Martoma’s wife tries to
stop seizure of assets
Rosemary Martoma, the wife of stock
trader Mathew Martoma who has been
convicted for insider trading, has sought
to block the government from seizing her
share of the couple’s assets, Bloomberg
India introduces coal
Indian Finance Minister Arun Jaitley
said that commercial mining of coal
would soon be opened for private sector
firms. Currently, only Coal India, its sister
public sector undertaking Singareni
Collieries and mining agencies of state
governments can do commercial mining.
India might also allow commercial coal
mining by foreign companies if they set
up units in the country, a Reuters report
Tata JLR plans factory
in United States
The Tata Motors’ owned Jaguar Land
Rover is working on a plan to set up a
factory in the United States, the world’s
second-biggest automobile market.
The carmaker is reportedly talking to
several southern states, including South
Carolina, The Sunday Times claimed.
Ajay Banga among
best CEOs: Report
Ajay Banga, MasterCard’s chief execu-
tive officer, is the sole Indian-origin top
executive in a list of 100 best performing
CEOs in the world compiled by the
Harvard Business Review, with Amazon’s
Jeffrey Bezos topping the rankings.
Indian drug makers’
price scrutiny in US
reaches next level
The United States’ probe into ‘abnormal’
increases in drug prices by 14 pharmaceu-
tical companies, including India’s Sun
The Indian drug majors are already
under scrutiny from the Food and Drug
Foreigners to get PF
in own countries
India’s retirement fund body, Employee
Provident Fund Organisation, has started
a facility to transfer the PF of foreign
employees to bank accounts in their own
countries. Earlier they had to open bank
accounts in India to settle PF claims.
DC Avanti to start
deliveries from 2015
Indian Autos Blog reported that that
Dilip Chhabria’s DC Design will start
deliveries of the Avanti, the first Indian
designed sports car, from January 2015.
Pre-orders will be delivered first, although
dealers are accepting fresh bookings too.
the week that was
India’s Union Commerce and Industries Minister Nirmala Sitaraman listed a eight-point action plan to make the government’s ambitious ‘Make in India’ plan a huge success. 1. Starting a business: Reduce time taken to register a business from 27 days to one day. 2. Dealing with construction permits: Now, it takes 168 days and 35 procedures. The government wants to consolidate and streamline the approvals. 3. Getting electricity: It takes 67 days and 7 procedures to get an elec- tricity connection. The government will cut it down to just one procedure and get the connection sanctioned in a week. 4. Registering property: It includes five different procedures and 30 days to register property. The government plans to make the procedure online. 5. Paying taxes: On an average, a firm makes 33 tax payments in a year and spends 243 hours in filing taxes. The government wants to reduce this and allow online payment. 6. Trading across borders: Exporting goods requires 9 documents, takes 16 days and cost $1170 while importing requires 11 documents, takes 29 days and costs $1250. The government wants to reduce documentation to just three documents. 7. Enforcing contracts: It takes three to six years. The government plans to set up fast track courts. 8. Resolving insolvency: The government wants one law to deal with insolvency issues.
ROBERT GALBRAI TH/REUTERS