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INDIA BUSINESS WORLD - JANUARY 16th - JANUARY 31st - 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
FDI GATES THROWN OPEN WIDER: 49% IN COMMEXES, 100% FDI IN TITANIUM MINING & 74% IN NON-SCHEDULED AIRLINES: The government further liberalised foreign direct investment (FDI) norms in seven key sectors, allowing 74% FDI in nonscheduled airlines, 49% foreign investment in commodity exchanges and up to 49% FDI in credit information companies (CICs).... More....
GE MOVES SC TO BLOCK PARTNER'S BUYOUT OF JV: GE has moved the Supreme Court in a bid to stall a move by local partner KPP Nambiar, backed by PE funds, to buy its majority stake in a joint venture company, GE Thermometrics, a manufacturer of high-end semiconductor sensors..... More....
SINGUR LAND ACQUISITION LEGAL, SAYS HIGH COURT: In a big relief for the West Bengal government and Tata Motors' small car plant in Singur, the Calcutta High Court has held as legal the acquisition of land in Singur for the company's unit, an issue which saw a year-long agitation by farmers opposed to the project More....
EDUCATION LOAN NOT CONSUMER LOAN: RBI: The Reserve Bank of India has clarified that education loans will not be classified under consumer loan category, as indicated in the master circular.... More....
HOUSE NOD NOT NEEDED FOR NUKE DEAL: SUPREME COURT: The Supreme Court dismissed a PIL seeking to restrain the government from going ahead with the Indo-US nuclear deal on the ground that without Parliament's approval the government could not move ahead.... More....
SUPREME COURT NOTICE ON TOBACCO WARNINGS: In a move that may make it mandatory for companies to specify basic contents of cigarettes and to print pictorial warning on packets, the Supreme Court issued notices to the Centre and tobacco firms.... More....
LET GOVT DECIDE STATUS OF RAM SETU, SAYS SUPREME COURT: The Supreme Court took strong exception to former TN chief minister J Jayalalithaa's petition seeking declaration of Ram Setu as a national monument.... More....
RECOVERY OF LOANS: BANKS CANNOT ENTER INTO UNFAIR TRADE PRACTICES, SAYS DELHI STATE CONSUMER DISPUTES REDRESSAL COMMISSION (DSCDRC): The Delhi State Consumer Disputes Redressal Commission (DSCDRC) has categorically stated that the banks or any other financial institutions cannot enter into unfair trade practices of sending goons or making threatening calls to the consumer to recover their dues.... More....
ECONOMIC REVIEW RELEASED: The Economic Advisory Council (EAC) to the Prime Minister released its review of the Economy 2007-08, which is an update on the Economic Outlook for 2007, at a Press Conference in New Delhi.... More....
SUPREME COURT ADJOURNS HEARING AGAINST ADVANI AND OTHERS IN BABRI MASJID CASE: The Supreme Court has adjourned by six weeks hearing of the batch of petitions challenging the separation of trials of senior BJP and Sangh Parivar leaders for their alleged involvement in the Babri Masjid demolition case.... More....
Others..
BUSINESS NEWS
SINGLE BANK ACCOUNT FOR EXPORTERS/IMPORTERS WITH EFFECT FROM APRIL: Department of Commerce is facilitating a project entitled eTrade among all trade regulatory and facilitating agencies like Customs, Directorate General of Foreign Trade (DGFT), Sea Ports, airports, CONCOR, Banks etc., to provide 24x7 electronic delivery of efficient service to Exporters/ Importers.... More....
BOMBAY HIGH COURT RULES NEGATIVE COVENANT IN YUVRAJ-PERCEPT CONTRACT UNENFORCEABLE: Cricketer Yuvraj Singh has got a reprieve from the Bombay High Court as it dismissed a plea filed by the Percept Talent Management Pvt Ltd seeking to restrain the all-rounder from signing any contract with any other company regarding advertisement rights.... More....
RELIANCE SEZ: SUPREME COURT ISSUES NOTICES TO HARYANA GOVT: The Supreme Court has issued notices to the state of Haryana on a petition filed by Reliance SEZ Limited seeking transfer of the petition pending in the Punjab and Haryana High Court to the apex court.... More....
GREAT OFFSHORE BUYS SEADRAGON FOR $1.4 B: Great Offshore (GOL) has pipped another Mumbai-based shipping major, Mercator Lines, to acquire UK-based SeaDragon Offshore for $1.4 billion.... More....
