ECONOMY & NATION


A 450-member team of the Income Tax Department is conducting searches at offices of the Chettinad Group of companies in Tamil Nadu, Andhra Pradesh and Maharashtra, officials said on Wednesday.   The searches are on at 40 locations in the three states. "The reason for the raid is...

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The domestic passenger car sales grew by 7.73 percent in May and stood at 160,067 units from 148,577 units sold during the corresponding month of 2014, industry data showed on Wednesday.   According to the data furnished by the Society of Indian Automobile Manufacturers (SIAM), the...

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Film and retail entertainment company PVR Limited on Tuesday announced that it has entered into definitive agreements to acquire the cinema exhibition business of DLF Utilities Limited, which is operated under the brand name of DT Cinemas.   The company has got into the agreement on a...

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HSBC on Tuesday announced a new strategic plan that includes a restructuring of 10 percent of its global workforce, review of the possibility of moving its headquarters, its exit from markets in Turkey and Brazil, and an expansion of its operations in Asia.   The new business plan...

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The board of ICICI Bank on Tuesday approved the appointment of M.K.Sharma as the new non-executive chairman for a period of 5 years, to succeed K.V.Kamath, who has been named the first president of the BRICS New Development Bank.   Sharma was formerly the vice chairman of Hindustan...

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In 2009, a Mukesh Ambani group entity took control of NDTV under the guise of a loan agreement. The plan was to find a buyer in “three to five years”. No buyer has been found so far and effectively, NDTV is controlled by the Ambanis   In July 2009, Vishvapradhan Commercial Pvt Ltd, a...

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Tata Steel workers across the Britain will go on strike later this month in a row over British Steel pension scheme, British trade unions have announced.   The action would take place on June 22, while a ban on overtime and work-to-rule will be carried out next week, BBC...

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The Central Board of Direct Taxes (CBDT) on Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and said stringent action in big cases of evasion would demonstrate to compliant taxpayers that laws are just and fair.   "CBDT...

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The Reserve Bank of India (RBI) on Monday allowed banks to recast a company's debt under a "strategic debt restructuring" (SDR) scheme wherein the lender must hold 51 percent or more of the equity after the debt-for-share conversion.   "Post the conversion, all lenders under the JLF...

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The Central Bureau of Investigation (CBI), which is probing the multi-crore rupee Saradha scam, has sent a notice to the Kolkata Municipal Corporation (KMC) seeking details about the licenses it issued to the tainted group.   Addressed to KMC's chief manager (licensing), the notice...

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The Sahara Group has been trying to raise funds through monetisation of its various assets, including these three overseas hotels to secure the release of chairman Subrata Roy, currently lodged in Tihar Jail in New Delhi for over a year   In a relief for the crisis-hit Sahara Group,...

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Odisha Police later handed over Iyer, who was on the run, to the Central Bureau of Investigation (CBI), a police officer said   PK Iyer, vice chairman of the Deccan Chronicle Holdings Ltd. (DCHL), was arrested from a hotel here on Saturday in connection with an alleged loan...

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Railway Minister Suresh Prabhu said on Saturday his department has signed initial agreements with 20 states to jointly develop a company aimed at boosting railway infrastructure.   "We have signed MoUs with 20 states. Under the agreement, there will be a company jointly owned by the...

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Indian IT bellwether Infosys Ltd on Friday announced Ramaswami Seshasayee has been appointed as its non-executive chairman in place of K.V Kamath, who stepped down from the post following his nomination as president of the $50 billion BRICS' development bank.   "The company's board...

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Announcing the withdrawal of Maggi noodles across India after charges of more-than-permissible levels of some substances, Nestle's global chief executive Paul Bulcke on Friday asserted the popular snack was safe, passing every independent test ordered by the company.   "The product,...

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The CBI, probing the multi-crore-rupee chit fund scam in Odisha, on Thursday raided six locations of Jana Mangala Agro Care in the state, an official said.   "In the Odisha chit fund scam, searches were conducted by the CBI today (Thursday) against Jana Mangala Agro Care. All...

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India is an original Member of the WTO and provides most favoured nation (MFN) treatment to all members and other trading partners   Despite India raising foreign ownership limits in some sectors, structural bottlenecks remain a barrier in achieving higher growth, the World Trade...

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Even in a closed network like Indian Railways, food is now served and sold without receipts, or if you get receipts, then you do not know where the service tax collected is going   An otherwise modest increase in service tax from 12.36% to 14% on an all-India basis would have gone...

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India's agriculture growth dropped to 0.02% in the last quarter of 2014-15, according to the latest government data, compounding predictions of a bad monsoon ahead.     The meteorological department on June 2, 2015, lowered its rainfall projections, saying the monsoon rainfall...

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In his latest personal investment, Ratan Tata, chairman emeritus of the Tata Group, has invested in Kaaryah, a technology enabled women's wear portal, its founder Nidhi Agarwal said on Wednesday.   "Yes, he (Tata) has invested in brand Kaaryah," said Agarwal, confirming Tata's latest...

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