date of this circular
.......More Regulations pertaining to opening / holding / maintaining the Foreign Currency Account by Indian party outside India liberalized: Overseas Direct Investments – Liberalisation / Rationalisation: RBI vide its circular RBI/2011-12/481 A. P. (DIR Series) Circular No.101 dated April 2, 2012 has decided to liberalise the regulations pertaining to opening / holding / maintaining the Foreign Currency Account by Indian party outside India. In this Circular, it has laid down the conditions subject to which an Indian party could open, hold and maintain Foreign Currency Account (FCA) abroad for the purpose of overseas direct investments. .......More Foreign institutional investors (FIIs) allowed to invest up to 23 percent in commodity exchanges through the automatic route: DIPP released its Consolidated FDI Policy Circular of 2012: Department of Industrial Policy and Promotion has released its consolidated circular for the year 2012. The circular allows foreign institutional investors (FIIs) to invest up to 23 percent in commodity exchanges through the automatic route and there would be no requirement to get Government approval for FII investment in commodity exchanges.
.......More Deductors to Issue TDS certificate in Form No. 16A generated through TIN central system and downloaded from the TIN website with a unique TDS certificate number: Issue of TDS Certificate in Form No. 16A downloaded from the TIN website: To strengthen the administration of the issue of TDS and for proper administration of the Act the Central Board of Direct Taxes has decided that all deductors shall Issue TDS certificate in Form No. 16A generated through TIN central system and which is downloaded from the TIN website with a unique TDS certificate number in respect of all sums deducted on or after the 1st day of April, 2012 which shall be authenticated by either using digital signature or manual signature........More OTHERS... |
