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NEW DELHI: Just a day before the Election Commission was set to issue the notification for the 2009 general election, the United Progressive Alliance-I government had hurried to allocate large captive coal blocks to the Tata-Sasol combine and Jindal Steel and Power (JSPL) for their respective coal-to-liquid projects in...
BANGALORE/HYDERABAD: The Essel Group has dangled an offer to buy out the founder of IVRCL as it presses ahead with a plan to smoothly gain control of the company, a person close to the development said. The Subhash Chandra-controlled Essel, which is now the largest shareholder in IVRCL, is...
NEW DELHI: The finance ministry on Wednesday tried to soothe the nerves of foreign institutional investors (FIIs) over the tax treatment of their investments. Finance secretary R S Gujral told FIIs the General Anti-Avoidance Rule (GAAR) would be invoked only in case of impermissible arrangements. “If they are in...
NEW DELHI: Indian companies raised a total of R5,800 crore during the last fiscal 2011-12 through initial public offers (IPOs) — a slump of 82% from the previous year. As per the analysis of data available with the exchanges, a total of 33 Indian firms together raised R5,808 crore...
MUMBAI: The finance ministry has barred government-controlled banks from investing in joint ventures and non-core activities on the ground that capital should only be deployed in ‘core’ activities. It has asked banks to take its prior approval before taking such non-core investment decisions and also asked government nominees on...
NEW DELHI: The Supreme Court has declined to reconsider its order cancelling 122 telecom licences, possibly setting the stage for further legal battles before international arbitration panels, even as it agreed to hold further hearings on the government’s review petition questioning parts of the judgement that had appeared to...
MUMBAI: Chief executives of banks, who feel the deteriorating pulse of the economy, told Reserve Bank of India Governor Duvvuri Subbarao that interest rates and cash reserve requirement have to be lowered to revive investments and demand. A failure to cut cost of funds and ease liquidity pressure could...
MUMBAI (Reuters) – The BSE Sensex fell for the first time in four sessions as traders were averse to keeping positions open ahead of a long weekend and as the services sector growth data showed a decline to five-month low. The country’s main 30-share BSE index provisionally closed down...
Kozhikode: Sensing an opportunity in national politics, the Communist Party of India (Marxist) on Wednesday saw the emergence of Left and democratic forces as an alternative to occupy the space being created by the failure of coalitions led by the Congress and the Bharatiya Janata Party. “The recent political developments...
By S. Sethuraman India has entered the new fiscal year, ushering in the 12th five-year plan in the most unpropitious circumstances, with challenges in both domestic and external economy to be overcome before moving on to the primrose path of sustainable growth at a less ambitious eight per cent...