Indian firms can go for Def buying in dollars
New Delhi: Indian Defence manufacturers will now be able to import foreign components for weapon systems in dollars, pounds or euros in view of falling value of rupee, Defence Ministry officials said here on Monday. They said earlier the Indian companies could only trade in rupees thereby putting them in a disadvantageous position. Moreover, foreign companies procuring Indian components will now have to pay in rupees as per the new Defence Procurement Policy (DPP) unveiled on Saturday last, officials said.
SEBI plea: Sahara gets weeks time to reply
New Delhi: The Sahara group and its promoter Subroto Roy faced a tough time in Supreme Court on Monday for delaying to implement the August 2012 apex court order asking the group to submit details of their Rs 24,000 crore debenture scheme, with over three crore investors, to the market regulator SEBI. Giving two weeks time for Sahara to respond to a contempt petition brought out by SEBI, the bench of Justices KS Radhakrishnan and JS Khehar accused the company of “manipulating” Courts by approaching different forums for relief and decided to hear the application of SEBI to restrain Roy and other promoters of the company from traveling abroad. The matter will be heard next on May 2.
Violin maestro lalgudi passes away
Chennai: Violin maestro lalgudi Jayaraman passed away in Chennai on Monday. He was 82 and survived by wife Rajalakshmi, son Krishnan and daughter lalgudi Vijayalakshmi. Both Krishnan and Vijayalakshmi are internationally renowned concert violinists. The nation honoured Jayaraman with Padma Bhushan in 2001. He stands out for the rhythm and melody associated with his music.