1)Spectrum sale exceeds expectations
Bharti Airtel and Vodafone manage to get desiredquantity of radio waves in 3 metro circles
2)SEBI seeks tax breaks for investments in mutual funds
Listed companies will now need to keep a check on excessive executive pay, among other new ’corporate governance’ measures, while mutual fund investors can look forward to tax breaks on investments up to Rs.2 lakh.In sweeping changes to the way listed companies are governed in India, the Securities and Exchange Board of India (SEBI), on Thursday, also asked them to follow an orderly succession planning, put in place whistle-blower policy for employees, have at least one woman director, get public shareholders’ nod for related party transactions and carry out performance evaluation of all directors.
3)Dell follows IBM, trims Indian workforce
Technology giants IBM and Dell have started the process of downsizing their India workforces, according to people with direct knowledge of the matter.While Dell has initiated what it calls a “voluntary separation programme” that offers employees an exit option along with a hefty severance package as incentive, IBM's first round of the “resource action”— IBM parlance for retrenchment—saw employees being handed out pink slips. According to a Dell employee, who did not wished to be named, close to 150 employees at the company’s SAS Nagar unit near Chandigarh have opted for the voluntary separation programme—which comes with a hefty severance package. In response to The Hindu’s queries on downsizing, a Dell spokesperson confirmed that a “small percentage of the Dell’s global team members accepted the company’s offers of a significant severance package associated with a voluntary separation programme.” “We will continue to make prudent business decisions over time. Meanwhile, Dell is hiring in strategy areas including hardware and software development and customer coverage worldwide,” the spokesperson added.
4)UBI, Canara Bank revise interest rates
United Bank of India (UBI) and Canara Bank, on Thursday, revised their interest rates.While UBI increased the lending rates and cut interest rates on deposits, Canara Bank raised the fixed deposit rates across maturities.UBI raised the Base Rate, or the minimum lending rate, to 10.50 per cent from 10.25 per cent with effect from Thursday, according to a BSE filing.Canara Bank increased the interest rates it offers on fixed deposits of ranging from Rs.1 crore to Rs.10 crore for 46-90 days to 8.25 per cent from 7.75 per cent, it said in a BSE filing.
5)MPs make it a day of shame for Parliament
Pepper spray attack in Lok Sabha as T-Bill is introducedThe Lok Sabha witnessed an unprecedented low on Thursday when Congress MP from Vijayawada L. Rajagopal used a can of pepper spray inside the House to protest against the tabling of the Andhra Pradesh Reorganisation Bill.Modugula Venugopala Reddy of the Telugu Desam Party broke the glass and microphone on the table of the Lok Sabha Secretary-General while Union Home Minister Sushilkumar Shinde was introducing the Bill that seeks to bifurcate Andhra Pradesh.Three MPs were rushed to hospital as they complained of uneasiness after inhaling pepper spray fumes while another fainted on the floor of the House after he complained of chest pain.Outside Parliament, the Opposition said proper procedures were not followed while tabling the Bill. However, Parliamentary Affairs Minister Kamal Nath said the Bill had been tabled and was now the property of the House.The House was adjourned in less than five minutes immediately after the Bill was tabled amid din and chaos. When the House met again, Speaker Meira Kumar announced the suspension of 16 Seemandhra MPs — 12 belonging to the Congress, three from the TDP and two from the YSR Congress Party — under rule 374A of the Rules of Procedure and Conduct of Business in Lok Sabha, but was adjourned for an hour within minutes as Mr. Venugopala Reddy broke the glass and Mr. Rajagopal used the pepper spray. Mr. Reddy denied that he had a knife.The suspended members have been barred from attending the proceedings “for five consecutive sittings or the remainder of the session, whichever is less.”As Mr. Rajagopal was whisked away, the other members hurriedly left the premises, some of them coughing and complaining of irritation in the eyes and throat.Later, Mr. Rajagopal claimed he had used the spray for “self-defence” as he saw Mr. Venugopala Reddy being attacked by Telangana MPs.Prime Minister Manmohan Singh and Congress president Sonia Gandhi were not present in the House.Congress party spokesperson Abhishek Singhvi told journalists that by introducing the Bill in Lok Sabha, the UPA had “bitten the bullet” on the formation of Telangana, pointing out that it was not an issue that could be “contained on political lines” as every party was divided on regional lines.However, when asked whether he believed that the legislation would be approved in this session, Mr. Singhvi responded, “That is a million dollar question.”
6)Lokpal Bill to be tabled today
Kejriwal threatens to resign if the Bill is defeatedThe Aam Aadmi Party government has decided to table the Jan Lokpal Bill in the Assembly on Friday, with Chief Minister Arvind Kejriwal reiterating on Thursday that he will resign if the Congress and the BJP legislators “seek voting on introduction of the Bill and defeat it”.“Passing the Lokpal and Swaraj Bills is the commitment of the Aam Aadmi Party. We have distributed a copy of the Bill to all the legislators. It will be tabled in the Assembly on Friday. However, if it is not allowed to be introduced in the House by members, I will resign,” Mr. Kejriwal said.Mr. Kejriwal said his government will table the Bill in the House despite Lieutenant-Governor Najeeb Jung disapproving the move without the Centre’s consent, stating that “the Delhi Government has already made it clear that the Union Home Ministry ruling is unconstitutional and the Delhi Cabinet has already passed a resolution to repeal the rule”.Mr. Jung expressed disapproval after taking opinion on the matter from the Solicitor-General and the Union Law Ministry.While both the Congress and the BJP have been maintaining that they are in favour of passing a strong Lokpal Bill, the parties said they would support the Bill only if the AAP government follows the procedures involved.Arvinder Singh, State unit president of the Congress providing outside support to the AAP government, accused the Delhi Government of deliberately by-passing rules. “Had they been serious in passing the Bill, they would have followed the procedure and got it vetted by the Centre,” he said.Mr. Kejriwal, however, charged that the Centre “is taking away the right of the AAP government to legislate even a repugnant law’. “The Constitution provides the States to legislate even if it is repugnant to a Central law. Ultimately the law would be sent to the President for his assent. But by not allowing to introduce a Bill in the Assembly, they are taking away the right of the Delhi Assembly to legislate,” he said.The Delhi Government has also decided to introduce the Swaraj Bill, passed by the Delhi Cabinet on Thursday, in the ongoing session of the Assembly.“A copy of the Bill will be provided to the legislators on Friday and it would be tabled in the Assembly whenever it meets next,” said Mr. Kejriwal, adding that the session could be extended to next week if it is not allowed to conduct business over the weekend.Mr. Kejriwal also defended the decision of the AAP government to introduce the Swaraj Bill in the Assembly without putting it up in the public domain for discussion and suggestions. “We have framed the Bill after taking suggestions from several sections. It has also been well debated, both within and outside the party,” said Mr. Kejriwal.
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