• NATIONAL NEWS

Legal Metrology Act, 2009 to be effective from March 1, 2011

Ministry of Consumer Affairs, Food and Public Distribution has notified that provisions of Legal Metrology Act shall come into force from March 1, 2011.

IDEA challenges DoT policy shift before TDSAT

Idea Cellular has challenged before TDSAT the change in spectrum allocation policy by DoT on Jan 10, 2008. DoT had changed the policy from 'first come first serve' basis to 'first pay first serve'. TDSAT has sought the response of the govt on the matter now.

Roaming charges paid to another operator aren't rent for hiring plant & machinery, rules ITAT Mumbai

ITAT Mumbai has ruled that roaming charges collected by one telecom operator and paid to another network operator are not liable for TDS. It rejected the view of Assessing Officer in the Vodafone Essar case, that payment for roaming facility should be treated as rent for hiring plant and machinery.

SEBI says no to referral activities for non-security products by merchant bankers

SEBI has rejected the plea of Barclays Securities to refer clients to alternative investments as a merchant banker, beyond securities market, like corporate deposits or real estate. Barclays Securities had approached SEBI in June 2010 for a 'no action letter' for its proposed activities, but SEBI shot down the proposal.

India 'shocked' at Pakistan's onion export ban

Pakistan has banned the export of onions to India through land route via the Wagah border, though no such ban has been imposed on exports via rail. Indian government has termed the step as 'shocking'.

National Green Tribunal lacks member strength to exercise judicial powers

Though all cases pending before National Environment Appellate Tribunal were transferred to National Green Tribunal in Oct 2010, the fate of these cases is now uncertain, as NGT is not able to function pending appointment of Tribunal members. Moreover, no other civil court can hear a case of importance under NGT law.

India elected to chair important UNSC committee

India has been elected as the chair of the counter terrorism committee of United Nations Security Committee. The committee has to monitor member countries' implementation of measures required to be taken to enforce UNSC resolution 1373, to control terrorism and its funding within their boundaries.

SC asks centre to file report on river project within 8 weeks

SC has asked Central government to file a status report within 8 weeks, on the project of inter linking rivers, costing Rs5 Lac crores. The idea was proposed by former President APJ Abdul Kalam, with a view to control floods in the country and divert water to drought prone areas, but has remained a non-starte

Delhi HC asks government to monitor fair price shops

Delhi HC has ordered the city government to strictly monitor working of fair price shops and take penal action if required. The order came in a case involving closure of one such shop in Nangloi area, which caused immense hardship to the poor people dependent on it for subsidized rations.

Railways announces free travel scheme for low paid employees

Railway minister has announced incentive of free third AC travel facility once a year to railways' lowest paid employees - gangmen, khalasis and their family members. The scheme will benefit around eight lac railway employees.

Ministry to keep an eye on officials overstaying 'study leave' abroad

Finance ministry has asked all Chief Commissioners of Income Tax to report on how many IRS officers were overstaying or had overstayed abroad without furnishing proper reasons, at the conclusion of study/ training programmes which they had gone to attend.

SC expresses concern on cigarette pack pictorial warnings

SC on January 6, 2011 wanted to know what the government is doing for periodically alternating various pictorial warnings on cigarette and other tobacco product packs, to ensure that their deterrent effect is not worn off due to same pictures continuing on the packs for a long time. Government had extended again the deadline for the new pictorial warnings in Dec 2010.

Defence Procurement Policy 2011 brings welcome changes

Under the new Defence Procurement Policy 2011 announced by the government, the scope of 'offsets' - the local sectors where foreign vendors have to compulsorily invest 30% of contract value - has been expanded to include other crucial areas like civil aerospace and internal security, for mutual benefit.

SC stays proceedings at Bombay HC in IPL broadcast facilitation fee dispute

Supreme Court has issued notice to MSM Satellite (Singapore) over the dispute on a facilitation fee paid by erstwhile Sony Entertainment Television to World Sports Group (WSG). SC has stayed proceedings in the arbitration case initiated by WSG in Singapore and a suit filed by MSM Satellite before Bombay HC.

Dr Binayak Sen files appeal in Chhattisgarh HC

Convicted civil rights activist Dr Binayak Sen has moved the Chhattisgarh HC against the life sentence awarded by a trial court of Raipur. In his appeal, the petitioner has contended that his involvement in the alleged crime of sedition and links with naxals was not proved reasonable doubt.

