The Mint Report for 29 November 2010

The Mint Report for 29 November 2010

Ratan Tata has filed petitioned the Supreme Court on the Niira Radia tapes. On Monday the chairman of the Tata Group asked the Supreme Court to stop publication of the tapes and their transcripts. He also asked it to stop similar leaks from taking place in the future. Tata also accused the government of leaking the tapes to the media and others.

India’s Income Tax department had tapped the phones of corporate lobbyist Niira Radia for 300 days between August 2008 and July 2009. The calls recorded include ones with Ratan Tata and several prominent politicians and journalists. Tata has argued that while the government has the right to tap phones, it must keep the recorded material confidential.

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In other news, the Congress party is facing rebellion in Andhra. On Monday, local leader Y.S. Jagan Mohan Reddy left the party and also resigned from his post as a member of Parliament. Observers expect him to float his own party soon. Jagan Mohan is the son of Andhra’s late chief minister Y.S. Rajasekhara Reddy.

Markets broke a four-day winning streak on Monday, taking part of their cue from global bourses. The Sensex shot up 268 points to wind up at 19,405. And the Nifty climbed 78 to finish trade at 5,830.