The Mint Report for 26 April 2010

The Mint Report for 26 April 2010

Sparks flew in both houses of Parliament on Tuesday after claims in a news magazine that the government tapped the phones of politicians from both the opposition and the UPA alliance. Opposition members demanded a statement from the Prime Minister as well as a joint parliamentary committee to investigate the allegations.

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Home minister P. Chidambaram responded by denying the allegations. He said the government had not authorized the alleged phone taps during either its current or previous terms.

Lalit Modi is out- at least for now. On Monday The Board of Control for Cricket in India announced it had suspended the IPL chairman.

The BCCI also announced Modi’s temporary replacement. Chirayu Amin has now taken over as the interim chairman of the IPL. Amin is president of the Baroda Cricket Association.

In corporate news, auto giant Maruti reported lower-than-expected earnings for the fourth quarter. Net profit more than doubled to 56 crore. Total income for the quarter went up 31% to 8,425 crore. Maruti’s numbers were mainly hit by rising commodity prices. The company reported a 29% increase in costs of raw materials like steel during the period.