Food min says govt mulling sugar price stabilisation fund
NEW DELHI: Food Minister K.V. Thomas said the government is mulling forming a price stabilisation fund for sugar. “It (price stabilisation fund) is one of the options being considered,” the minister said on the sidelines of the Indian Sugar Mills Association’s 79th annual general meeting. The sugar industry has been lobbying with the government for a bailout package, as mills are likely to run into losses for the second consecutive year. “I am equally worried and concerned about domestic sugar prices going down,” the minister said. He attributed the fall in prices to the fourth straight year of domestic sugar surplus and the simultaneous global supply glut.
Jaguar Land Rover global sales up 25 pc
New Delhi: Tata Motors-owned Jaguar Land Rover posted a 25% increase in its global sales in November this year at 37,403 units. November sales were strong for Jaguar Land Rover in the China Region, up 42 per cent, North America up 37 per cent, Asia Pacific up 32 per cent and other overseas markets, higher 42 per cent, the company said in a statement. In November, Jaguar sold 6,244 units, up 55 per cent reflecting strong demand for XJ and all XF derivatives, JLR said, adding Land Rover sold 31,159 units, up 20 per cent.
After CCI orders fresh probe into CIL
New Delhi: A day after being slapped with a fine of Rs 1,773 crore by the CCI, Coal India Limited (CIL) faced a fresh probe by the fair trade regulator into allegations that the state-run firm and its subsidiaries abused market dominance in its sale of fuel through e-auction route. The latest probe follows complaint by an individual that the condition of e-auction wherein a bidder had to pay a penalty if he fails to lift coal but no such fine was imposed on Coal India if it failed to deliver the coal despite acceptance of the bid, was unfair. “In this case, the opposite party provided in the bid document a penalty for failure of performance of contract on the part of successful bidder alone and there was no provision for penalty for non-performance of the contract on the part of the opposite party (Coal India),” the Competition Commission of India (CCI) said in its new order. Meanwhile, Coal India said it will initiate “appropriate legal action” against CCI’s order. “The Company is seized of the matter and appropriate legal action shall be initiated after the receipt of the copy of the order by post,” CIL said in a filing to the BSE.
NSEL to get Rs 42.77 cr from P D Agro
Mumbai: The troubled National Spot Exchange Ltd (NSEL), facing a payment crisis of Rs 5,600 crore, said one of its defaulters P D Agroprocessors has agreed to pay Rs 42.77 crore in eight instalments. This amount was jointly invested by PD Agro, Mohan India and Swastik Overseas in a project being developed by Primezone in Karnal, Haryana. Of the amount indirectly invested in Primezone’s project, PD Agro’s contribution was Rs 31.10 crore, while that of Mohan India was Rs 10 crore. Swastik Overseas invested an amount of Rs 1.67 crore in the project.
RBI to infuse extra Rs 10,000 cr liquidity
Mumbai: The Reserve Bank said it will infuse an additional Rs 10,000 crore into the system on Friday to ease the tight liquidity situation, ahead of commencement of advance tax payments. The central bank said that it has been closely monitoring liquidity conditions so as to ensure that adequate liquidity is available to support flow of credit to productive sectors of the economy.
CCI rules against Chemists body
NEW DELHI: The Competition Commission of India has held the All India organization of Chemists and Druggists and its affiliate body in Kerala guilty of abusing its dominant position to appoint stockists and limit and restrict the supply of drugs. The panel has directed All India organization of Chemists and Druggists, its affiliate All Kerala Chemists and Druggists Association “to cease and desist” from indulging in anti-competitive practices. -Cogencis
Nokia tax evasion: HC verdict today
Mumbai: The Delhi High Court will pronounce today its verdict on Nokia’s plea for a direction to Income Tax department for lifting of the stay on transfer of assets here in view of its USD 7.2 billion global deal with Microsoft. A bench of justices Sanjiv Khanna and Sanjeev Sachdeva, which on Wednesday reserved its order after hearing arguments from the mobile manufacturing company and the I-T department, will pronounce the verdict at 2.15 pm today. Nokia India Private Ltd’s assets and accounts were frozen by the Income Tax department for alleged income tax evasion by the company.