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INDIA BUSINESS WORLD - DECEMBER 1st - DECEMBER 15th - 2007
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
CBI FILES CASE AGAINST ARMY OFFICERS FOR HUMAN TRAFFICKING: The CBI has registered a case against a senior army official, the wife of a Lt Colonel and a junior officer in an alleged human trafficking case involving the misuse of diplomatic passports...More....
DELHI HIGH COURT RESTRAINS ZEE AND ETC FROM SHOWING ANIMATED RAMAYANA: The Delhi High Court has restrained Zee TV and ETC from showing an animated film titled Ramayana and its promos on their channels without the permission of Interlude Technology, which claims to be the owner of the film...More....
NO COMPENSATION IF DRIVER DOES NOT HAVE PROPER LICENCE: SUPREME COURT: Insurance companies cannot be compelled to pay compensation for transport vehicles involved in mishaps if the driver lacks an proper licence, the Supreme Court has held...More....
SUPREME COURT STAYS MONEY LAUNDERING PANEL: The Supreme Court has stayed a notification related to the constitution of a tribunal to deal with money laundering cases in the country...More....
GSK DROPS CLAIMS ON TWO AIDS MEDICINES: In a relief to around 2.5 million HIV patients and generic firms like Cipla and Ranbaxy, GlaxosmithKline (GSK) has pulled out the patent applications of two anti-AIDS medicines in India...More....
SUPREME COURT ASKS COURTS TO RESTRAIN FROM ACTIVISM: The Supreme Court in an order has said the judiciary must refrain from encroaching on legislative and executive domains, otherwise it will boomerang in the form of political class stepping in to clip its wings...More....
SUPREME COURT OVERTURNS JUDICIAL OVERREACH VERDICT: The Supreme Court has buried a two-judge benchs order on judicial over-reach saying that it was not binding on the court...More....
HOLD CHARGESHEET AGAINST NANDIGRAM COPS, SUPREME COURT TELLS CBI: The Supreme Court has restrained the CBI from initiating criminal proceedings in any court against West Bengal police officials for the March 14 police firing in Nandigram in which 14 persons were killed...More....
SUPREME COURT TO ANDHRA PRADESH HIGH COURT: USE FULL POWERS IN DOWRY CASES: The Supreme Court has said that the high court should not adopt a narrow and pedantic approach while dealing with the matrimonial cases. The court should liberally exercise its power under Sec 473 of the CrPC for extending the period of limitation, it said...More....
SUPREME COURT STAYS HANGING OF RED FORT ATTACK ACCUSED: The Supreme Court has stayed the death sentence of a Lashkar-e-Toiba (LeT) militant in the Red Fort attack case in which three army personnel were killed on December 22, 2000...More....
FORMAL ORDER OF A COMPETENT AUTHORITY NECESSARY FOR MINORITY STATUS, SAYS KERALA HIGH COURT: The Kerala High Court has observed that mere assertion by a minority community or institution may not be sufficient to get "minority status" as a formal order or declaration by a competent authority to that effect was imperative...More....
PRAMOD MAHAJAN MURDER TRIAL: SMS CANNOT BE VALID EVIDENCE, SAYS DEFENCE: Referring to certain provisions of the Indian Evidence Act, the defence in the BJP leader Pramod Mahajan murder case today claimed that a SMS message could not be accepted as a valid evidence...More....
FIRST TESTIMONY RECORDED IN BABRI MASJID DEMOLITION CASE: For the first time in the last 15 years, testimony was today recorded in the Special CBI court hearing the Babri Masjid demolition case...More....
SUPREME COURT CLEARS WAY FOR WOMEN BARTENDERS IN DELHI: The Supreme Court has cleared the decks for employing women as bartenders in Delhi hotels...More....
POLICE WILL RESORT TO 3RD DEGREE METHODS IF NARCO ANALYSIS IS BANNED, SAYS SUPREME COURT: The Supreme Court told petitioners opposing narco-analysis test carried out by police during investigation to ascertain the truth, that police will resort to third degree methods and may also go to the extent of killing an accused or an undertrial in a fake encounter if scientific methods of investigations are opposed...More....
Others..
BUSINESS NEWS
ERICSSON BAGS 4-YEAR SUPPLY DEAL FROM IDEA: Swedish network major Ericsson has announced that it had bagged a four-year deal to supply GSM equipment to Idea Cellular for its Mumbai circle and also maintain the telcos network in the metro city...More....
