News & Events
| FDI in infotech industry slips to eighth place The country's computer hardware and software industry, which was at the fifth position till last fiscal in terms of foreign direct investment (FDI), has dropped to the eight rank, with a 58.5% drop in FDI in the current financial year. According to figures from the department of industrial policy and promotion (DIPP), FDI flow into the sector stood at Rs 2,763 crore from April to November in 2009-2010 compared to Rs 6,670 crore in the same period in fiscal 2008-09 and Rs 4,217 crore in 2007-08. The country's computer hardware and software industry, which was at the fifth position till last fiscal in terms of foreign direct investment (FDI), has dropped to the eight rank, with a 58.5% drop in FDI in the current financial year. 03 Apr 2010 00:00:00 GMT RBI to amend rules to control NBFCs turning LLPs The Reserve Bank of India (RBI) plans to amend its rules to pre-empt non banking finance companies (NBFCs) from misusing the liberal rules governing limited liability partnership (LLP) firms.In the interim, NBFCs that want to convert themselves to LLP firms will have to obtain a no-objection certificate from the central bank. LLPs refer to a corporate structure introduced and actively promoted by the ministry of corporate affairs. 10 Mar 2010 00:00:00 GMT India Inc faces higher gratuity provisioning Over 50 per cent of Indian companies will have to make higher provisions in their balance sheets as gratuity expenses. This follows last week's Union Cabinet decision to raise the tax-free ceiling of gratuity payable to private sector employees from Rs 3.5 lakh to Rs 10 lakh.According to a survey by leading consultancy firm Tower Watson, half of the Indian companies now provide gratuity purely in line with the Payment of Gratuity (PG) Act, 1972 ? that is a maximum of Rs 3.5 lakh per employee. Thirty per cent of the firms ? mostly big companies ? had no ceiling on the gratuity amount. 10 Mar 2010 00:00:00 GMT Aditya Birla Minacs Acquires UK's Compass BPO Aditya Birla Minacs, the business process outsourcing (BPO) subsidiary of Aditya Birla Nuvo Ltd, has acquired Compass BPO Ltd for an undisclosed sum. Compass is a UK-based pure-play finance and accounting (F&A) services provider, said a company statement. This is the second acquisition of Minacs in the last one month. Earlier, in February, it acquired Radifinity, a technology solution company in Bangalore. 10 Mar 2010 00:00:00 GMT Tata Sons buys Daimler's Tata Motors shares worth Rs 300 cr Tata Motors? largest promoter, Tata Sons, bought four million shares of the former from Daimler for Rs 300 crore, thus raising its stake in the commercial and passenger vehicle giant by nearly one per cent.From the limited data released by the Bombay Stock Exchange (BSE), Daimler AG, owner of the luxury brand, Mercedes, and also the world's largest truck maker, today completed the sale of its entire stake in Tata Motors, India's biggest automobile company, for Rs 1,924 crore (?300 million). 10 Mar 2010 00:00:00 GMT China says committed to U.S. debt, wary on gold China, the world's biggest holder of foreign exchange reserves, renewed its commitment to the U.S. Treasury market on Tuesday but said it would be wary of substantially boosting its gold holdings. 10 Mar 2010 00:00:00 GMT Port corporatisation to begin with JNPT The government has embarked on a plan to convert 12 major ports to corporate entities a move that would give these ports the much-needed freedom to set tariffs and compete with foreign and Indian private ports to which they are losing traffic. A senior government official told FE on condition of anonymity that Mumbai's Jawaharlal Nehru Port Trust, the country's premier container port, would be made a company in 2010-11. 10 Mar 2010 00:00:00 GMT Tax evasion suspects to get respite from penalty In what could be a respite for taxpayers, the government has opened a new window for them to escape penal action for alleged tax evasion until the final settlement of the case. Under a proposal in the recent Budget, companies and individuals facing search and seizure operations by the income-tax department can pay up a self-assessed amount. 10 Mar 2010 00:00:00 GMT |