INDIA BUSINESS UPDATE - India Inc Opposes Mandatory CSR; ISRO-Devas Spectrum Deal Scrapped; Raja Sent To Tihar Jail Till March 3; Sensex Up 205 Pts

Thursday, Feb 17, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version INDIA INC OPPOSES MANDATORY CSR Corporate Affairs Minister Murli Deora today favoured making it mandatory for the private sector to spend 2% of profits on Corporate Social Responsibility. The industry, however, has opposed any specific allocation for the purpose, saying it should be self monitored without any government supervision. India Inc is not on board with the government on several key issues pertaining to term of independent directors, managerial remuneration, subsidiaries, rotation of auditors and voting rights, as proposed in the Companies Bill. "There are about ten areas where there are issues," Corporate Affairs Secretary D K Mittal said, after the ministry held consultations with representatives of leading business chambers and professionals on the Companies Bill 2009. read more LEAD STORIES ISRO-DEVAS SPECTRUM DEAL SCRAPPED The decision to annul the ISRO-Devas deal was taken by the government on the basis of a recommendation from the Space Commission. read more RAJA SENT TO TIHAR JAIL TILL MARCH 3 A Raja has been sent to 14 days of judicial custody by CBI and will be lodged at the Tihar Jail till March 3. read more SENSEX GAINS 205 PTS ON EASING INFLATION Sensex closed at 18,506.82 points on funds buying amid easing food inflation. Nifty rose 64.75 points to settle at 5,546.45. read more TOP STORIES • Food inflation at 9-week low of 11.05% • Apple CEO Steve Jobs' health condition serious • 2G scam: CBI summons Essar's Prashant Ruia • Anil Ambani, Raja brought face-to-face: CBI • CBI eyes CLB for Ambani, Swan scam link • Mah Satyam to pay $125 mn to settle U.S. fraud case • Essar Oil to buy Shell UK unit for $350-400 mn • Brent moves past $104 on tensions in West Asia • PSUs don't need panel nod to move courts: SC • Vedanta deal: Cairn gives govt deadline till Feb 20 • GVK to buy Australia's Hancock coal mine for $2.25 bn • Govt talks to carriers after RIM misses deadline • Geoenergy thermal policy by March • No sale of tobacco products in plastic pouches: SC • Exporters can now avail Rs 500 cr sops • RBI raises minimum capital ratio for NBFCs to 15% • Google woos publishers with digital payment service • Jet Airways' tyre catches fire, all passengers safe • Honda Siel to recall 57,853 City sedans • Rickshaws & rockstars ring in World Cup 2011 in Dhaka more stories TOP VIDEOS If The FM Is Serious About Implementing GST, He Should Move Ahead With A Central GST This Budget: Yashwant Sinha, Former Finance Minister Difficult To Launch SAIL FPO In Volatile Market: PK Mishra, Steel Secretary No More Pending Litigation Against Mahindra Satyam: Vineet Nayar, Chairman, Mahindra Satyam AT A GLANCE BSE 18506.82 +205.92 NSE 5546.45 +64.75 TURNOVER Rs. 141,899 cr BSE CASH Rs. 3,280 cr NSE CASH Rs. 11,846 cr NSE F&O Rs. 126,773 cr BULLION GOLD 20510 +4 SILVER 46335 +72 CRUDE WTI 85.05 +0.06 BRENT 4712.96 -4.23 FOREX $ / Re 45.31 -0.21 £ / Re 73.094 +0.08 € / Re 61.526 -0.07 EVENTS 17-19 February Electronics Expo 2011, Pragati Maidan, New Delhi 17-19 February 3rd International Expo & Summit On Renewtech India 2011, Bombay Exhibition Centre, Mumbai 21-22 February 2nd Annual Conference On Project Management In Infrastructure Sectors, Hyatt Regency, New Delhi 21-23 February Indian Business Aviation Expo, Shangrila, New Delhi 23-26 February Chemtech World Expo, Bombay Exhibition Centre, Mumbai 23-26 February BuildArch 2011, Building The Future, Bangalore International Exhibition Centre, Bengaluru 24-27 February Agri Food Technology Meet 2011, Lulu International Convention Center, Thrissur, Kerala 25 February Railway Budget EXPERT VIEWS "Anyone who says this was done right or wrong should have some substance to it and the fact really is that all these allegations that are coming now date back to the NDA regime and that is a matter of history. I can't change that, nor can Mr Shourie." Sachin Pilot MoS, Communications & IT "The deal between the Devas and Antrix shall be annulled. We concluded that this deal can be annulled. Government cannot afford to grant the S-Band to any one including Antrix because of strategic reasons. The Prime Minister is not at fault nor the government is at fault. This is a Cabinet decision." Veerappa Moily Law Minister "Prime Minister tried to associate Gujarat in his press conference to wash off the stains on himself. This is the joke of the year 2011. This is laughable...Instead of blaming any minister from Gujarat or the state government, the prime minister should give true facts about his failures before the people of India." Narendra Modi Chief Minister, Gujarat WATCH OUT Budget 2011: Development Agenda This week, we discuss Food Security, an issue that has acquired significant traction in the run up to the Budget. Once enacted, the Right to Food law will become another landmark entitlement & will have a huge impact on the economy as it will ensure that India will be able to eliminate hunger and malnutrition. But given the reality, this scheme will also pose serious and formidable challenges in implementing the vision of near universal coverage of India's population. SHOW TIMINGS Friday 5:30 pm CNBC-TV18 PROGRAMME SCHEDULE STOCKS & INVESTING INDIA EARNINGS PORTFOLIO