E-payment norms soon The Payment & Settlement Act, which will define the legal framework for electronic payments, is likely to come into effect in the next two months, a top Reserve Bank of India official said here on Saturday.
RETAIL / Unfair trade practice
Consumer panel slaps Rs 50 lakh fine on Vodafone The Delhi Consumer Commission has imposed punitive damages of Rs 50 lakh on telecom major Vodafone for resorting to "unethical" and "deceptive" trade practice by offering prizes to the subscribers calling for more than 20 minutes in a day.
Union sees red over $70 m Esmark-Essar buyout deal The United Steelworkers (USW) is fighting steelmaker and distributor Esmark Incs plans to accept a $70 million buyout offer from Indias Essar Steel Holdings.
M&A / Deal valued at Rs 1,003 cr
HSBC to pick up 73.21 pc stake in IL&FS broking firm HSBC Holdings Plc, on Saturday, said it plans to buy 73.21 per cent stake in domestic brokerage firm IL&FS Investsmart Ltd for Rs 1,002.55 crore ($241.6 million) to tap rising incomes in the world's fastest growing major economy after China.
FMCG sector hit hard by inflation Manufacturers of fast moving consumer goods (FMCG) are reeling from high inflation as their input costs have gone up while their sales have stagnated, according to Associated Chambers of Commerce & Industry of India (Assocham).
Finance Minister P Chidambaram presents FICCI-SEDF Corporate Social Responsibility Award to Tata Tea Ltd. during a function in New Delhi on Friday. PTI
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