RBI allows more time to banks

RBI has decided to give banks time till June 30, 2011 to switch to the new method for computing base rate, below which lenders can not advance loans. It has also decided to give them more time to migrate to advanced risk norms under Basel II. Banks may apply to RBI only by Apr 1, 2012 for the new norms.

Regulators trying to breathe more life into IRFs

A committee of SEBI and RBI is reportedly looking at framing new guidelines and contract specifications for Interest Rate Futures. IRF is an instrument to hedge against interest rate risk, but currently its trade volume on NSE is very low, as there are not enough market makers.

SAT may become appellate authority for entire financial sector, with HC status

A parliamentary committee is reportedly studying a proposal to have a unified appellate authority, maybe SAT, for financial markets - for adjudicating on capital market, insurance and commodity futures and pension related products. The move is aimed at bringing uniformity in legal interpretation of financial laws.

Competition Commission probing onion supply chain

Competition Commission of India has asked its investigation wing to look at the possibility of cartelization at various levels, that might be responsible for rising onion prices in the country. It has the power to investigate the constituents of the entire supply chain of producers, traders and distributors - public or private.

SEBI probing violation of Dec 2009 mandate by brokerage firms in Citibank scam

SEBI has reportedly found lapses on part of certain brokerage firms in the recent Citibank scam, in which a relationship manager diverted his clients' funds to derivatives market. In 2009, SEBI had made it mandatory for brokerages to collect income proof documents from all their clients before trading in derivatives' segment. SEBI and RBI are now examining certain aspects of the scam together.

IRDA asks insurers to refrain from charging premium rates which have not been filed with it

IRDA has asked insurers to ensure that no premium quotation is given to policyholders which is outside the range filed with IRDA, and a rate which the underwriter and appointed actuary did not approve.

States will have to start purchasing power partly in the form of solar energy

The cabinet is reportedly planning to amend the power tariff policy, to make it mandatory for states to purchase 3% of their total power through solar energy by 2022. States will have to start implementation in a phased manner from 2013, in line with the National Solar Mission strategy.

SBI insists on liquid collateral for Rs8500 Crore Vodafone bank guarantee

SBI is reportedly demanding cash and cash equivalent in return for providing bank guarantee to Vodafone, to be furnished in the SC in line with the court's order. The bank has reportedly refused to accept counter guarantee of foreign banks as security, and is insisting on liquid collateral.

MCDRC fines a builder for failing to deliver promised amenities in housing complex

Maharashtra Consumer Disputes Redressal Commission has ordered Ravi Ashish Developers to pay Rs5 Lacs to a customer, who paid full amount for a flat in 1997, but was not accorded promised amenities like pool, garden etc in the housing complex. The builder was also asked to pay Rs1000 pm to the resident till the date of obtaining Occupancy Certificate, which was mired in delays too.

Panel favours united Andhra Pradesh with empowered Telangana

Srikrishna Panel has suggested a united Andhra Pradesh, with the formation of a statutory Telangana Regional Council commanding adequate funds to develop and empower the region. It has said that Gentleman's Agreement of 1956 governing power sharing agreement between different regions within the state be given a statutory shape.

NREGA wages to be adjusted for inflation

PM has conveyed that there is no immediate plan to link the NREGA wage of Rs 100 to the minimum wages in different states. However, the government will protect the purchasing power by linking the NREGA wage to Consumer Price Index for agricultural labourers from Jan 1, 2011. The base will be reset every five years.

SC upholds sentence on perpetrators of injustice on tribals

SC has upheld the sentence by an Ahmednagar trial court, awarded to four persons accused of beating and parading a Bhil tribal girl naked in the village, whom the Aurangabad bench of Bombay HC had acquitted. SC equated the present day injustice on tribals to Dronacharya's act of demanding legendary Eklavya's thumb.

Mining ministry directs states to enforce timeframe in prospecting leases

Ministry of Mines has sent a letter to all the state mines secretaries to impose special condition and timeframe in all existing and future leases for prospecting major minerals. Coal blocks are to be excluded. For mining area more than 50 hectares, a five year time limit has been suggested to complete the work.

Janata Party chief moves SC over 2G licences

Janata Party chief Subramanian Swamy has moved the Supreme Court, seeking cancellation of 2G spectrum licences that were allotted during the tenure of former telecom minister A Raja. The petitioner has sought direction to the government for fresh auction of licences in all the 22 circles.

Kraft sues Britannia in Delhi HC

Kraft Foods of US has sued Britannia Industries Ltd in Delhi HC, for infringement of trademark and copyright, passing off and unfair competition, with respect to the launch of Treat-O brand of biscuits. Kraft has complained that the design, inner rings and florets on Treat- O are identical to its popular cream filled Oreo cookies.

