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INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - MARCH 1st - MARCH 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
INDIA CUTS VISA POWER FOR BRITS TO AVOID ILLEGAL LAND PURCHASE IN GOA:The visa validity period for British nationals planning to visit India has been reduced to six months, from three years, to stem illegal purchase of land in Goa.....More....
SUPREME COURT TO HEAR SETHU PLEAS ON APRIL 15:The Supreme Court has fixed April 15 to hear a bunch of petitions challenging government's controversial Sethusamudram project....More....
6% HIKE IN DA FOR CENTRAL GOVT STAFF, INCREASE TO BE APPLICABLE WITH RETROSPECTIVE EFFECT FROM JAN 1, COST RS 1,500 CR:Bringing festive cheer to 50 lakh central government employees ahead of Holi, the Cabinet has decided to increase the dearness allowance (DA) by 6 percentage points..........More....
POLICY DECISION EXECUTIVE'S PREROGATIVE, JUDICIARY HAS NO ROLE UNLESS FUNDAMENTAL RIGHTS ARE VIOLATED, RULES SUPREME COURT:The Supreme Court in a ruling has said that policy decision must be left to the government as it alone can decide which policy should be adopted........More....
SEAL ALL ILLEGAL PREMISES NOT PROTECTED BY MASTER PLAN 2021: SUPREME COURT: The Supreme Court has asked the Municipal Corporation of Delhi to seal all illegal commercial premises in the capital's unauthorised colonies, which are not protected by Master Plan 2021 and the Centre's notification by June 30.....More....
CHANGES APPROVED IN THE FDI POLICY FOR CIVIL AVIATION, PETROLEUM AND COMMODITY EXCHANGES:Government has, on a review of existing policy, approved changes in the policy for Foreign Direct Investment (FDI) in the Civil Aviation Sector, Petroleum Sector and in Commodity Exchanges...........More....
INDIAN JUDICIARY OUGHT TO SUPPORT GLOBALLY ACCEPTED DISPUTE RESOLUTION MECHANISM ON ARBITRATION AWARDS:In a recent judgement, the Supreme Court of India held that a foreign arbitration award recognised and upheld by the foreign court where it was sought to be enforced, is nevertheless, amenable to challenge in an Indian court.......More....
VODAFONE TO CONTEST REVIEW OF I-T ACT:VODAFONE, which is facing a $2-billion tax demand following its acquisition of the telecom major Hutch-Essar, will challenge the Income-Tax Act once it stipulates that the buyer of shares will have to pay tax if the seller has not paid it......More....
FDI ZOOMS TO $31 B IN 10TH FIVE-YEAR PLAN:The country received foreign direct investment (FDI) of $30.80 billion during the 10th five-year plan (2002-07), almost double of FDI worth $16.33 billion received during the ninth plan period (1997-2002) .......More....
INDUSTRIAL GROWTH IN JAN SLOWS TO JUST 5.3%:Triggering fears of a slowdown, industrial growth fell sharply to 5.3% this January compared to 11.6% in the same month last year.......More....
EVERY INDIAN HAS RIGHT TO SETTLE ANYWHERE IN THE COUNTRY, SAYS APEX COURT: Talking tough on chauvinism and violent protests related to it, the Supreme Court has said that every Indian had the right to settle anywhere in the country, to carry their work and do business peacefully.......More....
GOA BANS SALE OF LAND TO FOREIGNERS:Foreign nationals eyeing the booming property market in Goa should do a reality check. The government has decided to ban sale of land to foreigners in the state.......More....
SUPREME COURT ALLOWS THIRD FLOOR IN RESIDENTIAL COLONIES OF DELHI: In a major relief to the property owners, the Supreme Court in an interim order allowed construction of the third floor on the houses in the residential colonies in the Capital.......More....
CRIME SPOT FIRST, FIR CAN BE LODGED LATER: SUPREME COURT:The Supreme Court has ruled that the police officer must proceed to the place of crime immediately on receiving an information regarding commission of a cognizable offence and FIR can be registered later.......More....
Others..
BUSINESS NEWS
INSURANCE POLICIES NOW IN THE PAN: The next time you buy an insurance policy or carry out a transaction at the post office, you will be required to provide your Permanent Account Number (PAN).... More....
INDIA INC GETS GO-AHEAD FOR EXCHANGEABLE BONDS, FINANCE BILL 2008 SAYS CONVERSION OF FCEBS INTO SHARES OR DEBENTURES WILL NOT ATTRACT CAPITAL GAINS TAX:Companies planning to raise funds through foreign currency exchangeable bonds (FCEB) can now go ahead as the Finance Bill 2008 has cleared the air on tax issues.... More....
RELIEF FROM DOUBLE TAXATION ON DIVIDEND NOT FOR COMPANIES WITH SUBSIDIARIES: Companies with subsidiaries are not going to get relief from double taxation on dividend that the finance minister announced in the Budget.... More....
EXPORTS RISE 20% IN JAN, IMPORTS JUMP A WHOPPING 64%: Exports from the country continued to grow at a steady pace in 2008. Outbound shipments rose 20.47% to $13.14 billion in January, compared to $10.9 billion in January 2007..........More....
INDIA RANKS AMONG TOP 10 CONTRIBUTORS TO HSBC GROWTH: British major HSBC's Indian operations were among the top 10 contributors for the group globally. HSBC's Indian operations reported a 34.6% rise in profits before tax to $529 million for the calendar year 2007........ More....
