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  9. August 2010 Current Affairs

RBI Asked to link MHP to Asset, Class, Tenor of loan

Mar 15, 2011
In response to the draft guidelines on securitisation issued by the RBI in April 2010, banks and non-banking finance companies recently requested RBI for the minimum holding period (period between origination of a loan and its securitisation) to be linked to the asset class and the tenor of the loan. As per the RBI regulations, the minimum holding period (MHP) for loans with less than two years maturity should be nine months whereas the mhp for loans of over two years should be 12 months.

RBI asked for Empowered Committee under FSDC

Mar 15, 2011
RBI on date asked the Indian government to empower a committee under the proposed Financial Stability and Development Council, or FSDC to deal with inter-regulatory issues and financial stability. The committee would replace High-Level Coordination Committee on Capital and Financial Markets (HLCCFM).

PSEs Spared the Public Share Holding Burden

Mar 14, 2011
Considering the comfort of Public Sector Entitites, the Indian Finance Ministry on 9 August 2010 diluted minimum public shareholding' guidelines. As per the revised guidelines, listed public sector entities would be required to keep 10% public share holding as against 25% suggested earlier.

Power Producers against Imposition of Customs Duty

Mar 14, 2011
Led by Tata Power and Reliance Power, a lobby of a dozen power companies recently protested against the government's intent to impose 14% customs duty on power equipment to check Chinese imports. The private power producers clubbed themselves under Association of Power Producers and collectively stated that their contribution to the country’s power sector would be restrained if customs duty is imposed on foreign power equipment.

Nalco to Commission Second Power Unit in Angul

Mar 14, 2011
National Aluminium Company Ltd (Nalco) decided to commission its second 120 MW power unit in Angul in August 2010. The Angul project is part of Nalco's phase-II expansion in Orissa.

GST Amendment Bill Redrafted

Mar 15, 2011
The constitutional amendments bill for the proposed Goods and Services Tax (GST) was redrafted by the Indian government who suggested that the states would also be given a veto power along with the Centre in the proposed GST. The measure was mentioned in the bill so that every decision taken by the GST council is approved only when all the states and the Centre agree to it.

Government Stake in Kribhco Not Reduced

Mar 14, 2011
With Krishak Bharati Cooperative Ltd (Kribhco) recently announcing to the Department of Fertilisers that Indian government would not reduce its stake in the company to 26%, the conflict between Kribhco & the government came to an ended.  The Centre's share in Kribhco's equity had in the past fallen from 67.73 per cent to 48.35 per cent.

Naina Lal Kidwai

Mar 14, 2011
Naina Lal Kidwai was appointed by the Hongkong and Shanghai Banking Corporation Ltd to its board of directors. Kidwai has been the Country Head of HSBC in India.

Atul Sobti

Mar 14, 2011
Atul Sobti declared his decision to resign from the post of CEO and Managing Director of Ranbaxy Laboratories on 12 August 2010. He cited “differences with management” as a reason for his decision to quit.

Vascon Bought Stake in GMP Technical Solutions

Mar 15, 2011
Real estate developer Vascon Engineers Ltd announced on 8 August 2010 that it bought 90 per cent of the shares of GMP Technical Solutions Pvt Ltd worth Rs 62.60 crore. GMP offers heating, ventilation and air conditioning design and supply, electrical and building management systems, epoxy and vinyl floorings and interlocking and access controls etc.

RIM to Offer Metadata

Mar 14, 2011
The Canadian firm Research in Motion (RIM), makers of the BlackBerry recently agreed to offer “metadata” and relevant information to Indian security agencies, which will enable them in lawful interception. This initiative was adopted by RIM to do away with the logjam regarding the use of the Blackberry services in India.

Rcom & Acer to Launch Notebook

Mar 14, 2011
Reliance Communications and Acer recently declared their objective to jointly launch a netbook with embedded wireless broadband connectivity. Acer and Reliance Communications together devised internet connectivity sollution for the indian market which would do away with the need for plugging any external device for Internet access.

ONGC Re-entered East Coast Block

Mar 15, 2011
After a gap of three years Oil and Natural Gas Corporation Ltd (ONGC) re-entered its successful East Coast Block. Previously ONGC had to put on hold its ultra-deepwater exploratory work in the Block KG-DWN-98/2, where it has struck natural gas in deep sea (UD1 well) as a result of deepwater rig shortage.

Glenmark Entered into Settlement with Sepracor Inc

Mar 14, 2011
Glenmark on 9 August 2010 entered into an agreement to resolve a patent-related suit with Sepracor Inc over its insomnia drug Lunesta as a part of its 4th settlement in less than two years. Glenmark had triggered a patent-infringement suit against it by Sepracor when it sought permission from the US regulatory to sell Eszopiclone tablets which are the generic version of Lunesta.

Agreement between JK Paper & HP

Mar 14, 2011
The largest copier paper manufacturer in the domestic market, JK Paper on date inked an agreement with HP, the international market leader in printers. The objective behind signing the agreement is to give JK Paper's copier a qualitative edge and support printer performance.
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