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INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - APRIL 16th - MAY 10th - 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
SETHU NOT A PLACE OF WORSHIP: SUPREME COURT : The Supreme Court has said that Ram Sethu, cannot be called a place of worship, though it may be a sacred structure....More....
OWNERS CAN EVICT COMMERCIAL TENANTS TOO: SUPREME COURT : Tenants in a commercial property will have to vacate the premises if asked by the land owner, the Supreme Court has ruled......More....
FDI OUTFLOW DOUBLES TO $18 B DURING APR-DEC : The India story in the global market is for real. Despite the turbulence in the global financial markets, India Inc has been on a prowl. Approvals for overseas acquisitions and joint ventures have more than doubled in value terms............More....
RELIANCE PIPELINE CO FILES SPECIAL LEAVE PETITION AGAINST ANDHRA HC STAY REGARDING ITS EASTWEST PIPELINE : Mukesh Ambani firm Reliance Gas Transportation and Infrastructure Company (RGTIL) has filed a Special Leave Petition (SLP) with the Supreme Court of India appealing against the judgment passed by the Andhra Pradesh High Court (APHC) against its east west pipeline......More....
DELHI HIGH COURT RESTRAINS CIPLA FROM EXPORTING ANTI-CANCER DRUG : The Delhi High Court has restrained pharma major Cipla from exporting ‘Tarceva’ to those countries where Swiss company Hoffmann La Roche has patent registration for the anti-cancer drug.....More....
THIRTEEN FDI PROPOSALS WORTH RS 657 CRORE GET APPROVAL : The government has cleared 13 foreign direct investment proposals worth Rs 657 crore, including an investment of Rs 199 crore by Goldman Sachs...........More....
RBI TO REGULATE MASTERCARD, VISA AND WESTERN UNION : TThe Reserve Bank of India (RBI) has taken the first step towards regulating all payment and settlement service providers such as Mastercard, Visa, and First Data.......More....
NO THIRD FLOOR IN COMMERCIAL AREAS, SUPREME COURT TELLS MCD : The Supreme Court has said that construction of a third floor would be permissible only in residential localities and not in commercial areas of the national Capital......More....
SSETBACK FOR RAMADOSS AS SUPREME COURT STRIKES DOWN AIIMS AMENDMENT ACT, REINSTATES VENUGOPAL AS DIRECTOR : The Supreme Court has put the brakes on attempts by the UPA government to tinker with the autonomy of premier institutions by striking down the AIIMS Amendment Act and reinstated eminent cardiac surgeon Dr P Venugopal as the institute’s director .......More....
JUDGES MUST DECLARE ASSETS: BAR ASSOCIATION OF INDIA : The Bar Association of India today said judges should make an annual declaration about their assets and the information should be accessible to the public.......More....
MF HUSAIN PAINTINGS NOT OBSCENE: DELHI HIGH COURT : The Delhi High Court today quashed the criminal proceedings against controversial painter M F Husain for allegedly hurting public sentiments by painting obscene pictures of Hindu goddesses.........More....
PRESS NOTE - POST BUDGET NOTIFICATIONS TO GIVE EFFECT TO THE PROVISIONS OF FINANCE ACT, 2008(18 OF 2008) : The Finance Bill, 2008 received the assent of the President of India on the 10th May, 2008 and consequently the Finance Act, 2008 is being published in the Gazette of India dated 10th May, 2008 as Act No.18 of 2008.......More....
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BUSINESS NEWS
RANBAXY STRIKES DEAL ON NEXIUM WITH ASTRAZENECA : In a significant development, Ranbaxy Laboratories has entered into a series of out-of-court settlements with AstraZeneca, covering patent disputes as well as manufacturing and distribution arrangements for Nexium, the world’s second-largest selling drug....... More....
GEM, JEWELLERY EXPORTS AT $20.9 BILLION IN FY08 : India’s gem and jewellry exports provisionally stood at $20.9 billion in the year to March 2008, up 22.27%, due to increased trading, the Gem & Jewellry Export Promotion Council said........More....
CITI REALTY ARM TO BUY 10% STAKE IN GOLDEN GATE FOR RS 400 CRORE : Citigroup’s real estate arm is set to invest around Rs 400 crore ($100 million) in Bangalore-headquartered Golden Gate Properties for about 10% stake, sources said.... More....
SUPREME COURT: SUPPLIES TO OFFSHORE OIL RIGS TO ATTRACT CUSTOMS : The Supreme Court has ruled that companies engaged in offshore operations cannot transship stores to the oil rigs in the Exclusive Economic Zone, which extends to 200 miles (or 370 km) out from the coast, without payment of Customs duty........More....
COCA-COLA’S $52.54 MILLION INVESTMENT PLAN FOR INDIA CLEARED : The government has approved soft drink major Coca-Cola’s $52.54 million (around Rs 205 crore) investment plan for India........ More....
