| |
Grindlays told to pay Rs 912-cr to NHB
The Special Court handling cases related to the securities scam of 1992 has ruled in favour of National Housing Bank (NHB) in the legal battle between NHB and ANZ Grindlays Bank. The court set aside the Rs 912-crore arbitration award given by a three-member arbitration panel in favour of ANZ in March last year. ANZ has, however, said that it would take the matter to Supreme Court.
 |
|
Concor GDR put off
The Centre has decided to postpone disinvestment of shares of the Container Corporation of India (Concor) in the international market through a global depository receipt (GDR) issue. The core group of secretaries on disinvestment decided to postpone the Concor GDR issue to a more opportune time after the forthcoming general elections.
|
 |
BMW decides against manufacturing plant
In a sudden volte face, BMW AG of Germany has decided against setting up a manufacturing unit in India. Instead, it is planning only an assembly line for its "5 series" luxury cars at a drastically pruned investment of Rs 75 crore. BMW had earlier signed an agreement with the Munjals for a joint venture company, BMW India, which envisaged an investment of Rs 300 crore.
|
FDI norms eased further
The Reserve Bank of India (RBI) has relaxed the norms for foreign direct investment (FDI) in cases where prior government approval is required. Indian companies will no longer need to the RBI's approval for receiving overseas investments and issuing shares to foreign partners in proposals already cleared by the Secretariat for Industrial Approvals (SIA) or the Foreign Investment Promotion Board (FIPB).
|
