The Mint Report for 06 July 2011

The Mint Report for 06 July 2011

Union textile minister Dayanidhi Maran, who the CBI has accused of irregularities. The development makes it even more likely he’ll be dropped during the upcoming cabinet reshuffle. In a new report on Wednesday, the CBI accused Maran of abusing his powers when he was telecom minister between 2004 and 2007. It said he had compelled investor C. Sivasankaran to sell his stake in Aircel to a Malaysian industrialist. It added that the Malaysian industrialist had ties to Maran.

Loading video...

Lafarge Umiam has got Supreme Court clearance for its controversial limestone mine in Meghalaya. On Wednesday, a special bench of the court allowed Lafarge’s plea to mine in the area. The Supreme Court also upheld the environment ministry’s green light to the project saying it was satisfied with its evaluation. Also as part of its decision, the Supreme Court has asked for several reforms to the process of green clearances. And it has given environment minister Jairam Ramesh six months to come up with a report on what changes have actually been implemented.

Indian markets have fallen for a second day in a row, ending a volatile session with modest losses. Poor signs from worldwide equities and uncertainty about the upcoming first quarter corporate results contributed to the decline. The Sensex retreated 18726.97 and the Nifty fell 6.65 points to 5625.45.