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Mumbai: The recent purchase of a minority stake in Hyderabad-based roads-to-township builder IVRCL by two Essel Group companies promoted by media baron Subhash Chandra might be a test case for how the new takeover code will pan out in case of companies where promoter holdings are low. Chandra’s two...
MUMBAI: From Monday, foreign institutional investors (FIIs) remitting funds from sale of securities will have to deal with the possibility of a tax liability later. Many chartered accountants and audit firms will add a caveat when FIIs ask for a clearance chit required for remitting funds abroad. As per...
From L S Herdenia BHOPAL: A ghastly incident, in which a mother was killed for daring to report the gang rape of her daughter, has shaken the conscience of the political, administrative and police circles of Madhya Pradesh. The traumatic incident took place in Betul—a predominantly tribal district of...
By B.K. Chum in Chandigarh The euphoria over securing second successive term has lasted merely a fortnight. The Akali-BJP government now finds itself in the dock for two reasons. First, the controversy generated over proposed hanging (since stayed) of Balwant Singh Rajoana for the assassination of former Punjab Chief...
New Delhi: International Coal Ventures Ltd (ICVL) is within a striking distance of acquiring its maiden coking coal asset abroad in Australia’s Bowen Basin for about R 1,500 crore, a top official said. ‘‘This (the acquisition in Australia) is going to happen very soon. All necessary formalities have been...
New Delhi: The hike in rail passenger fares for second class suburban and non-suburban, Sleeper, AC Chair Car and AC 3-tier was today rolled back with the new Railway Minister Mukul Roy dubbing it as a “huge drain” on the pocket of masses. He, however, kept untouched the increase of...
MUMBAI: The Aditya Birla group, which built the world’s seventh-largest cement business largely through acquisitions, is in talks to buy north-eastern cement maker Adhunik MSP Cement’s Meghalaya plant for over Rs 700 crore. Group firm UltraTech Cement wants to buy the 1.5-million-tonne unit and bolster its presence in the...
MUMBAI: The Reserve Bank of India on Wednesday tightened rules for lending against gold by finance companies, saying the rapid growth in such loans in the past few years had increased risks to the banking system and retail investors. The banking regulator has directed that companies having half their...
Parliament was today rocked by reports of an alleged coal scam to the tune of Rs 10.7 lakh crore with the Opposition forcing adjournment of both the Houses till noon. As soon as the Lok Sabha met for the day, JD-U members were on their feet demanding immediate discussion...
“CII welcomes the increase of budgetary allocation for Defence Capital expenditure to INR 79, 578 Crores, i.e. 20.31 percent increase over the revised planned expenditure for the fiscal year 2011-12. Though most of the capital expenditure is expected to be absorbed by the recently announced and the ongoing defence...