INDIA BUSINESS WORLD - INDIA BUSINESS WORLD - NOVEMBER 1st - NOVEMBER 15th 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
SUPREME COURT: ACCUSED CAN BE CONVICTED ON BASIS OF EXTRA-JUDICIAL CONFESSIONS: THE Supreme Court has said that an accused can be convicted on the basis of reliable extrajudicial confessions. It is not open to the court to presume such confessions as weak evidence while deciding the cases, said apex court.... More...
COKE TAKES BISLERI INTERNATIONAL TO COURT TO RESTRAIN IT FROM INFRINGING ON THE MAAZA TRADEMARK IN INDIA: THE dispute between Coca-Cola and Bisleri over the intellectual property rights (IPR) of Maaza has taken a fresh turn. The Coca-Cola Company (TCCC) has filed a case in the Delhi High Court asking the court to restrain Bisleri International from infringing on the Maaza trademark in India.... More...
FIPB NOD FOR 30 FDI-BOOSTING PROPOSALS: As many as 30 proposals involving foreign investment of over Rs 6,000 crore through holding companies have been cleared by the Foreign Investment Promotion Board (FIPB) in the past couple of months.... More...
DELHI HC DIRECTS MCD TO ALLOT PLOTS AT OLD RATES: The Delhi High Court directed the MCD to allot the plots at the old rates, as per their own notification, and only on the remaining 37% of the amount.... More...
MAHARASHTRA: COURT ORDERS INVESTIGATION IN CASE AGAINST RAJ THACKERAY: A local court ordered police to investigate a complaint lodged against Maharashtra Navnirman Sena (MNS) chief Raj Thackeray and submit a report soon.... More...
DELHI HIGH COURT: UPHAAR TRAGEDY: LIFE LMPRISONMENT SOUGHT FOR ANSAL'S: The Delhi High Court was told by the counsel for the families of the victims that the Ansal brothers, owners of the Uphaar Cinema, are guilty for the deaths of 59 people in the fire tragedy 11 years ago as they had wrongfully ordered extra seats in the hall.... More...
Others..
BUSINESS NEWS
RBI CUTS CASH RESERVE RATIO & STATUTORY LIQUIDITY RATIO BY 1% EACH: CITING evident signs of a global recession, the Reserve Bank of India has opened the sluice gates further making available close to Rs 1, 60,000 cr to banks for onlending.... More...
SEBI REVISES SECURITIES LENDING AND BORROWING (SLB) GUIDELINES: CAPITAL market regulator, Sebi, has revised the Securities Lending and Borrowing (SLB) system in an effort to get the stock lending and borrowing mechanism in the local markets more functional.... More...
DIRECT TAX COLLECTIONS GROW 11% IN OCTOBER TO 19.7K CR: AFTER remaining robust in the first six months of the current financial year, direct tax collections seem to be slowing down. Direct tax mopup grew by 11% in October 2008 to Rs 19,708 crore, compared to Rs 18,809 crore in the corresponding period of the last fiscal.... More...
RESERVE BANK OF INDIA ALLOWS REPO TRANSACTIONS IN OIL BONDS: FOR the first time, the Reserve Bank of India (RBI) has allowed ready forward (or repo) transactions in oil bonds — a move that could enable oil companies to raise money at a cheaper rate.... More...
BANKS CAN ISSUE STANDBY LETTERS OF CREDIT TO GUARANTEE PAYMENT: The Reserve Bank gave approval to the banks to issue guarantee through standby letters of credit to cover payment obligations arising out of commodity derivative transactions to provide greater flexibility to companies.... More...
CABINET OKAYS BILL TO RAISE FDI IN INSURANCE TO 49%: AFTER many years of debate, the government has decided to increase the foreign direct investment (FDI) limit in insurance companies from 26% to 49%. A bill to effect this change will be introduced in Parliament.... More...
RBI ALLOWS 10 FOREIGN VENTURE CAPITAL FUNDS: THE Reserve Bank of India, which has been holding back applications of several foreign venture capital funds for the past few years, is slowly opening the doors to these investors — a decision which could be partly driven by FII outflow.... More...
NOD FOR FDI IN PRIVATE EQUITY TRUSTS: THE Foreign Investment Promotion Board (FIPB) has ruled that foreign investment can flow into private equity funds registered as trusts, report Rajat Guha& G Ganapathy Subramaniam from New Delhi.... More...
GOVT ASKS RICH PSUS SUCH AS ONGC, SAIL, BSNL AND NTPC TO SHELL OUT INTERIM DIVIDEND IN ADVANCE: CASH-rich PSUs such as ONGC, SAIL, BSNL and NTPC are under pressure to declare interim dividends as the government looks at these companies to raise as much as Rs 10,000 crore to shore up its increasingly-fragile finances.... More...
ONGC VIDESH (OVL), BAGS COLUMBIA OIL BLOCK: PUBLIC sector oil explorer ONGC has bagged an oil block in Columbia. An equally-owned consortium of ONGC Videsh (OVL), the overseas arm of ONGC, has been awarded the block through an auction.... More...
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
DAIICHI SANKYO COMPLETES RANBAXY DEAL, HOLDS 63.92%: JAPANESE pharma company Daiichi Sankyo has completed the $4.5-billion acquisition of India’s largest drugmaker Ranbaxy Laboratories by picking up the promoter’s remaining 11.4% stake for Rs 3,537.6 crore.... More...
OMAXE PROMOTER BUYS OUT CO’S STAKE IN ARM: REAL estate prices are unlikely to see the heady levels of late 2007 and early 2008, anytime soon. That could explain why more promoters are getting serious about tapping opportunities in the affordable housing segment.... More...
JAPAN’S LARGEST MOBILE OPERATOR, NTT DOCO-MO PICKS 26% IN TATA TELE FOR $2.7B: JAPAN’S largest mobile operator, NTT DoCo-Mo, has announced the acquisition of a 26% stake in Tata Teleservices (TTSL), the Tata group’s telecom arm, which offers CDMA-based services, for $2.7 billion (around Rs 12,770 crore).... More...
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