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INDIA BUSINESS WORLD - JANUARY 1st - JANUARY 15th - 2008
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
DUTY CUT ON SINGAPORE GOODS MAY BE REVIEWED: The government may take a relook at its decision to bring down Customs duty on chemicals and petrochemicals from Singapore to zero in the next three years...More....
CLAUSE 49 WON'T BE EASED FOR PSUS, SHORT SELLING BY INSTITUTIONAL INVESTORS FROM FEB 1: SEBI:SEBI chairman M Damodaran has ruled out flexibility for public sector companies in complying with Clause 49 of the listing agreement, which states that listed companies have to fill 50% of their boards with independent directors in case they have an executive chairman and one-third in case they have a non-executive chairman... More....
SUPREME COURT DISMISSES PETITION CHALLENGING INCLUSION OF BROADCASTING & CABLE SERVICES IN TELECOM SERVICES:A two-judge bench of the Supreme Court, frowning upon judicial activism, said the judiciary should maintain restraint for the proper functioning of the state... More....
DELHI HIGH COURT ISSUES NOTICES TO TRAI, RCOM & TATAS:The battle for spectrum shows no sign of ending. The Delhi High Court has issued notices to the Union government, telecom regulator Trai, Reliance Communication and Tata Teleservices among others on a petition filed by the GSM industry body - Cellular Operators Association of India (COAI)... More....
LANDLORDS BID TO OFFSET TAX WITH CONSTRUCTION COST DEMOLISHED:MALL owner or landlord letting out property for commercial use will not be able to set off service tax liability against the duty paid on inputs used for constructing the property. In other words, a mall owner will not be able to claim credit against the service tax paid on construction service or excise duty paid on inputs such as cement or steel used in the building... More....
PANACEA GETS PRE-QUALIFICATION FROM WHO FOR VACCINES:Panacea Biotec has said that the World Health Organisation had pre-qualified it for supplying two combination vaccines for paediatric immunisation, boosting the drug maker's shares... More....
FORTIS FINANCIAL SERVICES TO SURRENDER NBFC LICENCE:Ranbaxy group-promoted Fortis Financial Services has said that it would make an application to the Reserve Bank of India to surrender the non-banking financial company (NBFC) licence... More....
NABARD GETS GOVT NOD TO ISSUE TAX-SAVING BONDS:The government has permitted National Bank for Agriculture and Rural Development (Nabard) to issue tax saving bonds... More....
APEX COURT REFUSES TO DELETE THE WORD 'SOCIALIST' FROM PREAMBLE:The Supreme Court has refused to entertain a suggestion in a PIL which had sought deletion of the word 'socialists' from the Constitution. The word 'socialist' was added through the 42nd Amendment to the Constitution... More....
SUPREME COURT NOTICE TO UP, AGRA MUNICIPAL CORPORATION ON ILLEGAL CONSTRUCTION NEAR TAJ:The Supreme Court has sought an explanation from the UP government and Agra civic bodies for allegedly permitting illegal construction in a prohibited zone near Taj Mahal... More....
BOMBAY HIGH COURT ADMITS RIL, RNRL APPLICATIONS; HEARING ON FEB 5:The Bombay High court has admitted applications filed by Reliance Industries (RIL) and Reliance Natural Resources (RNRL), which will come up for hearing on February 5... More....
JASBIR SINGH MOVES DELHI HIGH COURT ON DEPOSING AGAINST TYTLER FROM US:Jasbir Singh, the California-based witness whose testimony in the 1984 anti-Sikh riots case involving former Union minister Jagdish Tytler could prove to be crucial, has moved the Delhi High Court seeking direction to the CBI to record his statement in the US... More....
CALCUTTA HIGH COURT ASKS WB GOVT TO FILE AFFIDAVIT ON NANDIGRAM:Taking up a PIL seeking CBI probe into the violence and death during CPI (M) recapture of Nandigram in November, the Calcutta High Court has directed the West Bengal Government to file an affidavit giving its views on the issue within eight weeks... More....
APEX COURT BANS ACQUISITION OF FARM LAND FOR PVT PROJECTS:The Centre and states like Maharashtra and West Bengal are grappling with a Supreme Court ruling that has banned the acquisition of good farm land by the government for private industries... More....
GLOBAL ARBITRATION AWARDS CHALLENGEABLE IN INDIA: SUPREME COURT:The Supreme Court has ruled that international arbitration awards are not immune from challenge in the Indian courts of law. The provisions of Indian Arbitration and Conciliation Act will apply even to the international commercial arbitrations held outside the country unless the parties, by agreement, exclude all or any of its provisions... More....
BOARD OF APPROVAL FOR SEZS GRANTS 24 FORMAL, FOUR IN-PRINCIPLE APPROVALS:The Board of Approval of the Special Economic Zones (SEZs) met on 2nd January 2008 to consider proposals for setting up of Special Economic Zones and also approve other miscellaneous requests pertaining to SEZs... More....
