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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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CBDT notifies new Income Tax Return Forms for AY 2017-18
Mar 31,2017

The Central Board of Direct Taxes has notified Income-tax Return Forms (ITR Forms) for the Assessment Year 2017-18. One of the major reforms made in the notified ITR Forms is the designing of a one page simplified ITR Form-1 (Sahaj). This ITR Form-1 (Sahaj) can be filed by an individual having income upto Rs.50 lakh and who is receiving income from salary one house property / other income (interest etc.) . Various parts of ITR Form-1 (Sahaj) viz. parts relating to tax computation and deductions have been rationalised and simplified for easy compliance. This will reduce the compliance burden to a significant extent on the individual tax payer. This initiative will benefit more than two crore tax-payers who will be eligible to file their return of income in this simplified Form.

Simultaneously, the number of ITR Forms have been reduced from the existing nine to seven forms. The existing ITR Forms ITR-2, ITR-2A and ITR-3 have been rationalized and a single ITR-2 has been notified in place of these three forms. Consequently, ITR-4 and ITR-4S (Sugam) have been renumbered as ITR-3 and ITR-4 (Sugam) respectively.

There is no change in the manner of filing of ITR Forms as compared to last year. All these ITR Forms are to be filed electronically. However, where return is furnished in ITR-1 (Sahaj) or ITR-4 (Sugam), the following persons have an option to file return in paper form:-

(i) an individual of the age of 80 years or more at any time during the previous year; or

(ii) an individual or HUF whose income does not exceed five lakh rupees and who has not claimed any refund in the return of income.

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Heritage Foods director resigns
Mar 31,2017

Heritage Foods announced the resignation of N Lokesh as Director in the Board of Directors of the Company with effect from 31 March 2017.

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Buffer stock of pulses crosses 16.88 lakh tonnes
Mar 31,2017

Government has procured around 16.88 lakh tonnes including 3.79 lakh tonnes of imports towards building the buffer stock of pulses of upto 20 lakh tonnes as on 28 March 2017.

Government has approved creation of a buffer stock of upto 20 lakh tonnes of pulses under the Price Stabilization Fund (PSF). The domestic procurement of the pulses is from farmers/farmers association at farm gate/Mandi through designated agencies like NAFED, FCI and SFAC. Government procured Arhar and Moong during KMS 2016-17 to extend MSP support to farmers and simultaneously build the buffer.

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Hinduja Ventures provides update on subsidiary - IndusInd Media & Communications
Mar 31,2017

Hinduja Ventures announced that its subsidiary, IndusInd Media & Communications (IMCL) has completed the issue of 36,953,438 equity shares of face value of Rs. 10/- each for cash at a premium of Rs. 195/- per share and has received an aggregate Rs 757.55 crore from existing shareholders/ renouncees in whose favour the shares were renounced. The infusion of the funds has resulted in IMCL being able to redeem the entire Redeemable Preference Shares of Rs. 270.36 crore, repay its ICDs of Rs. 370 crore and have a balance of over Rs. 120 crore to fund its expansion in Phases 3 and 4 of digitization programme of the Government of India.

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Chenani-Nashri Highway Tunnel: Beginning of a New Era in Road Connectivity
Mar 31,2017

The Prime Minister Shri Narendra Modi will dedicate Indias longest highways tunnel - the Chenani- Nashri tunnel in Jammu & Kashmir- to the nation on 2nd April, 2017. An ideal example of the governments Make in India and Skill India initiative, the 9 km long, twin-tube, all-weather tunnel between Udhampur and Ramban in Jammu & Kashmir is not only Indias longest highways tunnel but also Asias longest bi-directional highways tunnel. Built at an elevation of 1200 metres on one of the most difficult Himalayan terrains, the tunnel will cut the travel time between Jammu and Srinagar by two hours, bypassing about 41 kms of road length. It will also ensure an all weather passage on a route that often sees heavy traffic jams and disruptions due to landslides, snow, sharp curves, breakdown of vehicles and accidents.

