Chennai: India’s third largest bike maker by volume, TVS Motors Ltd, is all set to launch the controversial bike ‘Flame’ on Monday, even as it is locked in a court battle with rival Bajaj Auto Ltd over the technology that has been used to make this bike. This comes just a few days after the Madras high court barred the manufacture and sale of ‘Flame’.
Despite the court order, the company would be able to launch the bike since it has decided to do away with the use of two spark igniters—which was challenged by Bajaj—and instead use only one. The tussle was all about the use of a technology called digital twin spark ignition (DTSi), which uses two igniters instead of one, for better fuel efficiency.
“There would be no difference in terms of efficiency,” Venu Srinivasan, chairman and managing director of TVS, said. The company had announced the launch of ‘Flame’—a 125cc bike in the popular executive segment that accounts for 50% of motorcycle sales in the country—a few months ago.
The company, on Sunday, also entered the three-wheeler market, dominated by Bajaj, by announcing the launch of a 200cc auto-rickshaw named ‘TVS King’.
India-China RTA talks at a ‘suitable time’
New Delhi: India and China will initiate negotiations for a regional trading arrangement (RTA) at a “suitable time”, Chinese ambassador to the country Zhang Yan has said.
China and India will work to expand mutual investment and initiate negotiations on RTA in a suitable time, Zhang said in his first public address after taking over as Beijing’s new envoy in New Delhi .
In 2003, India and China had established a joint study group to examine the potential for economic engagement between the two booming Asian economies. A joint task force has since finalized its report on the feasibility of an India-China RTA.
A regional trading arrangement between the countries will be “mutually advantageous”, a joint declaration issued during Prime Minister Manmohan Singh’s maiden visit to China in January had said.
Speaking at a function here, Chinese ambassador Zhang said he firmly believed that the rise of China and India, economically, will not only benefit the people of the two countries, but would also contribute to the peace, stability and prosperity of Asia and the whole world.
Suresh Nanda, son arrested by CBI
New Delhi: Arms dealer Suresh Nanda, his son Sanjeev Nanda, and two others have been sent on a transit remand to New Delhi following their arrest by the Central Bureau of Investigation (CBI).
The Nandas, income-tax deputy director Ashutosh Verma and chartered accountant Bipin Shah were arrested from the Mariott hotel in Mumbai late on Saturday night, CBI said.
CBI has registered cases against the four for allegedly entering into a criminal conspiracy to suppress an income-tax case against Nanda.
Cases have been registered against them under 120-B (criminal conspiracy) and other relevant sections of the Indian Penal Code and Prevention of Corruption Act.
Immediately after the arrests, CBI conducted searches at various premises belonging to them in New Delhi, Ghaziabad, Mumbai and Goa.
Suresh Nanda already has two cases pending against him for allegedly receiving bribes in the Rs1,150 crore Barak Missile System deal and purchase of armoured recovery vehicles. His passport has been suspended by the government. His son, Sanjeev Nanda, is the key accused in the Delhi BMW hit-and-run case.
SBI joins Chinese bank in operating 10,000 branches
Puduvayal (TN): The country’s biggest lender State Bank of India on Sunday became the second bank in the world to have 10,000 branches when finance minister P. Chidambaram inaugurated its latest branch here.
The Industrial and Commercial Bank of China Ltd (ICBC) is the other bank to have 10,000 branches.
“It is not an easy milestone, although SBI was the bank of the government and of the Indian people even before other banks were nationalized,” Chidambaram said on the occasion.
“Chairman of the 202-year-old bank Om Prakash Bhatt is indeed a more powerful man than me, because he handles Rs9 lakh crore (business) whereas my Budget is only for Rs8 lakh crore,” Chidambaram said.
The minister also defended his government’s decision to waive farm loans worth Rs60,000 crore, saying that by doing this, the Union government was “settling the debt” all Indians owed to the farming community for “feeding” the country.
SBI chairman Bhatt said the bank is considering raising between $200 million (Rs810 crore) and $500 million in bonds, denominated in Malaysian ringgit, to broaden its resources for international operations.