INDIA BUSINESS WORLD - 16th APRIL - TO - 30th MARCH - 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
SUPREME COURT GIVES STATUTORY SHIELD TO SEBI FROM SECURITIES APPELLATE TRIBUNAL (SAT): THE Supreme Court has ruled that the Securities Appellate Tribunal (SAT) has no discretionary power to interfere with orders passed by capital market regulator Securities & Exchange Board of India (Sebi). Allowing Sebi’s plea, the court said the tribunal has to do what is prescribed under the statute..........More....
SERVICE TAX RELIEF ON COMMERCIAL RENTING OF PREMISES : THE Delhi High Court has ruled that commercial renting of premises will not attract service tax, in a move that will cheer India Inc fighting a slowdown but leave the central government about Rs 8,000 crore poorer every year.....More....
CENTRAL VIGILANCE COMMISSION (CVC) TELLS BANKS TO NOT GIVE CLEAN CHIT TO BORROWERS WITH CRIMINAL RECORDS: THE Central Vigilance Commission (CVC) has advised banks against giving a clean chit to borrowers facing criminal charges with whom they enter into a one-time settlement of dues........More....
LEXIS NEXIS GETS RELIEF IN IPR CASE : IT’S a case of a law firm finding itself at the receiving end of a trademark battle. Reed Elsevier Properties (REP), a US-based publishing house that owns and controls content provider Lexis-Nexis has got an interim relief from Delhi High Court, restraining a Mumbai-based law firm from operating under the name Lex Nexus.......More....
SOUTH KOREA DRAGS INDIA TO WTO ON STEEL CURBS: SOUTH Korea, a major steel exporter, has asked India to explain to WTO—the multilateral body that sets rules of trade between countries—why it has imposed import curbs on steel items......More....
FDI PROPOSALS WORTH RS 541CR GET GOVT NOD : THE government has cleared 22 foreign direct investment (FDI) proposals, including those of Yamaha and Nokia worth Rs 541.25 crore....More....
SEPARATE QUALITY GUIDELINES FOR MEDICAL DEVICES BY THE END OF MAY, 09 : THE government has decided to create separate quality guidelines for medical devices and not treat them as drugs by the end of May. It will also classify medical devices based on the risks involved.....More....
SUPREME COURT: PROPERTY SOLD LESS THAN MARKET RATE IS CHEATING NATION : With wide ramification for the policy of liberalisation being followed by the government, the Supreme Court has ruled that if government sells country’s assets to private persons or players at a price lesser than their market value, such action amounts to cheating the country......More....
DELHI HIGH COURT ALLOWS INDIAN VERSION OF THE LUNG CANCER DRUG : Delhi High Court allowed Indian company Cipla to go ahead with its manufacture and sale of lung cancer drug while dismissing the plea of Swiss company Hoffman La Roche Ltd which claimed to have sole rights over the manufacture of the drug.........More....
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BUSINESS NEWS
TECH MAHINDRA GETS COMPANY LAW BOARD (CLB) NOD TO BUY SATYAM COMPUTER SERVICES : THE Company Law Board (CLB) gave the go-ahead to Tech Mahindra to 'adopt (buy) orphan Satyam Computer Services', paying Rs 2,889 crore........More....
ROCHE GETS NOD FOR HEPATITIS C DRUG PATENT :THE government has upheld the patent of Swiss drug major Hoffmann La Roche’s hepatitis C drug, Pegasys. It is the first drug to be given patent in India after the country adopted new patent regime in 2005.........More....
MAHINDRA & MAHINDRA WINS CYBERSQUATTING CASE AT WIPO : Farm equipment-to-software group Mahindra & Mahindra has won a cybersquatting case at the World Intellectual Property Organisation (WIPO) against a USbased firm, which had tried to block domain name, 'mahindralogistics.com'........More....
INDIAN FINANCIAL INSTITUTIONS OPPOSE PFIZER’S OPEN OFFER TO RAISE STAKE IN INDIAN ARM : INDIAN financial institutions led by the Life Insurance Corporation (LIC) are objecting to US pharma major Pfizer’s open offer to increase stake in its Indian arm from 41% to 75% on the ground that the offer price of Rs 675-a-share is too low.....More....