The tunnel was constructed at a cost of about Rs 3720 crores. It is a part of the 286-km-long four-laning of the Jammu-Srinagar National Highway. The structure consists of a 9 km long, two-laned main tunnel with a parallel escape tunnel of same length. The two tunnels are connected by 29 cross passages at regular intervals along the entire length of the tunnel. These cross passages can be used for evacuation of vehicles and commuters in case of breakdown or any other emergency. There are two minor bridges on the south and north sides and 4-lane approach roads with Toll Plazas on both ends of the tunnel. The maximum height permitted in the tunnel is 5 meters and for checking the height special sensors have been installed just before the toll points at both ends.

The tunnel has an efficient, transverse ventilation system. There are inlets bringing fresh air at 8 metre intervals and outlet for exhaust every 100 metres. There is also a fully-integrated control system with ventilation, communication, power supply, incident detection, SOS call box and fire fighting. Fitted with intelligent traffic mechanism, the tunnel has fully automatic smart control and no human intervention will be required for its operations. The tunnel is also equipped with advanced scanners to ward off any security threat. Very few tunnels in the world have this kind of fully integrated tunnel control.

The project is also environment friendly. The time saving on the Jammu- Srinagar route will further result in fuel saving of approximately Rs 27 lakhs per day. Besides, the construction of the tunnel has avoided large -scale deforestation.

The Chenani-Nashri tunnel will have a very positive impact on the state economy. In line with the Skill India initiative of Prime Minister Shri Narendra Modi, the skill sets of local people were developed and improved, and they were engaged for construction of this tunnel. The project has provided employment to over 2,000 unskilled and skilled youth of Jammu and Kashmir as 94 percent of the work force was from the state. Around 600 to 900 people from across the country also worked on this project in 3 shifts over the past 4 years.

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Japans Official Development Assistance Loan to India for FY 2016
Mar 31,2017

The Notes were exchanged between Mr. S. Selvakumar, Joint Secretary, Department of Economic Affairs, Government of India and H.E. Mr. Kenji Hiramatsu, Ambassador of Japan to India. The Government of Japan has committed JICA Official Development Assistance loan for an amount of Yen 371.345 billion (=Rs.21590 crore approx. @ Exchange Rate of Re.1 = Yen 1.72.) under FY 2016 loan packages. The ODA loan assistance has been committed to Mumbai Trans Harbour Link Project (JPY 144.795 billion), Dedicated Freight Corridor Project (Procurement of Electric Locomotives) (JPY 108.456 billion), Chennai Metro Project (V) (JPY 33.321 billion), Andhra Pradesh Irrigation and Livelihood Improvement Project (Phase 2) (I) (JPY 21.297 billion), Rajasthan Water Sector Livelihood Improvement Project (I) (JPY 13.725 billion), Odisha Forestry Sector Development Project (Phase 2) (JPY 14.512 billion), Delhi Eastern Peripheral Expressway Intelligent Transport System (ITS) Installation Project (JPY 6.87 billion), Nagaland Forest Management Project (JPY 6.224 billion) and Tamil Nadu Investment Promotion Program (Phase 2) (JPY 22.145 billion).

India and Japan have had a long and fruitful history of bilateral development cooperation since 1958. In the last few years, the economic partnership between India and Japan has steadily progressed. This further consolidates and strengthens the Strategic and Global Partnership between India and Japan.

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Karnataka Bank opens 765th branch at Miyapadavu
Mar 31,2017

Karnataka Bank has opened its 765th Branch at Miyapadavu on 30 March 2017.

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Superspace Infrastructure appoints company secretary and compliance officer
Mar 31,2017

Superspace Infrastructure has appointment of Sumita Maheshwari (Gattani) as Whole Time Secretary and Compliance Officer of the Company with immediate effect at board meeting held on 31 March 2017.

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IDream Film Infrastructure Company appoints director
Mar 31,2017

IDream Film Infrastructure Company announced the appointment of Shamika Kadam as an additional Non Executive Director of the Company with effect from 31 March 2017.