TAX DEPT APPROACHES SUPREME COURT TO MAKE LOTTERY CO COUGH UP SERVICE TAX: The largest ever indirect tax demand - of Rs 2,000 crore - made on a south India-based lottery company has caused ripples in the industry across the country.... More....
AFTER NANO, REDIFFUSION BAGS 200-CR LG A/C: Advertising agency Lowe India has lost the Rs 150-crore LG Electronics creative account to Rediffusion DYR.... More....
CHINESE TELECOM NETWORK MAJOR HUAWEI BAGS RCOM'S $600-M GSM CONTRACT: Telecom major Reliance Communications (Rcom) is learnt to have awarded a nationwide GSM rollout contract for electronics valued at about $500-600 million to Chinese telecom network major Huawei More....
RANBAXY, GSK SETTLE IMITREX ROW: Ranbaxy Laboratories has reached an out-of-court settlement with UK's pharma major GlaxoSmithKline to market generic copies of the latter's $1 billion migraine headache drug Imitrex in the US.... More....
DR REDDY'S SETTLES DISPUTE WITH NOVARTIS ON EXELON: Drug firm Dr Reddy's Laboratories has said that it has settled dispute with Swedish drug major Novartis over the generic version of Exelon (rivastigmine tartrate capsules) used to treat mild dementia.... More....
INDIABULLS BUYS DLF'S STAKE IN KENNETH BUILDERS: Indiabulls is learnt to have acquired DLF's stake in Kenneth Builders and Developers (KBD), which was formed as a 50:50 joint venture by the two companies in 2006.... More....
PROFESSIONAL TAX TO BE LEVIED ON EVERY BRANCH: SC: The Supreme Court has upheld the validity of Andhra Pradesh government's Tax on Profession, Traders, Callings and Employments Act of 1987, treating branches of firms, companies, corporations and other corporate bodies as separate assessees.... More....
MANDATORY E-FILING OF TAXES FOR CORPORATES FROM APRIL: Corporate taxpayers will have to mandatorily pay taxes in e-mode from April 1. This follows the successful implementation of e-filing of tax returns.... More....
ENTERTAINMENT GROUP PYRAMID SAIMIRA BUYS UK GAME CO: Entertainment group Pyramid Saimira has announced that it had bought majority stake in a UK-based company which has developed gaming software for platforms which include Sony's Playstation, Nintendo DS and Microsoft's XBOX.... More....
VENTURE CAPITAL FIRMS INVEST $543 M IN 2007: Venture Capital firms invested $543 million across 98 deals in India during 2007, according to a study by Venture Intelligence in partnership with the US-India Venture Capital Association.... More....
DEUTSCHE BANK ARM MAKES $70 MN INDIAN REAL ESTATE: RREEF, the global alternative investment management business of Deutsche Bank, advised by Deutsche Asset Management (India) Pvt Ltd, has made its first real estate investment in India More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
WIPRO INFO BAGS $100M ARABIAN AIRLINES ORDER: Close on the heels of the Aircel mega deal, Wipro Infotech has bagged a five-year, $100-million contract from Saudi Arabian Airlines, in what is its first large deal from the Middle-East region.... More....
BIOCON TO PARTNER US FIRM FOR DEVELOPING CANCER DRUG: Indian biotech major Biocon has said that it will enter into a partnership with a US-based biotechnology company, Iatrica, to develop drug for the treatment of cancer and infectious diseases.... More....
CII, BRITISH CO IN PACT TO DRIVE INNOVATION: Industry body CII has signed two agreements with UK Skills and i2india Holdings, a technology commercialization and investment company. CII and i2india Holdings have signed a statement of intent to tap and drive innovation in India, for both industrial and social development.... More....
MICROSOFT PICKS UP 35% IN OXIGEN: Global software major Microsoft has picked up about 35% stake in virtual payments and distribution firm Oxigen Services for an undisclosed amount.... More....
AVIVA LIFE, BANK OF RAJASTHAN IN BANCASSURANCE DEAL: Aviva Life Insurance and Bank of Rajasthan, a leading private sector bank with branches all over India with a strong presence in Rajasthan, have announced their tie-up as bancassurance partners.... More....
BOEING SIGNS PACT FOR AEROSPACE RESEARCH: US-based aircraft manufacturer Boeing has said it has entered into a four-year agreement with the Indian Institute of Science (IISc), IT major Wipro and HCL Technologies to develop wireless and other network technologies for aerospace related applications.... More....
Others..
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