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INDIA BUSINESS WORLD - DECEMBER 16th - DECEMBER 31st - 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
GOVERNMENT APPOINTS UTI AND SBI MF AS FUND MANAGERS OF POSTAL LIFE AND RURAL POSTAL LIFE INSURANCE FUND (RPOLIF): The Government has appointed UTI MF and SBI MF as fund managers of the Postal Life Insurance Fund (POLIF) and Rural Postal Life Insurance Fund (RPOLIF)... More....
ONCE FLAT COST FIXED, DDA CAN'T IMPOSE SURCHARGE: SUPREME COURT: Supreme Court has ruled that once a flat's cost has been fixed, the Delhi Development Agency (DDA) has no right to impose a surcharge on allotees by issuing a circular or executive order... More....
COURT TEARS DOWN CBI'S CLEAN CHIT TO TYTLER, DIRECTS AGENCY TO RE-INVESTIGATE CONG LEADER'S ROLE IN ANTI-SIKH POGROM: In a move that is certain to come as a big embarrassment to the Congress, a city court has asked the CBI to re-investigate the alleged role of former Union minister Jagdish Tytler in the 1984 anti-Sikh pogrom... More....
PRAVIN MAHAJAN GETS LIFER; PROSECUTION TO SEEK DEATH: Pravin Mahajan has been sentenced to life imprisonment for the cold blooded murder of his elder brother and senior BJP leader Pramod Mahajan but the prosecution said it would appeal pressing for the maximum death penalty... More....
DELHI HIGH COURT ORDERS CBI PROBE INTO SCORPENE DEAL: The Delhi High Court has asked the CBI to conduct a preliminary inquiry into the alleged kickbacks paid in the Rs 16,000-crore Scorpene submarine deal. The court asked for a report within three months in this matter... More....
JAMMU & KASHMIR HIGH COURT ADMITS FOREST GRAFT CASE AGAINST AZAD, BROTHERS: The Jammu & Kashmir High Court has admitted a case against state's top functionaries, including chief minister Ghulam Nabi Azad... More....
TAX-FREE SALARY MUST REMAIN TAX FREE, RULES I-T TRIBUNAL: There is good news in store for salaried taxpayers, especially expatriates working in India. In case, your employer picks up your tax liability, this perquisite of tax free salary will not be taxed again... More....
SEBI AMENDS LISTING AGREEMENT: The Securities and Exchange Board of India (Sebi) has amended the listing agreement to improve transparency with regard to utilisation of issue proceeds... More....
COMPENSATION MUST INCLUDE PERKS AND CONTRIBUTION, SAYS SUPREME COURT: The Supreme Court has held that in case of accidental death, the compensation, which is liable to be paid by an insurance company, must include perks and the contributions made by an employee towards provident fund and others... More....
CALCUTTA HIGH COURT ASKS CBI TO FILE REPORT ON NANDIGRAM FIRING BY FEB 15: The Calcutta High Court has granted the CBI two more months to complete the investigation into the March 14 police firing in Nandigram in which 14 persons were killed and several others injured... More....
Others..
BUSINESS NEWS
IN A FIRST, GLENMARK GETS DOMESTIC PATENT FOR NCE: In what is perhaps the first domestic patent for a new chemical entity (NCE) by an Indian company, drug research company Glenmark Pharmaceuticals has received a patent for its asthma molecule oglemilast from India's patent office... More....
PAN MASALA, GUTKA MAKERS CAN PAY TAX IN LUMP SUM: The government has introduced a lump sum tax scheme for pan masala and gutka manufacturing units under which they can deposit up to Rs 12 lakh a month as tax per packaging machine, a move aimed at checking tax evasion... More....
DGCA PULLS UP JET & KINGFISHER ON SURCHARGE: The directorate general of civil aviation (DGCA) has issued show cause notice against Kingfisher and Jet Airways for not furnishing details of the components charged as tax in their domestic tickets... More....
INDIA OPENS DOORS TO SINGAPORE, SLASHES DUTIES ON 539 PRODUCTS WHICH INCLUDE MACHINERY, CHEMICALS & TEXTILES: Singapore will now have wider access to the Indian market under the bilateral comprehensive economic partnership agreement. India has decided to agree to eliminate or reduce tariffs on 539 products as an additional concession... More....
NMDC MOVES DELHI HIGH COURT AGAINST TATA STEEL OVER MINING RIGHTS: The Delhi High Court has sought an explanation from the Centre on a petition challenging its decision to grant prospecting license for mining iron ore to Tata Steel in Dantewada district of Chhattisgarh... More....
HYDERABAD-BASED SUVEN LIFE GETS FIRST US PATENT FOR CENTRAL NERVOUS SYSTEM COMPOUNDS: Hyderabad-based contract research and manufacturing services firm Suven Life Sciences has received its product patent in the US... More....
ASTRAZENECA DENIED PATENT FOR ANTI-ULCER DRUG: In another setback for AstraZeneca, the Indian patent office has turned down the company's patent application for a new formulation of anti-ulcer drug Omeprazole, reports Khomba Singh from New Delhi... More....
INCOME TAX APPELLATE TRIBUNAL EXEMPTS GALILEO FROM TAX, SAYS COMPANY HAD MADE ARM'S LENGTH PAYMENT TO AGENT: GALILEO International, a computer reservation service (CRS) company specialising in electronic booking of air tickets, has been exempted from paying tax, thanks to Income Tax Appellate Tribunal (ITAT) Delhi bench's order... More....
EXCISE GROWTH FALLS SHORT OF 10.2% TARGET: Excise revenue growth has fallen short of the 10.2% target set by the finance ministry. The growth in excise revenue, which stood at 7.5% during the first eight months of the current fiscal, has remained sluggish mainly on account of poor growth in petroleum products... More....
SUPREME COURT ADMITS EXCISE DEPT'S PLEA AGAINST TATA STEEL: The Supreme Court has admitted a plea alleging evasion of duty by Tata Iron & Steel Company (now Tata Steel) on certain imports from Portugal in 1989... More....
ONGC-MITTAL WINS 2 TRILLION CUBIC FEET BLOCK IN TRINIDAD & TOBAGO: Steel baron Lakshmi N Mittal's joint venture with ONGC Videsh has won an exploration block with estimated gas reserves of two trillion cubic feet (tcf) in Trinidad and Tobago... More....
KINGFISHER & DECCAN COMBINED LOSS AT RS 2,000 CRORE: The merger between Kingfisher Airlines and Deccan Aviation may have created one of the biggest airlines in India, but the new grouping is also among the biggest loss makers in terms of accumulated losses... More....
Others..
NEW DEVELOPMENTS AND JOINT VENTURES
BHARTI TELESOFT ACQUIRES JATAAYU: Bharti Telesoft, a provider of integrated VAS solutions for mobile operators, has acquired the Bangalore headquartered Jataayu Software, a WAP and mobile handset applications player... More....
MUKESH AMBANI BUYS RUGBY HOTEL: Reliance Industries chairman Mukesh Ambani has purchased Rugby Hotel, one of the landmark hotels in Matheran, a tourist destination near Mumbai, for an undisclosed amount... More....
TRAVELGURU TO ACQUIRE DESIYA FOR RS 100CR: In one of the first deals in the online travel space, Travelguru is acquiring Delhi-based B2B hotel portal Desiya for $25 million (around Rs 100 crore). Travelguru is also scouting for an offline travel player... More....
DECCAN BOARD APPROVES MERGER WITH KINGFISHER: The Board of Directors of airliner Deccan have given a green signal for its merger with high end Kingfisher Airlines... More....
Others..
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