The Madras High Court order for closure of over 700 dyeing and knitting units in Tirupur may trigger huge loan defaults. Repayment of loans worth about Rs 20,000 crore would be hit if operations came to a halt, said Tirupur Exporters Association President A Sakthivel.
Foreign cigarette companies could soon find it harder to sell their products in India. The government is looking into a proposal to ban foreign direct investment (FDI) in the wholesale marketing arms of these companies. It is also exploring the possibility of shifting the import of tobacco products from the open general licence (OGL) to the restricted list.
In December 2010, Mumbai-based Narsee Monjee Institute of Management Studies received an A*** grading by credit rating agency Crisil.
The government is considering a common appellate authority for insurance and all instruments traded on the stock or commodity exchanges. This comes after the formation of the Financial Stability Development Council, a statutory body to coordinate the functioning of financial market regulators.
MNP allows a subscriber to change his or her service provider without changing the mobile number.
Key government departments have come to a consensus on the definition of a "group company" in the context of foreign direct investment (FDI) in the wholesale cash & carry trade. Under current policy, while 100 per cent FDI is permitted in wholesale trade, a cash & carry entity can sell only up to 25 per cent of its turnover to group companies.
After its various corrections since Diwali, the stock market is expected to settle and consolidate in the next few days, with most uncertainties thought to have been priced in. That applies to the telecom scam-related implications, too, as long as its toll does not go beyond ministers and no more bad news comes from European countries. Most players believe there are several good stocks at attractive valuations.
For over a year Sanjay Chandra, managing director of the Unitech group, has been under a cloud for various reasons.
A committee of secretaries will be meeting soon to consider a draft proposal, which suggests that decision-making on all policy issues pertaining to FDI be transferred from the Department of Industrial Policy & Promotion (DIPP) in the Ministry of Commerce to the Department of Economic Affairs (DEA) in the Ministry of Finance.
GE India is embarking on a major localisation drive under which 60-70 per cent of the products that it sells will be manufactured in the country in the next five years. At present, the localisation is about 10 to 20 per cent.
Regulator wants the power to fine errant telecom companies.
Investment banking sources said players with leveraged positions widely used this instrument. Even several foreign investors disallowed from investing in the market for failing to comply with regulatory norms have been using the PN route.
The Cabinet cleared amendments to the Forward Contracts (Regulation) Act, giving the FMC autonomy and including various provisions aimed at developing the market. Business Standard spoke to Khatua on how the amendments will impact the markets once it comes into force.
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