corporate law

Monopoly of state owned SBI in managing provident fund totalling about Rs 2.5 lakh crore has ended with government allowing three private players including ICICI and HSBC a piece of the cake. Anil Ambani group firm Reliance Capital is the third private player that would share the management of the provident fund that is deducted from the salaries of about four crore workers in the g..

RBI hikes key rate to check inflation; interest rate may go up Home, consumer and other loan rates are expected to go up with Reserve Bank announcing a hawkish credit policy hiking key short-term lending rate by 0.5 pc and mandatory cash reserve requirement by 0.25 pc to contain runaway inflation now at 11.89 pc. The 0.5 per cent hike in Repo rate, Reserve Bank's overnight lending r..

In an attempt to boost the rural telephony and e-governance initiatives, the Department of Telecommunications (DoT) has decided to waive off licence fee levied on rural landline telephones. The decision taken at a recent Telecom Commission (TC) - a wing of the DoT meeting will result in waiving of around Rs 200 crore per year. The Telecom Commission also decided to reduce the levy towa..

The Madurai Bench of Madras High Court has ruled that condoms cannot be marketed with obscene visuals either printed on the wrappers or in advertisements issued in visual and print media. Chief Justice A K Ganguly and Justice P Jyothimani gave the direction last evening on a public interest litigation (PIL) filed by Mr C Ravikumar, a city-based businessman, seeking to ban obscene pictures o..

Votaries of scrapping Press Note 1 point out that such a step is critically important to attract FDI at a time when India’s current account deficit is galloping. They feel that stringent provisions in the Note block the entry of state-of-the-art technology. There is a bit of an exaggeration in such assertions. Even with these restrictions in place, there has been considerable increase in the i..

To produce 2,500 tonnes of polysilicon used in solar panels. City-based public sector undertaking (PSU), Bharat Electronics (BEL), said it is planning a major investment in the solar energy space in a tie-up with another PSU, Bharat Heavy Electricals (Bhel). BEL is in the process of setting up a greenfield facility to produce 2,500 tonnes of polycrystalline silicon (also known as polysilicon..

IN ITS best effort, you can say that Oil and Natural Gas Commission (ONGC) of India has won the legal battle against the Perth-based Clough Engineering in the Federal Court of Australia that has also helped ONGC to receive $21.5 million or Rs 100 crore as the victory fruit. ONGC filed the case against Clough Engineering, a Perth based engineering firm for showing lack of performance as well as..

The Supreme Court today reserved its order on the plea of Sterlite Industries that it should be allowed to pursue their aluminium and refinery projects in Orissa as they have complied with the conditions set by the court some months ago. A bench headed by Chief Justice K G Balakrishnan heard the company, the Orissa Mining Corporation (OMC) and the state government regarding the crucial issues l..

The ministry of corporate affairs is working on a proposal according to which audited annual accounts of companies would be scrutinised on a regular basis. Currently, the government directs special audits only in cases where irregularities come to light. The development follows a proposal from a high-level committee on financial sector reforms. The Planning Commission constituted panel, chaire..

Harish Salve, the counsel of Reliance Industries, will continue arguments in the second day of successive hearing of gas dispute between Ambani brothers in the Bombay High Court today. On Thursday, Harish Salve argued that the Memorandum of Understanding (MoU) signed between the brothers cannot be taken as the basis for allocation of gas to Anil Ambani promoted Reliance Natural Resources (RNRL)..

The Reserve bank is likely to finalise guidelines on mobile banking within two weeks to enable banks to roll-out cellphone-based payment services to their customers. "We are presently examining the comments received in response to the draft guidelines issued. Based on this, the final guidelines will be issued within a period of two weeks," Reserve Bank's Executive Director R B Barma..

IFCI Ltd has taken real estate major Emaar MGF to the Delhi High Court for not refunding it Rs 50 crore that it had given to the latter in a pre-IPO placement. Stating this, an IFCI executive said the company had no option but to take legal recourse to recover the money it had paid to Emaar MGF. "We do not know when and how the Rs 50 crore will be returned to IFCI and whether interest will ..

Pending reforms in the banking sector, held up due to opposition from the Left parties, got a leg up on Thursday with the Union Cabinet's decision to issue an executive order to effect the merger of State Bank of Saurashtra (SBS) with its parent State Bank of India (SBI). The government is likely to issue the order within two-three days, a senior government official said. "The State Bank of..

Rolta India Ltd, an information technology firm which specialises in geospatial information systems and high-end engineering, has finalised a deal to acquire a US-based company that specialises in business intelligence The move is seen as the company's effort to bolster its enterprise information & communication technology business. "The business intelligence acquisition will enable us to of..

Broadcast regulator TRAI today said government regulating ratings on TV viewership is not advisable and suggested that a broadcaster or an advertiser should have stakes in rating agencies and vice versa to ensure neutrality of TRPs. "Any form of governmental intervention in the form of an enactment of law is not desirable at this stage," TRAI said and favoured "self-regulation" by the Rs 22,600-..