Quality Council demands regulation of lead content in branded paints

Quality Council of India, the accreditation authority under Department of Industrial Policy and Promotion, has found alarmingly high amounts of lead in most branded paints being sold in India. It has sent its findings to various ministries like environment, commerce and consumer affairs, to implement strict regulations and impose penalties on the respective companies.

Health ministry asks MCI to withdraw 'entrance test' notification

The health ministry has reportedly written to the Medical Council of India to withdraw with immediate effect its notification making entrance tests the sole qualification for admission to graduate and post graduate courses in all medical colleges from 2011-12. The notifications were issued without government permission.

Uninor moves TDSAT against DoT penalty

Telecom co. Uninor has moved TDSAT against DoT seeking damages from it for not meeting rollout obligations on time. The petitioner has submitted that it was delay by DoT itself in SACFA clearance, allocation of start up spectrum and introducing new stringent requirements, which caused the delay in rollout of its services.

SC declines to stay Allahabad HC order in Sahara case, asks the HC to protect investor interest

SC on January 4, 2011 declined to stay the Allahabad HC order allowing two Sahara group companies to raise funds from the public through a debenture issue. SEBI had earlier issued a restraint order, as Sahara had not disclosed all the information reportedly sought by it. Sahara had then moved the Allahabad HC, which stayed the SEBI restraint order. To protect investor interest, SC has now asked Allahabad HC to hear the petition on day- to-day basis from Jan 12, 2011.

SC seeks commitment from government before waiving off court fee in Vodafone case

SC on January 4, 2011 said that it would waive off the one percent court fee in the Vodafone tax case if the government gives an undertaking that it would not make the claim of 'unjust enrichments' if it loses the case. Attorney General has now committed to make a statement in the court after consultations with the government.

After Bihar, MP Special Court Bill 2011 in the works

Following in the footsteps of Bihar government, Madhya Pradesh government is reportedly getting ready to introduce a Special Court Bill. The Bill envisages setting up of fast trial courts to try corruption cases against officials, which will also have the power to order confiscation of their wealth earned through wrongful means.

SC wants to examine the possibility of including dalit Muslims and Christians in job quota

On a petition from Centre for PIL, SC on January 4, 2011 said that it would examine the constitutional validity of including dalit Christians and Muslims in the scheduled caste list for reservation in education and jobs. Solicitor General later said SC does not have the right to do so; only Parliament can amend the Presidential Order of 1950, not the court.

Madras HC terms the action of denying job to HIV+ candidates 'unwarranted'

Madras HC has slammed two state owned transport corporations for denying appointment to the post of driver to two candidates despite qualifying, whose blood samples tested HIV+ in 2009. The court said the action was not only unwarranted but also contrary to the policy of the Union of India.

Evidence of hostile witness can be relied upon, rules SC

SC has ruled that evidence of a hostile witness remains the admissible evidence and it is open to the court to rely upon the dependable part of that evidence which is found to be acceptable and duly corroborated by some other reliable evidence available on record. The ruling came in the case of Himanshu@Chintu vs. NCT of Delhi.

SEBI sets tougher norms for client detail modifications post trade execution

SEBI has asked stock exchanges to permit modifications in client details after trade execution only in case of genuine error or wrong data entry, and not as a matter of routine. Modifications should be verified in internal audit, and penalty imposed for not adhering to the norms.

Abbott's patent application in India for HIV drug rejected

Mumbai Patent office has rejected the application of Abbott Laboratories for patenting a combination drug for the treatment of HIV+ patients, as Indian laws don't allow patenting of small innovations on known molecules. The application was opposed by NGOs & domestic pharmaceutical companies.

CLB to decide on compounding fees to be paid by Kings XI owners

KPH Dream Cricket Private Ltd, which owns IPL team Kings XI Punjab has applied for compounding fees before Registrar of Companies Chandigarh. RoC had charged the company with not filing its balance sheet or returns for fiscal 2009, even a year after it came into existence, and moved the High Court. Now that the company has agreed to pay compounding fees, Company Law Board will decide on the quantum.

SEBI approves use of NSE platform for trading by regional exchanges

SEBI has accorded approval to four regional stock exchanges for trading on NSE platform -Vadodara, Jaipur, Calcutta & Madhya Pradesh exchanges. These exchanges are now preparing draft agreements to be executed with NSE. The move will benefit local members and locally listed companies, which do not have the size or financial muscle required for NSE.

