Recent News for this Week
Vedanta To Reveal More <ul><li>SEBI is set to direct Vedanta Resources to revise its open offer document for buying more s...
BSE may take reins at CAMS <ul><li>The Bombay Stock Exchange, plans to buy a controlling stake in investor services Comput...
Government may sell stake <ul><li>The Government plans to divest 5% in state-run explorer ONGC and 10% in oil marketing PS...
Rel Infratel and GTL call off merger deals <ul><li>Reliance Infratel and GTL Infrastructure have put on hold plans to comb...
Notice to MCX-SX <ul><li>SEBI has issued a notice to MCX-SX (Stock exchange and Currency Derivative Arm of MCX) asking to ...
Contd…. <ul><li>MCX-SX was recognized as a stock exchange in September 2008, with the condition that promoters reduce thei...
Vodafone must pay tax on HUTCH buy <ul><li>Bombay High Court has tipped the equation in favour of Indian Taxman that Vodaf...
Contd…. <ul><li>This is the decision which is first of its kind and can affect the other similar transaction in India. </l...
Relaxation in FDI norms for JVs <ul><li>Government Proposed a major relaxation in FDI rules to allow foreign firms without...
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C:\Documents And Settings\Administrator\Desktop\News

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

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