The Mint Report for 23 December 2009

The Mint Report for 23 December 2009

New Delhi: Home minister P. Chidambaram has proposed a complete overhaul of his ministry. He wants the home ministry’s functions to be divided so that one section can deal entirely with internal security. Chidambaram has also said a new national center for counter terrorism would be set up by the end of next year.

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Finance minister Pranab Mukherjee says he expects India’s economy to grow at 7.5-8% in the year 2009-10. The country’s economy grew at 7.9% in the quarter ending in September.

Mergers and acquisitions may not get any easier for India’s phone companies. Mint has learnt the Telecom Regulatory Authority of India (Trai) is unlikely to recommend any major changes to the norms on mergers and acquisitions in the telecom sector. One of TRAI’s concerns is that the large telecom companies will buy out smaller ones based only on the spectrum they hold. TRAI is likely to submit its recommendations to the government in the third or fourth week of January.

Toyota says it hopes to capture 10% of India’s SUV market with the launch of a new car. Toyota will launch a new version of its Prado Landcruiser in India. Earlier this month Toyota had announced it would produce a new compact car in India by December 2010.

A court in Hyderabad has extended the judicial remand of all the ten accused in the Satyam fraud case. The ten accused including Satyam founder B. Ramalinga Raju will continue to be in judicial remand until 6 January.

The government has asked Sebi to give it more details of a probe it conducted on RIL. Sebi had investigated a case in which RIL allegedly used dummy companies to buy its own shares in the year 2000.