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INDIA
BUSINESS WORLD -
NOVEMBER 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
FDI IN LISTED
NBFCS SET TO GET AUTO ROUTE: FDI in existing non-banking
finance companies and other financial services, like insurance,
will not require fresh government approval as these companies
already meet all the relevant norms at the time of incorporation
MFS'
EQUITY-LINKED PLANS NOW TO BE CLOSE ENDED:
The finance ministry has changed the rules of the game for
investment in tax saving ELSS making entry and exits difficult
GOVT
NOTIFIES TELECOM FDI HIKE TO 74%: The much-awaited
FDI notification hiking FDI in fixedline and cellular service
companies to 74% from 49% was issued by the government
I-T
ACT CHANGES FOR PFS NOTIFIED: The Central Board
of Direct Taxes (CBDT) notified amendments to income tax rules
to allow recognised provident funds, approved superannuating
funds .......
UNIFIED
GST IN 3 YRS, HIKE IN SERVICE TAX UNLIKELY : The
finance ministry will follow a gradual approach to move towards
aligning the goods and services tax (GST) into a single rate.
US
COURT RULES IN FAVOUR OF RANBAXY : Giving a
shot in the arm to Pharma major Ranbaxy Laboratories, a US
court today ruled in its favour in a patent battle with Abbot
Laboratories, paving the way for launch of the Indian company's
generic version of anti-bacterial clarithromycin.
REBATE
FOR ELSS INVESTMENT UP TO NOV 2 : Over five
lakh investors, who have put money in equity-linked savings
schemes (ELSS) launched by mutual funds since the start of
this fiscal (April 1) up to November 2, 2005,
FOREIGNERS
ALLOWED TO BUY BAD LOANS : Foreign investors
will be allowed to buy bad loans lying in the books of Indian
banks and FIs. Such deals in sticky assets, which have flourished
in Malaysia, Korea, Taiwan and China, will now be cut in India,
albeit in a smaller way.
BUSINESS
NEWS
LAW
MINISTRY NOT TO AMEND ARTICLE 12 : The Law
ministry has rejected the proposal to amend Article 12 of
the constitution for redefining a Public Sector Enterprise
(PSE).
COKE
TO BUY BACK BOTTLING ARM STAKE FOR $120M : Three
years after Coca-Cola India was forced to divest 49% stake
in its bottling subsidiary, Hindustan Coco-Cola Beverages
(HCCB), the cola major has now proposed to buy back the entire
stake.
(KOLKATA)
INCOME TAX APPELLATE TRIBUNAL - INTEREST ELEMENT CANNOT BE
TAX DEDUCTIBLE BY MNC BANKS : MNC banks in
India will have to redo their arithmetic. Many of them may
see a rise in their cost of operations thanks to a recent
tax tribunal ruling which threatens to unsettle existing rules
and even arrangements under treaties that India had entered
with some of the countries.
JINDAL
TO SET UP $8B STEEL PLANT IN JHARKHAND : JINDAL
South West Steel (JSW) has proposed to set up a Rs 35,000-crore
($8 billion) integrated steel plant at Jharkhand.
ADITYA
BIRLA BUYS OUT CANADIAN PULP MILL FOR $100 MILLION :
The Aditya Birla group, one of India's largest business groups,
along with an overseas joint venture partner, on Thursday
bought out Canada's St. Anne Nackawic Pulp Mill, for $100
million, one of the biggest acquisitions in Canada by an Indian
company.
:
NEW
DEVELOPMENTS AND JOINT VENTURES
RANBAXY
UPS JAPAN JV STAKE TO 50% : As part of its
expansion plans in Japan, Ranbaxy has increased the stake
in its JV with Nippon Chemiphar Co Ltd, Nihon Pharmaceutical
Industry Co, to 50% from 10%.
SILICON
VALLEY BIG WHEEL BUYS SIFY FOR $100M : The
man who sold his company ServerWorks to Broadcom in 2001 for
$1.8 billion has now entered the Indian internet arena.
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