UID number could replace PF account number

Employees Provident Fund Organisation is examining the possibility of replacing PF a/c number with the UID no., to facilitate expeditious transfer when a subscriber switches jobs. In order to achieve the transition, it proposes to inter-link all the regional and local offices by March 2012.

SSIs may get relief from GST compliance issues

Central government is reportedly examining a new scheme for small scale units, to provide relief from the burden of compliance and higher tax, once the Goods and Service Tax is introduced. The SSI unit can opt for paying a composite levy with minimal compliance, without benefit of input tax credit under the proposed scheme.

Hydel projects may bypass competitive bidding route

Power ministry has reportedly recommended to the Cabinet for exclusion of compulsory competitive bidding process from state run hydro power projects. However, the process will be mandatory for thermal power projects from Jan 6, 2011 onwards.

POSCO may clear environment hurdle

A government panel has reportedly recommended according approval to POSCO steel mill in Orissa, for 4 metric tonnes per annum initially. It has also recommended that 5% of project cost be spent on local communities and setting up drinking water facilities for surrounding villages.

SEZ developers battling global uncertainty

Four more SEZ promoters have reportedly approached the commerce ministry to surrender their formal approvals, due to their inability to develop respective SEZs on account of global economic uncertainty. Another 20 have sought additional time for completing their projects.

Finance ministry commences probe into tax aspect of Cadbury's Indian business takeover

Under direction from the Delhi HC, finance ministry has started a probe into tax related aspects of the takeover of Indian arm of Cadbury, by Kraft Foods. Social activist Ved Prakash had filed a suit in the High Court, claiming loss to the Indian exchequer, on account of non payment of tax on the Indian acquisition.

SC issues contempt notice to leaders responsible for creating ruckus in Andhra HC

SC on January 3, 2011 issued a contempt notice to TRS leader K Chandrashekhar Rao, party MP Vijayashanti and 10 others for allegedly vandalizing AP High Court and hurling slippers at two judges last year in September.

Department of Information Technology working on data protection rules

Government is in the process of framing rules for data protection and liabilities of service providers under the IT Act. Rules are being framed for Section 43A (Data protection), 70A (Protection of critical infrastructure), 70B (Agency to handle cyber security) and 79(Liabilities of service providers).

Power equipment imports may not see imposition of duty

The Revenue secretary has clarified that government has no immediate plans to impose duty on power equipment import, as it can impact ongoing power projects in the current Plan. However, a committee is looking into the injury caused to domestic capital goods industry due to imports from China.

SC asks Andhra government to pay damages and interest to landowner from the date of dispossession

Supreme Court has ruled that if land is acquired before a notification is issued under the Land Acquisition Act, the owner is entitled to rent, compensation and occupation from the date of dispossession till the date of notification. In this case, Andhra government took over an orchard in 1988, but issued the related notification in 1993.

FMC awaiting Parliamentary approval to introduce PMS in commodities

Forward Markets Commission is reportedly planning to allow portfolio management services in commodities, which were banned in 2007. The draft guidelines are ready, but the regulator is awaiting the Forward Contracts (Regulation) Amendment Bill to be passed by the Parliament.

New telecom policy to balance the interests of companies, government and consumers

DoT is reportedly evolving 'New Telecom Policy 2011', which will aim to strike a balance between consumer interest, government's share of revenues and growth impetus for companies. DoT is also starting talks with defence, information& broadcasting and space ministries on release of spectrum for civil use.

Payment to cane growers above SMP not a business expense, rules CIT (Appeals)

In a case involving more than 100 sugar mills of Maharashtra, CIT (Appeals) has ruled that any additional payment to cane growers over and above the Statutory Minimum Price (SMP) cannot be claimed as business expense. In Maharashtra, a committee of ministers decides the price of cane, which is usually above the SMP. The mills are now required to settle crores in IT arrears dating back to 1992-93.

Shipping ministry formulating policy to insure ports against loss

Shipping ministry has reportedly drafted an insurance policy for guarding the property of country's ports against destruction and loss, including natural disasters. Specific insurance has been suggested for equipment which goes to sea, equipment which remains on ground, and third party liability.

Haryana government's progressive move to reduce litigation

Haryana government is planning to modify its policy and approach towards litigation. It plans to set up grievance redress system within departments to resolve disputes and avoid litigations. In case the state receives any legal notice under PIL, it would take remedial measures before filing status report in the court.

