2. PM Manmohan Singh handed over the reins of Sanchar
Bhawan to HRD Minister Kapil Sibal.
& the department will have to be handed over to the DMK
chief M Karunanidhi.
With the opposition determined to tar the government with the
corruption brush over 2G spectrum sale- it again forced a
shutdown of Parliament.
3. Vicco Turmeric and Vicco Vajradanti once marquee
ayurvedic skincare and oral care brands, are up for sale.
The mumbai-based Vicco Group has mandated Enam
Securities to scout for a buyer and potential suitors
have been sounded off on the likely sell-off.
4. Vodafone Group, the world’s biggest mobile-phone company by
sales, was ordered by supreme court to pay a deposit of $554
million as tax.
The Vodafone has to set aside Rs.25 billion with the court within
3 weeks and submit bank guarantees for Rs.85 billion in the 8
weeks.
India is seeking Rs.112 billion on Vodafone’s purchase of
Hutchison Whampoa’s local mobile-phone unit 3 years ago.
The deposit will be returned with interest if Vodafone wins the
legal dispute.
Vodafone does not owe the Indian government taxes because the
transaction was conducted offshore, with Vodafone’s Dutch
subsidiary, Vodafone International Holdings.
5. Dabur India has bought US-based hair care company Namaste
Laboratories and its 3 subsidiaries for $100 million (Rs.446
crore) in an all-cash deal as Indian consumer product
companies continue their global acquisition spree.
Dabur plans to aggressively grow Namaste’s sales in Africa.
6. Telecom Regulatory Authority of India has asked the
government to cancel 62 licences of 5 telecom operators.
It includes joint ventures of International operators such as
Telenor ASA, Emirates Telecommunications Corp & Sistema
JSFC for failure to roll out services and for delayed launch of
mobile services.
Trai recommended that 13 licences of Etisalat DB, five of
Loop Telecom, & 10 of Videocon Telecommunications also be
cancelled.
As the rollouts undertaken by these companies fell short of the
requisite conditions specified in the agreement they had
entered into with the government.
7. Axis Bank has snapped up the best of the house of
Enam-one of the Dalal Street’s most influential
brokerage-cum-investment banks.
This deal is worth of Rs.2,067 crore.
Enam Securities key businesses are Investment
Banking, Institutional and retail broking, and
distribution of financial products.
