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INDIA
BUSINESS WORLD -
AUGUST 2005
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
ANTI-DUMPING
DUTY ON NON-ALLOY STEEL ITEMS SCRAPPED: The government
has scrapped antidumping duty imposed on some grades of alloy
and non-alloy steel billets, bars and rounds…
NO
EXEMPTION FOR SEZ CORPORATIONS FROM FBT: Corporate
entities in the SEZ will have no exemption from the FBT although
they are exempt from several other central taxes and levies…
SUPREME
COURT SLP ON BANGLA MIGRANTS: Supreme Court dimisses
a Special Leave Petition (SLP) filed by the Centre, seeking
quashing of a Delhi High Court order on deportation of illegal
Bangladeshi immigrants from the Capital…
PAYMENTS
MADE TO GLOBAL CREDIT RATING AGENCIES TAXABLE :
Payments made to global credit rating agencies by Indian companies
are subject to withholding tax in India..
NEW
IT ACT TO SPELL END OF STING TV : The amendments to
the IT Act, submitted to the law ministry for approval, have
addressed issues never explored in Indian legal history.
BUSINESS NEWS
RELIANCE
CAP PUTS RS 600 CR IN 12 COS: Anil Ambani-controlled
Reliance Capital has emerged as one of the leading domestic
private equity companies with investments in a dozen companies…
AYURVEDA
PRODUCTS BANNED IN CANADA: The Canadian government
has banned the sale of Indian ayurvedic medicines in the country…
COMPANIES
TO MAINTAIN 25% PUBLIC STAKE AT ALL TIMES: From now
on companies will have to maintain the stipulated minimum
public holding (non-promoter) level at 25% on a continuous
basis
STAFF
STRENGTH NOT A CRITERION FOR PAYING FBT : A
foreign company with a branch or a liaison office in India
will have to pay fringe benefit tax (FBT) even if it has only
one employee on its rolls stationed here.
RANBAXY BACK IN WHO'S GOOD BOOKS:
There's good news for the Indian pharma industry, and
in particular Ranbaxy Laboratories.
NEW DEVELOPMENTS AND JOINT VENTURES
ESSAR
BUYS HUTCHISON'S 3.43% FOR $61 MILLION: Essar Teleholding,
the telecom arm of the Essar group, has bought an additional
3.43% stake held by Hutch group company Usha Martin Telemetics
in Hutchison-Essar for Rs 267 crore ($61 million)…
TEMASEK
TAKES 15% STAKE IN SHRINGAR FILMS: Temasek Holdings
of Singapore is taking a 14.9% stake in Shringar Films at
Rs 62.50 a share…
AMTEK
IN 50:50 JV WITH GERMAN CO: Amtek Auto has struck
a deal with another German auto component maker, Neumayer
Tekfor GmbH, for setting up a 50:50 joint venture.
EUSTACE
TO TAKE OVER AS CEO OF COCA COLA INDIA : The
revamp of Coca Cola India's operations is set for an official
seal of approval from its headquarters at Atlanta.
BMW
TO HIKE STAKE IN INDIAN ARM TO 100% : The government
has cleared a proposal by BMW AG and BMW Holdings to acquire
30% stake of the two partners in its Indian subsidiary BMW
India.
SIRPUR
PAPER TAKES OVER GERMAN UNIT FOR RS 18 CR : Sirpur
Paper Mills has acquired the German paper plant of Hoffmann
& Engelmann in a 3.3-million euros (approximately Rs 18
crore) deal.
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