Deadlock over 'no go areas' forces coal ministry to come up with innovative options

Coal ministry is seeking cabinet approval for mining in coal blocks which have been classified as 'no go areas' by the environment ministry. The ministry is examining many options, including asking companies to spend part of the mining profits on afforestation in affected areas.

Bombay HC shows leniency towards ex-serviceman

Bombay HC has set aside the prison term of senior citizen Laxman Jadhav, who was arrested in 1977 under Arms Act from his house in Sangli, for possession of live cartridges, while on vacation. Court let him off with a fine of Rs5000, keeping in mind his age and his service to the nation.

Protected Area Permit scrapped for three NE states

NE states of Manipur, Mizoram and Nagaland have been excluded from requirement of Protected Area Permit for foreign visitors for one year. However, foreigners still have to register with FRO of the district upon arrival. Moreover, visitors from Pakistan and China still have to seek the permit.

Madras HC asks polluting units to pay for NEERI survey

A division bench of Madras High Court has asked some paint, pharmaceutical and chemical units in the SIPCOT industrial complex to deposit Rs1 Lac each to pay for pollution survey in the Cuddalore region. Court had earlier asked NEERI Chennai to conduct an investigation into the pollution levels, but NEERI needed Rs25 Lacs to proceed.

Environment ministry reiterates its role as 'cadre controlling authority' in IFS case

Union environment ministry has reportedly revoked a charge sheet filed against IFS official Sanjiv Chaturvedi by Haryana government, in retaliation for exposing some wrongdoings. The ministry's order emphatically stated that the ministry is the 'cadre controlling and appellate authority for IFS'.

RBI fines bank for violating group lending norms

RBI on Friday imposed a penalty of Rs5Lacs on Bombay Mercantile Coop Bank for sanctioning loans aggregating to Rs96 Cr to different companies of Shah group, when the amount that could actually be advanced as per RBI's group exposure norms was just Rs 14 Crore.

New Ready Reckoner rates in Maharashtra w.e.f. Jan1, 2011

Maharashtra government has raised ready reckoner rates in Mumbai and elsewhere in the state by 10 to 40%. Rates are effective Jan1, 2011. In the new Valuation Factor Guidelines, the cost of construction has gone up substantially. For Mumbai city, the rate has gone up from Rs13000 to Rs16000 per sq mtr. The move is likely to 8impact realty rates.

RBI investigating the money trail in Citibank fraud case

RBI has initiated investigation into Rs300 Crore fraud in the Citibank Gurgaon branch. It is looking to determine if there were any systemic deficiencies which led to the perpetration of the fraud. The investigation will also track the money trail of investors- where it came from and where it went.

CII cannot appoint SC/ST ombudsman as it cannot accord legal powers to such an institution

Confederation of Indian Industry has declined the direction of the government to appoint an ombudsman to track creation of jobs for SC/STs. It has said that industry associations do not have the legal mandate to create and empower such an official, as ombudsman position requires semi-judicial powers.

SEBI imposes stiff fine on market intermediary

SEBI has imposed a fine of Rs25 Lacs on Enam Securities, for failure to exercise due diligence in disclosures made in offer documents, and showing preference to certain FIIs while allotting shares in IPOs. In some cases, Enam also failed to properly monitor flow of applications and redress complaints.

New mining amendments to enhance penalties, shift burden of proof to offenders

Union Government has approved a Bill to amend the Mines Act, 1952. Mining being very hazardous, penalties for negligence have been enhanced and the burden to prove before an authority or court of law that all necessary measures had been taken shall be that of the offender.

Only government has power of surveillance over communications, reiterates DoT

DoT has directed companies who possess equipments capable of monitoring and intercepting communication, like wireless networks, to inform the details of such equipments within 60 days, as such acts violate Indian Telegraph Act 1885 and Indian Wireless Telegraphy Act. It is also conducting independent investigations to unearth details of equipment in possession of individuals and firms.

25paise coins on the way out

Finance ministry has notified that 25paise coins shall cease to be a legal tender for payment from June 30, 2011 onwards, and will not be accepted for transactions. Product prices, taxes, accounts will all need to be rounded off to the nearest 50paise or rupee.

Cabinet approves creation of a new board for hospitality industry

Union cabinet has approved the creation of a Hospitality Development and Promotion Board for approving and facilitating hotel projects. The Board is to fast track clearance for hotel projects at both the central and state level, and formulate policies to spur the growth of related infrastructure.

