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INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - MAY 11th - MAY 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
ANNUAL CONFIDENTIAL REPORT OF PUBLIC SERVANTS TO BE COMMUNICATED TO THEM, RULES SUPREME COURT : In a boost to transparency in public administration, the Supreme Court has ruled that every entry in the Annual Confidential Report (ACR) of public servants barring defence officers must be communicated to them.......More....
SUPREME COURT QUESTIONS BENGAL GOVT ON SINGUR LAND, ORDERS STATUS QUO FOR NOW : The Supreme Court sought an explanation from the West Bengal government and others on a bunch of petitions challenging acquisition of land at Singur for Tata Motors Nano car project.......More....
SUPREME COURT UPHOLDS CONVICTION OF SHAUKAT GURU IN PARLIAMENT ATTACK CASE : The Supreme Court has upheld 10-year rigorous imprisonment awarded to Shaukat Hussain Guru in the Parliament attack case rejecting the his petition challenging the legality of conviction........More....
OBC QUOTA: SUPREME COURT CLEARS WAY FOR ADMISSIONS TO PG COURSES : THE Supreme Court has allowed admission of OBC students to post-graduate courses, putting on hold the Calcutta High Court order restraining IIM-Calcutta from rolling out the new reservation regime......More....
18 FDI PROPOSALS RECEIVE GOVERNMENT NOD, 14 FDI PROPOSALS WORTH RS 826 CR GET FIPB NOD : THE government has approved 18 foreign direct investment (FDI) proposals totalling Rs 1,820.24 crore, including Manipal Educational Group’s plan to induct foreign investment of Rs 1,435 crore in a holding company........More....
DOMESTIC COS CAN’T SEEK ARBITRATION OVERSEAS: SUPREME COURT : The Supreme Court has ruled that two Indian companies locked in a dispute cannot seek international commercial arbitration, as it tantamount to condoning the home country’s law.......More....
SUPREME COURT PULLS UP HEALTH INSURERS FOR REFUSING POLICY RENEWAL : INSURANCE companies can no longer refuse to renew a health insurance policy on the grounds that insured’s claims ratio (the ratio of claims to premium paid) is too high.......More....
SUPREME COURT: TRADEMARK JUDGEMENT FACTORS TO DIFFER IN CASES : The Supreme Court has said that trademark disputes between companies would be decided on the basis of various factors which could differ from case to case......More....
NO RE SCRUTINY FOR ACCOUNTS MAINTAINED UNDER COMPANIES ACT: SUPREME COURT : The Supreme Court has ruled that if the accounts of a company are maintained in accordance with the requirements of the Companies Act (CA), the Income Tax Department has no jurisdiction to re-scrutinise the accounts to ascertain whether the accounts have been maintained as per the CA.......More....
SEBI AMENDS FOREIGN INSTITUTIONAL INVESTORS REGULATIONS ACT, 1995 : Indian equity monetary body Securities and Exchange Board of India (SEBI) has amended SEBI (Foreign Institutional Investors) Regulations Act of 1995.......More....
LIFE IMPRISONMENT FOR VIKAS, VISHAL YADAV IN KATARA CASE : A city court has sentenced Vikas and Vishal Yadav to life imprisonment in the Nitish Katara murder case.........More....
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BUSINESS NEWS
SUPREME COURT RIDERS ON TAX REBATE FOR FOREIGN INSTITUTES : THE Supreme Court has said that ‘non-profit’ foreign educational institutions having branch offices in India can claim tax exemption only if they impart education in India....... More....
EXTERNAL COMMERCIAL BORROWING POLICY MODIFIED : The External Commercial Borrowing (ECB) policy is regularly reviewed by the Government in consultation with Reserve Bank of India (RBI) to keep it in tune with the evolving macroeconomic situation, changing market conditions, sectoral requirements, the external sector and lessons of experience..........More....
RCOM AWARDS $400M DEAL TO ALCATEL-LUCENT : infrastructure company Alcatel-Lucent has bagged outsourcing contract for network-managed services (NMS) from Anil Ambani group firm Reliance Communications (RCOM) for both CDMA and GSM networks...... More....
RANBAXY GETS REPRIEVE IN FORTWIN SALES CASE : In a reprieve to pharma major Ranbaxy Laboratories, the Supreme Court has held that the company did not violate any law by selling a traumatic pain drug Pentazocine, in the formulation of Pentazocine injection, sold under brand name Fortwin beyond the exemption date of October 31, 1999.........More....
