( 8th Nov to 14th Nov)
Deepinder Kaur Grewal
#1. Power Grid FPO fully subscribed
in retail portion.
• Power Grid Corp of India's share sale worth up to $1.7 billion was
fully subscribed in the retail portion of the offering.
• The offer opened on Tuesday and closed on Thursday for
institutional investors, and will close on Friday for retail
investors. Overall, the offer was about 11 times covered at midday
• The offer, priced at Rs 52, had been subscribed 65 times,
mobilising around Rs 41,223 crore.
• PowerGrid's FPO is part of the government's plan to raise Rs
40,000 crore in the current financial year through divesting
stake in various PSUs.
#2. Auction of Madoff effects raises
• A diamond engagement ring that belonged to the wife of
Bernie Madoff fetched $550,000 at an auction on Saturday,
• while a pair of black velveteen slippers embroidered with
the convicted swindler's initials went for $6,000.
• The auction of jewelry, furniture, antiques, clothing and
other personal effects to help compensate Madoff's victims
raised more than $2 million.
• Madoff pleaded guilty last year and was sentenced to 150
years in prison. A previous auction of his personal property
raised $1 million.
• Proceeds from the auction will go to the Department of
Justice's Asset Forfeiture Fund, which is used to
compensate the victims of Madoff's multibillion-dollar
• The auction included high-end items like a Rolex
watch that fetched $67,500, as well as a lot containing
men's boxer shorts and socks, which brought in
• This was another successful evening and it is a chapter
closed here in New York City.
#3. 2G scam: Congress top brass
holds meeting over Raja issue.
• Top brass of the Congress, including Prime Minister Manmohan Singh
and party chief Sonia Gandhi , on Sunday held consultations in the
backdrop of the opposition demand for the removal of telecom minister A
Raja from the Union Cabinet for his role in 2G spectrum allocation.
• Finance minister Pranab Mukherjee and Ahmed Patel, political secretary
to the Congress President, were also present during the deliberations that
took place at Parliament House in New Delhi.
• The consultations assume significance in the wake of the opposition,
including BJP and the Left, threatening to continue to stall Parliament if
Raja is not removed from the Union Council of Ministers.
• However, Raja has ruled out his resignation, saying he has done
everything according to the procedures set by his predecessors. His party
chief M Karunanidhi has defended him saying he was not "guilty".
• Main opposition BJP and other parties have given enough
hints that they would confront the Prime Minister in
Parliament to tell what action he intended to take against
Raja and why he was being shielded.
• The parties also plan to seek an explanation from Singh for
the minister's comments that he had kept the PMO in the
loop at every stage during the spectrum allocation.
• The opposition campaign for the removal of Raja is expected
to gain further momentum in the days ahead with the CAG
report on the 2G Spectrum allocation pointing to revenue
loss of up to Rs 1.76 lakh crore set to be tabled in
#4. CAG report on 2G spectrum
allocation not an indictment.
• Law Minister M Veerappa Moily today said the report of Comptroller and
Auditor General (CAG) on 2G spectrum allocation cannot be called an
indictment of Telecom Minister A Raja , as claimed by opposition, as it is
• The CAG report is actually a query raised by the institution on a
particular ministry, the minister stressed.
• CAG is an important institution to safeguard the interests of the
exchequer. There is a process involved under which queries are raised by
the CAG following which the opinion of the particular ministry or
department is obtained.
• Moily said then the Public Accounts Committee (PAC) selects a
particular paragraph in the report for discussion and then it becomes the
right of a particular ministry to give a reply to the PAC.
• To a question on Opposition onslaught on the Telecom
Minister, he said "in a healthy democracy you cannot
find fault with the opposition. But this not mean that a
particular ministry is actually wrong.
• He said the CAG had raised similar queries when late
Pramod Mahajan was the Communications Minister in
the NDA government.
• "NDA did not volunteer to make him resign.... I have
no memory of a minister who has resigned following a
CAG report," Moily said.
#5. Pfizer recalls drug from US
• PFIZER has recalled a drug made by an Indian partner
from the US market while another local partner of the
world’s largest drugmaker received a warning from the
American drug regulator for violating manufacturing norms.
• Pfizer recalled three batches — about 2,000 bottles — of
Albon, a bacterial infection drug for animals, after an
investigation found the presence of Penicillium
Chrysogenum in some samples.
• The recall is classified under FDA’s Class III recall, which
means the use of the medicine is not likely to cause adverse
health conditions. Emcure officials could not be contacted
for comments. Pfizer did not reply to a query from ET.