• NATIONAL NEWS

SC refuses to approve NDMC's plan to decongest Delhi markets

The Apex court has declined to approve NDMC plan to decongest the Sarojini Nagar Market and Khan Market while refusing to deal with regulation of vendors in these two markets and held that it was free to do what it felt was in public good without seeking court's approval.

Sacking of Pregnant Women on any ground should not be allowed: Recommends Panel

The Planning Commission's working group, asked to review Maternity Benefit Act, 1961 has recommended an amendment whereby a clause may be inserted that no woman should be discharged from service during the period of pregnancy on any ground. Panel has also recommended an increase in maternity leave.

Apex Court has stayed Rape trial against Madhur Bhandarkar

The Supreme Court, while hearing against the impugned Bombay High Court's order refusing to entertain Bhandarkar's plea against the order of summoning passed by the Trial Court, has ordered interim stay on further proceedings vide its order dated 09.04.2012.

Government panel recommends three model bills to govern water use

Government Panel has recommended three model bills to govern water use through appropriate pricing and other mechanism. Besides, the committee recommended a national water commission to attract investment and tackle issues related to environment and irrigation projects.

Government to Fix Investment Limit for Joint Venture Partners in FDI

Government is likely to define the term "joint ventures" for the purpose of foreign direct investment to make it mandatory for at least two partners to have minimum 25 per cent stake each in the joint company. As on date there is no specific shareholding mentioned in FDI policy to define joint venture.

EPFO likely to hike interest rate to 8.6 per cent for 2012-2013

EPFO is expected to recommend interest at the rate of 8.6 per cent for the financial year 2012-13. However, the EPFO recommendations require approval of the Central Board of Trustees, which is expected to meet next month.

SEBI plans new ethics code for brokers

SEBI is planning more frequent inspection of various market entities and a new code of conduct to verify flow of illicit funds and other manipulative activities in the stock market.

SC rejects review petitions on 2G licence cancellation

The Apex court has refused to review its judgment in the 2G scam cancelling 122 licences in 22 telecom circles saying that order does not suffer from any error apparent. However, court has agreed to hear clarificatory petition filed by DoT.

When proposed transaction is found to be colorable, it is not a transaction in the eye of law: AAR

AAR has held that capital gains arising to a tax resident of Mauritius, pursuant to tendering of shares of 'A'(applicant) under buy-back scheme of applicant would be taxable having regard to provisions of India-Mauritius Tax Treaty as proposed buy-back is a scheme devised for avoidance of tax.

SC directs Subhash Ghai to return land allotted to his film academy

The Apex Court has directed Subhash Ghai to return the 21 acres allotted to his film academy on the outskirts of Mumbai saying that the state government has given land to its blue-eyed boy for a paltry sum of money.

SC seeks details of mercy pleas before President

SC has asked Centre to furnish details of 18 mercy pleas pending before the President saying that it would examine all pending mercy pleas on uniform delay yardstick.

SC takes up review petitions in 2G scam case

Supreme Court has deliberated on a bunch of review petitions filed by various telecom companies, Centre and former Telecom Minister A Raja seeking review of various aspects of its verdict in the 2G spectrum allocation case.

Government to raise FDI Cap in Broadcasting

Union cabinet is expected to consider a proposal to increase cap on foreign direct investment in broadcasting services like direct to home and cable TV networks.

Judge Appointed to the Supreme Court of India

The President has appointed Shri Justice Fakkir Mohamed Ibrahim Kalifulla, Chief Justice of the Jammu and Kashmir High Court, as a Judge of the Supreme Court of India with effect from the date he assumes charge of his office.

SEBI Spells Out Policy on Market Infrastructure Institutions and Exit Process for Stock Exchanges

With a view to extending the perimeter of regulation to unregulated funds and ensuring systemic stability the Board has approved proposal to frame SEBI (Alternative Investment Funds) Regulations, 2012. Also, paved way for closure of several defunct regional stock exchanges by allowing voluntary exit.

SEBI Releases Broad Guidelines on Algorithmic Trading

SEBI has decided to put in place the broad guidelines, for algorithmic trading in the securities market based on recommendations of Technical Advisory Committee and Secondary Market Advisory Committee.

• INTERNATIONAL NEWS

Bangladesh to make mandatory Hindu marriage registration

Bangladesh is likely to make mandatory the registration of Hindu marriages to ensure rights of the followers of the faith by bringing in a law on the lines of India, law minister Shafique Ahmed said at a seminar on the rights of Hindu community with regard to marriage registration.

Pak court adjourns petition filed against President Pervez Musharraf

A Pakistani court has adjourned the hearing of a petition seeking direction to authorities to register a case of high treason against former President Pervez Musharraf for violating the Constitution. Musharraf has been living in self-exile in Dubai and London since he left Pakistan in early 2009.