INDIA BUSINESS WORLD - 16th APR - TO - 30th APR - 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.
BUSINESS NEWS:
FIPB AGAIN DEFERS ROYALS’ FDI PROPOSAL: The key government body on foreign investments (FIPB) has again deferred a proposal by the owners of the Rajasthan Royals to issue equity worth $5.82 million to foreign investors.......More ON ROAD TO GST, STATES OKAY SINGLE TRUCK PERMIT: Inter-State transport of goods is set to become hassle free and cheaper with the state governments agreeing to give up their powers to issue separate transport permits.......More NO NEED TO CLOSE ACCOUNT FOR TAX RELIEF ON BAD DEBT: SUPREME COURT: THE Supreme Court has ruled that it is not necessary to square off bad debts by closing borrower’s account individually to claim deduction by the assessee lending institutions under the provision of the Income Tax Act.......More NEW PE VALUATION NORMS FOR UNLISTED COMPANY: FOREIGN private equity firms will face stiff valuations when they decide to buy stakes in unlisted companies following a change in valuation norms by the RBI.......More JSW ACQUIRES INDIRECT STAKE IN SOUTH AFRICA COAL MINING: SAJJAN Jindal-led JSW Energy announced acquisition of part of a company that owns shares in South African Coal Mining Holdings for an undisclosed amount.......More AFTER BAIN, TPG PICKS RS120-CR STAKE IN LILIPUT: PRIVATE equity firm TPG has taken a minority stake in Lilliput Kidswear for Rs 120 crore, just a week after Bain Capital bought a stake in the children’s apparel and accessories retailer for Rs 270 crore.......More AT&T SELLS 8% OF TECH MAHINDRA, MAKES RS 600-CR PROFIT IN A MONTH: US telecom provider AT&T has sold its entire 8.07% stake in software services provider Tech Mahindra a month after acquiring it from the promoters. The telecom major sold 7% stake in Tech Mahindra and another 1% over the last few weeks in the market, thus exiting its stake in the software firm completely.......More OTHERS... LEGAL NEWS:
SAHARA CAN WITHDRAW JET MONEY FROM COURT ON FURNISHING SECURITY: BOMBAY HIGH COURT: THE Bombay High Court held that Sahara India Commercial Corporation could withdraw the money deposited by Jet Airways in court on furnishing a solvent security.......More SUPREME COURT CONFIRMS MANU’S LIFE SENTENCE – VERDICT IN JESSICA LALL MURDER: THE Supreme Court has upheld the conviction and life sentence awarded to Manu Sharma, son of former Union minister Venod Sharma, in the sensational Jessica Lal murder case.......More SUPREME COURT REFUSES TO LET LAFARGE MINE IN MEGHALAYA: THE Supreme Court refused to lift the stay on limestone mining by French cement giant Lafarge in the forests of Meghalaya till the ministry of environment and forests (MoEF) submits a report on environmental compliance.......More WITHHOLDING TAX ONLY IF COMPANY TAXABLE IN INDIA: HIGH COURT BOMBAY: IN A decision that could have a bearing on all cross-border transactions, including those related to the Indian Premier League teams currently being probed by tax authorities, the Delhi High Court has ruled that any liability to withhold tax would arise only if payments to overseas entities is liable to be taxed in India.......More OTHERS... ECONOMIC NEWS:
FIIS TAKING FDI ROUTE FACE 10% STAKE CAPITAL IN LOCAL COMPANIES: FOREIGN institutional investors or FIIs will have to follow the rules applicable to portfolio investors even if they are investing through the foreign direct investment route, limiting their ability to acquire big stakes in companies.......More BANKS OFFER UP TO 25% REBATE TO BETTER FARM LOAN RECOVERY: SOME public sector banks are offering as much as 25% rebate to improve recovery on their farm loans, providing substantial relief to farmers who have already had same amount waived off as part of the debt relief scheme.......More RBI PLAYS SAFE, HIKES KEY RATES BY MODEST 25 BPS: Bonds and stocks rose after he raised the two key policy rates—reverse repo and repo—by 25 basis points each, and left banks with Rs 12,500 crore less to lend with a 25 bps increase in the cash reserve ratio (CRR).......More RBI TIGHTENS LOAN SECURITISATION RULES FOR BANKS: RBI has revised guidelines on securitisation, wherein it has proposed that the seller of the loan should at least hold the loan in its books for one year and retain a minimum 10% of the securitised amount if the loan is with original maturity of two years.......More BATTLE BETWEEN MARKETS SEBI AND IRDA HAS EXPOSES SERIOUS SHORTCOMINGS OF THE INDIAN INSURANCE INDUSTRY: INDIA'S market and insurance watchdogs are at each others' throats, growling and snarling. It's said that this is a struggle for one upmanship between two independent and headstrong regulators.......More OTHERS... MARKET DEVELOPMENTS:
TRIVENI ENGINEERING, GE JOIN HANDS FOR STEAM TURBINE JV : TRIVENI Engineering & Industries has formed a joint venture with General Electric to make and sell steam turbines for small power generation projects.......More DELHI HIGH COURT APPROVES FEM CARE MERGER WITH DABUR: FMCG major Dabur said the Delhi High Court has approved the scheme to merge Fem Care Pharma, hair removal and liquid soap manufacturer, with it.......More NTPC, NPCIL SIGNS JOINT VENTURE AGREEMENT: Shifting gears to accelerate nuclear power programme in the country the Nuclear Power Corporation of India Limited (NPCIL) has formally signed a joint venture agreement with NTPC to pave way for the formation of a new company to set up atomic power plants in the country.......More OTHERS... |