I-T DEPT CAN TRANSFER CASES FOR BLOCK ASSESSMENT: SUPREME COURT : The Supreme Court has ruled that for effective coordination of investigations into the income-tax evasion cases, the Revenue department can order transfer of the cases and make investigations into the block assessment (more than one assessment year) of the assesses.........More....
RCOM & TATA TELE TO PAY TOTAL RS 700 CR AS ACCESS DEFICIT CHARGE AFTER SUPREMECOURT TAGS THEIR UNLIMITED CORDLESS AND WALKY SERVICES AS WIRELESS : THE Supreme Court has assorted Reliance Communications’ (RCOM) Unlimited Cordless and Tata Teleservices’ (TTSL) Walky services with the wireless category, maintaining that they were bound to pay an access deficit charge (ADC) of Rs 700 crore to BSNL.........More....
US OFFICE CONFIRMS PFIZER’S LIPITOR PATENT : The US Patent & Trademark Office (USPTO) has confirmed the patentability of Pfizer's patent number 893 for its $13-billion anti-cholesterol drug Lipitor, a Pfizer release said.....More....
INDIA RANKS 15TH AMONG COUNTRIES MOST ACTIVE IN SHARE BUYBACKS, TOPS ASIAN PEERS : Notwithstanding the global credit concerns and high interest rates and growing inflationary pressures back home, share buyback deals in India are at record highs....... More....
I-T SLAPS RS 45-CR NOTICE ON TATAS FOR IDEA STAKE BUY : The Income-Tax department has raised a tax demand of Rs 45 crore on Tata Industries (TIL) on account of the Rs 660 crore purchase of a stake in Idea Cellular stake from AT&T in 2005..........More....
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NEW DEVELOPMENTS AND JOINT VENTURES
MAHINDRA & MAHINDRA IN JV WITH CAPESPAN TO DRIVE RETAIL DEAL : Stepping on the gas to drive its retail ambitions, the Mahindra & Mahindra Group has inked a 50:50 JV with a South African international supply-chain heavyweight, Capespan, through its agribusiness initiative, Mahindra Shubh-Laabh Services (MSSL).........More....
PE FIRM WARBURG BUYS 4.43% IN FIRSTSOURCE SOLUTIONS : : PE firm Warburg Pincus, which holds a majority stake in BPO firm WNS Holdings, has bought a minor stake in rival Firstsource Solutions......More....
GMR BUYS 5% IN SOUTH AFRICAN MINE CO : GMR Energy, the energy division of GMR Group, has picked up a 5% equity stake in mining company Homeland South Africa (HSA) for a consideration of $15 million.......More....
MARKS & SPENCER ANNOUNCES A 51:49 JOINT VENTURE WITH RELIANCE RETAIL : MARKS & Spencer (M&S) has announced a 51:49 joint venture with Reliance Retail, part of the Reliance Industries Group, to set up a chain of Marks & Spencer stores in India......More....
INFOSYS WINS FIVE-YEAR OUTSOURCING DEAL CONTRACT FROM CONSECO : IConseco, a leading insurance provider, has selected Infosys for a five-year contract to provide development and maintenance services to its key business applications......More....
GERMAN MAJOR FRESENIUS KABI PICKS UP 73% IN DABUR PHARMA, BURMANS EXIT PHARMA BIZ, GET RS 775 CR FOR 65% STAKE : German major Fresenius Kabi has acquired 73% stake in India’s largest anti-cancer drug maker Dabur Pharma for around Rs 872 crore....More....
HILTON HOTELS CORPORATION TIES UP WITH MARIGOLD HOSPITALITY : Hilton Hotels Corporation has entered into a franchisee agreement with Marigold Hospitality for its business hotel brand Hampton in India. Marigold would set up 16 hotels with an investment of $200-250 million....More....
BAJAJ ELECTRICALS TIES UP WITH ITALY'S NARDI : Lighting products and appliances maker Bajaj Electricals has announced an alliance with Italy's Nardi Elettrodomestici to sell the latter's range of premium gas appliances in India......More....
NICHOLAS PIRAMAL IN STRATEGIC TIE-UP WITH DXTECH LLC : DxTech LLC, a US-based diagnostic firm, has entered into a longterm strategic alliance with Nicholas Piramal India (NPIL), one of the leading pharmaceutical and healthcare companies in India......More....
ALLEGIS GROUP COMPLETES ACQUISITION OF TVA INFOTECH : ALLEGIS Group, a $6 billion privately-held HR services company, has completed the acquisition of TVA Infotech, a Bangalore-headquartered IT recruitment firm......More....
S KUMARS BUYS MAJORITY STAKE IN ITALIAN FIRM : S KUMARS, through its subsidiary, has just acquired a controlling stake in one of Italy’s leading fabric manufacturers, Klopman, for an enterprise value of € 70 million ($107 million)......More....
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