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The Week in Review for 16 April 2010

The Week in Review for 16 April 2010
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First Published: Sat, Apr 17 2010. 12 29 AM IST
Updated: Sat, Apr 17 2010. 12 29 AM IST
New Delhi: Parliament got started again Thursday, with tempers running high. Opposition leaders condemned the government’s handling of the Naxal rebels. Yashwant Sinha of the BJP led the attack. He said the government was divided over how to deal with the rebels who killed 76 policemen last week.
Later, home minister P. Chidambaram responded to the criticism. He also read out a statement describing the government’s strategy for dealing with the rebels.
Parliament didn’t get any quieter Friday. The big issue was Shashi Tharoor, the minister of state for external affairs and the man in the middle of a controversy over the Kochi IPL team. Tharoor was supposed to make a statement in the Lok Sabha answering his critics. But opposition members shouted him down. The house was adjourned until Monday.
The turf war over who gets to regulate Ulips remained unresolved this week. On Monday, finance minister Pranab Mukherjee brokered a truce between market regulator Sebi and insurance regulator Irda. The two regulators agreed to seek for a legal mandate from a court.
But the story didn’t end there. On Tuesday, the Sebi made it clear that its ban on fourteen companies continues from selling Ulips. But it also said Ulips policies issued before the ban could continue to collect premiums.
Sebi and Irda are fighting over which of them gets to regulate Ulips, which are like mutual funds that have life cover.
It’s the end of the alliance that made the Logan car. On Friday, Mahindra and Mahindra announced it’s buying out Renault’s stake in their joint venture. The Logan will continue to be made in India for now. Renault’s will still supply major components and Mahindra will still use Renault’s name on their Logan cars until the end of the year.
Mahindra Renault rolled out the Logan sedan in India back in 2007. But sales never took off and losses mounted. This is the second time a Mahindra and Mahindra joint venture has failed. Nearly a decade ago, its partnership with Ford Motor failed to get off the ground.
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First Published: Sat, Apr 17 2010. 12 29 AM IST