INDIA BUSINESS WORLD - 1st FEBRUARY - TO - 15th FEBRUARY - 2009
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
GOVERNMENT SCRUTINISES ILLEGAL LAND ACQUISITION BY FOREIGNERS : Foreign nationals seeking to buy land or any building in India will now face greater scrutiny............More....
INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA (ICAI) BOOKS PWC PARTNERS, MAY REVOKE LICENCE : ACCOUNTING regulator Institute of Chartered Accountants of India (ICAI) has taken the first step towards disciplinary action against the arrested partners of Price Waterhouse, who audited the books of scam-hit Satyam Computer Services.......More....
INDIAN ECONOMY SEEN GROWING 7.1% DESPITE SLOWDOWN : IT’S 7.1 and not out. The Indian economy will turn in the second-fastest growth rate in the world after China’s 8% for 2008-09, according to the advance estimates of national income released by the Central Statistical Organisation (CSO)........More....
COS CAN SUE POWER SUPPLIERS UNDER CONSUMER LAW, RULES SC : THE Supreme Court has ruled that companies engaged in commercial activities can drag their electricity supplier to a consumer forum and seek damages for deficiency in services........More....
NEW FDI RULES TO BRING IN MORE FOREIGN EQUITY : THE Cabinet Committee on Economic Affairs (CCEA) has adopted new guidelines for computation of foreign equity holding in Indian companies.......More....
NOD FOR RECAPITALISATION OF 3 PUBLIC SECTOR BANKS (PSBS) : THE government has approved the recapitalisation of three public sector banks (PSBs), Uco Bank, Vijaya Bank and Central Bank of India, by infusing Rs 3,800 crore......More....
NO SLOWDOWN; FREIGHT UNCHANGED; USER-FRIENDLY RAILWAY BUDGET : MAKING his last bow before the nation as the railway minister of the UPA regime, Mr Lalu Prasad cut fares, announced new trains, extensions and greater frequencies of existing trains, and declared a legacy of Rs 90,000 crore as accumulated surpluses of the Indian Railways......More....
SUPREME COURT: JURISDICTION OF CIVIL COURT IN INDUSTRIAL DISPUTE NOT BARRED : In a landmark ruling, the Supreme Court has held that the jurisdiction of a civil court in an industrial dispute is not barred in case the dispute relates to violation of fundamental rights of a workman or the violation of general law of contract is involved......More....
HIGHLIGHTS OF THE INTERIM BUDGET 2009-10 : The Interim Budget highlights the focus on aam aadmi in the development process. The year 2008-09 has seen substantial increase in outlays spanning across sectors......More....
NITHARI KILLINGS CASE: KOLI, PANDHER SENTENCED TO DEATH : A Special CBI court pronounced death sentence for Nithari killings convicts Surinder Koli and Moninder Singh Pandher......More....
Others..
BUSINESS NEWS
TATA MOTORS DEFAULTS ON Rs 1200-CR VENDOR DUES : India’s largest automobile company, Tata Motors, which is grappling with declining sales and the financial burden of acquiring British brands Jaguar and Land Rover, has run into payment problems with its vendors and suppliers....More....
19 INDIAN BANKS IN TOP 500 GLOBAL LIST :As many as 19 Indian banks, most of them state-run, have made it to the list of the world’s top 500 financial brands this year, showcasing the resilience of the country’s banking system at a time some of the biggest global names are battling to stay afloat.........More....
INDIA SEEKS EASY ENTRY FOR DRUG COS IN JAPAN : INDIA is set to ask Japan to facilitate the entry of Indian pharmaceutical companies in the world’s second-largest drug market.........More....
REALTORS SET FREE OF SERVICE TAX BURDEN ON SALE OF APARTMENTS : Property developers building residential complexes will not have to pay service tax on sale of apartments now, as the tax department has cleared the ambiguity on taxability of these companies......More....
BANKS CAN CHARGE UP TO 49% ON CARD DUES, SAYS SUPREME COURT : The Supreme Court has stayed a consumer court order restraining banks from charging interest rates in excess of 30% per annum from credit card holders........More....
SINGAPORE BASED NALANDA INDIA CAPITAL BUYS MORE THAN SEVEN LAKH SHARES IN IT SERVICES FIRM MINDTREE : Nalanda India Capital, a Singapore based investment fund run by Pulak Prasad, has bought more than seven lakh shares in IT services firm MindTree from Walden International........More....
COKE TO TRANSFER SATYAM CONTRACT : THE Coca-Cola Company is transferring a substantial part of its technology services contract from Satyam to other Indian IT companies in the next 6-8 weeks, a person with knowledge of the development confirmed........More....
GOVT TO SLAP RS 477-CRORE FINE ON TELCOS : THE communications ministry will soon impose a combined fine of Rs 477.15 crore on all telcos—existing operators and well as new licensees—for failing to meet their roll-out obligations.......More....
FDA NOD TO RANBAXY FOR GSK DRUG CLONE : RANBAXY Laboratories has received marketing approval to sell the low-cost version of GlaxoSmithKline’s (GSK) anti-migrane drug, Imitrex (Sumatriptan), in 100-mg dosage in the US with 180-day marketing exclusivity.......More....
PHARMA COS DON’T NEED WHO CERTIFICATE : DOMESTIC drugmakers will no longer need a certificate of good manufacturing practice (GMP) from the World Health Organisation (WHO) to sell their medicines within India......More....
CUSTOMS DUTY ON NEWSPRINT WAIVED : THE government has waived Customs duty on newsprint with immediate effect to help the print media industry.......More....
WOCKHARDT GETS USFDA NOD : Pharma major Wockhardt has said that it has received approval from the US drug regulator for marketing its antiepileptic tablet Levetiracentam in that country.......More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
DELHI-BASED COSMO FILMS ACQUIRES GBC COMMERCIAL PRINT FINISHING BUSINESS OF US-BASED ACCO BRANDS CORPORATION : COSMO Films has acquired GBC Commercial Print Finishing business of US-based ACCO Brands Corporation for an undisclosed sum. GBC which has $100 million in annual revenues is into thermal lamination films and binding equipment business.........More....
DUBAI-BASED MOBILE RETAIL CHAIN CELLUCOM SELLS INDIA OPERATIONS TO SPICE : BK MODI-promoted Spice Group has bought a 100% stake in the Indian arm of Dubai-based mobile retail chain Cellucom.........More....
BHARTI TELETECH-LOGITECH DEAL : Bharti Teletech, which manufactures and distributes telecom products in India, has entered into a strategic distribution alliance with digital lifestyle products maker Logitech to distribute its products in the country.......More....
FORTIS, INTERNATIONAL ONCOLOGY IN TIE-UP : HOSPITAL chain Fortis Healthcare has tied up with International Oncology, a US-based company formed by a group of Indian doctors working overseas.......More....
RETAIL ARM OF TATA GROUP, TRENT, IN JV WITH SPAIN-BASED FASHION RETAILER INDITEX FOR ZARA STORES IN INDIA : TRENT, the retail arm of the Tata Group, has said that it has formed a joint venture with the Inditex Group to develop and promote the foreign company’s Zara stores in India.......More....
DLF-FORTIS PROPOSED JV FALLS THROUGH : A proposed joint venture (JV) between India’s largest property company, DLF, and hospital chain Fortis Healthcare to set up multispecialty hospitals across DLF’s 31 townships has fallen through as the project has become unviable.......More....
Others..
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