corporate law

A bank cannot impose transaction charges on a customer who never made any transaction; the Delhi Consumer Commission has held terming such a practice as "illegal and unjustified". "To debit transaction charges from the account of a person who has never made any transaction is unfair trade practice," Commission President Justice J D Kapoor said. The Commission allowed an appeal of a..

Loan waiver scheme includes interest component : FM Finance Minister clarifies that loan waiver scheme includes interest component and asks all PSU banks to prepare the list of beneficiaries by 25th of this month. Finance Minister P Chidambaram has directed all PSU banks to prepare the list of beneficiaries under the ambitious 71,860 crores debt relief package by 25th of this month...

The Telecom Regulatory Authority of India (TRAI) would submit its recommendations to the government on internet telephony in the next two months. Member TRAI R N Prabhakar told reporters on the sidelines of an open house on Internet Telephony that they would submit their recommendations to DoT within two months. In the consultation paper prepared by TRAI, the regulator had said tha..

The Union Minister for Shipping, Road Transport & Highways, Thiru. T.R. Baalu has approved the merger of Dearness Allowance (D.A.) equivalent to 50% of the basic pay in the pay scale of 1997 level with effect from 1st January, 2007 for the 1015 shore employees of the Shipping Corporation of India (SCI). The measure, taken as goodwill gesture, will substantially benefit the employees and is likely ..

Making it easier for urban cooperative banks to extend housing loans, Reserve Bank has relaxed the risk provisioning norm for purchase of residential properties up to Rs 30 lakh. The central bank issued notification yesterday in pursuance of the annual credit policy announcement made by the Reserve Bank Governor Y V Reddy on 29th April. Earlier on 15th May, the Central Bank had rel..

The episodic battle of legal claims and counterclaims between the Ambani brothers is beginning to become a bit monotonous even for the most ardent watchers of the two warring groups. The ordinary investors are left wondering why two of the country’s richest entrepreneurs, with great global ambitions, cannot get on with their respective businesses peacefully after they formally divided up the combi..

Banking regulator Reserve Bank has invited public comments on draft master circular on foreign investment. The draft circular, on which the RBI has invited public comments by 20th June, covers areas such as acquisition of immovable property, establishment of branch/liasion offices and foreign investment in partnership firms and property concerns. Master circulars, issued by RBI f..

RBI may again raise repo rate by 25 bps by July: Economists Woes of the UPA government on the price front are likely to continue with inflation expected to reach the double digit mark in the weeks ahead, which may force the Reserve Bank to raise short-term lending rate by another 25 basis points. Despite the host of measures taken by the government and RBI, inflation has touched the..

Reliance Communications Chairman Anil Ambani today said he could transfer shares in the company without restrictions, rejecting Reliance Industries Chairman and elder brother Mukesh Ambani's claim of having the first right of refusal as "meaningless''. Citing an Article under the Companies Act, RCom has stated that "any restrictions on the free transfer of shares in an Indian public limited co..

The war between Ambani brothers continued on Sunday over the proposed merger between Anil Ambani-controlled Reliance Communication Ltd (RCom) and South African telecom major MTN that could create a $70 billion trans-continental telecommunications giant.Mukesh Ambani controlled Reliance Industries Ltd (RIL) has written to MTN and its bankers that it has the first right to buyout the promote..

New Delhi, June 14 (PTI) Ambani siblings' war intensified today with the younger Anil's group warning to retaliate in case Mukesh-led Reliance Industries goes legal with its claim on the potential multi-billion dollar amalgamation deal that the former is pursuing with South African telecom giant MTN. In a strongly worded reply to RIL's threat to go legal against ADAG to enforce its ri..

US giant expected to bid for 65% non-promoter stake.Pfizer Inc, the world's biggest drug maker, may bid for the 65 per cent non-promoter stake in Ranbaxy Laboratories, sources familiar with the developments said declining to be identified. Malvinder Mohan Singh, managing director & CEO of Ranbaxy, and his family signed a binding agreement with Daiichi Sankyo to sell their entire 34.82 per cent..

The multi-millon dollar Stanford League announced earlier this week is not the only challenge being aimed at the Board of Control for Cricket in India and the IPL if the events in England in the recent past are anything to go by. Less overtly, but no less tellingly, English counties have rebuked the BCCI by allowing players who had participated in the Indian Cricket League to play in domestic cric..

Chennai, Madras High Court has ordered notice to Commissioner of Police (CoP), Chennai and a private bank on a writ petition which alleged that the bank was engaging the services of musclemen to force a customer to repay his personal loan. Admitting the petition filed by S Ravi of Sholinganallur here, Justice A C Arumugaperumal Adityan issued the notices, returnable in two weeks. ..

Max New York Life Insurance, quality leader in India?s life insurance sector, today announced a milestone achievement of 99.84 percent settlement of claims. At the close of fiscal 2007-08 (on March 31, 2008), Max New York Life had only 0.16 per cent outstanding claims, among the best records in claims management for Indian and worldwide life insurers. In absolute numbers, this means that as on Mar..