ICICI BANK TAKES $263-MILLION SUBPRIME HIT: The ripples of subprime have touched Indian high-street banks. ICICI, the country's second-largest bank, has announced a mark-to-market hit of $263 million in its loan and investment exposures..........More....
RANBAXY GETS FDA NOD FOR SCHIZOPHRENIA DRUG: The country's largest drugmaker, Ranbaxy Laboratories, received the US food and drug administration (FDA) nod to sell generic version of Risperdal used in the treatment of schizophrenia in the US..........More....
NO COUNTERVAILING DUTY, SAD ON SCRAP IMPORTS, RULES SUPREME COURT: The Supreme Court has ruled that the revenue department cannot impose countervailing duty or additional Customs duty on scrap imports under provisions of the Customs Tariff Act......More....
CADILA MOVES DELHI HIGH COURT ON USE OF SUGAR FREE BY BAIDYANATH: Pharma major Cadila Healthcare, a market leader in sugar substitute business, has moved the Delhi High Court seeking restraint order against ayurvedic company Baidyanath from using its trademark 'Sugar Free' on the latter's product 'Chyawanprash Granules'......... More....
STAMP DUTY WAIVER FOR CONVERSION TO LIMITED LIABILITY PARTNERSHIPS (LLPS): Partnership firms, private companies and unlisted public limited companies can look forward to convert themselves into the more flexible form of limited liability partnerships (LLPs) without paying stamp duty to state governments.... More....
COGNIZANT SIGNS $95-M DEAL WITH ASTRAZENECA: Global IT firm Cognizant has signed a $95-million agreement with AstraZeneca, a global pharmaceutical company, to provide clinical data management services for the latter's clinical development.... More....
DABUR PHARMA GETS NOD TO MARKET GENERIC VERSION OF CAMPTOSAR: Dabur Pharma has received approvals to market Irinotecan Hydrochloride Injection, the generic copies of Pfizer's cancer drug Camptosar, in Italy and Denmark.... More....
PE FIRMS INVEST $1 B IN SMES IN 2007-08: PE firms have invested Rs 4,000 crore ($1 billion) in small and medium enterprises (SMEs) in 2007-08, an increase of 75% from the previous year.... More....
STRIDES GETS REGULATORY NOD FOR TAZO PIP, TOBRAMYCIN: Pharma firm Strides Arcolab announed that it has received approval from drug regulators of Canada and the US for Tazo Pip Sterile Injection and Tobramycin, used in the treatment of bacterial infections.... More....
18 FDI PLANS OF RS 1.5K CR GET FIPB CLEARANCE: The government has approved 18 foreign direct investment (FDI) proposals that will bring in Rs 1,553 crore, including Rs 560 crore by Essar Capital.... More....
ONE LAKH COMPANIES LOSE REGISTRATION: The government has cancelled the registration of over one lakh companies for failing to file annual returns. There were about 7, 43,628 companies registered under the Companies Act till March 2007......More....
ZAHEERA CHALLENGES WHOPPING INCOME TAX CLAIM: Best Bakery case key witness Zaheera Sheikh has moved the Vadodara Income Tax Tribunal, challenging a recent department order that claimed income tax to the tune of Rs 38 lakh from her......More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
NOKIA SIEMENS INKS R&D PACT WITH TCS: Global Communications services provider Nokia Siemens Networks has entered into an agreement with leading domestic IT Services firm Tata Consultancy Services (TCS) .... More....
ACACIA BUYS 49% IN LOGIX TECHNOPARK: Acacia Real Estate, promoted by Bahrain-based TAIB Bank, has acquired 49% in Logix TechnoPark in Noida for $69 million.... More....
FREE USE OF THIRD-PARTY ATMS TO COME INTO EFFECT FROM APRIL 2009, BANKS TO SHARE TRANSACTION COST: In Just over a year from now, bank customers can freely use their ATM cards to withdraw cash from any ATM installed by various commercial banks across the country.... More....
AT RS 5KCR, REAL ESTATE FIRM BPTP SEALS LANDMARK DEAL: Delhi-based real estate firm BPTP has bagged the country's largest land deal worth Rs 5,006 crore. In a fiercely fought bidding war, BPTP beat the country's largest real estate firm DLF to win the 95-acre plot in Noida's sector 94.... More....
AIRTEL INKS $100-M DEAL WITH THE BOARD OF INVESTMENT (BOI) OF SRI LANKA TO START LANKAN OPERATIONS: Bharti Airtel Lanka, a subsidiary of Indian telecom giant Bharti Airtel, has signed a $100-million investment agreement with the Board of Investment (BOI) of Sri Lanka to begin Lankan operation by this year....More....
VEDANTA TIES UP WITH WEST BENGAL GOVERNMENT TO SET UP ALUMINIUM COMPLEX: VEDANTA Resources, the $6.5-billion diversified metals and mining group, has signed a development agreement with the West Bengal government to set up a large aluminium complex at Bidhanbag in Asansol at an investment of Rs 20,000 crore....More....
BLACKSTONE BUYS STAKE IN TITAGARH WAGONS FOR RS 16 CR: The US-based private equity fund Blackstone has picked up a minority stake in Titagarh Wagons for Rs 672 a share in a pre-IPO placement....More....
Others..
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