Sun Pharma receives USFDA approval for cancer drug

Sun Pharmaceutical subsidiary—Sun Pharma Advanced Research Company—has received abbreviated new drug approval from US Food and Drug Administration for Docefrez

Sun Pharmaceutical Industries today said its unit has received US health regulator's approval for generic docetaxel injection, used in treating cancer, in the American market.

The company's subsidiary-Sun Pharma Advanced Research Company-has received abbreviated new drug approval from US Food and Drug Administration for Docefrez in strength of 20 mg/vial and 80 mg/vial, Sun Pharma said in a statement.

The company's product is indicated for metastatic breast cancer, lung cancer and hormone refractory metastatic prostate cancer, it added.

Shares of Sun Pharma were today trading at Rs443.95 on the Bombay Stock Exchange in late afternoon trade, 0.93% down from the previous close.

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IndusInd Bank signs MoU with HDFC for home loans

For all home loans sourced by IndusInd Bank, the processing, disbursement and servicing functions will rest with HDFC

IndusInd Bank (IBL) has signed a memorandum of understanding (MoU) with HDFC. According to the tie-up, IBL's nation-wide branch offices spread across the country will source HDFC home loans for purchase/construction/extension/renovation of dwelling units/residential premises to individuals. For all home loans sourced by IBL, the processing, disbursement and servicing functions will rest with HDFC.

Romesh Sobti, MD & CEO, IndusInd Bank said, "The tie-up with HDFC is an important milestone for IndusInd Bank. This strategic alliance is a part of our expansion strategy. We decided to tie-up with HDFC considering its number 1 position in the home loan market and its best-in-class customer services. We see great synergy in this tie-up and this alliance will open up new markets and customers for both IndusInd Bank and HDFC."

Sumant Kathpalia, head consumer banking, IndusInd Bank said, "We are delighted to announce the tie up with HDFC. This strategic alliance will further boost our customer focused approach as we will provide home loans across our retail network. As a result of this partnership, IndusInd Bank will now offer a complete bouquet of banking solutions across various products & services."

Renu Sud Karnad, MD, HDFC said, "We are happy to announce our partnership with IndusInd Bank, a leading new generation private bank. For us this partnership is an important one and will strengthen our distribution network. It will enable us to sell home loans from over 300 branches of IndusInd Bank."

Shares of IndusInd Bank were today trading at Rs238.25 on the Bombay Stock Exchange in late afternoon trade, 1.71% down from the previous close.

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HC tells Jet Airways to pay Rs478 crore dues to Sahara

Jet acquired Sahara Airlines in April 2007 for Rs1,450 crore after an arbitration award. It paid Rs900 crore and agreed to pay the balance in four instalments

Mumbai: The Bombay High Court today asked Jet Airways to pay Sahara India Rs478 crore within two weeks on account of default in its obligations toward the Rs1,450 crore take over deal of Sahara Airlines (now Jetlite), reports PTI.

Justice Dhananjay Chandrachud, however, rejected the petition filed by Sahara claiming Rs2,000 crore as the total sum for the takeover instead of the renegotiated amount of Rs1,450 crore agreed between Jet and Sahara.

The judge held that Jet Airways was liable to pay Sahara Rs478 crore, which includes interest at 9% per annum.

This amount was computed on the principal amount of Rs402 crore, the court said in an oral order.

Jet acquired Sahara Airlines in April 2007 for Rs1,450 crore after an arbitration award. It paid Rs900 crore and agreed to pay the balance in four instalments.

Jet contended that in March 2008, the Income Tax Department had demanded tax dues of Rs107 crore from Sahara.

According to Jet, this amount was due from Sahara Group as it pertained to the period before the acquisition.

While paying Sahara an instalment of Rs137 crore in March 2008, Jet deducted Rs37 crore against I-T dues. Again in 2009, Jet deducted another Rs50 crore toward tax dues.

Sahara contended that it was not liable to pay tax dues since the airline had been taken over by Jet Airways.

During the course of the hearing, certain properties of Jet were attached. Jet had given an undertaking in the high court that it will not dispose of the property till the payment is made to Sahara or till the dispute is settled between them.

The court held that this undertaking would stand dissolved once the dues are paid because by then, the solvency of Jet Airways would be established.

Sahara had in March 2009 moved the high court contending that the Naresh Goyal-led airline was liable to pay Rs2,000 crore instead of the renegotiated amount of Rs1,450 crore agreed between them as it had defaulted on payment.

Sahara submitted that the takeover price had been brought down to Rs1,450 crore from Rs2,000 crore provided Jet Airways would not default on payment.

Sahara said Jet had defaulted on payment and, therefore, concession on the takeover deal was not tenable.

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