India cbank to under-take mid-quarter policy reviews

July 27 (Reuters) – India’s central bank will undertake mid-quarter policy reviews, it said in its first quarter review on Tuesday.

The mid-cycle reviews, due in June, September, December and March months are intended to take the surprise element out of off-cycle actions, it said.

The next mid-quarter policy review will be held on Sept 16 and the next quarterly review will be done on Nov. 2. The mid-quarter policy reviews will be released via a press release, the central bank said.

(Reporting by Boby Michael; Editing by Ramya Venugopal)

Godrej Consumer appoints A. Mahendran as new MD

Godrej Consumer Products Ltd said on Monday A Mahendran has been appointed as the the firm’s new Managing Director from July 1, 2010.

Mahendran, who is currently the Managing Director of Godrej Sara Lee, will replace Dalip Sehgal who has moved to pursue oppurtunities outside the Godrej group, the firm said in a statement to the exchange.

(Reporting by Nandita Bose; Editing by Ramya Venugopal)

Kerala Government terms IPL a gambling business, distances itself from Kochi franchise

Thiruvanthapuram, May 14 (ANI): The Kerala Government had distanced itself from the Kochi cricket team in the Indian Premier League (IPL), contending it is more of a gambling business than a game.

M Vijayakumar, Sports Minister of Kerala said: “IPL is not just about cricket, rather it is a gambling business and this is a matter of serious concern. We do not agree with this kind of business and neither do the sports fans and lovers of the game of cricket, who share the same opinion.”

Earlier, former Minister of State for External Affairs Shashi Tharoor met Kerala Chief Minister V S Achutanandan to seek his government”s support for the Kochi IPL franchise.

This delegation tried to impress the Kerala Government to back their venture.
Reportedly, Achutanandan had asked the Kochi IPL cricket team”s co-owner, Vivek Venugopal, and Chief Executive Officer P T Keshav to submit their request in writing and told them that he would discuss this with the Kerala”s Sports Minister.

Vijaykumar, however, denounced cricket”s richest and most lucrative tournament, saying it was more of a gambling venture.

On Wednesday, the consortium held talks with the Kerala Cricket Association on holding home matches in the state itself during the next season of IPL.

Tharoor was forced to resign from his ministerial post over his alleged involvement in the IPL controversy. He had participated in the discussions as a ”mentor”.

Opposition parties have accused Tharoor of misusing his ministerial position to influence the 333 million dollar bid for the Kochi team. (ANI)

Supreme Court judges decision to disclose assets welcomed

New Delhi, Aug 27 (ANI): Political parties and legal experts on Thursday welcomed the move of Supreme Court judges to make public the details of their assets.

Welcoming the move, BJP spokesperson Ravi Shankar Prasad said: “I am afraid that this decision could have been taken earlier and the unfortunate controversy over the last couple of months could have been avoided.”

Congress spokesperson Abhishek Singhvi said the judiciary has avoided “further needless controversy”, but it could have been avoided if the decision was taken earlier, he said.

“It is a question of public perception and public confidence, trust, faith and in that light it is a step in the right direction,” he said.

Describing it as a very good decision taken by judges, Former Attorney General and constitutional expert Soli Sorabjee said: “I think it is a very good development. It’s better late than never.”

“I am sure their initial reluctance not to declare assets was not because they had anything to hide. They had misgivings that it may be misused,” he added.

Senior lawyer Harish Salve said: “The whole controversy had become very unsavory with this kind of suggestions that judges have something to hide they want to be above the law. I am so happy that the Supreme Court has risen to the occasion.”

Senior advocate Prashant Bhushan said the move would also now encourage the High Courts judges to make public their assets.

“It is absolutely a welcome move and I am sure it will also encourage the judges of the High Courts to publicly declare their assets and force the government to put up assets of government servants on public website which can be accessed by the people,” Bhushan said.

Terming the decision as “excellent”, senior advocate K K Venugopal said: “I think it is the greatest step that the judiciary could take because it has cleared all the clouds which have been hanging over the issue.” (ANI)

Indian truckers go on strike for cheaper fuel

Indian truckers go on strike for cheaper fuelNew Delhi – More than 6 million truckers went on an indefinite strike across India beginning Monday to press their demand for cheaper fuel.

A representative of the All-India Motor Transport Congress (AIMTC) said the association decided to go ahead with the strike after talks with the government failed on Sunday.

The AIMTC is demanding a reduction by 10 rupees per litre (20 US cents) in the price of diesel and lower prices of tyres in view of the economic slowdown, AIMTC secretary general S Venugopal said.

India cut diesel prices by 2 rupees a litre on December 6 after global crude prices slumped after a record high.

Diesel prices vary across Indian states roughly ranging from 32 to 37 rupees, depending on local taxes.

“The government has given economic support to several industries following the global downturn. But it has not given a thought towards problems faced by the transport industry due to recession. We also want a bailout package for survival,” AIMTC president Charan Singh Lohara was quoted as saying by IANS news agency.

Lohara said trucks loaded before the strike would deliver their consignments.

A bulk of goods are transported by road in India and the truckers’ strike has raised fears of shortages, particularly of food. (dpa)