INDIA BUSINESS WORLD - 1st APRIL - TO - 15th APRIL - 2009
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
FISCAL DEFICIT REACHES 94% OF ANNUAL TARGET : Fiscal deficit — the gap between the government’s receipts and spending — reached 94% of the upwardly revised annual target in the first 11 months of the fiscal year, the government’s auditor said..........More....
SEZ POWER NORMS IN PLACE : Power generated in SEZs can be supplied to all units or facilities in the SEZs and outside (in the domestic tariff area), as per guidelines for power generation, transmission and distribution in a SEZ, issued recently by the commerce department......More....
G-20 ANNOUNCES A $1.1-TRILLION STIMULUS TO NURSE THE GLOBAL ECONOMY BACK TO HEALTH: THE leaders of the world’s 20 biggest economies announced a clutch of big-ticket measures to breathe life into the world economy, battered by the sharpest downturn since the Great Depression........More....
JAGDISH TYTLER SERVED CLEAN CHIT IN ’84 RIOTS CASE : On the eve of the lok sabha election, the CBI has recommended “no action” against Congress leader Jagdish Tytler in the 1984 anti-Sikh pogrom.......More....
SUPREME COURT STAYS JM FINANCIAL CHAIRMAN NIMESH KAMPANI’S ARREST: The Supreme Court has granted a stay on the arrest of JM Financial chairman Nimesh Kampani on charges of his alleged involvement in default by Nagarjuna Finance in repaying public deposits worth Rs 100 crore......More....
SUPREME COURT: A LAW CANNOT BE INVALIDATED ON POSSIBILITY OF ITS MISUSE : The Supreme Court has held that a law cannot be declared invalid simply on the ground that it is likely to be misused.....More....
SUPREME COURT: PUBLIC SERVANTS CAN BE PROSECUTED UNDER CORRUPTION ACT : The Supreme Court has held that office bearers of a registered cooperative society are public servants and can be prosecuted on the charges of corruption under the Prevention of Corruption Act.....More....
SUPREME COURT: PROSECUTION CASE CANNOT BE THROWN OUT ON THE GROUND OF DELAY IN LODGING THE FIR IN CASE OF SEXUAL ASSAULT : In a significant ruling, the Supreme Court had ruled that delaying in lodging the FIR in a case of sexual assault is normal and the prosecution case cannot be thrown out on the ground of delay in lodging the FIR......More....
SUPREME COURT RULES THAT IT IS FUNDAMENTAL FOR HIGH COURTS TO RECORD REASONS IN DISPOSING OF CASES : The Supreme Court has ruled that the High Courts have a duty and obligation to record reasons in disposing of cases......More....
SUPREME COURT: POWER OF DISQUALIFICATION OF MLA LIES WITH SPEAKER OF THE HOUSE : The Supreme Court has ruled that the High Courts have a duty and obligation to record reasons in disposing of cases.The Supreme Court has held that the power to disqualify a member of Parliament or MLA under tenth schedule of the constitution lies only with the speaker of the house and no one else.....More....
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BUSINESS NEWS
SERVICE SECTOR CORNERS 24% OF THE TOTAL FDI INFLOWS IN 2008 : THERE is good news for India Inc. Despite the global financial crisis, inflow of foreign capital to the country has increased sharply in 2008. The aggregate inflow of foreign direct investment (FDI) has more than doubled in 2008 over 2007........More....
BULK DEPOSIT RATES CRASH, BANKS OFFER AS LOW AS 1% ON 1-WEEK DEPOSITS & 5% ON 1-YEAR DEPOSITS :BULK deposit rates—interest on deposits of over Rs 1 crore—have come crashing down following surplus liquidity in the system. Banks are offering rates as low as 1% on one week deposits and 5% on one-year deposits.........More....
MATRIX LABORATORIES GETS HIV TABLETS NOD : Drug manufacturer Matrix Laboratories has said that it has received US regulator's approval for Emtricitabine and Tenofovir Disoproxil Fumarate Tablets used in controlling HIV infection........More....
GOVERNMENT SUSPENDS A KEY ACCOUNTING NORM ON FOREIGN EXCHANGE LOSSES, COMPANIES GET ACCOUNTING STANDARD 11(AS-11) REPRIEVE : THE government has suspended a key accounting norm on foreign exchange losses for the period starting December 7, 2006, to March 31, 2011, allowing companies like Tata Steel, Suzlon Energy and Wockhardt to protect their profits from a sudden increase in their foreign loan liability on account of adverse currency movements......More....
