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LIVE Updates| ICAI’s Ramaswamy elected to IFAC

LIVE Updates| ICAI’s Ramaswamy elected to IFAC
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First Published: Fri, Nov 18 2011. 10 51 PM IST

File photo of CA.G.Ramaswamy, president,ICAI. Photo by Pradeep Gaur/Mint.
File photo of CA.G.Ramaswamy, president,ICAI. Photo by Pradeep Gaur/Mint.
Updated: Fri, Nov 18 2011. 10 51 PM IST
File photo of CA.G.Ramaswamy, president,ICAI. Photo by Pradeep Gaur/Mint.
New Delhi: G. Ramaswamy, president, The Institute of Chartered Accountants of India (ICAI) has been elected as the board member of the International Federation of Accountants (IFAC) at the IFAC council meet held in Berlin, Germany, on 17 November. IFAC is a global organization for the accountancy profession.
Sangeeta Singh
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Motorola investors approve Google buy
New York: The shareholders of Motorola Mobility Holdings Inc. have approved the $12.5 billion acquisition of the firm by Internet giant Google Inc.
Motorola Mobility chairman and chief executive officer Sanjay Jha said in a note that the transaction was supported by more than 99% of the total number of voted shares during the voting on the proposed merger with Google.
“We look forward to working with Google to realize the significant value this combination will bring to our stockholders and all the new opportunities it will provide our dedicated employees, customers, and partners,” he said.
PTI
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TIL to invest Rs600 cr on new factory
Kolkata: Leading construction, mining and materials handling equipment makerTIL Ltd would invest Rs600 crore over four years to scale up a new production facility in West Bengal, which was inaugurated on Friday. Within two-three years, this unit, which is to manufacture port and construction equipment, will generate Rs1,000 crore in additional revenue, according to Sumit Mazumder , TIL’s vice-chairman and managing director.
Arnab Dutta
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‘ONGC share sale unlikely this fiscal’
New Delhi: A follow-on share sale in state-run explorer Oil and Natural Gas Corp. Ltd (ONGC) is unlikely to take place this fiscal ending 31 March 2012, an oil ministry source said on Friday. The government had decided to delay the share sale, valued at around $2.5 billion, due to poor market conditions. The sale was to launch on 20 September
Reuters
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OIL disinvestment on, says government
New Delhi: The disinvestment ministry on Friday said it has received in-principle clearance from the petroleum ministry and is going ahead with the sale of government equity in Oil India Ltd (OIL).
“Correspondence was on for the last six months... We got petroleum ministry in-principle approval yesterday for disinvestment in OIL. We have to work out the details,” disinvestment secretary Mohammad Haleem Khan said on Friday.
PTI
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Suzuki terminates pact with VW
Tokyo: Suzuki Motor Corp. (SMC) on Friday said it has terminated the partnership pact with Volkswagen AG (VW) after two years of unsuccessful attempts to gain access to technology from the German firm.
SMC also said it will seek return of its shares from the German auto conglomerate through arbitration.
PTI
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CLB names observer for Unitech AGM
New Delhi: The Company Law Board (CLB) on Friday appointed an observer for the annual general meeting (AGM) of telecom services provider Unitech Wireless amid a spat between joint venture partners Unitech and Telenor and has ordered video recording of the meet.
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RIL-BP JV to source, market natural gas
New Delhi: Reliance Industries Ltd (RIL) and global energy major BP Plc on Friday said they have formed an equal joint venture to source, market and transport natural gas in Asia’s third largest economy. The joint venture, India Gas Solutions, will also develop infrastructure for transporting and marketing natural gas in the country, and pursue other opportunities including import of liquefied natural gas.
Reuters
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Govt gives oil firms Rs15,000 cr subsidy
New Delhi: The finance ministry has sanctioned an additional Rs15,000 crore to partially compensate state- owned oil firms for the losses they incur on selling fuel below cost. “The ministry of finance has sanctioned an additional compensation of Rs15,000 crore on November 11,” a top oil ministry official said, adding this compensation is over and above the Rs15,000 crore sanctioned for meeting losses of first quarter ending June.
PTI
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Panetta terms China and India as ‘threats’
Washington: New US defence secretary Leon Panetta clubbed India and China describing them as emerging “threats” before his office quickly retracted the remarks saying Washington strongly values close ties with New Delhi. Panetta put his foot in the mouth as he departed from prepared text during a speech at a shipyard in Connecticut, where he said, “we face the threats from rising powers—China, India, others—that we have to always be aware of and try to make sure we always have sufficient force protection out there in the Pacific to make sure they know we’re never going anywhere.”
PTI
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‘Zardari wanted to give 26/11 culprits’
Washington: Pakistan President Asif Ali Zardari was so scared of a military coup after Osama bin Laden’s death that he was ready to create a “new security team” favourable to Americans and promised the US to hand over Pakistan-based 26/11 perpetrators, including those from its intelligence agency, to India. The promises were part of a secret memo to the then chairman of the joint US chiefs of staff, Admiral Mike Mullen.
The memo apparently handed over to Mullen by Mansoor Ijaz, a Pakistani-American businessman, in the aftermath of the 2 May killing of bin Laden in a safe house in Abbottabad.
PTI
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SC denies relief to IPS officer Bhatt
New Delhi: The Supreme Court on Friday refused to quash proceedings against suspended Indian Police Service (IPS) officer Sanjiv Bhatt in a 21 year old alleged custodial death case. A bench of justices B.S. Chauhan and T.S. Thakur refused to grant relief to the Gujarat-cadre officer against the state high court’s order, which had dismissed his plea for quashing of criminal proceedings related to the case pending against him in a Jamnagar court. The custodial death dates back to 1990 when Bhatt was posted as additional superintendent of police in Jamnagar.