PRESIDENT'S RULE IN NAGALAND:Following consideration of reports received from the Governor of Nagaland, it has been decided to invoke Article 356(1) of the Constitution and impose Presidents rule in the State, while keeping the Legislative Assembly in suspended animation... More....
SECTION 138 OF NEGOTIABLE INSTRUMENT ACT: CONVICTION ONLY IF CHEQUE ISSUED FOR DISCHARGE OF DEBT, SAYS SUPREME COURT:The Supreme Court has held that unless and until a complainant in a case under Section 138 of Negotiable Instrument Act proves that a cheque was issued for discharge of a debt or liability the defendant cannot be convicted... More....
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BUSINESS NEWS
HDFC SELLS 7% TO JV PARTNER STANDARD LIFE, PLANS IPO IN '09: HDFC has booked a profit of around Rs 120 cr in a Rs 200 cr transaction involving sale of 7.15% stake in HDFC Standard Life to its British partner... More....
BHARTI CUTS CALL RATE TO RE 1, RCOM FOLLOWS: Bharti Airtel has triggered a fresh round of tariff wars in the pre-paid segment. The company has cut its local call rates to a flat Re 1 per minute and said that all its prepaid mobile customers whose existing local call rates was more than Re 1 per minute will be migrated to the revised tariff without any conditions attached from January 3 onwards... More....
AIRTEL AWARDS IVR CONTRACT TO NOKIA SIEMENS NETWORK: India's largest cellular operator, Bharti Airtel, has awarded a three-year multimillion dollar contract to Nokia Siemens Network (NSN) to deploy a single Interactive Voice Response (IVR) platform across its network... More....
JINDAL MAKES INDIA'S BIGGEST INVESTMENT IN LATIN AMERICA: Jindal's $2.1-billion investment in a Bolivian iron concern is India's biggest in Latin America, the company's chief said... More....
INDIA INC LOSES $5.7 B ON US BOURSES IN FIRST WEEK OF 2008: The new year has begun on a strong note for Indian bourses where the companies have added more than $60 billion to their market value, but it has been an inauspicious beginning for Indian firms in the US market... More....
TDS ON ESOP: SC QUASHES CASE AGAINST INFOSYS: The Supreme Court has dismissed an income-tax case against Infosys Technologies regarding failure to deduct TDS on earnings of its staff from an employees stock option scheme offer (Esop)... More....
34 INITIAL PUBLIC OFFERS TO HIT MARKET IN H1 TO RAISE $14,171M: It will be raining initial public offers (IPOs) in India during the first half of 2008. As many as 34 issues will hit the capital market raising an estimated $14,171.7 million, an increase of nearly 300% over the corresponding period last year... More....
FEDERATION OF INDIAN EXPORT ORGANISATIONS (FIEO) PEGS EXPORT LOSS DUE TO RUPEE RISE AT $7 BILLION: A sharp appreciation of rupee against US dollar is estimated to have led to loss of exports worth about $7 billion over the last one year, according to the Federation of Indian Export Organisations (FIEO)... More....
DEATH OF A BANK: INDUSTRIAL INVESTMENT BANK OF INDIA (IIBI) TO SELL ITS LOAN PORTFOLIO: In a move towards winding up of Industrial Investment Bank of India (IIBI), its board has decided to sell the entire loan book at one go. The directors on the IIBI board cleared the proposal to auction both the good and the bad assets of IIBI for cash in the past week... More....
INDIA BOASTS OF MOST PE FUNDS: OVER 40 GLOBAL FIRMS RAISE MONEY FOR INVESTING IN INDIA: India has the most number of private equity (PE) funds operating amongst the BRIC markets, considered the emerging hotbed of PE action... More....
FUNDS PICK UP 13% IN CONSTRUCTION FIRM SIMPLEX INFRA: A mix of foreign and domestic funds such as GE Capital, Deutsche Asset Management, SBI, HSBC, Tata MF and UTI MF have picked up a 13% stake in construction firm Simplex Infrastructure for Rs 400 crore... More....
SBI HIKES DEPOSIT RATES, A MONTH AFTER LOWERING THEM: Government-Owned State Bank of India (SBI) has raised it deposit rates, barely a month after lowering them. The country's largest bank in terms of assets, hiked deposit rates by 25 to 50 basis points for different slabs and by 100 basis points for six months... More....
SUPREME COURT ISSUES NOTICE TO GE CAPITAL ON I-T DEPARTMENT PLEA: The dispute between the revenue department and GE Capital Transport Finance Services on delayed payment of lease rental and hire purchase installments has landed in the Supreme Court... More....
CHENNAI-BASED LIFECELL GETS ACCREDITATION FROM AMERICAN ASSOCIATION OF BLOOD BANKS (AABB): Chennai-based cord blood stem cell bank LifeCell announced that it had been granted the American Association of Blood Banks (AABB) accreditation... More....
IPO-BOUND COS MAY HAVE TO E-FILE DISCLOSURES: All companies going public henceforth will have to mandatorily upload their corporate disclosures on the corporate filing and dissemination system (CFDS), an electronic platform developed and managed by the stock exchanges, NSE and BSE... More....
