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INDIA BUSINESS WORLD - APRIL - MAY 2007
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
PREFERENCE SHARES TO BE TREATED AS EXTERNAL COMMERCIAL BORROWINGS: The unbridled flow of foreign money into India's property market has run into a wall. The government has made it virtually impossible for builders to sidestep overseas borrowing norms. More...
KERALA MOVES SC FOR STAY ON CAUVERY: The Kerala government has moved the Supreme Court seeking a stay on the Cauvery Water Tribunal award. More...
NEW ACT WILL EMPOWER GOVT. BODIES TO DEMAND DATA FROM INDIVIDUALS / BUSINESSES: A new law empowering the government to collect all sorts of statistics is close at hand. The proposed Collection of Statistics Bill, 2007, which is up for Cabinet approval. More...
NEW PIL IN APEX COURT CHALLENGES QUOTA FOR OBCS: A fresh PIL has been moved in the Supreme Court challenging the controversial law which provides 27% reservation to OBCs in the premier educational institutions. More...
FM MAKES AMENDMENTS TO HIS ORIGINAL BUDGET PROPOSALS: The fringe benefit tax (FBT) on employee stock options (ESOPs) is here to stay, albeit in a modified version. More...
NO TAX EXEMPTION IN NON-PROCESSING ZONES: In A big blow to special economic zones (SEZs), states have decided to levy taxes on goods consumed at non processing areas in SEZs. More...
EASIER FOR INDIAN GENERIC PHARMA COS TO CHALLENGE PATENTS IN US: Indian generic pharma companies may now find it easier to challenge patents in the US. In a new twist in the battle between innovators and generic companies. More...
EXCISE, SALES TAX NOT PART OF REVENUE FOR I-T PURPOSES, RULES SC: In a significant relief to exporters, the Supreme Court has ruled that excise duty and sales tax cannot form part of total turnover while computing deduction under section 80HHC of the Income-Tax Act, 1961. More...
SUPREME COURT ADMITS SUSHIL SHARMA'S PLEA: The Supreme Court on May 7 stayed the death sentence of former youth Congress leader Sushil Sharma, convicted in the sensational Naina Sahni murder case and admitted his appeal seeking quashing of the capital punishment. More...
SHAHABUDDIN GETS LIFE FOR MURDER OF CPI-ML ACTIVIST: Justice finally seemed to be catching up on controversial RJD MP Mohammad Shahabuddin when a special fast track court sentenced him for life for the murder of a CPI-ML (liberation) worker eight years ago. More...
UNCERTAINTY OVER OBC QUOTA AS SC BENCH RESERVES VERDICT: Uncertainty looms large over implementation of the law providing 27% quota for OBCs in elite educational institutions from the current academic year. More...
RELIEF FOR HSMP APPLICANTS AS UK PANEL UPHOLDS RIGHT TO FAMILY LIFE: There's some relief in sight for many Indian professionals who immigrated to the UK under the Highly Skilled Migrant Programme (HSMP). More...
SC TO EXAMINE IF FOREIGN-BORN RESIDENTS CAN HOLD PUBLIC OFFICE: Sonia Gandhi's foreign origin was again raked up in the Supreme Court which decided to examine the issue of persons of foreign origin holding public offices in the country. More...
JAPAN TO RELAX VISA NORMS FOR INDIANS: Japan will relax visa norms for Indian tourists, a move that would significantly contribute to enhanced people-to-people exchanges and mutual understanding between the two Asian giants. More...
GPRS MOBILES WON'T ATTRACT HIGHER DUTY: THE Central Board of Excise and Customs (CBEC) has gone back on a move to classify GPRS phones as radio navigational apparatus (better known as satellite phones) for tax purposes. More...
SC FROWNS ON PUBLIC SERVICE COMMISSION ISSUING ORDERS BEYOND AUTHORITY : EXPRESSING displeasure over the public service commission issuing orders and notifications beyond its power More...
WTO FARM PAPER DRAFT TO BRING ALL AGRICULTURAL PRODUCTS WITHIN THE AMBIT OF TARIFF CUTS : INDIA'S attempts to protect its farm sector from indiscriminate liberalisation has come under threat from a recent draft paper circulated by the World Trade Organization's (WTO's) More...
SC GIVES CONDITIONAL NOD TO APPROVED FIELD TRIALS OF GM CROPS : IN A boost to supporters of genetically modified crops, the Supreme Court allowed the Centre to conduct More...
CBI CASE AGAINST NATWAR KIN IN OIL SCANDAL : THE CENTRAL Bureau of Investigation has registered a new case against former Punjab Congress More...
INSURERS MUST DETECT FALSE STATEMENTS WITHIN 5 YEARS, CAN'T REFUSE CLAIMS LATER : IT MAY soon become illegal for a life insurance company to refuse to honour a claim on the ground that the policy holder had misstated facts More...
SC ADMITS APPEAL IN SEBI POWERS CASE : THE Supreme Court (SC) has admitted Sebi's appeal that the market regulator is empowered to take disciplinary More...
NEW BILL TO REPEAL THE CARRIERS ACT, 1865 : THE Cabinet approval to repeal the Carriers Act, 1865 has the potential to drive small (or fly-by-night) More...
