Weekly News

Submitted by:
Aditi Swami
MBA 2C
 SC to hear Vodafone plea in Rs 12,000 cr tax case.

 A three judge bench of The Supreme Court comprising Chief Justice

S H Kapadia and Justices K S Radhakrishnan and Swatanter Kumar
will hear on Monday the plea of UK-based Vodafone.
 Vodafone has challenged Bombay High Court's order that upheld the
Rs 12,000 crore demand of Income Tax Department on the company's
$11 billion (Rs 55,000 crore) buyout of Hong Kong-based Hutchison
Telecom in 2007.
 The High Court order, dismissed the petition of Vodafone
International challenging the Indian authority's demand for Rs 12,000
crore in taxes on the Hutchison deal.
 The IT department held Vodafone liable for not deducting tax at
source on capital gains to Hutchison and claimed around Rs 12,000
crore in tax and penalty for the 2007 deal.
 Abbott says no job cuts in India due to Solvay
integration.
 US pharmaceutical major Abbott Laboratories, which took over
Piramal Healthcare's formulation business in May this year, has said
India will be unaffected by job cuts it has undertaken for integration of
Solvey Pharmaceuticals.

 The company had last week announced to slash 3,000 jobs in Europe
as it plans to streamline operations after its USD 6.2 billion acquisition
of the pharmaceuticals unit of Belgium-based Solvay in February.

 The company said that the integration process of Solvay won't have
any affect on the over 5,000 employees it had inherited following its
deal with Piramal.
 SBI employees rank bottom among PSBs in
bringing business: RBI
 The country's largest lender State Bank of India has over 200,000
employees but when it comes to bringing business, the staff is
ranked bottom among the public sector banks, according to the
RBI data on profile of banks 2009-10.

 As per the data, average business brought by each employee of

SBI stood at Rs 6.36 crore, against the industry average of Rs 8.73
crore.

 However, their wages accounted for 18.86 per cent of the bank's
total expenses, while the industry average was 14.83 per cent last
fiscal.
 Kingfisher owes Bharat Petroleum Rs 245 cr

 Kingfisher Airlines owes Rs 245 crore to Bharat Petroleum

Corporation (BPCL) on account of buying Aviation Turbine fuel (ATF).

 According to a recent Court order, the entire amount has to be paid

by this November and Vijay-Mallya owned airline is paying it in
installments.

 The state-owned NACIL (merged entity of Air India and Indian

Airlines) owes Rs 250 crore plus Rs 50 crore on interest and the total
credit of Jet Airways is close to Rs 50 crore.

 BPCL has opened ATF outlets at seven more airports in the country
and as of now has a presence in 30 airports in the country.
THANK YOU