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INDIA
BUSINESS WORLD -
DECEMBER 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
EXEMPT TAX ONLY ON LONG-TERM SAVINGS: The government may move only the long-term retirement savings instruments into the proposed exempt exempt-taxed (EET) net.
FOREIGNERS CAN TALLY A/CS IN INDIA VIA PARTNERSHIPS: Foreign accounting professionals and company secretaries can look forward to doing business in India through partnerships with local professionals and firms.
SC STAYS HIGH COURT ORDER BARRING SALE OF NTC LAND : Realty developers and investors can breathe a sigh of relief, at least for now. The Supreme Court has stayed the Bombay High Court order which had set aside the sale of mill lands by the National Textile Corporation (NTC).
NTPC TAKES GAS DISPUTE TO COURT: The NTPC-RIL battle over the gas supply contract reached courts with the power company filing a legal suit against RIL for not agreeing to sign the gas sale and purchase agreement (GSPA).
NATH RULES OUT DUTY CUTS ON FARM IMPORTS: Commerce & industry minister Kamal Nath said India would not reduce import duty on key items like edible oil, sugar and foodgrain. “There is no commitment to reduce duties on agri products.
BUSINESS
NEWS
PROMOTERS NOW ALLOWED TO CROSS 55%:
SEBI has eased the rules for corporate takeovers and restructuring by removing restrictions on open market purchases of shares by promoters and founders.
MICROSOFT TO INJECT $1.7B INTO INDIA IN 4 YEARS: As part of its plans of making India a hub for research, product and applications development, Microsoft Corporation announced plans for investing $1.7 billion over the next four years, and increasing local headcount by 3,000 to 7,000-level.
EMPLOYEES PROVIDENT FUND TO PAY 8.5%: The Employees Provident Fund Organisation (EPFO) finally took a hardnosed business judgement call and announced an interest rate of 8.5% for 2005-06.
OPEN-ENDED ELSS TO GET TAX BENEFITS: Mutual funds can go ahead and launch one open-ended equity linked savings scheme (ELSS) that will qualify for a tax deduction under Section 80 C, with the finance minist ry notifying the ELSS 2005 .
CHINESE COS TO INVEST IN INFRASTRUCTURE: National security will no longer keep Chinese investment out of infrastructure sector. For the first time, the Prime Minister's Office has intervened to allow.......
NEW
DEVELOPMENTS AND JOINT VENTURES GHCL SNAPS UP DAN RIVER FOR $100 MILLION:
GHCL has struck an initial agreement to buy Dan River, a leading Viriginabased home fashion and fabric maker, for about $100 million, top industry sources said.
INTEL LINES UP $1-BILLION INDIA PLAN:
Intel Corporation on announced a phased investment plan for India, totalling over a $1 billion. This includes $800 million, spread over five years, for expanding business operations.
ZENSAR BUYS US SAP CO FOR $4 M: Zensar Technologies announced the acquisition of US-based OBT Global and Hyderabad-based offshore affiliate OBT Global India in an all-cash transaction.
HCL TECH IN $8-M ALLIANCE WITH JAPANESE FIRM EXA: Japan is the flavour of the season at the HCL group campus in Noida. Within a day of formalising its first joint venture with a Japanese IT major, HCL Technologies today announced another alliance with a Japanese company.
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