Around the Globe

Around the Globe

Tata Sons calls EGM on Feb 6 to oust Mistry as Director

After ousting him as Chairman, Tata Sons has called a shareholders' meeting on February 6 to remove Cyrus Mistry as director of the holding company of the USD 103-billion Tata Group.

Tata Sons had abruptly removed Mistry as its Chairman on October 24 and sought his ouster from operating companies like Tata Motors and TCS. Mistry subsequently resigned from the board of six companies, but dragged Tata Sons and his interim successor Ratan Tata to the National Company Law Tribunal.

SC refuses urgent hearing on plea to put off Union Budget

The Supreme Court today refused an urgent hearing on a plea seeking postponement of presentation of Union Budget due to assembly elections in five states.

"There is no urgency in it. We will lay down the law when this petition comes up," a bench headed by Chief Justice J S Khehar said.

Advocate M L Sharma, who filed the PIL on the issue, mentioned it and sought an urgent hearing.

Harvesting sun

With solar installations estimated to have crossed 4gw in 2016 against 2.3gw installed in 2015, India seems well on the mark as far as solar ambitions go.
For the solar sector, the year gone by was certainly a rewarding one as the key ind­icators grew around 2-3 times in 2016. According to a study by Bri­dge to India, a ma­rket research firm, India add­ed 4.9gw solar capacity, a rise of 101 per cent over 2015, and crossed the 10gw cumulative installed capacity mark. The rooftop segment crossed one gw in September 2016, which is 135 per cent jump over 2015.

Gadkari’s road record as awful as UPA’s

The Modi government’s grand plans of rapidly expanding the highway network seem to be running out of steam in spite of the highly ranked minister Nitin Gadkari being at the helm in the road ministry.
Not only the pace has slowed but also the sector continues to be bogged by old issues of land acquisition, tepid investor response, environment and legal hassles. The same set of problems had constrained road development during the previous UPA-II government as well. The NDA record, it looks, is no different either.

There’s no intention of privatising railways

Blatant tool of shameless populism, the Indian Railways has been run into the ground by the constant pressures of coalition politics; now for the first time in 92 years, there will be no Railway Budget, as the Union Budget will subsume it. With PM Narendra Modi and the BJP deciding to cut the umbilical cord with the past in more ways than one, technocrat Suresh Prabhu came to be the Railway Minister in November 2014 replacing Sadanand Gowda.

Mulayam, son race against time to muster majority support

With all attempts at brokering peace in the ruling SP having come to naught, rival factions led by Mulayam Singh Yadav and his son Akhilesh were today racing against time to enlist support of party MPs, MLAs and delegates to prove majority before the Election Commission.

Amazon.In sees 160% growth in seller base in 2016

Global marketplace Amazon today said that the seller base on Amazon.In grew by 160 per cent in 2016 from the previous year.

In line with its vision "to transform the way India buys and sells through its innovations, technology support and seller-centric services", Amazon.In till date has attracted over 140,000 sellers (160 per cent year-on-year growth) across India to the marketplace, Amazon said in a statement here.

Sebi relaxes rules for angel funds to boost startup funding

To give a fillip to startup funding, markets regulator Sebi has relaxed its rules for investment by angel funds, including allowing them to invest in up to five-year old entities.

Besides, the lock-in requirement has been reduced from three years to one year for angel funds and their minimum investment threshold has been slashed from Rs 50 lakh to Rs 25 lakh.

Angel funds are allowed to invest in overseas venture capital undertakings up to 25 per cent of their investible corpus in line with other AIFs.

Rahul attacks PM on Sahara issue latching on to ITSC order

Latching on to an order from I-T settlement authority giving relief to Sahara Group, Rahul Gandhi today demanded an inquiry into Sahara diaries asking Prime Minister Narendra Modi why he fears such a probe.

"Immunity for Sahara or immunity for Modiji? If your conscience is clear Modiji why fear investigation?", the Congress Vice President tweeted.

Can't deny justice in over zealousness to dispose cases: HC

Courts must never deny justice to anyone in "over zealousness" to dispose cases, the Delhi High Court has said while observing that "docket explosion" of matters is a problem for the judicial system to contend with.

A bench of Justices Badar Durrez Ahmed and Ashutosh Kumar said this while setting aside a judgement passed by a single judge who had dismissed a suit filed by a petitioner seeking permanent injunction restraining infringement of trade mark allegedly by the respondent firm.