Archive for August, 2010

Commerce and Industry Minister Anand Sharma will take up the visa fee hike issue during his visit to the US next month, with India hopeful that the matter can be resolved bilaterally. Full Article

The Institute of Chartered Accountants of India (ICAI) is pleased to welcome all the leading companies to the forthcoming Campus Placement Programme for newly qualified Chartered Accountants. The Committee for Members in Industry (CMII) of the ICAI has been successfully organising placement programme for newly qualified Chartered Accountants (CAs) twice a year. Full Article

On 17th August, 2010, news on acquisition of the shareholding of Cairn Energy (`CEL’) in Carin India Limited (`CIL’) (BSE and NSE listed) by Vedanta Resources Plc (`VEDANTA’) at Rs. 405/-($8.66) per share became public. Closing price of each shares of CIL on the NSE on 14th August, 2010 was Rs.355/-. Vedanta will have to incur $ 9.6 billion (Rs 44,928 Crore) for acquiring CIL. Deal between the parties was concluded in London. Full Article

How can the sale prices to wholesale agents in two different countries be comparable, when the sale price to the final user in the one country is less than the sale price to the whole sale agent in another country, unless adjustment for the same has been considered; thus, the adjustments merely for volume offtake, credit period and credit risk, though material are not sufficient to make the sale price to AE in Thailand comparable with the sale to unrelated party in Vietn.. Full Article

Notification No.77/2010 – Customs (N.T.), Dated the 27th August, 2010- Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st September, 2010 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section.. Full Article

n exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby grants the exemption from DGFT import authorization, required in terms of para 2.7 of FTP, for import of following goods, Full Article

SEBI had taken up with Press Council of India its concerns on practice of many media groups entering into agreements, such as ‘Private Treaties’, with companies. Typically, such arrangements are with companies which are listed or which proposes to come out with public offerings. Full Article

In case the equilibrium price is not discovered in the pre-open session, wherein, there are only market orders, the market orders shall be matched at last traded price and all unmatched orders shall be shifted to the order book of the normal market at last traded price following time priority. Last traded price shall be the opening price. Full Article