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Transcript

  • 1. Recent News for this Week
  • 2. Vedanta To Reveal More
    • SEBI is set to direct Vedanta Resources to revise its open offer document for buying more shares of oil explorer Cairn India;
    • Vedanta filed a letter with SEBI for approval to buy an additional 20% shares of Cairn India which earlier was 60% for $9.6 billion.
    • Vedanta may have to disclose crux of the conflict with ONGC which has a 30% stake in Cairn India.
  • 3. BSE may take reins at CAMS
    • The Bombay Stock Exchange, plans to buy a controlling stake in investor services Computer Age Management Services for Rs 650 crore;
    • CAMS has more than half the market share in servicing Mutual Fund clients.
    • BSE with a net worth of about Rs 1,900 crore is seeking to enhance returns as it may find in the market.
  • 4. Government may sell stake
    • The Government plans to divest 5% in state-run explorer ONGC and 10% in oil marketing PSU Indian Oil.
    • Indian Oil is also planning to issue 10% fresh equity in a follow-on public offer.
    • According to sell off proposal IOC would be the first to be disinvested followed by ONGC.
  • 5. Rel Infratel and GTL call off merger deals
    • Reliance Infratel and GTL Infrastructure have put on hold plans to combine their tower operations in a deal valued at $11 billion
    • The main reason to hold the deal is seeking for another alternatives to raise money for reducing its debt
    • Reliance Infratel and GTL had agreed to exclusively discuss terms of merger till August 31.
  • 6. Notice to MCX-SX
    • SEBI has issued a notice to MCX-SX (Stock exchange and Currency Derivative Arm of MCX) asking to Why approval should be granted to the company for launching trading in equities and other products.
    • According to SEBI, MCX-SX has violated the Manner of Increasing and Maintaining Public Shareholdings (MIMPS) regulations.
  • 7. Contd….
    • MCX-SX was recognized as a stock exchange in September 2008, with the condition that promoters reduce their stake to the SEBI-prescribed limit of 5% within a year
  • 8. Vodafone must pay tax on HUTCH buy
    • Bombay High Court has tipped the equation in favour of Indian Taxman that Vodafone must pay the tax on its acquisition
    • Vodafone must pay tax on capital gains tax on its$11 billion acquisition of Hutchison Esaar, in 2007
    • However it is still unclear that whether a part of the transaction is taxable or the entire transaction.
  • 9. Contd….
    • This is the decision which is first of its kind and can affect the other similar transaction in India.
    • Vodafone in its transaction acquired 52% from Hutchison in an overseas transaction while 15% were held by Analjit Singh and Asim Ghosh who were in India.
  • 10. Relaxation in FDI norms for JVs
    • Government Proposed a major relaxation in FDI rules to allow foreign firms without any clearance from their existing local partners
    • Move is aimed at attracting foreign direct investment (FDI) into the country which in the recent past time period was showing a declining trend.