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INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - MARCH 16th - MARCH 31st - 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
LIFE TERMS FOR ALL FOUR CONVICTS IN SHIVANI BHATNAGAR MURDER CASE:A fast track court has sentenced all four convicts in the Shivani Bhatnagar murder case, including former Haryana cadre IPS officer R K Sharma, to life imprisonment.....More....
PASSENGERS IN GOODS CARRIAGES NOT ENTITLED FOR INSURANCE COMPENSATION, RULES SUPREME COURT:The Supreme Court has ruled that passengers in goods carriages will not be entitled for insurance compensation. The Supreme Court overruled a judgement of the Allahabad High Court in a case involving National Insurance Company....More....
ANDHRA PRADESH REPEALS URBAN LAND CEILING ACT:Around 20,000 hectares of land in and around Hyderabad is set to be freed for development, with the Andhra Pradesh state assembly passing a resolution to repeal the over threedecade old Urban Land Ceiling Act.........More....
WIFE CANNOT CLAIM PROPERTY OF IN-LAWS FOR MAINTENANCE, RULES SUPREME COURT:The Supreme Court has held that the right of seeking maintenance of a neglected wife is confined only to her husband and she cannot recover the arrears of maintenance from the property and assets of her in-laws........More....
EDIBLE OIL EXPORT PROHIBITED: The Government has with immediate effect prohibited export of all edible oils. Notification No. 85 dated 17.3.2008 has been issued in this regard. It may be recalled that before the ban imposed by the above Notification, export of edible oils was free.....More....
HIGH COURT SHOULD RARELY REVIEW ITS ORDER IN CRIMINAL CASES: SUPREME COURT:The Supreme Court has said a High Court can review its own order in a criminal case only under rare circumstances such as when the relief has been obtained by playing fraud on the court..........More....
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BUSINESS NEWS
TATAS CLINCH JAGUAR-LAND ROVER FOR $2.3-BILLION:Ford Motors on March 26 handed over the keys of its marquee brands Jaguar-Land Rover (JLR) to Tata Motors for about $2.3 billion in an all-cash deal....... More....
ECB’S SHARE IN OUTSTANDING EXTERNAL DEBT RISES TO 25% IN 2006-07:India’s external debt has grown 20% in 2006-07 — the highest in any year since 2000-01. Apparently, this will indicate an increase in the magnitude of India’s external indebtedness.... More....
REAL ESTATE FIRM BPTP BAGS COUNTRY’S LARGEST LAND DEAL, OUTBIDS DLF & OMAXE: Delhi-based real estate firm BPTP has bagged the country’s largest land deal worth Rs 5,006 crore, beating India’s largest real estate firm DLF.... More....
RBI UNLIKELY TO CUT INTEREST RATES: ASSOCHAM:The Reserve Bank of India is unlikely to cut interest rates despite signals of slowdown in growth as pressure on inflation persists, industry body Assocham said.........More....
SUN PHARMA GETS FDA NOD TO MARKET GENERIC ETHYOL:Drug maker Sun Pharmaceutical Industries has said that it has received FDA approval for marketing a generic version of Medimmune's Ethyol amifostine injection, used in the treatment of cancer....... More....
DLF GETS AA RATING FROM CRISIL FOR NON-CONVERTIBLE DEBENTURES:Rating agency Crisil has assigned 'AA' to DLF’s Rs 5,000 crore non convertible debentures besides assigning 'P1+' rating to company's Rs 3,000 crore short-term debt, according to a statement released by DLF, India’s largest real estate developer..........More....
110% RISE IN CORPORATE ADVANCE TAX PAYMENTS:Corporate advance tax payments for the final quarter of the fiscal year have risen sharply, indicating that earnings for the January-March period, scheduled to be announced next month, could be robust..........More....
DELHI HC REJECTS SWISS DRUG MAJOR ROCHE’S PLEA TO STOP CIPLA FROM MANUFACTURING AND SELLING GENERIC VERSION OF ITS CANCER DRUG:In what could be a shot in the arm for Indian generic drugmakers, the Delhi High Court has rejected an injunction plea by Swiss drug major Roche to prevent Cipla from manufacturing and selling generic versions of its patented anticancer drug Tarceva (Erlotinib) in India......More....
