At a time when headline inflation has been moderating, most were expecting the central bank to take a firmer stance on growth.
The CBI on Wednesday called Loop Telecom, CEO Sandeep Basu, Chairman of Shyam group Rajiv Mehrotra, former telecom minister A Raja's brother A K Perumal and close aide Sadiq Batcha, for questioning in relation with the 2G spectrum scam.
The duo was called to the CBI headquarters Monday afternoon and questioned for over seven hours.
Most expect a 25 bps rate hike today, but want pause.
The World Bank has blacklisted Videocon Industries on allegations of fraud and corruption for three years.
Consumer electronics and home appliances company Videocon, plans to invest a sum of Rs 10,000 crore (Rs 100 billion) in Madhya Pradesh for setting up a power plant, television manufacturing unit and for building a hospital, a top company official has said.
Kochhar is required to assist the investigating officer of the case in taking the probe forward and her statement will be recorded under the Prevention of Money Laundering Act (PMLA).
Releasing a report on manufacturing sector in India, Venugopal Dhoot, promoter of Videocon and past president of Assocham, said state governments should restrict their roles only to infrastructure-related issues and manufacturers should themselves talk to farmers on land acquisitions. He said the formula of employment, equity and money should be used to compensate farmers and if they wanted land for land, they should be given that.
In a communiqu to the Bombay Stock Exchange, the Rs 700-crore company said the Registrar of Companies, Maharashtra, approved the name change.
Diversified group Videocon Industries on Wednesday said it may sell up to 26 per cent stake in the company to foreign players.
Asked about rumours that the Chief Minister was holding talks with key investors on the Singur controversy, Dhoot said, "The CM calls me every three months to know the progress. The Videocon group was hopeful of land acquisition with its compensation package which includes land price, job assurance and equity in the project.
The consensus is that a high interest rate regime, now a certainty, will increase costs, slow down demand and hit profitability. CEOs said margins were already under substantial pressure due to high energy prices. The only way to survive in this scenario is to cut costs, put brakes on new expansion plans and increase efficiencies.
The Videocon group has expressed interest in buying telecom giant Motorola's struggling mobile handset business, which is being split into a separate company. "We have hired one of the world's top three investment bankers who will convey our interest to buy out the mobile handset business of the US company," Group Chairman Venugopal Dhoot told Business Standard.
As the president of Assocham, Dhoot has asked Confederation of Indian Industry and Ficci to join him in requesting the prime minister to reconsider the move to ban states from acquiring land.
Newly-elected president of industry body Assocham and Videocon chief Venugopal Dhoot on Tuesday said he was against "land grabbing" in the name of SEZs
The Videocon group, which signed a memorandum of agreement (MoA) with the West Bengal government for a Rs 15,000 crore (Rs 150 billion) steel and power project last month, has directly negotiated with land losers near Asansol for 2,000 acres.
India Inc on Tuesday sought tax cuts in the forthcoming Budget, even as it asked the government to move towards an effective goods and services tax rate of 15 per cent in the next few years.
Videocon Industries Chairman and Managing Director Venugopal Dhoot told Business Standard the company had already started production of PCs -- 3,000 a month -- at its Taratola facility in Kolkata.
Videocon Group Chairman Venugopal Dhoot on Thursday clarified that the group would be paying Rs 950 crore (Rs 9.5 billion) to the Maharashtra government's town and industrial infrastructure subsidiary CIDCO for a 100-hectare plot in Navi Mumbai and not Rs 300 crore (Rs 3 billion) as claimed by some people.
Diversified business group Videocon on Friday said it has obtained licence to start its Direct-To-Home (DTH) services and expects to launch it by mid-September.
Confirming the development, Chairman Venugopal Dhoot said, "We will use the CDMA technology for mobile services in the country."
Videocon chairman and managing director Venugopal Dhoot refused to confirm industry reports that the deal was inked on Tuesday morning, citing a non-disclosure agreement signed between the two parties a few days ago in Mumbai.\n\n
Large steel producers had reduced prices up to Rs 4,000 per tonne on request of Prime Minister Manmohan Singh on May 7. They had also agreed to hold the price line for the next three months. The three-month price moratorium expires in August.
Indian industry still recoils at the idea of bringing a law for job reservation in the private sector, but is ready to work on the concept with some fiscal rewards from the government.
Indian industry still recoils at the idea of bringing a law for job reservation in the private sector, but is ready to work on the concept with some fiscal rewards from the government.
Videocon group has signed an agreement with West Bengal government to set up a steel plant and a power project in the state with total investment of about Rs 15,000 crore.Videocon, which already has interests in oil and gas, plans to establish a three million tonne steel plant and a 1,200 MW thermal power project in Asansol-Durgapur area in Burdwan district.
The Videocon group would set up a BPO unit at Salt Lake, Kolkata, employing 25,000 people, its chairman Venugopal Dhoot said on Thursday.
Videocon Group on Monday said it was considering setting up a new manufacturing unit for consumer durables in Dubai.
Videocon Industries Ltd will spend Rs 2,000 crore (Rs 20 billion) for oil exploration and production activities, including Rs 800 crore ($183 million) abroad as part of its business plans.
Bankruptcy court NCLT on Tuesday allowed billionaire Anil Agarwal's Twin Star Technologies to take over Videocon Industries Ltd for about Rs 3,000 crore. Twin Star, a part of Vedanta Group, will pay around Rs 500 crore within 90 days as upfront payment and the rest as non-convertible debentures over a period of time. A two-member Mumbai bench of the NCLT comprising members - H P Chaturvedi and Ravikumar Duraisamy - approved the resolution plan by Twin-Star Technologies.
Zeev Leshem, Chief Operating Officer, Fortune online lottery, says the Indian online lottery market is big enough to accommodate at least five operators.\n\n\n\n
It is alleged that during the tenure of Chanda Kochhar, six loans worth Rs 1,875 crore were cleared for the Videocon Group and its associated companies, in which in two cases she herself was on the sanctioning committees.
In Chanda's defence, one can always say, why would the Videocon Group take care of her husband as a quid pro quo to get a loan? After all, the group has taken money from the entire banking industry and ICICI Bank's share in the pie is not even 10 per cent. So, if it had a quid pro quo with Chanda to get the money, it must have had similar arrangements with other banks, too. If this is not the case, one must accept that it had got money from all banks, including ICICI, without any under-the-table conditions, points out Tamal Bandyopadhyay.
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