INDIA BUSINESS WORLD - 1st JANUARY - TO - 15th JANUARY - 2009
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
SATYAM CHIEF RAMALINGA RAJU ADMITS TO COMMITTING THE COUNTRY'S BIGGEST FINANCIAL FRAUD : A stunned India Inc, rattled investors and the government were left to pick through the debris to salvage what is left of Satyam Computer Services after its founder and chairman admitted to committing the country’s biggest financial fraud............More....
NO AGREEMENT NEEDED FOR CONVICTING A PERSON FOR DOWRY DEATH, RULES SUPREME COURT : The Supreme Court has ruled that no agreement for giving or taking dowry is required to prove the offence of dowry death.......More....
TRANSFEREE WON’T GET LAND IN CASE ORIGINAL ALLOTMENT IS CANCELLED, RULES SUPREME COURT : The Supreme Court has ruled that a person who is a transferee of a plot of land allotted to the transferor by an Improvement Trust cannot claim a right to continue with such allotment if it was cancelled with the approval of the trust........More....
Others..
BUSINESS NEWS
34 FDI PROPOSALS OF RS 1,615 CR OKAYED : THE government has cleared 34 foreign direct investment (FDI) proposals worth Rs 1,615 crore.....More....
TOP MNC BANKS, ARMS LOSE TRIPLE A STATUS :CITIBANK and its four affiliates along with associates of Barclays, Deutsche Bank and JP Morgan have lost their triple A status in India..........More....
AUROBINDO PHARMA GETS USFDA NOD FOR TWO DRUGS : Drug maker Aurobindo Pharma has said that it has received approvals from US drug regulator for Stavudine capsules and Stavudine oral solution, which are used in the treatment of HIV-1 infection..........More....
PROVIDENCE, SYMPHONY LARGEST PE INVESTORS IN ’08 : US-based private equity fund Providence Equity Partners and UK’s Symphony Capital have emerged as the two largest PE investors in India for 2008, as per data compiled by advisory firm Grant Thornton.......More....
FOREIGN LAW FIRMS GET TAX REPRIEVE FROM BOMBAY HIGH COURT: FOREIGN law firms have received a shot in the arm following a judgement from the Bombay High Court which clearly states that their income will be taxable in India only to the extent of their operations in India.........More....
SINGAPORE'S CHANGI AIRPORT BUYS 26% STAKE IN BENGAL AEROTROPOLIS PROJECTS LTD (BAPL) : SINGAPORE’s Changi Airport International Pte has picked up a 26% stake in Bengal Aerotropolis Projects Ltd (BAPL), which is setting up a Rs 10,000-crore airport city in Durgapur.........More....
FABINDIA BUYS 25% IN UK RETAILER EAST : INDIAN ethnicwear chain Fabindia has picked up a 25% stake in UKbased womenswear retailer EAST for an undisclosed amount, with an option to acquire the rest of the shares in three years, the New Delhi-based company confirmed........More....
WORLD BANK DISCLOSES BANNING OF WIPRO TECHNOLOGIES AND HYDERABAD SOFTWARE COMPANY MEGASOFT SINCE 2007: WIPRO Technologies and Hyderabad software company Megasoft were embarrassed by a belated public disclosure by the World Bank that they had been barred from its contracts in 2007, but both the companies said the decision would have no impact on their revenues.......More....
PRICE WATERHOUSE ADMITS GOOF-UP IN SATYAM AUDIT : A week after Satyam founder B Ramalinga Raju’s scandalous confession, it’s the turn of his auditors. Price Waterhouse has finally admitted that its audit report, which overlooked one of India’s largest corporate frauds, is wrong as it was based on wrong financial statements provided by the Satyam management.......More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
TCS COMPLETES CITIGROUP BPO ACQUISITION : Tata Consultancy Services (TCS) is in talks to win two large BPO contracts due to its acquisition of Citigroup's captive BPO, Citigroup Global Services (CGSL), a company official said.........More....
ONGC CLOSES IMPERIAL DEAL : ONGC Videsh (OVL), the overseas investment arm of India’s largest oil exploration company ONGC, has formally announced the acquisition of Imperial Energy after 96.82% shareholders of the UK-based company accepted its open offer........More....
MAHINDRA & MAHINDRA -BAE SYSTEMS JOINT VENTURE GETS NOD : The Indian government has given the go-ahead for UK-based defence giant BAE Systems’s joint venture with Mahindra & Mahindra. BAE will have 26% in the JV, which will manufacture artillery, armoured vehicles and anti-land mine vehicles in Indi.......More....
Others..
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