SUPREME COURT SEEKS EXPLANATION FROM BHANSALI ON 'BLACK' FIRE: The Supreme Court has sought explanation from noted film director Sanjay Leela Bhansali on a plea seeking vacation of stay on criminal proceedings against him in connection with a fire on the set of his film 'Black'... More....
SUPREME COURT DECLINES TO STAY SALE OF TVS FLAME MOTORCYCLE: The row between Bajaj Auto and TVS Motor over the recently-launched TVS Flame 125cc motorcycle has landed in the Supreme Court. Bajaj has moved the apex court alleging that the sale of TVS Flame motorcycle impinges upon its patent rights... More....
BANGALORE PROPERTY REGISTRATIONS SET FOR E-STAMPING: India's knowledge capital of Bangalore is all set to herald e-stamping for property transactions in all the eight sub-registrar's offices in the city... More....
ZENOTECH FILES SEVEN ABBREVIATED NEW DRUG APPLICATIONS (ANDA) IN US FOR GENERIC INJECTABLES: RANBAXY-promoted Zenotech has filed for seven abbreviated new drug application(ANDA) in the US for generic injectables. The market size for these products, currently catered by the innovator drug firms, is estimated at over $2 billion... More....
NO END IN SIGHT TO BAJAJ FEUD: UNRELENTING BROTHERS HINT AT IMPROBABILITY OF OUT-OF-COURT SETTLEMENT: Feuding industrialist brothers Rahul Bajaj and Shishir may not be anywhere near an amicable settlement on the division of their business empire. The dispute is set to drag further with both sides hinting at the improbability of an out-of-court settlement anytime soon... More....
NATIONAL PHARMACEUTICAL PRICING AUTHORITY (NPPA) SEEKS DATA FROM PHRAMA COMPANIES TO REVISE PRICING NORMS: National Pharmaceutical Pricing Authority (NPPA) has sought cost data from the Pharma manufacturing units, companies and formulators to revise and fix the norms for Conversion Cost (CC), Packing Charges (PC), Process Loss (PL) and Packing Material (PM) for the year 2008 as per the provisions of DPCO 1995... More....
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NEW DEVELOPMENTS AND JOINT VENTURES
AIR INDIA ANNOUNCES THREE SCHEMES FOR PASSENGERS: Air India has announced three new schemes, including one in which a passenger can get a free return ticket to a foreign destination if he or she flies 25 times by the airline between six metros between January and March... More....
IOC, BHARAT PETROLEUM & HPCL TO PICK UP 10% IN OIL INDIA LIMITED: Public sector oil companies Indian Oil, Bharat Petroleum and Hindustan Petroleum will pick up a 10% stake in oil exploration company Oil India Limited (OIL) at the same price as retail investors subscribing to the company's IPO... More....
ICICI VENTURE TO ACQUIRE ALVED PHARMA & FOODS: PE major ICICI Venture is acquiring Chennai-based pharmaceutical and veterinary company Alved Pharma and Foods, reports Khomba Singh. RFCL, a wholly-owned veterinary, chemicals and medical diagnostic company of ICICI Ventures, is learnt to have signed a definitive agreement with Alved Pharma and Foods for a complete buyout... More....
FOREIGN INVESTORS PICK UP 10% IN PIRAMAL ARM PENINSULA LAND: Foreign investors such as Franklin Templeton, HSBC, ABN Amro have picked up around 10% stake in the Ashok Piramal group's real estate arm - Peninsula Land (PLL) for Rs 525 crore... More....
HDFC MF LAUNCHES INFRASTRUCTURE FUND: HDFC Mutual Fund has launched HDFC Infrastructure Fund. The investment objective of the scheme is to seek long term capital appreciation by investing predominantly in equity and equity related securities of companies engaged in or expected to benefit from the growth and development of infrastructure... More....
SBI, ICICI PICK 3% IN JAIPRAKASH POWER VENTURES (JPVL): State Bank of India (SBI) and ICICI Bank have together picked up 3% stake in Jaiprakash Power Ventures (JPVL), a wholly-owned subsidiary of Jaiprakash Associates (JAL), for Rs 400 crore in the first of the two private placements before its initial public offer (IPO)... More....
RAJEEV CHANDRASEKHAR CO ACQUIRES 60% IN AXIS IT&T: Rajeev Chandrasekhar-controlled Tayana Software Solutions Ltd, (TSSL), a whollyowned subsidiary of Bangalore-based Jupiter Strategic Technologies, has acquired 60% stake in Axis IT&T Ltd (AXIT), a Delhi-based listed engineering services company, for an undisclosed amount... More....
MIZORAM IN MOU WITH ISRAELI CO FOR ORANGE PRODUCTION: Mizoram government and an Israeli company has signed a memorandum of understanding which would enable orange growers here replace the 'disease-infected' orange variety and grow Israeli hi-bred variety, Horticulture department officials said here... More....
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