Music company demands licence fee for music played at public events and clubs

Music licencing company Phonographic Performance has reportedly sent legal notices to many clubs, pubs, and restaurants for not paying licence fee to play its music during performances or events on December 31, 2010.

CBDT asks IT department to track HNI transactions thoroughly

CBDT has reportedly instructed IT commissioners to use specially developed tool (called Individual Transaction Statement) to track all transactions of HNIs, including shares, mutual funds, high ticket purchases etc. comprehensively. The move has been hastened by the scam which broke out in Citibank.

Krishna Tribunal announces verdict, moots implementation authority

Krishna Water Disputes Tribunal announced its verdict on Thursday on the sharing of water from Krishna river amongst Karnataka, Maharashtra and Andhra. The Tribunal has directed setting up a Board to monitor implementation of the award, with 2 members nominated by the centre and one each from the three states.

SEBI revokes ban on FII on assurance of correct reporting on offshore transactions

SEBI has revoked the ban on Societe Generale, prohibiting issue of any new offshore derivative instruments with underlying Indian shares. The ban had reportedly been imposed earlier because it could not provide relevant information on the ultimate beneficiaries as required by SEBI, which it is in a position to do so now.

HRD ministry takes steps to liberalise AICTE approval norms

HRD minister has announced new norms for setting up institutions approved by AICTE. In addition to trusts, even corporate sector can set up such institutions provided they are operated through separate non profit entities. Each institute will also have to keep 5% seats reserved for economically weaker students.

Offshore transactions beyond RBI regulation can undermine stability

RBI has expressed concern at the growing offshore rupee transactions. RBI's moves to contain currency fluctuations are sometimes negated by such transactions, and rupee taking cue from other currencies. Being outside its regulatory ambit, such transactions can cause volatility in the long run, fears RBI.

Visa- on- arrival scheme extended to four more countries

Government has extended visa on arrival facility to four ASEAN countries- Laos, Cambodia, Vietnam & Philippines w.e.f Jan1, 2011. The fee is $60, for single entry with a validity of 30 days, upon arrival at Delhi, Mumbai, Kolkata or Chennai airports.

Ministry invites public opinion on draft legislation for regulating lawyers

Union law ministry has sought opinion on Legal Practitioners (Regulation& Maintenance of Standards in Profession, Protecting Interest of Clients & Promoting Rule of Law) Bill, 2010, which envisages regulation of lawyers through Legal Services Board, Consumer Panel and Ombudsman.

• INTERNATIONAL NEWS

European Central Bank chief warns governments against fiscal irresponsibilty

European Central Bank President has remarked that "monetary policy responsibility cannot substitute for govt irresponsibility". The remarks came in the context of some EU govts pinning their hopes on ECB to pull them out of debt crisis.

Supreme Judicial Court of Massachusetts upholds ruling against banks in crucial home foreclosure case

Supreme Judicial Court of Massachusetts has upheld another judge's ruling against US Bancorp and Wells Fargo. The judge had ruled that two home loan foreclosures were invalid because the banks couldn't prove they owned the mortgages on homes consequent to securitisation.

Bank of America modifying fees to comply with US regulations

Bank of America is reportedly planning to give to a choice to its customers- do more transactions through the bank or pay more fees. The step will reward customers using the bank more frequently, as the bank is under pressure from US regulators to limit debit card and overdraft fees.

Judge cites Morrison ruling to dismiss lawsuit by hedge funds

A US federal judge has dismissed a lawsuit by some hedge funds, which alleged that Porsche had cornered shares of Volkswagen, resulting in damages worth billions. Court cited the ruling in Morrison vs. National Australia Bank, to cite inability of plaintiffs to pursue claims involving non-US conduct in US courts.

New York Attorney General wins settlement for pension fund

New York Attorney General has won a settlement for $10 mn for the NY State Common Retirement Fund from Steven Rattner, a co-founder of Quadrangle group, over alleged kickbacks in 2005 and 2006. Rattner has also been asked to refrain from working with any state pension fund for 5 years.

China reverts to 'quota-permit' system to check vehicle population

Government in China has introduced a quota system to control the growth of vehicles in the capital city of Beijing, already crammed with cars. Under the new system, only 20,000 new licences will be granted each month, through a lottery. Vehicles not registered in Beijing will need a permit to enter.

Indians on death row in UAE yet to get respite, refuse settlemnt

Seventeen Indians on death row in UAE for the murder of a Pakistan national have reportedly refused 'settlement' -payment of blood money, as they feel that justice is on their side, because prosecution has failed to produce many missing links, including the weapon of offence.