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INDIA BUSINESS WORLD OCTOBER (1st - 20th) 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
RBI EASES NBFC NORMS FOR FOREIGN BANKS: The Reserve Bank of India appears to have relaxed its policy on granting licences to foreign banks for setting up non-banking finance companies (NBFCs) . More....
CBI FILES CHARGESHEET AGAINST EX-SBI OFFICIAL FOR FRAUD: The CBI has filed a charge sheet against a former MD of the State Bank of India (SBI) for siphoning off funds to the tune of Rs 5 crore. More....
EX-MP ANAND, 2 OTHERS AWARDED LIFE SENTENCE FOR 'KILLING' DM: In a development that will reinforce public faith in the capacity of the criminal justice system, a Patna court has sentenced to death former MP Anand Mohan for inciting a mob to kill former district magistrate of Gopalganj G Krishnaiah in December 1994. More....
CENTRE APPROVES RS 21,000 CR FOR SARVA SHIKSHA ABHIYAN: The Centre has approved over Rs 21,000 crore this fiscal for the Sarva Shiksha Abhiyan (SSA) . More....
INFLATION HALTS 5-WEEK FALL, RISES TO 3.42%: After softening for five consecutive weeks to a five-year trough, India's inflation rate moved up marginally in the third week of September on account of costlier food products and manufactured goods. More....
SUPREME COURT NOTICE TO CENTRE, DELHI ON SEALING ORDINANCE: The Supreme Court has sought to issue notices to the Centre, Delhi Government and others on an application challenging a fresh Ordinance issued by the urban development ministry providing immunity against sealing / demolitions of all unauthorised constructions in the capital. More....
COURTS CAN AWARD IMPRISONMENT FOR DEFAULT OF FINE: SC: The Supreme Court has ruled that the court has implicit power to award imprisonment in default of payment of fine even under the special laws like the Narcotic Drugs and Psychotropic Substances Act, 1985 where there is no such express power is provided. More....
SUPREME COURT DECLINES TO HEAR PETITION ON INDO-US DEAL: The Supreme Court has dismissed a petition seeking Parliament's approval before going ahead with the agreement on Indo-US nuclear deal. More....
APEX COURT SETS NORMS FOR ISSUING NON-BAILABLE WARRANTS: Taking a serious note of courts issuing non-bailable warrants in casual and mechanical ways, the Supreme Court in a significant ruling has set the guidelines for issuing of such warrants. More....
SUPREME COURT REFUSES TO VACATE STAY ON MUSLIM QUOTA: The Supreme Court has refused to vacate its stay on further admissions of Muslim students in educational and professional colleges under the controversial Andhra Pradesh law providing 4% reservation to the community. More....
ACP, 9 COPS CONVICTED FOR CP SHOOTOUT: A city court convicted S S Rathi, the suspended assistant commissioner of Delhi Police and nine other policemen for killing two innocent businessmen in 10-year-old sensational Connaught Place shootout case. More....
ICL CHALLENGES BCCI RULES IN DELHI HC: The legal battle between the Essel Group-promoted ICL and the official cricket board BCCI has got more intense, with the former challenging in the Delhi High Court the specific BCCI rules which prevent its players from participating in tournaments not organised by the board. More....
SUPREME COURT SETS RIDER FOR LAND PURCHASE BY GOVT: In a landmark judgment that's bound to impact governments' land acquisition for SEZs, the Supreme Court has ruled that agricultural land should not be acquired for "setting up a factory or for any other corporate purpose" . More....
INDIA'S DIRECT INVESTMENT ABROAD INCREASES 80% IN 2006-07: The massive surge in investment by foreign institutional investors (FII) after the Fed rate cut has prompted RBI to propose further liberalisation in norms of foreign investment by Indian companies, residents and mutual funds (ET September 25) . More....
STRONG FII INFLOWS LIFT FOREX RESERVES BY $12B: India's foreign exchange reserves rose by a record $11.9 billion during the week ended September 28 to top $248 billion as foreign portfolio investors poured money into stocks in the second-fastest growing economy in the world. More....
