Narasimham moots strong medicine, wants weak banks to down shutters
Merger of strong banks and closure of unviable weak ones are among the key recommendations of the second Narasimham committee report on banking-sector reforms. The report has favoured the creation of two or three mega banks of international character, and eight to 10 large national banks through the mergers.
Khan committee favours creating `super regulator' for fin
The Khan Committee on harmonisation of the roles of commercial banks and financial institutions (FIs) is believed to have mooted creating a super regulator to coordinate among the regulatory bodies of different intermediaries in the financial sector. The committee will submit its report to the Reserve Bank of India (RBI) governor Bimal Jalan on Friday.
CII seeks changes in M&A laws
The Confederation of Indian Industry (CII) has proposed major revamp in the existing law regarding mergers, amalgamations and acquisitions. In its pre-budget memorandum submitted to the Union finance minister on Thursday, the chamber stated that the definition of amalgamation under the Income Tax Act should be reworded as "amalgamation would mean any amalgamation under a scheme approved by the court under Sections 391/394 of the Companies Act, 1956".
CAG raps Maharashtra for erosion of paid-up capital in 27 PSUs
The comptroller and auditor general has rapped the Maharashtra government for erosion of paid-up capital worth Rs 119.02 crore by 27 state-run companies. The accumulated losses are Rs 32.73 crore and the loss in excess capital Rs 203.71 crore.
Centre earmarks Rs 7 cr for cotton development
The government has earmarked Rs 7 crore during the current financial year for improving production, productivity and purity of cotton. The project to improve cotton production and quality will be taken up by the state-owned Cotton Corporation of India (CCI) and 154 villages will be covered under a scheme for the project to produce certified seeds, an official statement said here on Thursday.
Draft act to treat Darjeeling tea as geographic indicator
The government is preparing a draft act to treat Darjeeling tea as a geographic indicator to prevent other countries from patenting it or claiming to sell the premium tea variety, a commerce ministry official said on Thursday. The industry and trade policy division of the government are preparing the act which would make India the only country of origin of Darjeeling tea besides being the geographic indicator.