ESSAR RAISES $3.6 BILLION FOR TELECOM: ESSAR group has said it raised $3.59 billion term loan for Essar Communications (India). The loan will be used to refinance existing debt as well as to fund further investment and expansion of the Mumbai-headquartered telecom-to-oil conglomerate...More....
ZEE SELLS INDIAN CRICKET LEAGUES GLOBAL RIGHTS FOR $10 M: Despite low initial TRPs, the Zee group sold the international broadcast rights for its Indian Cricket League (ICL) matches to three global distributors for an estimated $10 million, industry sources said...More....
FIPB GIVES NOD TO 16 FDI PLANS: The foreign investment promotion board (FIPB) has approved 16 foreign direct investment proposals, including that of Russian telecom firm Sistema and Italian fashion retailer Dolce & Gobbana, entailing a total inflow of Rs 647.48 crore...More....
SUN PHARMACEUTICAL INDUSTRIES SETTLES PATENT ROW WITH NOVARTIS: SUN Pharmaceutical Industries has reached an out-of-court settlement with Novartis in the United States with regard to a patent dispute over the Swiss drug majors Alzheimers drug Exelon, the Indian company said...More....
I-T DEPT MOVES SUPREME COURT ON ERICSSONS TAX LIABILITY CASE: The Income-Tax department has sought the Supreme Courts directions on whether Ericsson Telephone Corporation India AB was liable to deduct tax at source on portion of salaries (child education expenses) paid to its expatriate staff...More....
SUPREME COURT REJECTS PLEA FOR PROBE AGAINST JET AIRWAYS CHIEF: The Supreme Court has dismissed a petition which had sought a CBI probe into Jet Airways chief Naresh Goyals alleged links with the underworld. The petition had alleged that Mr Goyal received huge amounts from the Gulf countries to fund acquisition of Air Sahara which has since been renamed into JetLite...More....
PANTALOON HAULS DLF TO COURT OVER SPACE ROW: In what could be the first sign of simmering disputes between mall developers and retailers, Indias largest retailer Pantaloon Retail has taken one of the countrys largest developers DLF Retail to court...More....
BANKS CANT BE COMMODITY BROKERS TOO: RBI: No Commercial bank will be allowed to own, either directly or indirectly, a commodity brokerage. The Reserve Bank of India (RBI) has spelt this out while giving its approval to British bank Standard Chartered for acquiring 49% equity in UTI Securities...More....
RBI FREEZES UBS BUYOUT OF STANCHART MUTUAL FUND: The acquisition of Standard Chartereds mutual fund business by Swiss banking giant UBS has hit a roadblock. The Reserve Bank of India (RBI) is understood to have rejected the $120-million deal, which was announced in January this year...More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
RELIANCE ENTERTAINMENT PICKS UP 50% STAKE IN NITIN DESAI STUDIOS FOR RS 150 CRORE: Anil Ambanis next big move in the entertainment industry has finally taken shape. After months of negotiation, the younger Ambani has sealed the deal with one of the leading Bollywood production designers of India, Nitin Desai...More....
INDIAN FARMERS FERTILISER COOPERATIVE (IFFCO) INKS JOINT VENTURE WITH JORDAN PHOSPHATES FOR $570-M PLANT: Fertiliser major Indian Farmers Fertiliser Cooperative (Iffco) has signed a joint venture pact with the Jordan Phosphates Mines Company (JPMC) for setting up a phosphoric acid plant in Jordan...More....
RELIANCE ENTERTAINMENT IN 50:50 JOINT VENTURE WITH LONDON BASED GREAT WHEEL CORPORATION (GWC): Even before the ink has dried on the deal with Nitin Desai's ND Studio, Anil Ambanis Reliance Entertainment has sealed yet another 50:50 joint venture - with London-based Great Wheel Corporation (GWC), the IPR holders of iconic viewing and observation structures such as the London Eye and the Singapore Flyer...More....
DLF, PRUDENTIAL IN $50-M JOINT VENTURE FOR ASSET MANAGEMENT CO: US-BASED Prudential Financial (PFI) plans to start its asset management business in India in a 61:39 joint venture with real estate major DLF. The joint venture company will be called DLF Pramerica Asset Managers, and expects to start operations in India around mid-2008, subject to regulatory approvals...More....
INDIABULLS BUYS OUT ASHOK PIRAMAL STAKE IN PIRAMYD: INDIABULLS Real Estate (IBREL) has acquired the Ashok Piramal groups 63.9% stake in Piramyd Retail for Rs 208 crore, kick-starting the first phase of consolidation in the nascent Indian retail space...More....
Others..
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