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INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - JUNE 1st - JUNE 30th - 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
GOVT OKAYS 74% FDI IN SATELLITE RADIO : TELECOM regulator Trai has sent its revised recommendations on satellite radio, where it has recommended an FDI cap of 74% and a 4% revenue share for all players who want to offer services on this platform.......More....
HINDU MARRIAGE ACT BEING MISUSED: SUPREME COURT : THE Supreme Court has said that the Hindu Marriage Act has broken homes than uniting them, taking note of divorce cases flooding the courts.......More....
SUPREME COURT PERMITS RESTORATION OF TIN FENCING OF SAHARA SHAHR : In a major relief for Sahara India Commercial Cooperation Ltd (SICCL), the Supreme Court today permitted the company to restore tin fencing of Sahara Shahr project in Gomti Nagar, Lucknow........More....
CORPORATE AND INCOME TAX COLLECTIONS SHOW GROWTH RATE OVER 43% : Collection from Corporate Income Tax and Personal Income Tax as on 21st June, 2008 is Rs. 49,411 crore exhibiting a growth rate of 43.45% over previous year......More....
NO CLARITY IN SC/ST (PREVENTION OF ATROCITIES) ACT, SAYS POLICE : A top police official hastoday admitted that there was no clarity in the SC/ST (Prevention of Atrocities) Act regarding whether a complainant has to be present at the site where a section of the people burnt his effigy or slapped it with shes........More....
Others..
BUSINESS NEWS
BCCL PICKS UP STAKE IN LOTUS EYE CARE HOSPITAL : In a pre-IPO placement, Lotus Eye Care Hospital has sold 2.55 lakh shares of Rs 10 each at a price of Rs 50 each to Bennett, Coleman & Company (BCCL), publishers of The Times of India and The Economic Times....... More....
TAX SWORD HANGS OVER RANBAXY-DAIICHI DEAL : In what could play a crucial role in the Ranbaxy-Daiichi deal, it has been learnt that there is a clause in the agreement which says the 34.8% holding of promoters will be sold through a stock exchange transaction..........More....
GLENMARK GETS FDA NOD FOR BLOOD PRESSURE DRUG : Drug maker Glenmark Pharmaceuticals said it has received approval from the United States Food and Drug Administration (FDA) for marketing and distribution of Trandolapril tablets, used in the treatment of high blood pressure.......... More....
REAL ESTATE FIRM HOUSING DEVELOPMENT AND INFRASTRUCTURE (HDIL) BUYS 51% IN SAB MEDIA CO : REAL estate firm Housing Development and Infrastructure (HDIL) has said that it has acquired a 51% stake in Broadcast Initiative (BIL), a Sri Adhikari Brothers - controlled media firm, for an undisclosed amount.........More....
VERISIGN, AIRTEL IN 3-YR PACT : Bharti Airtel and US-based networks security major VeriSign have entered into an exclusive threeyear arrangement where both companies will jointly develop specific security solutions for Indian corporates........ More....
GOLDMAN BUYS MINORITY STAKE IN STERLING & WILSON FOR 200 CR : PRIVATE equity firm Goldman Sachs has acquired a minority stake in Shapoorji Pallonji’s engineering arm Sterling & Wilson for over Rs 200 crore........More....
MANEESH PHARMA BUYS 51% STAKE IN US FIRM SYNOVICS : TMID-sized pharma firm Maneesh Pharmaceuticals has acquired 51% stake in US-based Synovics Pharmaceuticals for an undisclosed amount.........More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
KAMANWALA PICKS UP 10% IN NOIDA IT PARK FOR RS 25 CRORE : Mumbai-based Kamanwala Housing Construction (KHCL), a listed entity, has said that it has picked up 10% stake in an upcoming IT park in Noida for Rs 25 crore.........More....
TECH MAHINDRA INKS $8-MILLION DEAL WITH TELECOM FIJI : Tech Mahindra has inked an $8-million deal with Telecom Fiji, subsidiary of Amalgamated Telecom Holdings (ATH) ......More....
PANTALOON FORMS JV WITH FRENCH APPAREL CO CELIO : Future Group flagship enterprise Pantaloon Retail has signed a 50-50 JV with French apparel firm Celio to add to its garment retailing in India.........More....
RELIANCE BRANDS IN 50:50 JV WITH PAUL & SHARK : ITALY’s luxury sportswear brand Paul & Shark has struck an equal joint venture with Reliance Brands to open doors in India. The $600-million family run fashion business will apply to FIPB for FDI under single brand retailing......More....
MTN ACQUIRES VERIZON’S SOUTH AFRICAN ISP ENTITY : Telecom major MTN, currently in exclusive negotiations with India's Anil Ambani-led Reliance Communications for a possible merger, announced acquisition of Verizon South Africa, an internet service provider (ISP) majority owned by US-based Verizon Communications............More....
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