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Financial Express, October 25, 2017 A Delhi-based NGO has moved the Delhi High Court seeking cancellation of the appointment of Shashi Shanker and BJP national spokesperson Sambit Patra, as the chairman & managing director, and independent director, respectively, on the board of Oil and Natural Gas Corporation. The HC will hear the PIL on November 1. Energy Watchdog, through counsel Prashant Bhushan, has alleged that Shanker’s appointment was contrary to the public interest, as he was suspended in a tender matter and was also recently reprimanded by the CVC on a procurement matter. Such an official “should not be heading an organization which has to deal with Rs 29,000 crore capex budget for the current financial year, and about `150,000 crore in the next five years. Besides, the government has announced merger of Hindustan Petroleum Corporation Ltd into ONGC, thus the merged entity is likely to be a much bigger organisation worth $40 billion”, it said...

The Economic Times, Samanwaya Rautray, October 24, 2017 NEW DELHI: The Supreme Court on Tuesday began debating a Central government plea to uphold a ban on the sale of 344 popular fixed-dose combination drugs, which was overturned by the Delhi High Court. The government halted the sale of drugs such as Corex, Phensedyl, Saridon, D’cold, Benadryl and Vicks Action 500 by a notification dated March 10, 2016.  The Delhi High Court set aside the order on December 1, 2016, on a plea by pharmaceutical companies including Pfizer, Cipla and Glenmark, saying these drugs had been around for long and there was no urgency to ban them.  The government defended the move, citing public interest and claimed the ban was imposed on the basis of recommendations of a committee that blamed such drugs for toxicity and antibiotic resistance among the people.  Several petitions were filed against the ban in various high courts in the country, which were later transferred...

The Hindu, Business Line, October 24, 2017 The government today increased the minimum support price (MSP) of wheat by  Rs.  110 to  Rs.  1,735 a quintal and of pulses by  Rs.  200 per quintal to help boost the output of these crops and check prices, official sources said. The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, has approved the MSPs of all rabi (winter-sown) crops for 2017-18. MSP is the rate at which government buys grain from farmers. According to sources, the CCEA approved  Rs.  110 per quintal hike in wheat MSP to  Rs.  1,735 per quintal for the 2017-18 rabi crop, up from  Rs.  1,625 per quintal last year. To encourage the cultivation of gram and masoor, their MSPs have been raised by  Rs.  200 per quintal each to  Rs.  4,200 and  Rs.  4,150. Among oilseeds, rapeseed/mustard and saflower seed MSP has also been increased substantiall...

The Hindu Business Line, Rashmi Pratap, Mumbai, October 23, 2017 Consolidation has for long been advocated as the panacea for all evils plaguing the Indian telecom sector. Now that only three large players will be dominating the market, can they turn profitable? The answer is a big ‘no’. Unless regulatory policies are amended and tariff wars curbed, telcos will continue to bleed, feel experts. “Consolidation is one of the key factors towards profitability of telcos. As the competition in the market decreases, operators will have more control over a larger consumer base, pricing and tariffs,” says Jayanth Kolla, Partner at tech research firm Convergence Catalyst. However, it is, in itself, not enough to turn the operators profitable. “The telecom regulator (TRAI) has turned a blind eye to tariff wars in the last decade. It should intervene at the right time to ensure tariffs don’t hit rock bottom, hurting profitability and survival of players,” says BK Syngal, telecom consulta...

The Hindu Business Line,  PTI, New Delhi, October 24,2017 SEBI has barred Milan and Milan International and its present and former directors from the capital markets for at least four years and asked them to refund the money raised from investors without complying with the public issue norms. Besides, they have been restrained from associating themselves with any listed public company from the date of the order till the expiry of four years from the date of completion of refunds to investors, SEBI said in order dated October 23. Apart from the company’s present and former directors, SEBI has also barred its two promoters—Shamshad Ali and S K Izak—from the securities markets for at least four years. The present directors are Sangram Keshori Samal, Bhikari Charan Lenka and Jagdish Sarang. Nizamuddin Khan is a former director. The regulator noted that the company had issued redeemable preference shares (RPS) to 260 investors during 2010–11 and raised  Rs.  14.5...

