SC Appoints SIT To Probe Black Money Issue; Crisis In Andhra, 72 MLAs Resign Over Telangana; Rupee At 9-Wk High; Sensex Up 51 Pts

Monday, Jul 04, 2011 SPECIAL LEAD Click here for India Business Update Mobile Version SC APPOINTS SIT TO PROBE BLACK MONEY ISSUE The Supreme Court on Monday criticised the Government for shoddy investigations into cases of black money stashed abroad and appointed a two-member Special Investigation Team (SIT) headed by former apex court judge BP Jeevan Reddy to investigate the issue. The second member of the team is former Supreme Court judge MB Shah. While appointing the SIT, a bench comprising justices B Sudershan Reddy and SS Nijjar directed that the high-level committee constituted by government to look into black money issue will become part of the SIT. The Court also directed the Government to disclose names of those issued show cause notice by authorities in connection with the black money case. read mor e HACKERS SEND FAKE OBAMA DEAD NEWS VIA FOX TV Hackers took over a politics Twitter feed belonging to U.S. broadcaster Fox News announcing that President Barack Obama had been shot dead on America's national day. The @foxnewspolitics feed stated: "@BarackObama has just passed. The President is dead. A sad 4th of July, indeed. President Barack Obama is dead." read more LEAD STORIES RUPEE AT 9-WK HIGH ON WEAK DOLLAR The rupee closed at a 9-week high of 44.42/$ on the back of weakness in dollar and risk returning to all markets. read more 72 ANDHRA MLAs, 11 MPs RESIGN OVER TELANGANA The Telangana statehood issue is on the boil again with all the 33 TDP MLAs and 35 Congress MLAs submitting their resignations. read more SENSEX UP 51 PTS ON FIRM GLOBAL TREND Sensex closed at 18,814.48 points after European finance ministers authorised a loan payout to Greece. Nifty ended at 5,650.50 up 23.30 points. read more TOP STORIES • India gets $4.66 bn FDI in May; 2nd highest in 11 yrs • SEC may give clean-chit to KPMG in Wipro case • Bajaj's motorcycle sales rise 14% to 3.23 lakh in June • Mahindra & Mahindra bets big on scooters • StanChart PE buys 12% in Redington for Rs 435 cr • Airports likely to reintroduce development fee soon • Cairn may have to be bulldozed to accept govt norms • CBI wants OilMin to appoint expert for RIL case • Cuticura maker buys herbal brand Krishna Thulasi • Asahi to buy Aus co P&N's water, juice biz for $203 mn • 2G scam: Karim Morani's bail plea rejected • 1,807 applications for return of land at Singur • Indian banks to have another good year: S&P • TRAI's directive to operators for providing VAS to users • Nishi Vasudeva is first woman to join HPCL Board • Glenmark settles patent case with Daiichi, Genzyme • Global PE deals up 33% at record $76 bn in Apr-Jun • Volkswagen holds 55.9% of voting rights in MAN • S&P warning adds default threat to Greece's bailout • Treasure worth $20 bn found, temple still has more more stories TOP VIDEOS My View About Taxes Is I Would Like Them As Low As Possible But Not With Borrowed Money: Alan Greenspan, Former Chairman, Federal Reserve It's Quite Clear That Nobody Would Lend To Greece At The Moment In A Free Market: Sir Howard Davies, Former Director, London School Of Economics China, We Believe With P/E Of Around 12.5-13 Is Pretty Cheap...For India, We Are Less Bullish In The Short-Term: Steve Brice, Chief Investment Strategist, Standard Chartered Bank What I Would Like To See Is No Tax Cuts, Revenue Hikes Or Spending Cuts Until We Have Got Recovery Underway: Bill Clinton, Former U.S. President AT A GLANCE BSE 18814.48 +51.68 NSE 5650.5 +23.3 TURNOVER Rs. 78,354 cr BSE CASH Rs. 2,942 cr NSE CASH Rs. 9,732 cr NSE F&O Rs. 65,679 cr BULLION GOLD 21737 +42 SILVER 50379 +127 CRUDE NYMEX 102.25 -0.08 BRENT 111.5 -0.27 FOREX $ / Re 44.425 -0.2 £ / Re 71.409 +0.02 € / Re 64.51 -0.14 EVENTS 6 July GoM To Meet For Clearance Of Coal Blocks 8 July FM To Meet PSU Bank Chiefs 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: A Multi Billion Market Opportunity, The Imperial, New Delhi EXPERT VIEWS "The Central Government's view (on Telangana) will be made known after the consultation process is over. We have to bring everyone on board...This is an extremely sensitive and complex issue. One should have understanding and patience. Especially, the media should have understanding and patience." P Chidambaram Home Minister "(On black money stashed abroad) We must express serious reservation on the steps taken by the government...It's clear to us that investigation was completely stalled and expedited only after the court's intervention. It was only upon this court's insistence that proper investigation was conducted. There was much to be desired." Justices B Sudershan Reddy & SS Nijjar Supreme Court "We have been strongly of the view that the office of the Prime Minister also should be similarly brought within the purview of the Lokpal...The Lokpal Bills presented by NDA governments under Atal Bihari Vajpayee also covered the Prime Minister. I well remember that Atalji as PM was very insistent that the Prime Minister should not be kept out of the Lokpal's jurisdiction." LK Advani Senior BJP Leader WATCH OUT Bazaar Morning Call Hosted by Udayan Mukherjee and Mitali Mukherjee, Bazaar is the benchmark market opening show in the country. Widely acclaimed and winner of leading industry awards, Bazaar sets the tone for the trading day for millions of Indian investors. SHOW TIMINGS Weekdays 8am