CADILA LAUNCHES UNIQUE CARDIAC COMBODRUG - POLYCAP, EXPECTS RS 100 CRORE REVENUES IN 2 YRS : Ahmedabad-based Cadila Pharma has unveiled its unique cardiac combodrug—Polycap. The drug, touted as a potential blockbuster, could be the first-of-its kind by any Indian pharma company.........More....
SWISS-REGISTERED TELECOM COMPANY BYCELL GETS FIPB APPROVAL AFTER COURTING TROUBLE : THE Foreign Investment Promotion Board (FIPB) has approved Swiss-registered telecom company ByCell’s plans to invest over Rs 2,500 crore in India, a week after the firm, promoted by Russian businessmen, dragged the government to court for failing to clear its application to launch services.........More....
WOCKHARDT RECEIVES RS 100-CR SBI LIFELINE LOAN : INDIA’S largest commercial bank, the State Bank of India, has sanctioned a Rs 100-crore lifeline loan to financially troubled pharma major, Wockhardt Ltd, to meet its immediate requirements for funds........More....
AMUL GROUP TURNOVER TOUCHES RS 10,000 CR : MARKET meltdown and economic crisis seem to be the buzzwords for most corporations around the world. But not for home-grown Amul cooperative. The Gujarat Cooperative Milk Marketing Federation (GCMMF), which is built on Amul pattern, and its allied13 dairies, has reported a total turnover of close to Rs 10,000 crore.....More....
FIPB REJECTS BANK OF NOVA SCOTIA’S PROPOSAL TO SET UP A WHOLLY OWNED SUBSIDIARY : THE FOREIGN Investment Promotion Board (FIPB) has rejected the proposal of Bank of Nova Scotia to set up a wholly owned subsidiary for wholesale trading in precious metal commodities............More....
GOOGLE BEATS INDIAN COS IN DOMAIN CASE : GOOGLE, the world’s largest Internet company, has clinched victories on disputes on domain names at the World Intellectual Property Right Organisation (WIPO) against two Indian entities............More....
MNCS START DUE DILIGENCE TO BUY WOCKHARDT HEALTH BIZ : MULTINATIONAL pharma firms are currently doing a due diligence of Wockhardt’s animal healthcare business that has been put on the block, according to people close to the development............More....
FOREIGN TELCOS WON’T HAVE TO PAY TAX TWICE, AT&T, BT, VERIZON, C&W & FRANCE TELECOM SET TO BENEFIT : INTERNATIONAL long-distance telecom carriers that offer services in India using the infrastructure of existing operators will no longer need to pay tax twice, with the department of telecom (DoT) deciding to do away with the current system that has drawn criticism from a US government body recently............More....
NOVARTIS DRUGS BLACKLISTED BY MUMBAI STORES : DRUG retailers in Mumbai are boycotting all the 198 medicines of Swiss company Novartis and its subsidiary Sandoz, protesting the drugmakers’ practice of selling some highvalue medicines directly to consumers............More....
TECH MAHINDRA HIGHEST BIDDER OF SATYAM, TO PAY RS 2889CR FOR 51% : FOR Anand Mahindra and his team at Tech Mahindra, the hard work has just begun. The elation of clinching Satyam Computer Systems —the combine will be hot on the heels of Wipro, India’s thirdlargest software exporter—was understandably tempered with the realisation that an uphill struggle lies ahead...........More....
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NEW DEVELOPMENTS AND JOINT VENTURES
WOCKHARDT ANNOUNCES MAJOR ORGANISATIONAL CHANGE TO DEAL WITH DEBT BURDEN : Mumbai-based pharma major Wockhardt has announced a major organisational change and admitted that it was facing problems in servicing its debt........More....
TATA MOTORS, CANARA BANK ENTER INTO PACT : Tata Motors has said that it has entered into an agreement with Canara Bank for financing its range of passenger vehicles........More....
JUBILANT, FINLAND CO INK PACT: Pharma company Jubilant Organosys has said that it has joined hands with a Finland-based firm Orion for the discovery of drugs........More....
AUROBINDO PHARMA GETS SWISS NOD : Drug maker Aurobindo Pharma has said it has received approval from the Switzerland government for marketing Finasteride APL, a drug used for treating enlarged prostate in men.......More....
STRIDES ARCOLAB GETS FDA NOD : Pharmaceutical firm Strides Arcolab has said that it has received nod from US administration for dose combination of Lamivudine and Stavudine tablets used to treat adults and children who are infected with HIV.......More....
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