ONLY CHARTERED OR COST ACCOUNTANTS CAN AUDIT, CERTIFY SALES TAX RETURNS: SUPREME COURT : THE Supreme Court has upheld the order which had said that only chartered or cost accountants will be eligible to audit and certify sales tax returns. The decision will affect lawyers specialising in sales tax laws and former sales tax officers who work as sales tax practitioners........ More....
CADILA GETS FDA NOD TO MARKET FOUR DRUGS : Pharma major Zydus Cadila has said it has received approval from Food and Drug Administration (FDA) to market four products, including antidepressant Escitalopram Oxalate tablets in the US........More....
SUPREME COURT ALLOWS BANKS, FIS TO RECOVER DUES FROM KETAN PAREKH : The Supreme Court has held that banks and financial institution can claim their dues from stock scam kingpin Ketan Parekh by selling his securities.........More....
SUVEN GETS DRUG PATENTS IN RUSSIA, AUSTRALIA : Pharmaceutical firm Suven Life Sciences has said the Russian and Australian Patent offices have granted product patent to the company for compounds used in the treatment of neuro-degenerative diseases.....More....
SEBI GIVES FOREIGNERS EASIER ACCESS TO THE INDIAN STOCK MARKET : ABLOATED oil import bill, weakening rupee, and huge FII outflows ($3 billion so far this year) have forced the government to give foreign individuals and corporates easier access to the Indian stock market...... More....
CENTRAL SALES TAX (CST) REDUCED TO 2% FROM 1ST JUNE, 2008 : On the basis of the discussions between the Empowered Committee (EC) of State Finance Ministers and the Union Finance Minister regarding the compensation package, the Government of India, Ministry of Finance, Department of Revenue has issued a notification on 30th May, 2008 to bring into effect from 1st June, 2008 the new reduced rate of CST of 2 per cent on inter-State sales of goods.........More....
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NEW DEVELOPMENTS AND JOINT VENTURES
DEUTSCHE BANK’S MISRA BUYS 30% IN CHENNAI IT SEZ FOR RS 262 CRORE : Rajeev Misra, global head of Deutsche Bank’s credit trading business, in his individual capacity, has acquired 30% equity stake in Chennai-based Rattha group’s special economic zone project for about Rs 262 crore.........More....
ZYDUS CADILA BUYS SPAIN’S LABORATORIES COMBIX : AHMEDABAD-Based pharma major Zydus Cadila has acquired 100% stake in Spanish pharma company Laboratorios Combix for an undisclosed sum......More....
BHEL ACQUIRES AILING BHARAT HEAVY PLATE AND VESSELS (BHPV) : GNavratna company Bharat Heavy Electricals (Bhel) has formally taken over Bharat Heavy Plate and Vessels (BHPV). This became a zero liability takeover for Bhel after the central government and the state government of Andhra Pradesh agreed to share all the financial liabilities of the ailing public sector company.......More....
RANBAXY, MERCK IN R&D TIE-UP : RANBAXY Laboratories has signed a strategic product development agreement with German pharma major Merck for drug discovery and clinical development collaboration in the anti-infectives field......More....
INDIA INKS MOU WITH FRANCE TO MODERNISE RAILWAYS : The Indian Railways has signed an MoU with their French counterpart SNCF International to modernise railway infrastructure in India......More....
LAFARGE BUYS L&T’S READY-MIX ARM FOR $349M : LAFARGE, the world’s second-largest cement maker, has acquired Larsen and Toubro’s ready-mix concrete (RMC) business for $349 million (Rs 1,480 crore) ....More....
RELIANCE INDUSTRIES SEALS $1-BILLION JOINT VENTURE WITH THE NEW YORK STOCK EXCHANGE-LISTED VORNADO REALTY TRUST : In what could mark its foray into the real estate and hospitality sectors, Reliance Industries has sealed a $1-billion joint venture with the New York Stock Exchange-listed Vornado Realty Trust to set up a real estate fund that will develop a network of mega malls and highway shopping centres in India, not just for Reliance Retail (RRL) but also others...More....
CHAMPAGNE INDAGE ACQUIRES UK’S DARLINGTON WINES : Champagne Indage has said it has acquired the consolidated assets of the UK-based Darlington Wines through its overseas subsidiary......More....
RBI OKAYS MERGER OF CENTURION BANK OF PUNJAB WITH HDFC BANK : The Reserve Bank of India (RBI) has approved the merger of Centurion Bank of Punjab (CBoP) with HDFC Bank and the amalgamation would be effective from May 23......More....
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