Govt May Challenge S.I.T. Probing Black Money; ED Slaps Rs 7,100 Cr Notice On Etisalat DB; Sensex Falls 220 Pts

Friday, Jul 08, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version GOVT MAY CHALLENGE S.I.T. PROBING BLACK MONEY The Government is exploring legal options on the Supreme Court order to set up a Special Investigation Team (SIT) on black money. There has been a great deal of discomfort within the government post that order, which came from the Apex Court on Monday. Large quarters of the government feel that this is a situation of judicial overreach. read more 2G SCAM: RS 7,100 CR NOTICE ON ETISALAT DB The Enforcement Directorate has slapped a Rs 7,100 crore notice on Etisalat DB for FEMA violations. The company has been given 15 days to reply and in case of default, the company's properties will be seized. Promoter Shahid Balwa is currently languishing in Tihar jail. read more LEAD STORIES HEAVYWEIGHTS RIL, ICICI, TCS PULL DOWN SENSEX 220 PTS Sensex closed down at 18,858.04 points led by heavyweights RIL,TCS and ICICI Bank. Nifty fell 68.30 points to settle at 5,660.65. read more SC DECLINES SAHARA PLEA ON NOTICE TO GOVT ON OFCD The SC declined the Sahara Group's plea to issue a notice to the government in connection to SEBI's order on OFCD scheme. read more MCX-SX CAN'T SEEK AUTHORISATION FROM HC: SEBI Since the executive powers of recognising and authorizing stock exchange rests with SEBI, MCX-SX cannot seek judicial intervention. read more TOP STORIES • Rupee ends at 10-wk high of 44.32/$ • June exports up 46.4% to $29.2 bn • Oil hovers below $99 ahead of key U.S. jobs data • No favour to RComm, penalty as per agreement: Sibal • Essar holding less than 10% in Loop, asserts Deora • HCL denies destroying data of News of the World • HDFC Q1 net up 22% at Rs 844 cr • IndusInd Q1 net jumps 52.5% to Rs 180 cr • SKS shares jump 20% for 2nd day in row • HC orders E&Y to revaluate Cadbury shares by July 29 • CCEA may mull BP stake in 21, not 23 RIL blocks • Royalty sharing to hit miners' profit by Rs 10,000 cr • SBI to raise $5 bn this year via offshore loans • NALCO to infuse Rs 1,700 cr for 49% stake in nuke plant • Dhanlaxmi Bank Rs 290-cr pref issue hits hurdle • Incredible India draws over 4 lakh foreigners in June • FM releases new series of coins with rupee symbol • SC bars opening of Padmanabhaswamy Temple vaults • Jaipal Reddy presses for creation of Telangana • Now, West Bengal to get a new name more stories TOP VIDEOS As Per The 11th Five Year Plan, There's No Shortfall In The Availability Of Coal As Seven Out The Eight Coal Blocks Have Been Cleared: Sushilkumar Shinde, Power Minister This Remains A Stock-Picker's Market, Underpinned By The Earnings Dispersion That We Are Seeing: Ridham Desai, Managing Director, Morgan Stanley I Think High Commodity Prices Means Lower Growth Globally And Impact On Emerging Markets: Andrew Holland, CEO-Equities, Ambit Capital AT A GLANCE BSE 18858.04 -220.26 NSE 5660.65 -68.3 TURNOVER Rs. 116,484 cr BSE CASH Rs. 3,086 cr NSE CASH Rs. 11,961 cr NSE F&O Rs. 101,437 cr BULLION GOLD 22302 +145 SILVER 54424 -240 CRUDE NYMEX 102.25 -0.08 BRENT 117.56 -1.03 FOREX $ / Re 44.29 -0.13 £ / Re 71.161 +0.68 € / Re 63.33 -0.09 EVENTS 11 July Delhi Court To Begin Hearing On Framing Charges In 2G Scam Case EGOM To Discuss Food Security Bill 12 July Bombay HC To Hear Lavasa Case Infosys Q1 Results 2G Scam: Former Telecom Secretary S Behura To Appear Before JPC 18 July Empowered Committee Of State FMs To Meet On GST 19 July FICCI Health Insurance Conference 2011, The Lalit, New Delhi 20 July Conference On Supercritical Technology: The Imperial, New Delhi EXPERT VIEWS "I am deeply grieved by what is happening by the PIL filed by an NGO in the Supreme Court stating that Telecom Minister has abused his power to reduce penalty on Reliance Telecom to Rs 5 crore. PILs should not be 'used to settle personal score'." Kapil Sibal Telecom Minister "We (Sahara) are not a listed company and the government (Ministry of Corporate Affairs) has jurisdiction over us. If there is any listed company, then SEBI has jurisdiction. We have asked the SEBI to explain it. We wanted to know that from where you got this (concept of) OFCD." S Nariman Senior Advocate For Sahara Group "We stand by what we have given (to CBI)... Essar holding in Loop Telecommunication is below 10%." Murli Deora Corporate Affairs Minister WATCH OUT India Unlimited with Sam Pitroda Catch the man behind India's telecom revolution in an all new avatar as he leads India into the decade of Innovation. Sam Pitroda is back as the chairman of the National Innovation Council. In this new series Sam and other key members of the council share their ideas about how they plan to lead India into an innovative future; how they wish to evangelize innovators, encourage local leadership and lead India to growth and glory. SHOW TIMINGS Sat 11:30 am & 10:30 pm Sun 7 pm