Others..
BUSINESS NEWS
RENEGOTIATE GAS DEAL: HC TO RIL & RNRL: The Bombay High Court has asked Reliance Industries (RIL) and Reliance Natural Resources (RNRL) to renegotiate the gas supply pact between the two saying that an earlier agreement of January 2006 was against the Ambani family settlement. More....
FIAT, TATA MOTORS SIGN ON DOTTED LINE FOR INDIAN JV: Fiat Group Automobiles and Tata Motors have announced the signing of the 50:50 joint venture to manufacture passenger cars, engines and transmission with an overall investment of € 650 million for the Indian and overseas markets. More....
MITTAL SIGNS MOU WITH HPCL, TOTAL, GAIL & OIL INDIA FOR $6-B REFINERY: After forging a joint venture with HPCL to set up a refinery in Punjab, LN Mittal group has signed a memorandum of understanding with HPCL, Total, Gail and Oil India for jointly developing another refinery-cum-petrochemical complex in Vishakhapatnam. More....
RELIANCE POWER TO RAISE $2.5 BILLION: Reliance Power, the Anil Ambani group firm, will raise $2.0-$2.5 billion in the country's largest power sector initial public offering (IPO). Reliance Power, which is implementing a clutch of large power generation projects across the country, will sell 10%-15% to the public and institutions in the coming months to fund various projects, the board of its parent, Reliance Energy (REL), said. More....
DLF BAGS RS 60,000-CR BIDADI PROJECT: Delhi-based real estate company DLF has been granted permission by the Karnataka government to implement the Bidadi integrated township project (BITP), about 30 km from the city. More....
RELIANCE BAGS EXCLUSIVE MARKETING AND DISTRIBUTION DEAL WITH APPLE INC: Reliance Retail has clinched an exclusive marketing and distribution deal with Apple Inc-the $19.3-billion iconic maker of iPods and Mac computers-for standalone outlets. More....
L&T BAGS RS 693-CR CONTRACT FROM INDIAN OIL CORPORATION: Engineering and construction major Larsen and Toubro has said it has bagged a Rs 693-crore contract from Indian Oil Corporation (IOC) for supplying recovery units for the sulphur plant to be set up by the state-run refiner. More....
NOKIA SIEMENS BAGS BSNL RURAL CONTRACT: Nokia Siemens Networks has bagged a greenfield rural tender from BSNL to deploy broadband access across 7,000 villages. The two-year agreement includes supply, installation and commissioning, training and annual maintenance. More....
TCS BAGS $1.2 B MSO CONTRACT FROM NIELSEN: In the biggest ever outsourcing deal won by an Indian firm, software leader Tata Consultancy Services (TCS) said it has secured a $1.2 billion global contract spread over 10 years from Dutch media and market information provider The Nielsen Company. More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
IPS PICKS UP 55% STAKE IN SCANTRANS: Singapore-based supply chain services major International Press Softcom (IPS) is acquiring majority stake in Chennai-based print and packaging firm Scantrans. IPS, listed on Singapore Stock Exchange, is picking up 55% stake in Scantrans for over $5 million (Rs 20 crore) . More....
DUTCH RETAILER SPAR TIES UP WITH LANDMARK: Dutch retail giant Spar has tied up with Landmark Group for hypermarket foray in India. The $37-billion behemoth has signed a licensing agreement with Max Hypermarkets India, a part of Landmark, to set up big box shops under the Spar brand. More....
BOEING & JET FINALISE $1.5-B AIRCRAFT DEAL: The Boeing Company and Mumbai-based Jet Airways has announced they have finalised an order for 20 next-generation 737-800s. The order is valued at nearly $1.5 billion at current list prices. More....
PATNI ENTERS INTO $200M DEAL WITH UK CO: In one of its largest deal wins, Patni Computer Systems said it has entered into an agreement with the UK-based The Carphone Warehouse (CPW) that could result in contracts worth around $200 million over five years covering a wide range of consultancy, software and maintenance services. More....
Others..
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