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Five corporate executives, named as accused by the Central Bureau of Investigation in the 2G scam, were today arrested and taken to Tihar Jail after a Delhi court rejected their bail pleas, saying the agency’s apprehensions that they may tamper with evidence and influence witnesses cannot be ruled out.
An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in his favour. Giridhar Sekhar, 41, of Brookline near here was convicted of one count of attempted extortion and five counts of interstate transmission of an extortionate threat, an FBI statement said.
The CBI has arrested a Deputy General Manager of Punjab National Bank after registering a case against him and directors of three private financial firms for allegedly violating rules in granting loans to companies. The PNB official, Venkoba Gujjal, also an accused in the multi-crore kickbacks-for-loans scam, was arrested by the agency after another case was registered against him and directors of the three private financial firms, officials sources said.
Advocate M L Sharma and others have moved the court contending that inclusion of five civil society members in the committee, which also has five ministers, is constitutionally flawed as a parliamentary committee must comprise only members of parliament and no one else.
The Supreme Court today said the right to property is a constitutional right and government cannot deprive a person of his land in an arbitary manner. A bench of justices G S Singhvi and A K Ganguly said in a judgement that courts should view with “suspicion” the action of the government in acquiring land for private parties in the name of urgency.
Indian companies pay a salary of Rs 4.8 lakh to each of their employee on an average, but earn a profit of Rs 6 lakh per employee in return, says a new survey. According to a study by Pricewaterhouse Coopers (PwC) — Measuring Human Capital – Driving Business Results — organisations in India pay an average remuneration of Rs 4.8 lakh and earn Rs 6 lakh of profit per employee, which makes the human capital return ratio on investment to 1.79 for organisations in the country.
India’s largest lender, the State Bank of India (SBI) is set to increase its base rate by 25 basis points, the Business Standard reported Monday. According to the report, the SBI is set to increase its base rate by 0.25 percent before the Reserve Bank of India’s annual policy review schelduled for May 3.
ING Investment Management India is launching its ING Optimix Financial Planning Fund (an open ended fund of funds scheme) aiming to simplify investing in mutual funds. The most unique feature of this fund is its ability to invest across carefully selected best of breed Funds from different asset management companies in one convenient fund. In addition, investors can invest in 4 different asset classes; Liquid Funds, Debt Funds, Equity Funds and Gold ETFs while getting the flexibility to choose from 4 convenient plans that cater to different risk tolerance levels investors may have.
INFLATION BURNINGS: The RBI came up with another round of old fashioned rate hike to control inflation. We have already witnessed 7 rate hikes within 2010-2011 to control the food inflation. Every time we find RBI using words related to control the devil of inflation by compensating growth, but this time their was a twist […]
Shri Anand Sharma, Union Minister of Commerce & Industry during the bilateral meeting with Mr. Richard Bruton Ireland, Minister for Enterprise, Jobs and Innovation, has expressed satisfaction that negotiations of the EU–India Broad-based Trade and Investment Agreement are intensifying with the 12th Round of negotiations scheduled for 31st March to 6th April, 2011 at Delhi, India is over. Shri Sharma said, “Both the sides committed to a balanced, ambitious agreement by 2011. It is hoped that this agreement will lead to increase in opportunities for market access in both goods and services for each other”.