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INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - JULY 1st - JULY 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
COMMERCIAL PROPERTY OF TAX EVADERS TO BE ATTACHED: CBEC: With a view to curb rising tax evasion, especially by exporters, big manufacturers and service providers, the government would now be able to provisionally attach the property of evaders to recover dues....More....
SUPREME COURT RULES IN FAVOUR OF TATA POWER: The Supreme Court has set aside Reliance Energy’s claim that its competitor Tata Power cannot supply electricity to small retail consumers in Mumbai....More....
FIPB DEFERS FDI NOD FOR JAPAN TOBACCO: THE Foreign Investment Promotion Board (FIPB) has deferred a proposal from Japan Tobacco International (JTI), the world’s third largest cigarette manufacturing company, to increase stake in its Indian venture to 74% from the current level of 50%........More....
ADANIS GET APEX COURT NOD FOR MUNDRA SEZ: IN A reprieve to the Adani Group, the Supreme Court has allowed the company to go ahead with construction activities for setting up a Rs 7,400-crore multiproduct special economic zone (SEZ) at Mundra in Gujarat......More....
RANBAXY FACES ADULTERATION CHARGES IN US: THE US government has levelled serious allegations against India’s largest drugmaker, Ranbaxy Laboratories, which in turn has refuted the charges.....More....
SUPREME COURT GIVES CBI GREEN LIGHT TO ARREST KETAN PAREKH: THE Supreme Court has given go-ahead to the Central Bureau of Investigation (CBI) to arrest stockbroker Ketan Parekh in connection with the Madhavpura Mercantile Co-Operative Bank case, reports Sanjay K Singh in New Delhi..........More....
UNION GOVERNMENT HAS GIVEN ITS APPROVAL TO THE AMENDMENTS TO STATE BANK OF INDIA (AMENDMENT) BILL, 2006: The Union Cabinet has given its approval to the following proposals for : a) carrying out the amendments to the State Bank of India (Amendment) Bill, 2006 introduced in the Lok Sabha on 18th December, 2006.......More....
LAW COMMISSION RECOMMENDS AMENDMENT OF EXPLANATION TO SEC. 6 OF THE HINDU SUCCESSION ACT, 1956: The Law Commission has recommended (i) Amendment of explanation to Section 6 of the Hindu Succession Act, 1956 to include oral partition and family arrangement in the definition of ‘partition’; and......More....
UNION CABINET GIVES ITS APPROVAL FOR THE AMENDMENT TO THE PAYMENT OF GRATUITY ACT, 1972: The Union Cabinet today gave its approval to accept one recommendation of the Standing Committee of giving effect to the amendments retrospectively with effect from 3rd April, 1997 and to move Payment of Gratuity (Amendment) Bill, 2008 in the Parliament .......More....
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BUSINESS NEWS
PAN MASALA & GUTKA MAKERS TO PAY EXCISE DUTY ON OUTPUT: Pan masala and gutka makers will now have to mandatorily pay excise duty based on production. Till now, production-based levy was optional...... More....
PAYMENT TO FOREIGN COS FOR SERVICES IS TAXABLE IN INDIA: Earnings of foreign companies through supply of software and providing technical services to domestic entities will be taxed in India......More....
CIPLA GETS PATENT FOR NEXIUM, FOSAMAX MODIFIED VERSIONS: Domestic pharma major Cipla has received product patents for new forms of two blockbuster drugs—Osemaprazole and Alendronate—from the Indian authorities.........More....
BHARTI AXA GENERAL GETS REGULATORY APPROVAL: Bharti AXA General Insurance Company, a joint venture between Bharti Group and AXA Group, has announced that the company has been granted certificate of registration by the Insurance Regulatory Development Authority (IRDA), thus paving way for the commencement of business........More....
INDIA GARNERS $4 BN FROM IPOS IN FIRST THREE MONTHS OF ’08: The credit crunch and ensuing financial turmoil notwithstanding, emerging markets continue to drive IPOs globally with India accounting for one-third of the total amount raked in by BRIC nations in the first three months of 2008........ More....
L&T BAGS RS 1,048-CR ORDER FROM RLYS FOR BIHAR PLANT: Engineering and construction firm Larsen and Toubro has said that it has bagged a Rs 1,047.60-crore contract from the Railways for setting up a steel wheel manufacturing plant in Bihar.........More....
UNITECH REALTY FUND RAISES $300 MILLION: UNITECH International real estate fund is learnt to have raised $300 million, which will be deployed in Unitech’s residential projects. The new fund will help the country’s second largest listed developer tide over the liquidity crunch dogging almost all real estate firms at present.........More....
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NEW DEVELOPMENTS AND JOINT VENTURES
PIRAMAL HEALTHCARE BUYS PLASMASELECT: Ajay Piramal-promoted Piramal Healthcare has said that it has acquired Germany-based PlasmaSelect AG’s, polygeline-based blood plasma products, for an undisclosed amount.........More....
SOBHA SELLS B’LORE PROJECT STAKE TO DUBAI CO FOR $10M: City-based realty major Sobha Developers (SDL) has informed the bourses that it has sold a 40% stake in an upcoming Bangalore project to a Dubai-based firm, Pan Atlantic, for $10 million (Rs 43.3 crore).....More....
R-ADAG BUYS CONTROL OF SAUDI FINANCE FIRM WITH 26% STAKE: OVERSEAS financial services business is the new target of Indian firms. R-ADAG group is picking a 26% stake with management control in a full-fledged financial services company in Saudi Arabia.......More....
NAKODA TEXTILE INDUSTRIES ACQUIRES 18.5% IN SURAT PARK:Nakoda Textile Industries, a leading polyesteroriented yarn (POY) manufacturer, has acquired a 18.5% stake in Surat Super Yarn Park, which is coming up near Surat....More....
J P MORGAN BUYS 4% STAKE IN BPTP FOR RS 250 CRORE: FINANCIAL services giant J P Morgan Chase is learnt to have bought around 4% stake in Delhi-based realty firm BPTP for Rs 250 crore through the preferential equity route......More....
JUBILANT TIES UP WITH US FIRM AMGEN FOR DRUG DISCOVERY:Drug major Jubilant Biosys has announced a tie-up with USbased Amgen for drug discovery partnership in multiple therapeutic areas....More....
WARBURG PINCUS TO TAKE 10% IN MONNET POWER FOR RS 350 CRORE: PRIVATE equity firm Warburg Pincus is close to picking up 10% stake in Monnet Power, a subsidiary of Delhi-based Monnet Ispat & Energy for around Rs 350 crore....More....
PARSVNATH BUYS 38% IN BHATIA’S NANOCITY:Parsvnath Developers has picked up 38% stake in Hotmail founder Sabeer Bhatia’s Nanocity project, a knowledge city to be spread on 11,000 acres in Panchkula...More....
DUBAI PE FIRM BUYS 15% IN AVENDUS INDIA: EVEN as the equity market has fallen sharply in India, investors from the Gulf region seem to have kept their interest the country intact. Eastgate Capital Group, a Dubai-based private equity (PE) firm, is looking at raising an India-dedicated private equity fund of over $250 million.......More....
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