Economic Times, ET Bureau, By Saloni Shukla, October 25,2017 The Reserve Bank of India has slapped a monetary penalty of Rs 6 crore on Yes Bank and Rs 2 crore on IDFC Bank for violating regulations issued by the regulator. Yes Bank has been fined for non-compliance with the directions issued by RBI on Income Recognition Asset Classification (IRAC) norms and delayed reporting of information security incident involving ATMs of the bank.  "The Reserve Bank of India has imposed on October 23, 2017, a monetary penalty of Rs 6 crore on Yes Bank for non-compliance with the directions issued by RBI on Income Recognition Asset Classification (IRAC) norms and delayed reporting of information security incident involving ATMs of the bank," RBI said in a statement.  A statutory inspection of Yes Bank with reference to its financial position as on March 31, 2016 revealed violations of various regulations issued by RBI in the assessment of non-performing assets. Apart fro...

Economic Times, PTI, October 24, 2017 Pakistan today dismissed as unrealistic India's move to appoint an interlocutor to understand the legitimate aspirations of people in Jammu and Kashmir, saying no interaction or dialogue would carry any weight without the participation of the Hurriyat Conference.  India yesterday appointed former Intelligence Bureau chief Dineshwar Sharma as its special representative for a "sustained dialogue" with all stakeholders in Jammu and Kashmir, in a fresh move aimed at bringing peace to the troubled state.  Responding to a question on Sharma's appointment, Pakistan Foreign Office Spokesperson Nafees Zakaria said that the measure did not appear to be sincere and realistic.  He said that, if anything, the Indian Government's announcement illustrated a recognition - - once again -- of the futility of the use of force and of the indispensability of dialogue.  "However, for any dialogue process to be meaningful ...

The Times of India, New Delhi, October 25,2017 The government on Tuesday announced an unprecedented mega Rs 2,11,000 crore plan for recapitalisation of the PSU (public sector undertaking) banks in a bid to push growth and and create jobs. The Cabinet that met earlier in the day cleared the package. The Rs 2.11 lakh crore package will be spread over two years, Finance Minister Arun Jaitley said.  While Rs 1,35,00 crore will be in the form of front-loaded recapitalisation bonds, the remaining Rs 76,000 crore will be in the form of budgetary support. The nature of the bonds and details of the bonds would be made public during course of time, he said.  While saying more banking reforms will be announced in the days to come, Jaitley was critical of banks being indiscriminate in their lending in the past and brushing the real NPA (non-performing assets) issue under the carpet for a long time.  Non-performing assets of banks have increased from Rs 2.75 lakh in ...

Economic Times, By Bloomberg, October 24,2017 India is intensifying its crackdown on dubious companies after it unearthed over $1 billion in suspicious cash deposits as part of its investigations into corruption and efforts to boost foreign investment, a minister said.  While the government has already deregistered over 200,000 companies and restricted their bank accounts, it is now working on  black money, to trace any further generation of black money, said P.P. Chaudhary, junior minister for corporate affairs, in an interview on Oct. 18 in New Delhi.  The ministry is probing deposits of over $1 billion made by around 20,000 companies during the cash ban last year, while its Serious Fraud Investigation Office is investigating 1,505 companies for allegedly violating the Companies Act. It is examining another 809 listed companies, found untraceable by SEBI, to check their status, existence of their offices and directors, the minister said. "Our purpose is to...

The Hindu Business Line, PTI, New Delhi, October 24,2017 The government is selling 3 per cent in NLC, with a green-shoe option to sell another 2 per cent in the OFS, the official said today.The government will sell up to 5 per cent stake at a floor price of  Rs.  94 apiece in mining PSU Neyveli Lignite (NLC) through a two-day offer for sale beginning tomorrow, a Finance Ministry official said. The issue will open for institutional buyers on Wednesday. For retail investors the issue will open on October 25, who will get a further discount of 3.5 per cent. The 5 per cent stake sale would fetch about  Rs.  800 crore to the exchequer. The government has already raised over  Rs.  19,000 crore through PSU disinvestment in the current fiscal. The government targets to raise  Rs.  72,500 crore through PSU stake sale, including strategic sale and listing of insurance PSUs, in the current fiscal. Link- http://www.thehindubusinessline.co...

The Hindu, Reuters, October 24,2017 The United States is taking steps and considering a range of further actions over Myanmar's treatment of its Rohingya Muslim minority, including targeted sanctions under its Global Magnitsky law, the State Department said on Monday. “We express our gravest concern with recent events in Myanmar's Rakhine state and the violent, traumatic abuses Rohingya and other communities have endured,” it said in a statement. It added, “It is imperative that any individuals or entities responsible for atrocities, including non-state actors and vigilantes, be held accountable.” Rohingya Muslims have fled Myanmar in large numbers since late August when Rohingya insurgent attacks sparked a ferocious military response, with the fleeing people accusing security forces of arson, killings and rape. Secretary of State Rex Tillerson said on Wednesday the United States held Myanmar's military leadership responsible for it...