PVT DETECTIVE LAW AND ITDC'S JV PLAN OKAYED BY CABINET : The government has approved enactment of a new law to regulate private detectives and cleared ITDC's More...
BUSINESS NEWS
ESOPS TO STAY IN MODIFIED VERSION: Parliament cleared the 2007-08 budget last week with changes which provide relief to several sections. The fringe benefit tax (FBT) on employee stock options (ESOPs) is here to stay, albeit in a modified version. More...
AUDITORS OF LISTED COS TO FACE TOUGH REVIEW: Listed companies, which have been engaging just any chartered accountant (CA) firm for statutory audits, will now have to employ auditors of better standing. More...
CORPORATES WILL SOON HAVE TO SPELL OUT DETAILS OF CHARITABLE INSTITUTIONS RECEIVING DONATIONS IN TAX RETURNS: Business houses that have been using charities to divert funds and escape tax may now find the going tough. The government is about to make it mandatory for companies to name the charitable institutions receiving donations. More...
SAIL, RINL, NMDC JOIN HANDS: Three leading steel sector players - SAIL, RINL and National Mineral Development Corp - have teamed up to set up a 4 million tonne steel plant in Chhattisgarh. More...
INTER PUBLIC GROUP TO BUY OUT LINTAS INDIA FOR $100 M: IN one of the biggest deals that the Indian advertising industry has seen so far, Lintas India is selling its 51% locally-owned stake to its international partner, the Interpublic Group (IPG). More...
FIDELITY INTERNATIONAL BUYS OUT BURMANS' 25% STAKE IN INDIAN ARM: Fidelity International, one of the largest asset management companies in the world, has bought out the 25% stake of the Burman family, the promoters of Dabur group, in its Indian arm. More...
VODAFONE WINDS UP HUTCH-ESSAR DEAL BY PAYING $180 MILLION LESS: British telecom giant Vodafone has paid a discounted price of $10.9 billion in an all-cash deal to buy Hutchison Essar, India's fourth largest operator. More...
COIMBATORE'S SAKTHI AUTO COMPONENT BUYS EUROPE COS FOR € 95 M: In what is billed as one of the largest overseas takeover deals in the auto component sector, Coimbatore-based Sakthi Auto Component (SAC) More...
HIMALAYA SETS UP THREE UNITS OF ITS PHARMA BUSINESS: HERBAL healthcare major Himalaya Drug Company has done a complete restructuring of its pharmaceutical More...
RELIANCE ALL SET TO SIGN RS 500-CR DEAL WITH BSNL: MUKESH Ambani's Reliance Industries Ltd (RIL) is set to sign a five-year communications solutions More...
AIRTEL TIES UP WITH NORTEL TO TAP SMALL & MEDIUM BUSINESS MARKET: AT BHARTI Airtel, small is truly beautiful. The company announced a big-bang tie-up with Nortel More...
VODAFONE ACQUIRES MANAGEMENT CONTROL OF HUTCH ESSAR: VODAFONE cleared its last hurdle in acquiring a controlling stake in Hutch Essar More...
NGO CHALLENGES VODAFONE IN HC OVER 15% STAKE: NGO Telecom Watchdog has approached the Delhi HC, challenging the Foreign Investment More...
NEW DEVELOPMENTS AND JOINT VENTURES
PHARMA MAJOR WOCKHARDT BUYS OUT FRENCH RESEARCH FIRM: DOMESTIC pharma major Wockhardt has become the first Indian company to acquire a non-generic, innovative over seas company with three patented products and a research base that has. More...
TATA TEA SETS UP JV IN CHINA WITH ZHEJIANG: TATA Tea has inked a joint venture agreement with China's Zhejiang Tea Import & Export Co (ZTIE) for setting up a company in the economic development zone of Anji county in Zhejiang. More...
BIGGEST JAPANESE ACQUISITION IN INDIA: JAPANESE electrical giant Matsushita Electric Works, which owns the National Panasonic brand, has bought 80% stake in Mumbai based electrical accessories major Anchor Electricals for Rs 2,000 crore. More...
WRIGLEY MERGES JOYCO INDIA OPERATIONS WITH SUBSIDIARY: WRIGLEY, the world's largest chewing gum maker, has merged the operations of Joyco India with its wholly-owned arm in the country. More...
MUMBAI BASED ANCHOR GROUP ACQUIRES FORHANS: MUMBAI-BASED Anchor Group has acquired Forhans, the once-popular toothpaste brand, for an undisclosed sum from John Oak Remedies, an Indian company. More...
WOCKHARDT MAKES INDIA'S THIRD LARGEST PHARMA ACQUISITION: In the third-largest overseas acquisition by an Indian pharmaceutical company, Mumbai-based More...
MID-SIZE IT COS SETTING AGGRESSIVE ACQUISITION TARGETS: WHILE the big five of Indian IT have been shying away from large acquisitions, mid-size IT players have been setting more aggressive acquisitions targets. More...
JINDAL STAINLESS PLANS RS 5,600-CR PLANT AT KALINGA NAGAR: IN a major expansion drive, Jindal Stainless (JSL) plans to spend Rs 5,600 crore for setting More...
TATAS ACQUIRE POLISH TEA BRANDS VITAX & FLOSANA: TATA Tea has acquired two Polish tea brands Vitax and Flosana from Premium Foods SA, a local company headquartered More...
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