SUBHIKSHA MOVES COURT AGAINST KOTAK : THERE is a fresh trouble brewing between Subhiksha and its lender Kotak Mahindra Bank. The cash-strapped retailer has filed a writ petition questioning Kotak Mahindra Bank’s decision to declare it a wilful defaulter.........More....
HEALTH INSURANCE SECTOR GROWS 30% TO TOUCH 6.5K CR : HEALTH insurance industry in India witnessed a growth of about 30% for the year ended March 31, on the back of greater awareness and rising healthcare costs.........More....
INDIA'S STATE-OWNED EXPORT CREDIT INSURER ECGC BLACKLISTS THE INDIAN ARM OF GLOBAL REINSURANCE BROKER WILLIS OVER DUES : INDIA’S state-owned export credit insurer ECGC has blacklisted the Indian arm of global reinsurance broker Willis over a decade-old dispute with the broker’s Indian partner.......More....
ORACLE ASKED TO PAY 230CR TAX BY THE GOVERNMENT : The government has asked IT services solutions vendor Oracle India to pay over Rs 230 crore as tax on the royalty paid to its US parent as franchise fee and for its receivables from services....More....
GLENMARK SEEKS ACTION AGAINST GOVT HOSPITAL FOR FALSIFYING DATA AND INDULGING IN UNFAIR PRACTICES WHILE CONDUCTING HUMAN TRIALS : MUMBAI-based MNC drug manufacturer Glenmark Pharmaceuticals has complained to the drug regulator that the government-funded research centre, Guru Govind Singh Hospital in Jamnagar (Gujarat), is indulging in unfair practices while conducting human trials............More....
WOCKHARDT SUFFERS A NET LOSS OF RS 139CR IN 2008 : FOR the first time in its history, Mumbai-based pharma major Wockhardt slipped into the red because of huge mark-to-market losses on account of the steep devaluation of the rupee but said it is taking steps to contain the MTM losses in the current financial year............More....
DIABETES, ANTI-FUNGAL DRUGS TO GET CHEAPER : RETAIL prices of several anti-diabetes and anti-fungal drugs will come down, following cuts in the prices of bulk drugs ‘glipizide’ and ‘tolnaftate’ by drug regulator the National Pharmaceutical Pricing Authority (NPPA)............More....
WOCKHARDT AND EUROPEAN PHARMACEUTICAL FIRM, ORION SETTLE PATENT DISPUTE : Drug maker Wockhardt today said it has settled a patent dispute with European pharmaceutical firm Orion regarding the generic versions of the latter's two products used in the treatment of Parkinson's disease............More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
MORGAN STANLEY BUYS 5.1% STAKE IN UNITECH : US-BASED foreign institutional investor, Morgan Stanley, has bought a 5.1% equity stake in realty major Unitech for Rs 400 crore through the QIP route.......More....
BRITANNIA BUYS OUT NEW ZEALAND’S FONTERRA FROM AN EXISTING DAIRY JOINT VENTURE, BRITANNIA NEW ZEALAND FOODS : NUSLI Wadia-controlled Britannia Industries has agreed to buy out New Zealand’s Fonterra from an existing dairy joint venture, Britannia New Zealand Foods. Both Britannia and Fonterra, one of the world’s biggest milk co-operatives, agreed to call off the 51:49 JV with the acquirer assuming the cumulative losses and the exiting foreign partner writing down the investments made in the venture........More....
VEDANTA PICKS UP 9.5% IN CANADA'S HUDBAY MINERALS : ANIL Agarwal-controlled Vedanta Resources has bought 9.5% stake in a Canadian mining company, setting the stage for yet another takeover battle in North America, its second in the past one year........More....
SOLAR POWER FIRM COBOL TECHNOLOGIES DIVESTS MINORITY STAKE, RAISES RS 151CR : SOLAR power firm Cobol Technologies, owned by Deepak and Ratul Puri of Moser Baer, has raised about $30 million, or about Rs 151 crore, from Pangea Emerging Infrastructure Fund, in return for a minority stake.......More....
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