The Council will finalise the rules regarding the already availed Input Tax Credit (ITC) by real estate developers for under-construction projects before the new tax rates come into force from the next financial year.

Ola, founded in 2011, has quickly grown in India to become the main challenger to world's largest ride hailing start-up Uber that entered the Indian market much later. It has also attracted much attention from auto companies from the start.

The newly devised Indian Institute of Management Act enables IIMs to offer degrees and to make substantial changes in their administration.

In a regulatory filing last night Mindtree's promoters, including its four founders, said they intend to "unconditionally oppose" Larsen and Toubro's (L&T) hostile takeover bid, calling it a grave threat to their organisation