|
INDIA
BUSINESS WORLD - MARCH
2005
THE MONTH THAT WAS
ECONOMIC
& LEGAL NEWS
SC
STAYS PROCEEDINGS ON RELIANCE INFO CASE:
The Supreme Court has stayed proceedings before the Delhi
High Court on a petition filed by Reliance Infocomm challenging
BSNL's decision to impose a penalty of Rs 182.7 crores for
alleged rerouting of international calls as local ones .
FDA
NOTICE TO JOHNSON & JOHNSON: Johnson &
Johnson, the multinational healthcare and consumer products
major, has come under the scanner of the Maharashtra Food
& Drug Administration .
FRINGE BENEFIT TAX TO STAY:
The fringe benefit tax (FBT) is here to stay . The government
has notified revised rules for perquisite valuation in line
with its proposal to make most perks taxable in the hands
of the employer instead of the employee.
PAYMENTS
IN FOREIGN EXCHANGE TO ATTRACT SERVICE TAX :
The party has ended for scores of service providers enjoying
a service tax exemption on payments received in foreign exchange.
RS
LODHA ASKED TO MAINTAIN STATUS QUO :
The
Birlas had filed applications for the appointment of administrators
over all the assets and properties of the MP Birla Group.
ARBITRAGE,
PROPRIETARY TRADE FACE STAMP DUTY
: The Maharashtra government has decided
to impose stamp duty on proprietary trades, leading to concerns
among stock brokers.
BUSINESS
NEWS
RS
4,000 CR FDI IN PIPELINE:
Major overseas real estate developers, real estate investment
trusts (REITs) and venture funds have begun negotiations in
India to set up 100% subsidiaries or strike strategic alliances
and equity investment deals with counterparts in India.
IMPORTS SET TO CROSS
$ 100 b: With imports rising at 36.3%, Indian
economy will zip pass another milestone, the triple-digit
import mark, at the end of this financial year.
MALLYA
BUYS CONTROLLING STAKE IN SHAW WALLACE : The
dapper Rajya Sabha MP Vijay Mallya's deal to buy Shaw Wallace
ends a colourful and bitter chapter in India's corporate history,
which began in Kolkata in 1985 and ended on a balmy, spring
evening of March ‘05 in Mumbai.
COURT ORDERS LG TO SELL FMCG
GOODS VIA JV : In
a significant development likely to have far-reaching implications
for partnerships between Indian and foreign companies...
WARBURG
SELLS 6% STAKE IN BHARTI: In
a huge block deal, private equity fund Warburg Pincus sold
6% of its stake in Bharti Tele-Ventures for $561m or about
Rs 2,500 crore.
NEW
DEVELOPMENTS AND JOINT VENTURES
COGNIZANT
TO INVEST $25 MILION TO EXPAND INDIAN OPERATIONS:
Cognizant Technology Solutions has announced a $25.4m (approximately
Rs 115 crore) expansion programme for Chennai.
MALAYSIAN
CO. BUYS KTV OIL MILLS: BILLIONAIRE Robert Kuok
gas acquired KTV Oil Mills, a large cooking oil company in
South India, to introduce imported oil under its own internatonal
brand names.
DEUTSCHE
ACQUIRES 4% IN HDFC BANK FOR RS 714 CR : Deutsche
Securities (Mauritius) - an FII belonging to the Deutsche
Bank group - acquired 4.05% equity in HDFC Bank for Rs 714
crore.
AJAY
PIRAMAL GROUP MERGES REAL ESTATE VENTURES : The
government's decision to allow 100% FDI in construction is
driving real estate majors to consolidate operations. The
Ajay Piramal group has taken the lead by merging its two real
estate ventures under a single entity.
|
