Nearly two-third Indians blame economic growth for widening rich-poor divide: Survey

NEW DELHI:   Liberalisation of the economy notwithstanding, two-third of Indians blame economic growth for the widening divide between the rich and the poor, according to a survey.

Almost 63 per cent of people believe that poverty, slums and urban squalor would continue to dominate the landscape even after 20 to 25 years from now, the survey, presented at a roundtable on tracking the progress of millennium development goals (MDGs) here, said.

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Government writes to SEBI on Cairn-Vedanta deal

NEW DELHI:   The government has written to market regulator SEBI saying Cairn Energy Plc's deal to sell majority stake in its Indian arm to Vedanta Resources does not yet have its approval, a condition contingent for the USD 8.48 billion deal to consummate.

The Oil Ministry has also written to Cairn Energy asking the Edinburgh-based firm to make formal applications for approval of transfer of ownership in each of the 10 properties where Cairn India holds an interest through a complex maze of 31 subsidiaries, none of whom are incorporated in India.

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Accelerate India's economic diplomacy: Krishna

MUMBAI:   External Affairs Minister S.M. Krishna Friday underlined the importance of economic cooperation in a world that is still recovering from the global economic meltdown.

He was chairing a meeting of the parliamentary consultative committee on external affairs at the newly-restored Taj hotel here, a key target of the 26/11 terrorists, that discussed ways to accelerate India's economic diplomacy and Free Trade Agreements (FTAs) with a number of countries.

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New Companies Bill to rule out second Satyam episode: Khurshid

KOLKATA:   The new Companies Bill, which is likely to be tabled in the Winter Session of Parliament, will contain provisions to rule out a recurrence of the Satyam episode which shattered the confidence of India Inc, Minister of State for Corporate Affairs Salman Khurshid said today.

"Handling of the Satyam case has given India a higher standing in the world. Learning from Satyam will be reflected in the Bill," Khurshid said at the National Convention of Company Secretaries here today.

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HC to examine Ernst & Young report on Sahara buyout deal tomorrow

MUMBAI:   The Bombay High Court would tomorrow examine the Ernst & Young report on the erstwhile Sahara Airlines buyout by Jet Airways to decide the onus on payment of tax liability amounting to Rs 107 crore.

While Sahara contended that Jet Airways was liable to pay the tax liability after the takeover, the latter argued that the tax dues pertain to earlier period and hence Sahara should be made accountable for this.

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