INDIA BUSINESS WORLD - 16th JANUARY - TO - 31st 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
ARBITRATION CANNOT BE DENIED ON PROCEDURAL ISSUES, RULES SUPREME COURT : THE Supreme Court has ruled that an arbitrator can be appointed to resolve disputes between two parties even though the arbitration agreement between them does not mention the procedure for such an appointment............More....
PETROL CHEAPER BY RS 5, DIESEL RS 2, LPG RS 25 : In the second such move in less than two months, the government slashed the price of petrol by Rs 5 a litre, diesel by Rs 2 a litre and cooking gas by Rs 25 per 14.2 kg cylinder.......More....
CENTRE REJECTS 205TH LAW COMMISSION’S RECOMMENDATION FOR REDUCING MARRIAGE AGE OF BOYS : The Centre has rejected the recommendation of the 205th Law Commission to reduce the marriage age of men from 21 to 18 years........More....
SBI OFFERS HOME LOANS AT 8% FLAT : THE country’s largest bank, State Bank of India (SBI), has unveiled an offer to provide loans to all new home buyers at a fixed rate of 8 % — the lowest rate offered by any lender........More....
SUPREME COURT BAR ASSOCIATION OPPOSED TO CRIMINAL PROCEDURE CODE AMENDMENT BILL : The Supreme Court Bar Association is opposed to the amendments made in the Criminal Procedure Code (CrPC) giving discretionary powers to police not to arrest a person who is involved in an offence having maximum sentence of seven years.......More....
DELHI HIGH COURT QUASHES BAN ON SMOKING IN FILMS : Striking down the Government’s notification of 2006, the Delhi High Court today allowed the depiction of smoking scenes in the films as the fundamental right of a film maker to show his creative abilities.......More....
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BUSINESS NEWS
FICCI ENDS 8-YEAR RELATION WITH PWC : INDUSTRY body FICCI has snapped an eight-year-old partnership with PricewaterhouseCoopers for its annual media and entertainment sector survey, a chamber spokesman said.....More....
INVESTMENT BANK LAZARD TO EXIT SATYAM; SELLS 5.3% OF THE COMPANY’S TOTAL EQUITY :MIFFED over the uncertainty over the government granting a board seat in Satyam Computer, investment bank Lazard has sold a larger portion of its stake in the software firm and may sell the rest in the next few trading trading sessions..........More....
GLENMARK, LUPIN, ORCHID CHEMICAL AND PHARMACEUTICAL AND AUROBINDO PHARMA GET FDA NOD FOR KEPPRA GENERICS : Four pharma companies — Glenmark, Lupin, Orchid Chemical and Pharmaceutical and Aurobindo Pharma — said they have received US Food and Drug Administration (FDA) approval for marketing levetiracctam tablets used in the treatment of seizures associated with Epilepsy.........More....
FRENCH CO INKS RS 800CR DEAL WITH MUMBAI-BASED CELLO PENS : FRENCH pen and stationery manufacturer BIC has bought a 40% stake in Mumbai-based stationery products maker Cello Pens for Rs 800 crore ($160 million)......More....
RANBAXY SUFFERS RS 680-CR LOSS ON US BAN : RANBAXY Laboratories, India’s largest drugmaker by sales, reported a loss for the second consecutive quarter hit by foreign exchange fluctuations and a ban on some of its drugs in the US, its largest market........More....
LARSEN & TOUBRO (L&T) TRIPLES ITS STAKE IN SATYAM COMPUTER SERVICES TO 12% : LARSEN & Toubro (L&T) has tripled its stake in Satyam Computer Services to 12%, firing a shot across the brow of potential rivals in the battle to take over the stricken software exporter and piling on the pressure on authorities to bless the transaction........More....
MUNICH RE, THE WORLD’S LARGEST REINSURANCE FIRM BY REVENUES, IS PICKING 0.2% STAKE IN APOLLO ENERGY FOR RS 73.6 CRORE : MUNICH Re, the world's largest reinsurance firm by revenues, is picking 0.2% stake in Apollo Energy for Rs 73.6 crore, valuing the firm at a staggering $7.5 billion(Rs 36,835 crore), a person directly involved in the transaction said........More....
HCL BAGS NOKIA DESKTOP MANAGEMENT DEAL FOR 76 NATIONS : TOP handset maker Nokia has outsourced its desktop maintenance and support in 76 countries to HCL Technologies in a multimillion dollar contract spread over five years and starting this April.......More....
COURT ALLOWS RELIANCE INDUSTRIES TO SELL NATURAL GAS FROM ITS FIELD IN THE KRISHNA GODAVARI BASIN TILL FINAL VERDICT : THE Bombay High Court has allowed Reliance Industries (RIL) to begin selling natural gas from its field in the Krishna Godavari basin to consumers at $4.2 per unit, a ruling that partially resolves the legal logjam that threatened to stall the flow of natural gas from India’s most significant domestic find in the past 28 years to fuel-starved factories and power plants.......More....
Others...
NEW DEVELOPMENTS AND JOINT VENTURES
COFFEE DAY RESORTS ACQUIRES CICADA RESORTS FOR RS 38 CRORE : Coffee Day Resorts, a subsidiary of India’s largest coffee conglomerate Amalgamated Bean Coffee Trading Company (ABCTCL), has acquired Cicada Resorts for roughly Rs 38 crore.........More....
US FOOD AND DRUG ADMINISTRATION OPENS OFFICES IN INDIA : THE US Food and Drug Administration has opened its offices in New Delhi and Mumbai. The office will regulate the quality of medicines from Indian drugmakers sold in the US.........More....
HYATT IN 24:76 JV WITH PROPERTY DEVELOPER EMAAR MGF FOR SIX HOTELS IN INDIA BY 2013 : US-BASED hotel chain Global Hyatt Corporation has announced a 24:76 JV with property developer Emaar MGF for six hotels in India by 2013. The two partners will invest $200 million to build six hotels under the midmarket brand—Hyatt Place.......More....
FORTIS BUYS 29% IN CLINIQUE FOR $3.5M : HOSPITAL chain operator Fortis Healthcare and Mauritius-based diversified Industrial Group CIEL are together buying out 58% stake in Mauritius’ private hospital Clinique Darne for $7 million.......More....
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