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Abbott hopes free trade talks to get impetus
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Investment scam
JP Associates’ stock tanks as Jaypee Infra sells shares
Slow governance to blame for drop in growth: Rajan
Wilful default notice to Kingfisher AiRlines
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Abbott hopes free trade talks to get impetus
New Delhi, September 5 He was addressing Indian industry leaders at a meeting organised by industry chambers. He asked the Australian
business houses to increase investments in India. On visa, the Australian PM says his government is streamlining student and working visa arrangements to make them easier for Indians. He said he would work towards stepping up Australian investment in India. He felt that the current level of trade and investment between Australian and Indian companies did not adequately reflect the true potential of the relationship. In her address, Nirmala Sitharaman, Minister of State (Independent Charge) for Commerce and Industry and Minister of State for Finance and Corporate Affairs stressed the need for more investment from Australian companies in India. She observed that between 2000 and 2014, Australian investment in India was about $600 million whereas Indian investment in Australia was of the order of $11 billion. She said with the measures taken by the new government, many investment opportunities have opened up for Australian companies in India. She invited Australian companies to invest in India. India seeks more
access to coal blocks
With power crisis looming large due to coal shortages, India must seek more access to coal blocks from Australia, industry body Assocham said today. “The visit by PM Abbott has given an impetus to the mutual goodwill. We must be using this goodwill to tap more minerals, including coal, from Australia to fuel our economic growth,” ASSOCHAM president Rana Kapoor said. |
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Sahara chief seeks 10 more days from SC to sell hotels
Legal Correspondent
New Delhi, September 5 A Bench headed by Justice TS Thakur said it would hear the plea on September 8 subject to exigencies. Appearing for Roy, senior advocate S Ganesh said his client would now have to talk to other parties willing to buy or offer a loan on these hotels so that Roy could mobilise and pay the bail amount of Rs 10,000 crore. Roy and two of his directors are held in Tihar Jail here since March 4, 2014, for their failure to return about Rs 25,000 crore to small investors who had subscribed to Sahara Group’s debenture issue which was subsequently declared as illegal by market regulator SEBI. The SC has allowed Roy to use video conferencing facilities within the jail compound to strike the sale deeds, but September 9 is the deadline for the purpose. Now, Roy wants the deadline to be extended by another 10 days.
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JP Associates’ stock tanks as Jaypee Infra sells shares
New Delhi, September 5 Shares of other JP group companies also took a beating. Jaypee Infratech dropped 7.23 per cent while Jaiprakash Power Ventures remained unchanged at the BSE. Over the past four sessions, Jaiprakash Associates has fallen nearly 30 per cent. Investors have been selling shares after Jaypee Infra Ventures sold 1.34 crore shares of Jaiprakash Associates for Rs 62.4 crore through the open market route. Jaiprakash Associates yesterday said the small shareholding disposed of by a promoter company was to meet needs of funds, including for a social cause. “It is understood that rumours are being planted in the market by the persons with vested interests suggesting that the promoters are selling their shareholding in the company. Such stories seem to have lead to a sharp drop in the share price,” the company had said in a filing to the BSE. “It is clarified in the interest of stakeholders that one of the promoters holding 72.36 crore shares, constituting 29.75 per cent of the company’s shares capital, has sold only 1.45 per cent of such shareholding and continues to hold 68.83 crore shares, constituting 28.3 per cent of company's share capital,” it had said.
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Slow governance to blame for drop in growth: Rajan
New Delhi, September 5 “The sharp slowdown in GDP from 8-9% growth to 4-5% in the last two years was caused by issues such as environment and land acquisition problems, delays in withdrawal of fiscal and monetary stimulus, irregularities around allocation of natural resources and slow governance,” a Citi report quoted Rajan as saying. Rajan had addressed a group of investors in Boston yesterday. “On the back of political stability, improved business and investment climate, GDP growth is poised to improve towards 7% over the next three years,” he said. India's economic growth has slipped to sub-5% in 2013-14 and 2012-13 fiscals. In the current financial year, the RBI estimates the growth to be 5.5%. In the first quarter of 2014-15 fiscal, the GDP improved to 5.7%, from 4.6% in the corresponding period a year ago. — PTI
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Wilful default notice to Kingfisher AiRlines
New Delhi, September 5 PNB in its plea has sought setting aside of the high court's August 28 order which had also stayed the bank's notice to the extent it threatened to hold the airlines and its guarantors United Breweries (Holdings) Ltd (UBHL) and Vijay Mallya as wilful defaulters in the event of no reply within seven days from August 21. The court had said the operation of the default notice would not come into effect as PNB will have to give to the airline, within a week from August 28, the documents relied upon by it and Kingfisher was given two weeks thereafter to respond. In its appeal, PNB said the airline had not disclosed that a similar plea of the carrier, against the United Bank of India, was dismissed by a division Bench of the Calcutta High Court on July 16. “Set aside the impugned judgment and the order dated August 28, 2014, passed by the single judge of the high court,” the bank's petition has prayed. The High Court in its August 28 order had held as “unacceptable” the bank’s reasons for not allowing the airlines to be represented by lawyers in the bank proceedings and directed that two advocates be allowed to represent Kingfisher. — PTI Probe ordered into loans to UB Group The Board of United Spirits Ltd, now controlled by Diageo, has ordered a probe into the loans given by United Spirits to UB Group firms as it posted a whopping net loss of Rs 4,488.77 crore for the financial year ended March 31, 2014.
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Motorola unveils Moto G, Moto X on Flipkart AirAsia
launches daily flight to Jaipur, Chandigarh DataWind joins hands with Spice Retail to sell devices Apple to add security alerts for iCloud users Microsoft launches Nokia X2 in India for
Rs 8,699
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New Delhi, September 5