PTI
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Rahul seeks package for UP weavers
New Delhi: Rahul Gandhi has asked the centre to formulate an “appropriate financial package” for crisis-ridden handloom weavers in Uttar Pradesh, where Assembly elections are round the corner.
The Congress leader has written to textiles minister Anand Sharma drawing his attention towards the plight of weavers, most of whom belong to the weaker and minority communities.
“I was informed that credit is also not easily forthcoming for these weavers. I would, therefore, urge you to formulate an appropriate financial package for millions of ‘bunkars’ (handloom weavers), most of whom belong to the weaker community and to the minorities,” the Congress general secretary said.
PTI
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‘India and China must cooperate on iron ore’
New Delhi: India and China must deepen trust and promote cooperation to create favourable bilateral iron ore trade, Peng Gang, economic and commercial counsellor of the Chinese embassy said at a conference in Goa, a press release said on Friday. “Both sides can enhance cooperation in the areas of mining exploration, development and deep processing,” Peng Gang said.
Ruchira Singh
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India’s longest rail route opens today
Guwahati: A new weekly train, ‘Vivek Express’, covering the country’s longest rail route from Dibrugarh in Assam to Kanyakumari in Tamil Nadu will be operating from Saturday. Covering a distance of 4,286 km in 82.30 hours, the weekly train will leave Dibrugarh on Saturdays at 11.45 pm and reach Kanyakumari on Wednesdays at 10.25 am. In the return direction, it will leave Kanyakumari on Saturdays at 2 pm and reach Dibrugarh on Wednesdays at 3.30 am.
PTI
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Azhar rubbishes Kambli’s claims
New Delhi: Former Indian captain Mohammed Azharuddin on Friday criticizedVinod Kambli for hinting that India’s 1996 World Cup semi-final match could have been fixed, saying the allegations have been made by a person who lacks character and were “absolutely rubbish”.
“Absolutely rubbish, whatever he (Kambli) is talking. He doesn’t know what he is talking; when you have people who have no character and no background come on TV and talk absolute rubbish in front of the nation and demeaning all the players who played in the team, it is totally disrespectful and it’s very sad,” a livid Azhar said.
Azhar, who was the Indian captain at that time, said the decision to field first was a collective decision.
PTI
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Disinvestment target at Rs40,000cr: FM
New Delhi: The government on Friday said it will stick to its disinvestment target of Rs40,000 crore for fiscal 2012.
“I am not revising it (the target) right now. We have fixed the target and we will try to achieve it, but it depends on many other situations, particularly the economic health conditions,” finance minister Pranab Mukherjee said.
PTI
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NITs back plan for common exam
New Delhi: After the IITs, National Institutes of Technology (NITs) have endorsed a proposal for a single entrance test across the country for admission to undergraduate programmes in science and engineering.
The Central Advisory Board of Education will take a final call before the single entrance aptitude test is put in place by 2013-14 academic session, human resource development officials (HRD) said. The chairpersons and board of governors at the NIT council meeting, chaired by HRD minister Kapil Sibal , also agreed for a revised NIT merit award with a waiver in tuition fee to all those who are ranked in the top bracket of the AIEEE examination.
PTI
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Govt rejects Plan panel’s urea policy
New Delhi: The finance ministry has rejected a policy drafted by the Planning Commission to attract new investment in the urea sector, saying the proposals are unrealistic, unviable and will lead to high subsidy outgo, people aware of the development said.
The government had come out with a fertilizer investment policy in 2008, but failed to attract fresh investment in the sector. Last year, the government said it will come with a new policy structure to overcome the shortfall in domestic urea production.
PTI
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Tax evasion: HSBC India client indicted
New York: An Indian owner of a medical firm has been indicted on charges of tax evasion and failing to report to federal authorities millions of dollars stashed in accounts with HSBC in India.
Ashvin Desai of San Jose has been indicted by a federal grand jury on three counts of tax evasion, two counts of wilfully aiding preparation of false tax returns and three counts of failing to file reports of foreign bank and financial accounts (FBARs), the justice department said. Desai faces up to 10 years in prison and a maximum penalty of $500,000 on the various charges.
PTI
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New telecom policy in Jan: Chandrasekhar
New Delhi: India expects to unveil a new telecom policy in January, telecom secretary R. Chandrasekhar said on Friday.
The country will let cellular carriers share airwaves and allow for consolidation in a crowded industry that has been battered by ferocious competition as well as a licensing scandal that may have cost New Delhi up to $39 billion in lost revenue, according to the draft telecom policy last month. It is in the process of issuing notices to 35 licence holders for not meeting roll-out obligations, he said.
Reuters
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Sukhram convicted in 1996 telecom scam
New Delhi: Former telecom minister Sukhram in P.V. Narasimha Rao’s cabinet has been convicted for awarding a lucrative contract of supplying cables to the government at inflated rates after receiving a bribe of Rs3 lakh 15 years ago to a private telecom firm.
Special judge R.P. Pandey, who convicted 84-year-old Sukhram also on charges of misusing his official position in awarding the contract and causing loss to the state exchequer, is likely to decide on quantum of sentence on Saturday.
PTI
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Deposit Rs25 cr fine: tribunal to Vodafone
New Delhi: Telecom tribunal TDSAT on Friday directed Vodafone to deposit half of the Rs50 crore penalty imposed on it by the Telecom Department (DoT) regarding a case of issuing bulk SIM cards without proper verification.
In an interim order, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT) asked Vodafone to deposit Rs25 crore within two weeks saying the firm has “prima facie” violated the licence condition when it issued bulk SIM cards to Matrix Cellular Services.
PTI
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First Published: Fri, Nov 18 2011. 10 51 PM IST
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