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INDIA
BUSINESS WORLD -
March 2004
THE MONTH THAT WAS
ECONOMIC
& LEGAL NEWS
FOREIGN COMPANIES
CAN BE LISTED ON INDIAN STOCK EXCHANGE:
Foreign companies, with or without a presence in India, can
list on Indian stock exchanges. The Department of Company
Affairs (DCA) has issued the Companies (Issue of IDRs) Rules,
2004 (the Rules).
CIPLA
WINS ASTHMA DRUG LAW SUIT: Glaxosmithkline Plc (GSK)
lost a patent case on its biggest-selling asthma drug in the
London high court, paving way for generic versions to take
a bite out of its business in the UK.
GOVT
SETS $1BN CAP FOR FIIS' DEBT INVESTMENTS: In a move
to control forex inflows, the government has placed a ceiling
of $1bn for investment by foreign institutional investors
(FIIs) in debt government securities, treasury bills and corporate
bonds, for '03-04.
WIPRO
TO SERVICE SCOTTISH MPS: Wipro has won a contract
to maintain the system that provides e-mail, office software
and internet facilities to members of the Scottish Parliament,
but the contract has turned into a political issue.
DELHI
HC REFUSES TO BAN NIMESULIDE: The Delhi High Court,
disposed off a PIL seeking a ban on the non-steroidal anti-inflammatory
drug nimesulide….
BOI
ORDERD TO PAY $82 MN IN BCCI CASE: London's High Court
ordered state-run Bank of India to pay around $82 million
in compensation for "fraudulent" transactions with
the collapsed Bank of Credit and Commerce International (BCCI)…..
STAR
TO LAUNCH TWO NEW CHANNELS: Star India is shining
and how! Not only is it bringing two new entertainment channels
to the country, it also plans to launch direct-to-home services
with 65 channels on its platform for a monthly subscription
of Rs 180 from November.
FII
INFLOWS HIT RECORD $25 BN: FII investment in India
has grown to $25bn since the early nineties. Sebi data reveals
that cumulative net inflows stand at a record $25.04bn or
Rs 1,03,854 crore as on March 15, '04 .
NRI'S
WILL BE ALLOWED TO INVEST IN PENSION PLANS: NRIs with
dreams of returning to their homeland have been offered another
inducement.
BUSINESS NEWS
INDIA PROVES IT IS
A GOOD INVESTMENT DESTINATION FOR THE MNCS: India
is not just shining it is actually taking the shine off some
pretty bellwether markets. Though new to the ball, India 's
vast 'middle class' is powering a turbo-charged growth and
a mindset change among top global companies.
POLITICAL
ADVERTISEMENTS ALLOWED ON TV / FOREIGN TV CHANNELS TO BENEFIT
: The recent amendments to Fema rules and the Andhra Pradesh
High Court decision to strike down the rule that bans political
advertisements on television, opens the doors of foreign television
companies (FTCs,) that uplink from outside the country) to
political parties who wish to advertise.
INDIAN
PHARMA BENEFITS DUE TO EXCEPTIONS IN KENYAN PATENT RULES:
The Kenyan government is learnt to have initiated a process
to issue a compulsory licence to procure antibiotic azithromycin,
a new generation drug on which Pfizer holds the patent rights.
WARBURG
PINCUS SHIFTS EXECS FROM S'PORE TO INDIA:
Warburg Pincus, India's largest foreign private equity investor,
is beefing up its India presence in what analysts consider
to be another indication of the growing attraction of Asia's
third-largest economy for foreign funds.
EXPORTERS
CAN'T EXCLUDE LOSSES FOR TAX BENEFITS: The Supreme
Court, in a landmark judgement that will have a bearing on
most export houses, has held that tax benefit for exports
will be available only for those who profit from exports and
not for those incurring losses…..
EXCISE
DUTY ON STEEL TO BE HALVED TO 8%: After the 5% cut
in import duty, the government is set to lower excise duty
on steel products from 16% to 8%…
FIAT
STILL STUCK IN A JAM, TO WRITE OFF RS 1,300-CR LOSSES:
Troubled car maker Fiat Auto is writing off accumulated losses
of over Rs 1,300-crore from its existing equity capital of
Rs 1,367.98 crore. The Italian parent will infuse fresh equity
worth Rs 420 crore, and increase its stake to 99.75% from
97.66%, as per the financial recast plan.
DECCAN
KICKS OFF AIR WARS, TO CUT FARES 40%: Air Deccan is
gearing up to launch a price war on key sectors such as the
Delhi-Mumbai and Delhi-Hyderabad routes, after introducing
its low-frill airline in the south.
NEW DEVELOPMENTS AND JOINT VENTURES
SPACE
TV GETS FIPB GO AHEAD: Space TV, the DTH (direct-to-home)
television services joint venture between the Tatas and Star,
has obtained FIPB clearance, paving the way for Star to bring
its foreign equity into the project.
JINDALS
PLAN TO ACQUIRE EQUITY COAL IN AUSTRALIA: The Sajjan
Jindal controlled JVSL is planning to pick up equity coal
in an Australian coal mine, to tide over the raw material
shortage that threatens to cripple the steel industry.
HUTCHISON-ESSAR
ACQUIRES UP (WEST) LICENCE: Cellular operator Hutchison
Essar has acquired Uttar Pradesh (west) telecom service licence
for Rs 30 crore, taking the company's presence to 12 circles…..
VSNL
ACQUIRES ASSETS OF DISHNETDSL FOR RS 270 CR : Videsh
Sanchar Nigam Ltd (VSNL) has acquired the narrowband and broadband
businesses of Dishnet's internet service provider (ISP) division
for Rs 270 crore.
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