INDIA BUSINESS WORLD - 1st January - TO - 15th January - 2010
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.
ECONOMIC & LEGAL NEWS:
DELHI GETS NEW INDUSTRY POLICY: THE new industrial policy of the Delhi government, which has been approved seeks to make the national capital a global hub for clean, high technology industries and services sector.......More
COMPANIES TO GET FRINGE BENEFIT FROM Q4 ADVANCE TAX, CAN ADJUST FBT PAID AGAINST TAX DUE IN MARCH: THE government will allow companies to adjust the fringe benefit tax (FBT) paid by them against the advance tax due in the March quarter, reducing the hazard of claiming a refund and slightly improving profits at a time of rising costs, said an incometax department official.......More
BUDGET TO BE PRESENTED ON FEB 26: Two days ahead of the usual date, the Union Budget for 2010-11 is to be presented on February 26, for reasons of a holiday and an Islamic religious event.......More
GOODS AND SERVICE TAX LEGISLATION IN SECOND HALF OF YEAR: FINANCE MINISTER: Finance Minister Pranab Mukherjee said the legislation regarding the omnibus Goods and Services Tax (GST) was likely to be introduced in the second half of the year and the government at the moment was engaged in evolving a consensus on the issue.......More
INDIA’S FIRST INVESTMENT AND MANUFACTURING ZONE TO BE SET UP IN RAJASTHAN: India’s first dedicated investment and manufacturing zone will be set up in Rajasthan along the upcoming Mumbai-Delhi national corridor.......More
OTHERS...
LEGAL NEWS:
CENTRE AMENDS CRPC TO GIVE RELIEF TO VICTIMS: IN an attempt to provide legal succour to victims of crime in India, the Manmohan Singh government has notified some crucial amendments to the Code of Criminal Procedure.......More
MANAGEMENT CAN'T DENY GRATUITY, RULES SUPREME COURT: THE Supreme Court has ruled that gratuity is a statutory right of employees which cannot be denied to them on the ground that they are being given provident fund and pension benefits.......More
ACCUSED CAN’T GIVE EVIDENCE ON AFFIDAVIT, RULES APEX COURT: THE Supreme Court has ruled that in cheque bouncing cases, the right to give evidence on affidavit, as provided to the complainant under section 145 of the Negotiable Instruments Act, is not available to the accused for expeditious decision.......More
SUPREME COURT ISSUES IMPORTANT DIRECTIONS REGARDING ROAD VICTIMS: Taking serious note of loopholes in the mechanism of payment of compensation to the victims of road accidents, the Supreme Court has issued directions to ensure prompt and adequate disbursement of compensation.......More
SUPREME COURT TRANSFERS CRIMINAL CASES PENDING AGAINST RAJ THACKERAY TO DELHI: The Supreme Court transferred seven criminal cases pending against MNS chief Raj Thackeray in Bihar and Jharkhand to Delhi.......More
SUPREME COURT: JUDICIARY NOT TO GIVE REASONS FOR ORDERS UNDER RTI ACT: The Supreme Court has ruled that a public authority cannot be asked under the RTI Act to provide information, which is not with it.......More
DELHI HIGH COURT RULES CJI OFFICE COMES UNDER RTI: Delhi High Court upheld the single judge order which had ruled that the office of the Chief Justice of India (CJI) comes within the ambit of Right to Information (RTI) Act.......More
OTHERS...
BUSINESS NEWS:
ORCHID CHEMICALS & PHARMACEUTICALS GETS USFDA APPROVAL: Pharma company Orchid Chemicals & Pharmaceuticals has said that it has received approval from US drug regulator for Memantine Hydrochloride tablets used in the treatment of Alzheimer disease.......More
DELHI HIGH COURT REJECTS GERMAN MEDICAL DEVICE COMPANY B BRAUN’S PLEA: THE Delhi High Court (HC) has dismissed an appeal by German medical device company B Braun to stop Delhi-based Polymed from making or selling safety intra venous (IV) cannula products.......More
PEPSICO GETS CCEA NOD TO INVEST $200 M IN INDIA: Soft-drink maker PepsiCo has been allowed to invest an additional $200 million in its Indian subsidiary, PepsiCo India holdings, within a period of three years, human resource development minister Kapil Sibal said after a cabinet meeting.......More
GTL INFRASTRUCTURE AGREES TO BUY AIRCEL TOWER BIZ FOR 8,400 CRORE: GTL Infrastructure (GIL), which leases towers to cellular operators, has agreed to buy Aircel Cellular’s tower business for Rs 8,400 crore in an all-cash deal that will catapult it to the world’s largest independent telecom tower company.......More
ESSAR GROUP USES NEW FDI RULE TO TRANSFER A PART OF ITS INDIAN HOLDING IN VODAFONE ESSAR TO ITS OVERSEAS INVESTMENT COMPANY: ESSAR Group is indirectly transferring a part of its Indian holding in Vodafone Essar to its overseas investment company, using the provisions of the relaxed foreign investment norms issued last year.......More
IBM SIGNS 5 YEAR BUSINESS TRANSFORMATION DEAL WITH UTV: IBM announced it has signed a five-year business transformation deal with UTV Software Communications Limited, India’s first integrated global media and entertainment company.......More
OTHERS...
MARKET DEVELOPMENTS:
MARICO BUYS COLGATE'S MALAYSIAN BRAND: MARICO, makers of Parachute hair oil and Saffola edible oil has said that it has bought Colgate-Palmolives’ haircare brand Code 10 for an undisclosed sum, as it pushes for revenue growth in the Southeast Asian markets and strengthens its position to fight future competition in India.......More
EMAMI UNLOCKS ZANDU’S REALTY ASSETS, SELLS 19% FOR RS 105 CR: KOLKATA-BASED Emami Group, which acquired Zandu Pharmaceuticals in a pitched battle in the last financial year for around Rs 750 crore, is now encashing the latter’s realty assets, which are being valued at Rs 500 crore.......More
CHOICE HOTELS INTERNATIONAL BUYS 60% IN INDIA UNIT: The US-based hospitality giant Choice Hotels International has said that it has fully taken over the company's India business by acquiring the 60% stake of its franchise partners, for an undisclosed sum.......More
GVK BIO TIES UP WITH RESEARCHPOINT GLOBAL: RESEARCH services company GVK Bio has joined hands with Research-Point Global (RPG), a global clinical organisation, in a tie-up that will provide RPG access to an extensive network of its proven investigative sites and country-specific regulatory, clinical and technical expertise.......More
HARLEY DAVIDSON TIES UP WITH ICICI BANK FOR FINANCING: Harley Davidson India said it has signed a Memorandum of Understanding (MoU) with private lender ICICI Bank for financing its broad spectrum of services, including launches and operations in India.......More
OTHERS...
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