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Customs duty cut for brownfield power projects
A Union finance ministry notification has extended the basic customs duty concession applicable on equipment for entirely new (‘greenfield’) power projects to expansion (‘brownfield’) of existing units, too.

Bajaj Auto Dec sales soar 85%
Bajaj Auto sold 2,20,429 two-wheelers in December 2009, registering an 85 per cent growth in sales over the same month last year, when it sold 1,19,215 units, a company release said.

News of the day

Mahindra Satyam to expand Malaysia operations
Mahindra Satyam, the new brand identity of Satyam Computer Services, has embarked on international expansion and as part of this, is expanding its global solution centre (GSC) operations at its 15-acre campus in Cyberjaya, Malaysia.
Corporate

FinMin, Sebi to decide on dual listing of shares: Khurshid

Corporate Affairs Minister Salman Khurshid today said it is for the Finance Ministry and the Sebi to take a call on dual listing of shares as is being proposed in connection with the $23-billion Bharti-MTN deal. - Regulator wants systems audit of mutual funds - Electrosteel to raise Rs 600 crore - ABSA fails to find many takers - FinMin asks depts to cut expenses in Budget plans for FY11 - MFs" August assets grow 5%, courtesy debt funds - Takeover code panel to meet on Sept 17 "That facility (dual listing) is not available in our country. If it is to be made available at all, Finance Ministry and Sebi will consider it in due course and we will come into the picture only if they have some view on it," he said, while talking to reporters on the sidelines of a conference. Noting that the South African government is looking at dual listing, he said, such a facility is only available in that country and possibly not in any other jurisdiction. On his meeting with Bharti Group chairman Sunil Mittal, Khurshid said, "He gave me information on dual listing but he didn"t discuss it with the intention of asking me for any help because it is the Finance Ministry where the ball is. And if at all the decision is taken, it will be taken there." The South African government is learnt to have sought dual listing for MTN that would allow MTN shares to be traded on the Indian and South African bourses simultaneously with equal voting rights. Finance Minister Pranab Mukherjee said yesterday that "South African minister met me at G-20 finance ministers meeting and there I suggested to him that this (dual listing) arrangement is to be looked into in the Indian context". Answering questions on notification of sections of the Competition Commission India Act that deals with mergers and acquisitions, the Minister said, "Obviously, we have to bring a notification. We don"t have a time line as of now. I would say there is a sense of urgency in that, no time line is available." The Competition Commission would not be able to vet mergers and acquisitions unless the government notifies sections 5 and 6 of the CCI Act.


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