INDIA BUSINESS WORLD - 2008 HIGHLIGHTS NEWS
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
GOA BANS SALE OF LAND TO FOREIGNERS : Foreign nationals eyeing the booming property market in Goa should do a reality check. The government has decided to ban sale of land to foreigners in the state.......More....
WIFE CANNOT CLAIM PROPERTY OF IN-LAWS FOR MAINTENANCE, RULES SUPREME COURT : The Supreme Court has held that the right of seeking maintenance of a neglected wife is confined only to her husband and she cannot recover the arrears of maintenance from the property and assets of her in-laws............More....
RIGHT TO EDUCATION BILL, 2008 MAKES 25% QUOTA MANDATORY FOR POOR IN PVT SCHOOLS AT ENTRY LEVEL : Private schools across the country will be required to do its part to ensure all children between 6 and 14 receive free and compulsory education........More....
SUPREME COURT BACKS 27% OBC QUOTA IN EDUCATIONAL INSTITUTIONS BUT KEEPS OUT CREAMY LAYER : The Supreme Court has upheld the 27% quota for Other Backward Castes in centrallyfunded educational institutions, but ruled that the scheme can be rolled out only after excluding the creamy layer......More....
LIFE IMPRISONMENT FOR VIKAS, VISHAL YADAV IN KATARA CASE : A city court sentenced Vikas and Vishal Yadav to life imprisonment in the Nitish Katara murder case........More....
SENIOR LAWYERS R K ANAND, I U KHAN DEBARRED FOR 4 MONTHS FROM COURTS : The Delhi High Court found senior lawyers R K Anand and I U Khan guilty of the contempt of court and debarred them from appearing in the High Court and all Delhi courts for next four months for influencing a witness in the BMW hit-and-run case.........More....
COMPANIES BILL 2008 GETS THE NOD OF UNION CABINET: The Union cabinet today gave its nod for the introduction of the Companies Bill 2008 in the next session of Parliament to replace the existing Companies Act, 1956 by incorporating far-reaching changes......More....
DOWNFALL OF THE WALL STREET GIANTS: LEHMAN BROTHERS GO BANKRUPT AND MERRILL LYNCH SOLD : Some events leave their mark on the history of money and change the rules of the game forever. As traders watched the news tickers in shock and horror, they sensed that history was unfolding before them. "Lehman failed, Merrill sold and AIG trying to raise $50 billion before the opening bell"-it was surreal.......More....
SANJEEV NANDA AND THREE OTHERS HELD GUILTY IN BMW CASE : In what could be a precedent, a city court has convicted Sanjeev Nanda, the grandson of former naval chief S M Nanda, in the BMW hit-and-run case holding him guilty of culpable homicide not amounting to murder as against a less stringent provision of causing death due rash and negligent driving.......More....
INDIA, US SIGN 123 AGREEMENT : IN the midst of the largest financial crisis in recent times, India and the US triumphantly signed the 123 agreement ending India's nuclear isolation and capping the three-year dramatic journey of the nuclear deal.........More....
RAJYA SABHA PASSES THE LIMITED LIABILITY PARTNERSHIP BILL, 2008 : Rajya Sabha has passed the Limited Liability Partnership Bill, 2008. Minister of Corporate Affairs, Shri Prem Chand Gupta presented the Bill for consideration and passage by the House..........More....
MUMBAI UNDER ATTACK, OVER 60 DEAD, 200 INJURED IN SHOOTOUTS & EXPLOSIONS : MUMBAI, the commercial capital of the country, came face to face with terror again late on the night of December 26, 2008. The city was rocked by at least seven incidents of near-simultaneous firings and explosions, mainly in south Mumbai..........More....
BUSINESS NEWS
PAN MADE MUST FOR TDS, TCS RETURNS : The income-tax department has made it mandatory for employers to quote permanent account number (PAN) of all employees and parties from whom tax is deducted while filing quarterly TDS or TCS returns........More....
TATAS CLINCH JAGUAR-LAND ROVER FOR $2.3-BILLION :Ford Motors on March 26 handed over the keys of its marquee brands Jaguar-Land Rover (JLR) to Tata Motors for about $2.3 billion in an all-cash deal.........More....
REAL ESTATE FIRM BPTP BAGS COUNTRY'S LARGEST LAND DEAL, OUTBIDS DLF & OMAXE : Delhi-based real estate firm BPTP has bagged the country's largest land deal worth Rs 5,006 crore, beating India's largest real estate firm DLF. Kabul Chawla-promoted BPTP won the bid for the 95-acre plot in Noida's sector 94.........More....
CENTRAL SALES TAX (CST) REDUCED TO 2% FROM 1ST JUNE, 2008 : On the basis of the discussions between the Empowered Committee (EC) of State Finance Ministers and the Union Finance Minister regarding the compensation package, the Government of India, Ministry of Finance, Department of Revenue has issued a notification on 30th May, 2008 to bring into effect from 1st June, 2008 the new reduced rate of CST of 2 per cent on inter-State sales of goods......More....
SEBI AMENDS CLAUSE 49 OF THE LISTING AGREEMENT: SEBI vide circular SEBI/CFD/DIL/CG/2/2008/23/10 dated 23rd October, 2008 has amended Clause 49 of the Equity Listing Agreement.........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....
NEW DEVELOPMENTS AND JOINT VENTURES
MARKS & SPENCER ANNOUNCES A 51:49 JOINT VENTURE WITH RELIANCE RETAIL : MARKS & Spencer (M&S) has announced a 51:49 joint venture with Reliance Retail, part of the Reliance Industries Group, to set up a chain of Marks & Spencer stores in India.........More....
DAIICHI BECOMES RANBAXY OWNER, UPS STAKE TO 52.5% : INDIA’S largest drug maker Ranbaxy is now a subsidiary of Japanese drug major Daiichi Sankyo. The Tokyo-based company bought 21.9% stake from the promoters and another 11% through allotment of preferential shares at Rs 737 per share.........More....
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