In a first-of- its-kind step, Brazil, Russia, India, China and South Africa (BRICS) will be signing an agreement on Thursday under which they would be able to give credit and grants to each other in their own currency instead of dollars. The Summit, to be attended by Prime Minister Manmohan Singh in Chinese resort city of Sanya, will discuss a whole range of issues related to global financial and economic situation besides matters related to energy security, food security and challenges posed by terrorism.
Capital markets regulator Sebi has called for greater regulatory authority in the governance of listed companies. It has asked the ministry of corporate affairs to expand its ambit on all matters of regulating listed companies in the amendments to the Companies Act. In particular, it wants power to regulate matters related to issue and transfer of securities and non-payment of dividends by listed companies, said a senior official in the regulator.
The Reserve Bank has imposed penalties of Rs 9 lakh on three cooperative banks for violation of regulations and guidelines relating to anti-money laundering. Two of the banks, Ankola Urban Co-operative Bank and Kushtagi Pattana Sahakara Bank Niyanit, are based in Karnataka, while Salal Sarvoday Nagrik Sahakari Bank is a Gujarat-based lender, RBI said.
Allotment of Statutory audits of UCBs for the F.Y. 2010-11. Division wise list of allotment. Circular Dated 11th April 2011 for panel U/R 69 of MCS Rules, 1961 . Auditors on the panel U/R 69 of M.C.S. Rules, 1961 . Division wise list of Auditors. Association of auditors with UCBs. Auditors disqualified from empanelment. Circular Dated 11th April 2011 Regarding empanelment & allotment procedure.
Defing an oil ministry directive, Reliance Industries has refused to sell natural gas to power and fertiliser plants by cutting supplies to non priority sectors like steel and refineries saying the move has financial and legal implications. With output from Reliance’s eastern offshore KG-D6 fields dropping by over 20 per cent, a worried oil ministry had asked Reliance to first meet all the contracted demand of fertiliser units, plants extracting LPG from natural gas, power firms and city gas distributing companies selling CNG to automobiles.
RBI launched its Industrial Outlook Survey for the April-June, 2011 period today. The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and future prospects, a press release issued here stated. The assessment of business sentiments for the present quarter and expectations for the ensuing quarter are based on qualitative responses to 20 major parameters.
2. The issue involved in this case is the payment received by M/s Indian Oil Corporation Ltd for transfer of technical specifications and knowhow for manufacture of product called “ZSM-5 Additive” which when added to the Fluid Catalytic Cracking Catalyst enhances LPG yield. This knowhow is provided to Sud-Chemie India Ltd,90, Nehru Place, New Delhi (SCIL).
Top corporate executives – Swan Telecom director Vinod Goenka, Unitech Wireless (Tamil Nadu) Ltd managing director Sanjay Chandra, and three top officials of Reliance ADA Group Gautam Doshi, Surrendra Pipara and Hari Nair – appeared before the special court for the first time and sought bail on the ground that they were not arrested during the investigation.
State-run Corporation Bank today launched a mobile wallet which makes it possible to make purchases using a mobile handset. Under the scheme, christened ‘ypaycash’, an account-holder can pay for purchases through the mobile handset, provided the merchant has the system installed. The service, which comes free for Corporation Bank customers, can be availed by asking the Bank to transfer up to Rs 5,000 from a savings or current account to the mobile wallet.
Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany. However, the average work-hour for Indians is less than the same for people in countries like the US, China and Japan, while those in Mexico are the busiest in the world, a new global survey has found.
