INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - OCTOBER 16th - OCTOBER 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
GOVERNMENT DE-RESERVES 14 ITEMS FROM SSI LIST: The government has said that it has de-reserved 14 more items meant to be exclusively manufactured by the small scale units, in a move to enable them compete globally....More....
PSBS WITH LESS THAN 12% CAPITAL ADEQUACY RATIO TO GAIN FROM GOVERNMENT CAPITAL MOVE: DENA BANK, ANDHRA BANK, VIJAYA BANK & UCO TO BENEFIT THE MOST: DENA Bank, Andhra Bank, Vijaya Bank and UCO will benefit the most, with the government decision to infuse capital into commercial banks to improve their capital adequacy ratio (CAR).... More....
MUTUAL FUNDS BUY SHARES WORTH OVER RS 2,000 CR IN SEPTEMBER: Taking bearish sentiments in the market as blessing in disguise, domestic mutual funds bent on value buying at lower levels and purchased equities worth over Rs 2,000 crore in September....More....
ALL CASES CAN'T BE QUASHED EVEN IF COMPROMISE IS REACHED: SUPREME COURT JUDGE: A Supreme Court judge has said that a larger bench should decide on segregating the non-compoundable offences which can be quashed on the ground that the parties have reached a compromise from those which can't be struck down....More....
GRANT BAIL ONLY FOR GOOD REASON: SUPREME COURT TELLS COURTS: THE Supreme Court has said that the bail granted to the accused is liable to be set aside if the adequate reasons for granting it are not laid out by the court.... More....
LAW COMMISSION: FAITH MARRIAGES CAN BE HELD UNDER SPECIAL MARRIAGE ACT: To avoid conflicts arising out of various personal laws, there is a growing view that all inter-religious marriages, except those within the Hindu, Buddhist, Sikh and Jain communities, be required to be held only under the Special Marriage Act, 1954.... More....
COMPANIES BILL, 2008 INTRODUCED IN LOK SABHA: The much-awaited Companies Bill, 2008 has been introduced in the Lok Sabha. Minister of Corporate Affairs, Shri Prem Chand Gupta introduced the Bill to consolidate and amend the law relating to companies.... More....
DELHI HIGH COURT: IMPOSES 1 LAKH FINE FOR DEROGATORY ADVERTISEMENT ON DHARAMPAL SATYAPAL GROUP: The Delhi High Court imposed a fine of Rs 1 lakh on Dharampal Satyapal Group (DS Group) for placing a defamatory advertisement that lowered the image of judiciary.... More....
RAJYA SABHA PASSES THE LIMITED LIABILITY PARTNERSHIP BILL, 2008: Rajya Sabha has passed the Limited Liability Partnership Bill, 2008. Minister of Corporate Affairs, Shri Prem Chand Gupta presented the Bill for consideration and passage by the House.... More....
SUPREME COURT: PAY MARKET VALUE TO RELEASE SEIZED ILLEGAL PROPERTY: The Supreme Court has held that the property confiscated or seized during investigation could be released only by paying the current market vale of the illegally acquired property.... More....
Others..
BUSINESS NEWS
SERUM INSTITUTE OF INDIA HIKES STAKE IN PANACEA BIOTEC: India's largest vaccine maker, Serum Institute of India, has picked up close to 7% stake in rival firm Panacea Biotec.... More....
PSUs BARRED FROM PULLING OUT MUTUAL FUND INVESTMENTS: PUBLIC sector companies, which had been allowed to invest in the equity markets through mutual funds, are now under pressure from the government to stay invested in the crumbling stock market.... More....
RBI EASES ECB ACCESS FOR COMPANIES: THE government and the Reserve Bank of India (RBI) have eased the norms on overseas borrowing for Indian companies to boost inflows and help corporates raise funds for projects.... More....
JUBILANT ORGANOSYS REALIGNES BUSINESS OF ITS ACQUIRED COMPANIES, HOLLISTERSTIER AND DRAXIS: Jubilant Organosys has realigned the businesses of its two recently acquired companies—HollisterStier Laboratories (US) and Draxis Specialty Pharmaceuticals (Canada)—into specialty pharmaceuticals and sterile injectables and non-sterile products areas.... More....
SEBI AMENDS CLAUSE 49 OF THE LISTING AGREEMENT: SEBI vide circular SEBI/CFD/DIL/CG/2/2008/23/10 dated 23rd October, 2008 has amended Clause 49 of the Equity Listing Agreement.... More....
SEBI PERMITS CREEPING ACQUISITION BEYOND 55%: SEBI vide its press release dated 27th October, 2008 has decided that consolidation through creeping acquisition shall be allowed up to a maximum of 75%.... More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
RELIANCE POWER TIES UP $2-B LOAN FOR SASAN POWER PROJECT: AT a time when most Indian companies are being forced to rework their funding plans given the global liquidity crunch, Reliance Power has managed to tie up a $2-billion financial package for the Sasan power project from the domestic debt market.... More....
DAIICHI BECOMES RANBAXY OWNER, UPS STAKE TO 52.5%: INDIA'S largest drug maker Ranbaxy is now a subsidiary of Japanese drug major Daiichi Sankyo. The Tokyo-based company bought 21.9% stake from the promoters and another 11% through allotment of preferential shares at Rs 737 per share.... More....
US-BASED TRANS-INDIA ACQUISITION CORPORATION (TIL) SIGNS AGREEMENT TO BUY 80% IN SOLAR SEMICONDUCTOR: US-BASED Trans-India Acquisition Corporation (TIL) has signed a definitive agreement to acquire over 80% stake in Solar Semiconductor, a city-based solar photovoltaic modules maker.... More....
UNITECH OFFLOADS 60% STAKE IN ITS TELECOM VENTURE TO NORWEGIAN TELECOM FIRM TELENOR: DELHI-based realty firm Unitech has offloaded a 60% stake in its telecom venture for Rs 6,120 crore to Norwegian telecom firm Telenor.... More....
Others..
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