ECONOMY & NATION


Moneylife Digital Team 11 May 2018
The Income Tax (I-T) Department on Friday has filed four prosecution cases against Karti Chidambaram, his mother Nalini and wife Srinidhi under Section 50 of Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, in a Chennai Court. Karti is son of Congress leader and...

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The Supreme Court collegium on Friday took an in principle decision to reiterate its recommendation for the elevation of Uttarakhand High court Chief Justice K.M. Joseph to the top court.   The collegium decided it will resend its January 10 "unanimous" recommendation for the...

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Lower manufacturing production decelerated India's industrial output in March to 4.4 per cent from a rise of 7 per cent in February 2018, official data showed on Friday.   As per the data released by the Central Statistics Office (CSO), on a year-on-year (YoY) basis, the index value...

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Moneylife Digital Team 11 May 2018
Market regulator Securities and Exchange Board of India (SEBI) has asked top 100 companies based on market capitalisation to webcast live proceedings of their annual general meetings (AGMs). This decision was based on recommendations from the Uday Kotak Committee on Corporate Governance to...

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Over 10 lakh bankers in government and private banks will go on a 48-hour strike starting on May 30, said an All India Bank Employees Association (AIBEA) leader.   The United Forum of Bank Unions (UFBU) proposed the strike beginning 6 a.m. on May 30, till 6 a.m. on June 1, demanding...

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A day after Reliance Jio announced its postpaid offer at Rs 199, global investment banking firm Jefferies on Friday said the sharp discount launched by Jio would make incumbents respond to it which may further cut average revenue per user (ARPU) for Bharti and Idea.   Jio on Thursday...

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Maharashtra's Additional Director General of Police Himanshu Roy reportedly committed suicide by shooting himself here on Friday afternoon, official sources said.   According to preliminary information, Roy shot himself with his service revolver at his home in south Mumbai. He was...

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The Income-Tax Department conducted searches on Matix group Vice-Chairman Nishant Kanodia and others for the second consecutive day on Friday in connection with investments by his Mauritius-based Firstland Holdings into Deepak Kochhars NuPower Renewables through cumulative convertible...

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New Delhi, The government has transferred bureaucrat Lok Ranjan, its nominee on the board of the controversy-hit ICICI Bank, from the Finance Ministry to the Department of Personnel and Training.   According to a notice by the Appointments Committee of the Cabinet late Thursday,...

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The Confederation of All India Traders (CAIT) on Thursday said that it might approach the Competition Commission of India (CCI) to seek "a ban" on the Walmart-Flipkart deal after studying the metrics of the agreement.   CAIT Secretary General Praveen Khandelwal told IANS: "We are...

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Fortis Healthcare on Thursday said that its Board will recommend the binding offer of the Hero and Burman consortium for shareholders' approval.   According to the healthcare major, the entire exercise for selecting the Hero and Burman consortium involved a process that witnessed...

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Moneylife Digital Team 10 May 2018
India Ratings and Research (Ind-Ra) believes India’s trade deficit will widen to a four-year high of 6.4% of GDP in FY19 (USD178.1 billion). In FY18, merchandise trade deficit stood at USD156.8 billion (6.0% of GDP) on account of a rise in oil and gold imports. Widening trade deficit,...

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The Indian automobile sector's sale of domestic passenger cars grew by 4.89 per cent in April, data showed on Thursday.   As per the data furnished by the Society of Indian Automobile Manufacturers (SIAM), 200,183 passenger cars were sold in April -- up from 190,854 units off-take in...

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Arun Kumar Das (IANS) 10 May 2018
They are billed as smart coaches, and Indian Railways will soon roll out these modern train compartments equipped with black boxes and coach information and diagnostics systems.   The black boxes, a first for the Railways, will have a powerful multi-dimensional communication interface...

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Delhi Chief Minister Arvind Kejriwal's nephew was arrested on Thursday by the Anti-Corruption Bureau (ACB) in a graft case involving submitting of fake bills to claim money for PWD construction work.   Vinay Bansal, the son of Kejriwal's late brother-in-law Surender Bansal, was a...

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Moneylife Digital Team 09 May 2018
New Delhi Television Ltd (NDTV) said Dr Prannoy Roy and his wife Radhika, both executive co-chairpersons of the company have received show cause notice from the Income Tax (I-T) Department for launching prosecution proceedings.   In a regulatory filing, NDTV said, "...on 7 May 2018,...

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The world's largest retailer, Walmart Inc, on Wednesday announced it was buying 77% equity stake in India's e-tail major Flipkart for USD16 billion.   "Subject to regulatory approval in India, Walmart will pay USD16 billion for an initial stake of 77% in Flipkart," the Kansas-based...

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The Supreme Court on Wednesday said that the courts can look into Parliamentary Committee reports and take them on record while deciding an issue. However, the report cannot be challenged.   Chief Justice Dipak Misra pronouncing the judgment on the five-judge Constitution Bench, said...

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Washington, US President Donald Trump said on Tuesday that he will withdraw his country from the Iran nuclear deal, a decision that immediately drew global frustration and outcry.   The pullout of the US from the deal, which eased sanctions on Iran in exchange for the country limiting...

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The business optimism in India has deteriorated with the country ranking sixth globally on the optimism index in the first quarter of 2018, said Grant Thornton's International Business Report (IBR) on Tuesday.   According to the quarterly global business survey, India has been topping...

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