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June 24, 2008

Vinod Dhall
Vinod Dhall
Resigned: Vinod Dhall, as Acting Chairman of the Competition Commission of India. The Ministry of Corporate Affairs, of which CCI is a part, recently advertised for the position of Chairman and five other members of the CCI board.

Dhall said there was nothing dramatic in his decision to leave. His term was ending in October.

Revised: By the Index Committee of the Bombay Stock Exchange, the composition of BSE indices (Sensex, BSE 100, BSE 200 and BSE 500), to include Sterlite Industries and Tata Power in place of Cipla and Ambuja Cements with effect from July 28. Tata Power is being re-introduced into the Sensex after a gap of two years. It was replaced by Reliance Communications.

Launched: By the Multi Commodity Exchange of India (MCX), Platinum futures. The exchange, which is the leader in the bullion and base metals trade in India, recently received approval from the commodity markets regulator to launch futures in this white metal.

Allowed: By the Securities and Exchange Board of India (SEBI), the listing of debt instruments issued on a private placement basis. This will be subject to compliance with listing provisions. Indian companies have raised Rs 43,041 crore through private placements of debt instruments in the first four months of 2008.

Down: To 3.6 per cent, the growth rate of India’s core sector, in April 2008 from 5.9 per cent in the same month a year ago. The six core industries— crude oil, petroleum refinery products, coal, power, cement and finished carbon steel—registered 9.6 per cent growth in March 2008.

Relaxed: By the Income Tax Department, norms for refund of extra tax paid by taxpayers. The move is expected to benefit 92 per cent of income tax refund claimants for the 2007-08 financial year. Under the new norms, tax refunds will be settled without the tax payers needing to produce tax deduction at source (TDS) certificates.

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