STRIDES ARCOLAB GETS FDA APPROVAL FOR FOSPHENYTOIN:Pharmaceutical firm Strides Arcolab said that it has received FDA approval for Fosphenytoin injection, used in the treatment of epileptic seizures........ More....
PFIZER FILES TWO SEPARATE PATENT INFRINGEMENT CASES AGAINST RANBAXY LABORATORIES: In a bid to extend the exclusivity of its $13-billion anti-cholesterol drug Lipitor, Pfizer—the world’s largest drugmaker—has filed two separate patent infringement cases against Ranbaxy Laboratories........More....
TOMMY HILFIGER CONSIDERS DIRECT OWNERSHIP OF ITS INDIAN OPERATIONS BY BRINGING 51% FDI:Global premium lifestyle brand Tommy Hilfiger, controlled by buyout private equity Apax Partners, is looking at direct ownership of its India operations by bringing in the maximum permissible 51% foreign direct investment (FDI) allowed in single brand retail.... More....
INDIA'S LARGEST WINE MAKER CHAMPAGNE INDAGE BUYS AUSTRALIAN VINTAGE’S LOXTON WINERY:INDIA’S largest wine maker Champagne Indage has acquired Australian Vintage’s Loxton winery for Rs 225 crore.... More....
GOLDMAN SACHS BUYS OUT PRATHAM INVESTMENT AND TRADING PVT LTD (PITPL):After parting ways with the Kotak Mahindra Group in 2006, the Goldman Sachs (GS) is building its business brick by brick in India. One of the world’s largest financial services giant, GS is buying out Pratham Investment and Trading Pvt Ltd (PITPL)...... More....
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NEW DEVELOPMENTS AND JOINT VENTURES
ICICI IN RS 1KCR DEAL WITH JAYPEE INFRA:India’s largest private sector bank, ICICI Bank, has entered into a Rs 1,150-crore equity-cum-debt deal with Jaypee Infratech, which will build and operate the 165-km Taj Expressway linking Noida with Agra.... More....
HSBC ARM HIKES STAKE IN YES BANK TO 4.88%:HSBC’S financial investment arm, HSBC Financial Services (Middle East), has hiked its stake in private sector Yes Bank to 4.88% from 0.89%.... More....
BARING PRIVATE EQUITY BUYS 12% IN SHAREKHAN FOR RS 240 CR:Baring Private Equity has pipped financial services giant Merrill Lynch to buy 12% stake in Mumbaibased brokerage company Sharekhan. The Rs 240-crore deal values Sharekhan at Rs 2,000 crore.......More....
SOROS BUYS 2.5% IN INDIABULLS REALTY ARM:The signs of a softening in property prices are unmistakable but veteran global investor George Soros does not seem to be worried as the real estate-savvy billionaire businessman has picked up a 2.5% stake in Indiabulls Real Estate (IRE) in a deal worth Rs 276 crore.... More....
IRISH GROUP PICKS 50% IN ANDHRA CEMENT CO FOR RS 1,840 CR:IRISH building materials group CRH has announced the acquisition of a 50% stake in Hyderabad-based cement company, My Home Industries (MHIL) for 290 million euros (Rs 1,840 crore)....More....
ARCELORMITTAL UPS STAKE IN NOBLE TO 50%:ARCELORMITTAL, the world’s largest steelmaker, said that it will increase to 49.95% its stake in Noble International, a provider of parts, component assemblies and services to the auto industry....More....
NETHERLANDS BASED PEARLE EUROPE TO FORM JV WITH RELIANCE FOR OPTICALS RETAIL:The Netherlands based Pearle Europe, part of international investment major HAL Group, is getting into a 50:50 joint venture partnership with Reliance Retail to sell optical products under the Vision Express brand....More....
TELCO CONSTRUCTION EQUIPMENT COMPANY (TELCON)TAKES 79% STAKE IN SPANISH FIRM:Tata group company, Telco Construction Equipment Company (TELCON),has said that it has signed a deal to acquire a 79% stake in Spain-based Serviplem SA...More....
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