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INDIA BUSINESS WORLD - FEBRAURY 1st - FEBRAURY 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
HIDING FACTS MAKES INSURANCE POLICY NULL: SC: Next time you buy an insurance cover be careful in filling up all the required columns of the policy form. The Supreme Court has ruled that any non-disclosure of material facts will make the policy repudiable....More....
SC TRANSFERS M F HUSAIN CASE TO DELHI:The Supreme Court has transferred a criminal case pending against noted artist MF Husain alleging slur on the religious sentiments of Hindus through his controversial paintings from a court in Maharashtra to Delhi....More....
SENTENCED TO LIFE IN KANDAHAR HIJACK CASE:A CBI court has sentenced Abdul Latif, Dalip Kumar and Yusuf Nepali to life imprisonment in the Kandahar hijack case. Special judge Inderjit Singh Walia found all three guilty of conspiracy...More....
SC TO TAKE UP PLEA AGAINST RAJ THACKERAY’S PARTY ON FEB 22: The Supreme Court has refused to grant urgent hearing to a petition seeking direction to the Election Commission to derecognise Raj Thackeray’s Maharashtra Navanirman Sena (MNS) for his controversial remarks against north Indians....More....
REVISED IT ACT DRAFT MORE STRINGENT, CHILD PORNOGRAPHY, FINANCIAL CRIMES FIND MENTION:TThe department of information technology (DIT) has completed the revision of the proposed Information Technology (IT) Act 2006 and has made it more stringent by adding provisions on child pornography and financial crimes being committed on net....More....
PETROL, DIESEL PRICES UP:The PSU Oil Marketing Companies (IOCL, HPCL and BPCL) have been moderating the impact of high oil prices, which have touched record highs and are currently at approximately $90 per barrel....More....
Others..
BUSINESS NEWS
TATA CHEM BUYS US FIRM FOR $1 B:The Tatas celebrated the first anniversary of their acquisition of Anglo-Dutch steel giant Corus—the biggest foreign takeover by an Indian company so far—by announcing that group company Tata Chemicals (TCL) had entered into a definitive agreement to buy the soda ash business of US-based General Industrial Products for $1 billion.... More....
GLOBAL ASSETS HOLDING CORPORATION (GHC) GETS SECURITY NOD TO OFFLOAD UP TO 49% STAKE:: Global Assets Holding Corporation (GHC) has got clearance from security agencies as well as Ministry of Home Affairs to offload up to 49% stake in the company to a clutch of foreign investors.... More....
DABUR PHARMA GETS DCGI NOD FOR NANOXEL:Dabur Pharma has said that it has got approval from the Drug Controller General of India (DCGI) for its anti-cancer drug delivery formulation 'Nanoxel' (nanoparticle paclitaxel) as an indication for three more types of cancer.... More....
NO DAMAGES IF EMPLOYERS FAIL TO PAY ESI CONTRIBUTION: SC: The Supreme Court has ruled that Employees State Insurance Corporation (ESIC) cannot levy damages for employers’ failure to deposit contributions of employees and establishments.............More....
BAJAJ ALLIANZ LIFE INSURANCE GETS ISO CERTIFICATION:Bajaj Allianz Life Insurance Co has received the coveted security certification of ISO 27001:2005 based on its compliance with new standards for data and information security set forth by ISO........ More....
SC ADMITS SEBI PLEA AGAINST BROKERS:The Supreme Court has admitted the plea of market regulator Sebi seeking legalisation of its action against a stock broker on the basis of circumstantial evidence and conduct in FUTP violation cases............More....
INDIABULLS PICKS UP DLF'S STAKE IN DELHI PROJECT:Indiabulls Real Estate has said that it has acquired the stake of DLF, country's largest realty firm, in Tehkhand residential project at South Delhi for an undisclosed amount. DLF and Indiabulls had formed a JV firm, Kenneth Builders and Developers, in 2006 to develop a high-end housing project in South Delhi..........More....
INDIA WINS DISPUTE ON WINE & SPIRITS IMPORTS:The World Trade Organisation dispute settlement body has ruled in favour of India on the charges levelled by the US on additional duties for wine and spirits imports. The verdict is yet to be announced officially.......More....
SEBI JOINS HANDS WITH AMF FRANCE:The Securities and Exchange Board of India (Sebi) and Autorité des Marchés Financiers (AMF) have joined hands to promote fair, efficient and transparent capital markets in India and France......... More....
FRESH BAN ON EXPORT OF NON-BASMATI RICE:The Centre has prohibited all exports of non-basmati rice, with effect from February 7...... More....
JOHNSON AND JOHNSON GETS PATENT FOR ARV DRUG ETRAVIRINE:US major Johnson and Johnson (J&J) has been granted a patent for its anti retroviral drug (ARV) Etravirine in India—the second anti-ARV drug to be patented in India. Pfizer, the world’s largest drug maker, received a patent for Maravoric last year, which made it the country’s first patented ARV drug........More....
ARCELORMITTAL, CITI, PEPSI, VODAFONE, LOSE $60B IN MARKET CAP:Companies led by the four most prominent Indian faces in World Inc — Lakshmi Mittal, Vikram Pandit, Arun Sarin and Indra Nooyi — have been battered in the ongoing global stock market turmoil, with collective losses to the extent of over $60 billion in 2008 so far........ More....
INDUSTRIAL GROWTH DIPS TO 7.6%:In line with the slowdown in economic activity forecast by the Central Statistical Organisation for the second half of the current fiscal, the data for industrial production in December show a significantly lower growth rate of 7.6% compared with 13.4% in December 2006.......More....
PAN MADE MUST FOR TDS, TCS RETURNS:The income-tax department has made it mandatory for employers to quote permanent account number (PAN) of all employees and parties from whom tax is deducted while filing quarterly TDS or TCS returns....... More....
SC: INTEREST ON LOAN FOR ASSETS TAX DEDUCTIBLE:The Supreme Court has ruled that the interest paid on borrowings for the purchase of capital assets but “not put to use” in the concerned financial year is also eligible for income-tax deduction..........More....
ORCHID GETS FDA NOD FOR NON-ANTIBIOTIC DRUGTDrug maker Orchid Chemicals & Pharmaceuticals has said that it has received US FDA approval for Granisetron Hydrochloride Tablets, used to prevent nausea.........More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
MORGAN STANLEY PICKS UP STAKE IN TOWERVISION:In yet another deal in the telecom towers sector, Morgan Stanley has picked up a stake in stand-alone telecom infrastructure company — TowerVision.... More....
ZYDUS CADILA ENTERS INTO PACT WITH SWEDISH FIRM KARO BIO: Pharma firm Cadila Healthcare has said that it has entered into a strategic collaboration with Sweden-based Karo Bio to discover and develop drug for treatment of inflammatory diseases.... More....
SOROS PICKS UP 3% FOR $100 MILLION IN RELIANCE ENTERTAINMENT:A fund owned by George Soros has bought 3% stake in Reliance Entertainment, the films-to-mobile gaming company founded and owned by Anil Ambani.... More....
BIOCON PICKS UP 70% IN GERMAN FIRM FOR € 30 M:Biotech major Biocon has firmly pitched itself in the European market by snapping up 70% stake in German pharma player AxiCorp in a € 30-million (about Rs 172 crore) deal, that will enable the Bangalore-based player to market its injectible insulin, generics, biosimilars and biologics in the geography...... More....
Others..
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