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Yes Bank allots 3,27,11,000 equity shares
Mar 31,2017

Yes Bank has allotted 3,27,11,000 equity shares to qualified institutional buyers at an issue price of Rs 1500 per share (including premium of Rs 1490) aggregating Rs 4906.65 crore on 31 March 2017.

Post this allotment, the paid up equity share capital of the Bank stands increased to Rs 456.48 crore comprising of 45,64,85,813 equity shares of Rs 10 each.

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Supernova Advertising appoints company secretary and compliance officer
Mar 31,2017

Supernova Advertising announced that the Board has appointment of Manish Agarwal as Whole Time Secretary and Compliance Officer of the Company with immediate effect.

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Kotak Mahindra Bank allots 204,277 equity shares
Mar 31,2017

Kotak Mahindra Bank has allotted 204,277 equity shares of Rs 5 each under ESOP schemes.

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The Union Government has announced revised rates of interest on Small Savings Schemes for the First Quarter of 2017-18 to bring them somewhat closer t
Mar 31,2017

The Union Government has announced revised rates of interest on various small savings schemes for the first quarter of the financial year 2017-18. To bring such rates somewhat closer to market rates, the Government has decided to effect a reduction of 0.1 percentage points (10 basis points) in interest rates across the board in all the schemes except the Post Office Savings Account, which has been left untouched.

Government continues to accord highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our savings architecture. The current revision of rates is reflective of the Governments commitment to calibrated reform in the financial sector to ensure better interest rate transmission.

Various small savings schemes will continue to be very attractive compared to bank deposits of similar maturities and tenor even after this marginal reduction in interest rates by 0.1 percentage points. Apart from offering higher interest rates compared to bank deposits, some of the small savings schemes also enjoy income tax benefits. Further, small savings schemes like Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Account (SSA), PPF, 5 year National Savings Certificate (NSC), 5 year Monthly Income Scheme (MIS) and 5 year Time Deposits (TD) enjoy additional interest rate spreads. This additional interest rate spread is 100 basis points in the case of Senior Citizen Savings Scheme, 75 basis points in Sukanya Samriddhi Account and 25 basis points spread in PPF, 5 year NSC, 5 year MIS and 5 year TD.

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Union Government has announced revised rates of interest on Small Savings Schemes for the Q1 2017-18 to bring them somewhat closer to market rates
Mar 31,2017

The Union Government has announced revised rates of interest on various small savings schemes for the first quarter of the financial year 2017-18. To bring such rates somewhat closer to market rates, the Government has decided to effect a reduction of 0.1 percentage points (10 basis points) in interest rates across the board in all the schemes except the Post Office Savings Account, which has been left untouched.

Government continues to accord highest priority to the interest of small savers, especially savings for the benefit of girl child, the senior citizens and the regular savers who form the backbone of our savings architecture. The current revision of rates is reflective of the Governments commitment to calibrated reform in the financial sector to ensure better interest rate transmission.

Various small savings schemes will continue to be very attractive compared to bank deposits of similar maturities and tenor even after this marginal reduction in interest rates by 0.1 percentage points. Apart from offering higher interest rates compared to bank deposits, some of the small savings schemes also enjoy income tax benefits. Further, small savings schemes like Senior Citizens Savings Scheme (SCSS), Sukanya Samriddhi Account (SSA), PPF, 5 year National Savings Certificate (NSC), 5 year Monthly Income Scheme (MIS) and 5 year Time Deposits (TD) enjoy additional interest rate spreads. This additional interest rate spread is 100 basis points in the case of Senior Citizen Savings Scheme, 75 basis points in Sukanya Samriddhi Account and 25 basis points spread in PPF, 5 year NSC, 5 year MIS and 5 year TD.

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Tata Consultancy Services named U.S. Partner of the Year, Commercial Category
Mar 31,2017

Tata Consultancy Services announced that it has been named U.S. Partner of the Year, Commercial Category, by Red Hat Inc., the worlds leading provider of open source solutions. This award is part of the annual Red Hat North American Partner Awards, which were announced on 28 March 2017 Red Hat North American Partner Conference in Las Vegas.

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