India Inc`s Donations Cause Of Black Money Says CEC; Upward Pressure On Inflation, Rate Hike Seen; Sensex Up 42 Pts

Tuesday, Jun 14, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version 'INDIA INC'S DONATIONS ROOT CAUSE OF BLACK MONEY' Chief Election Commissioner SY Qureshi today slammed India Inc saying, "It is an irony that one of the root causes of black money is corporate donations to political parties, especially during the elections. You are generous only when it comes to political donations, because there is a lot to be gained from that." He said corporate India has no right to complain about the governance deficit or political corruption "when you don't even bother to get out of your homes on a polling day." read more LEAD STORIES INFLATION TO FACE PRESSURE, RATE HIKE IMMINENT: RBI Global commodity prices, mainly oil and performance of monsoon are the risk factors to inflation management said RBI's Financial Stability Report. read more SENSEX SHRUGS OFF HIGH INFLATION, UP 43 PTS Sensex closed at 18,308.66 points shrugging of high inflation amid firming global cues. Nifty rose 17.70 points to end at 5,500.50. read more TOP STORIES • Inflation surges to 9.06% in May vs 8.66% in April • India fighting graft maturely: Mukesh Ambani • Teasers gone, SBI home loans plunge 28% in April • 2G scam: ED might attach DB Realty's Rs 200 cr assets • Commexes turnover up 63.7% to Rs 26 lk cr in Apr-May • Oil cos restore fuel supply to Air India for 3 mths • Partnership with Fiat to be critically examined: Tata • HC admits Sahara's claim of Rs 2,000 cr against Jet • ING Vysya to raise $223 mn through share sale • Haryana BSNL seeks Rs 25 lakh from RComm • FCCB buyback window extended till Mar 2012 • WB assembly passes Singur bill amid Left walkout • Jayalalithaa meets PM, asks Chidambaram to resign • First Leasing dismisses rumours of stake sale • Honda City prices cut by up to Rs 66,000 • Lagarde, Carstens shortlisted; new IMF MD by June 30 • China ups bank reserves ratio, inflation at 34-mth high • Ericsson to buy Telcordia for $1.15 bn in cash • Capgemini may buy France's Prosodie for $543 mn • CEOs pitch 'innovation' to power growth more stories TOP VIDEOS Diesel Price Backlog Is Too Large, The Hit On The Fiscal Is Too Big : Soumitra Chowdhury, Member, PM's Economic Advisory Council We Are Close To The End Of Rate Hike Cycle, So There Is Likelihood That RBI Could Do 25 Or 50 Bps And Then Pause: Parul J Saini, Executive Director, RBS Asia Securities Greece Will Need A Long-Term Solution Which Will Involve Some Form Of Debt Restructuring: Raoul Ruparel, Research Analyst, Co-Author Of The Open Europe Report On ECB AT A GLANCE BSE 18308.66 +42.63 NSE 5500.5 +17.7 TURNOVER Rs. 87,137 cr BSE CASH Rs. 3,904 cr NSE CASH Rs. 10,177 cr NSE F&O Rs. 73,056 cr BULLION GOLD 22315 -44 SILVER 52780 +184 CRUDE NYMEX 102.25 -0.08 BRENT 120.64 +1.54 FOREX $ / Re 44.7425 -0.12 £ / Re 73.418 +0.11 € / Re 64.684 +0.22 EVENTS 15 June Lokpal Bill Meet Global Summit On Green Revolution-II, Growth Engine For Transformation, Hyderabad 15-16 June Conference On Roads And Highways: Paving The Way Towards Development, The Imperial, New Delhi 16 June National Conclave On Microfinance- Strangulate Or Regulate, Bangalore RBI Credit Policy Meet 17 June National Banking Conclave: Challenges & Opportunities In a Trillion Dollar Economy, Shangrila, New Delhi EXPERT VIEWS "It is an irony that one of the root causes of blackmoney is corporate donations to political parties, especially during the elections. If you want an honest government, then you first have to do some sincere introspection on what you do in getting this." SY Qureshi Chief Election Commissioner "Our party has always maintained that Chidambaram's victory was through fraudulent means...His continuance in the Union Council of Minsters is untenable. Chidambaram was never elected to Parliament in 2009. He has played a fraud on the nation. Our party candidate won the election." J Jayalalithaa Chief Minister, Tamil Nadu "Failure to pass on the energy prices will effectively kill the energy sector, thereby killing its capacity to invest in exploration and development... It is painful (for the common man), it is difficult, we have to protect the poor and all the rest of it... but no strategy that fails to pass on the higher energy prices is going to be consistent with growth." Montek Singh Ahluwalia Deputy Chairman, Planning Commission WATCH OUT Ministers of Change The Indian landscape is changing. States like Bihar, Gujarat, Rajasthan and Orissa are witnessing phenomenal transformation and are redefining governance. Join Shereen Bhan as she explores new models of development, inclusivity and reforms introduced by leaders who are transforming India on CNBC-TV18's Ministers of Change. SHOW TIMINGS Sat 9:30pm Sun 9pm Thur 7:30pm