Miscellaneous Laws/News
http://www.moneycontrol.com/
http://www.moneycontrol.com/
Thanks & Regards,
Meetesh Shiroya
Ringing Alarm Bells: Could Freedom 251 be a fraud?
Ringing
Bells Pvt Ltd, a hitherto-little-known Noida-based company, has
suddenly caught people's popular imagination after it announced it would
launch Freedom 251, an Android mobile phone priced at Rs 251. The
company says that the phone, which carries budget-phone specifications,
will be shipped to buyers by June. The company's website, which opened a
purchase window this morning, says it has suspended sales for now after
getting 6 lakh orders. But many things have looked [….] Read more at:
Vodafone to invest Rs 6,000 crore in Maharashtra
Vodafone
India, the country's second biggest telecom company, today said it will
invest Rs 6,000 crore in Maharashtra for capacity augmentation and new
business initiatives. The investments will help increase the number of
people employed by the company in Maharashtra to 15,000 over the next
few years, the company said in a statement, without spelling out a
timeframe for the investments. It will create a 'tier-4' data centre at
Airoli in satellite city of Navi Mumbai to serve the [….] Read more
at:
Govt to get Rs 5800 cr from country's 1st mine lease auction
Chhattisgarh
has become the first state to successfully conduct mine lease auction
of a limestone block, assuring revenue of around Rs 5,800 crore,
including in royalty, DMF and NMET contributions, to the Exchequer.
Steel and Mines Minister Narendra Singh Tomar in a tweet congratulated
Chhattisgarh government and the Mines Ministry "for bumper success of
mining lease auction done for the first time in country". "Government
will get additional amount of Rs 4,413 crore over the life of lease
[….] Read more at:
Tata Global looks to accelerate Starbucks store expansion
After
going slow on expansion of Starbucks outlets owing to a host of
reasons, including issues with FSSAI, Tata Global Beverage plans to
enhance the pace of increasing the network of the coffee chain going
forward. "This year the number of stores (of Starbucks) has not been as
fast as we have had in the past, but I think we were retooling
ourselves. "We were retooling the brand and the strategy and you know
that for a while we had these FSSAI related issues...," Tata Global
Beverages [….] Read more at:
3-member panel to form rules to implement Juvenile Act
A
three-member committee has been constituted by the Women and Child
Development ministry to frame rules for the implementation of Juvenile
Justice Act passed by Parliament recently. "A three-member committee has
been formed to devise rules for the implementation of the Act. It is
expected to give its report by month-end," a senior ministry official
said. The committee will look into various demands and requirements for
effective adaption of the law including setting up of [….] Read more
at:
Infra, heavy vehicles aiding AUM growth: Shriram Transport
Umesh
Revankar, MD at Shriram Transport Finance expects 15 percent growth in
asset under management during the fourth quarter, led by steady
performance in heavy vehicles segment and recovery in infrastructure
sector. Revankar says the company’s gross non-performing loans (GNPL)
will transition to 150 days from Q4FY16 and this will likely lead to 100
basis points increase in the gross NPLs. He pointed out that the rural
economy is still weak, particularly certain states like [….] Read more
at:
Economy & News
India assumes chairmanship of BRICS
India
has assumed chairmanship of the influential bloc BRICS comprising five
countries having 42 per cent of the world population and combined GDP of
over $16 trillion. "As on Feb 15, India has assumed the chairmanship of
BRICS for the next 11 months," External Affairs Ministry Spokesperson
Vikas Swarup said. India will host the BRICS (Brazil-Russia-China-South
Africa) summit later this year date and venue for which has not been yet
finalised. Russia had the chairmanship of BRICS and it [….] Read more
at:
Robust Indian economy to grow at 7.4% next fiscal: OECD
Indian
economy will continue to see robust growth at 7.4 per cent in the next
financial year even as only modest recovery is expected in advanced
economies, Paris-based think tank OECD said today. The Organisation for
Economic Cooperation and Development (OECD) has raised India's growth
forecast compared to 7.3 per cent expansion projected in November 2015.
"India will continue to grow robustly, by 7.4 per cent in 2016 and 7.3
per cent in 2017," the think tank said in its latest Interim Economic
[….] Read more at:
Odisha Urban Infrastructure Development Fund approves nine projects worth Rs 905.19 cr for ULBs
The
Odisha Urban Infrastructure Development Fund (OUIDF) today approved
nine projects worth Rs 905.19 crore for different Urban Local Bodies
(ULBs). Approval to urban infrastructure projects were made at the
OUIDF's Board of Trustees Meeting held here under the chairmanship of
Chief Secretary A P Padhi. Considering the infrastructural needs, social
utility and environmental impact of the proposed projects, the Board
approved them setting time lines for their completion [….] Read more
at:
Economy in pronounced slowdown, may grow at 6.8% this fiscal: Ambit Capital report
The
Indian economy is undergoing a pronounced economic slowdown and is
likely to clock a GDP growth of 6.8 per cent in the current financial
year, a report by Ambit Capital Research said. According to the research
note, the GDP growth this financial year is likely to be lower than
2014-15. "We reiterate our point of view that GDP growth in India is
likely to remain under pressure in the immediate term. In specifics, we
expect GDP growth to be recorded at 6.8 per cent in 2015-16 (as against
[….] Read more at:
Absence of bilateral investment treaty with India an impediment to bilateral trade: US
The
US today said the absence of a bilateral investment treaty with India
is an "impediment" to expanding trade between the countries. "The
absence of a bilateral investment treaty between our two countries is an
impediment to growing our trade and investment," US Ambassador to India
Richard Rahul Verma said at a conference organised by Society of Indian
Law Firms here. The US Ambassador to India said there has been
"significant progress" in the ease of doing business [….] Read more
at:
Make in India: Maharashtra gets Rs 8 lakh crore investment pledge
Maharashtra
Chief Minister Devendra Fadnavis today said the state has got
investment commitments worth over Rs 8 lakh crore spread across regions,
including the less-developed Marathwada and Vidarbha, at the
just-concluded 'Make in India' Week ( MIIW). The state has signed 2,594
memoranda of understanding across various sectors such as energy, real
estate, textiles, MSMEs, IT and ITeS, tourism, ports, retail, medical
and skill development, among others. He said the state has [….] Read
more at:
Thanks & Regards,
Meetesh Shiroya
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