09.09.2008

• Nano still stuck in a jam; Tatas Say They Won’t Resume work:
• The agreement between the West Bengal government and the Trinamool Congress seems to be falling apart. On Monday, the government categorically ruled out the relocation of the 290-acre vendor park that is now housed within the Tata Nano complex
• The decision virtually demolishes the basis of Sunday’s joint statement which had stressed on giving maximum land to Singur’s farmers from within the Tata Nano complex.
• Tata Motors MD Ravi Kant has sent an SOS to the state government seeking a “clarification on its just-concluded agreement” with the Trinamool Congress at Raj Bhavan
• Tata Motors will continue the suspension of construction and commissioning work at the Nano project. They will review our stated position only if we are satisfied that the viability of the project is not being impinged
• Infosys Technologies said that it is having a relook at its maiden investment plan in the state. Singur controversy could have serious implications for industrialization in West Bengal
• Supreme Court says M F Husain’s painting ‘Bharat Mata’ painting a work of art:
• The apex court on Monday termed M F Husain’s painting ‘Bharat Mata’ a “work of art’’, paving the way for the eminent 91-year-old painter to end his self imposed exile in Dubai
• The court refused to entertain a petition seeking initiation of proceedings against the artist for hurting the sentiments of Indians. The painting has been the focus of protest of right-wing individuals and groups in different parts of the country.
• Attempts to circumscribe art on grounds that it is obscene or offensive, by filing a case in court, go back to well over a hundred years.
• Other Landmark Orders For Freedom Of Art
• In the 19th century, Raja Ravi Varma was taken to court by moralists for obscenity and outraging public morality
• Another landmark ruling, in 1954, concerned Bombay Progressive’s Akbar Padamsee’s painting Lovers
• Sebi for faster rights issues
• Capital market regulator Sebi is working on a proposal to keep the rights issue process short and simple
• Companies may soon be able to raise funds through rights offerings faster, with the process becoming considerably shorter than the one for initial public offerings
• The Sebi move is primarily aimed at making the process attractive enough for corporates and to discourage them from taking the easy route of private placements.
• Steps considered by Sebi for implementation of the same are:
• Time taken for rights issue reduced to 43 days from 109 days
• A small declaration on the use of fund may replace detailed prospectus
• Electronic processing of payment & allotment likely
• Move to encourage cos to go for rights issues rather than private placement
• IPO process post closing may be reduced to 7-8 days from 21 days
• Look at this graphic for Top rights issuers in 2007
• Mega land database for Smoother Land Deals
• THE government is planning to create a database of 2 lakh sq km of land spread across states, which can be used for industrial development to avoid a Singur-like situation.
• The land bank has already been identified and the survey work on the project initiated. The process of registering land titles would also be speeded up so that transfer of titles should be swift, as the government plans to do away with the system of stamp paper.
• Conclusive land titles would avoid any ownership dispute in future. At present, there is no clarity on land titles in rural areas which often leads to disputes over ownership.
• Eventually, maps would be developed for each state stating soil codes, which would be updated regularly.
• The government aims to fully computerise all mapping systems in the next there years.
• Developable land spread across states 2lakh sq km
• What govt will spend on the project Rs5,656cr
• People to get land titles 741million
• SC refuses to allow high interest on credit cards
• Supreme Court refused to stay a national consumer forum directive that banks cannot charge more than 30% interest per annum on defaults on card payments.
• This will protect consumers from exorbitant charges, which are as high as 49% in some cases.
• This appeal was filed by MNC banks—HSBC, American Express, Citibank and Standard Chartered Bank, challenging the consumer forum order.
• Banks listed as many as 27 factors why they needed to charge higher interest rates and these included calls made from service centre to seek new customers. It would appear that almost all costs involved in banking activities over telephone and internet were to be charged to the hapless credit card holder
• Credit card users can breathe easy for the moment
• US Open news:
• Serena Williams beats Jelena Jankovic with 6-4 7-5 victory to win US open Women’s singles final
• Andy Murray reaches men’s singles final by beating 6-2, 7-6, 4-6, 6-4