No M&A norms violated in Spice merger: Idea

A day after the Additional Solicitor General of India said that the Idea-Spice merger breached merger and acquisition (M&A) norms, Idea Cellular reacted by saying that the merger was in complete compliance with the laws of the land and had been carried out with the full knowledge of the department of telecommunications (DoT).
The mobile service provider also said that the merger was approved by the Gujarat and Delhi high courts and completed under the full knowledge of the department of telecom (DoT).
Earlier, the additional solicitor-general of India had pulled up Idea Cellular for violating the merger and acquisition norms and suggested stringent penalties including a Rs 300-crore fine, the withdrawal of 3G spectrum in four circles and the cancellation of 2G licences in six circles.
The DoT had sought the law ministry's opinion on the Idea-Spice deal last year and had asked if the overlapping mobile permits could be cancelled. In a report sent to the DoT, A.S. Chandhiok, the additional solicitor-general of India, blamed the company for flouting the substantial equity clause that prevented a single company from holding more than 10 per cent equity stakes in two different telecom entities operating in the same circles.


News source- http://in.finance.yahoo.com/news/No-M-A-norms-violated-Spice-yahoofinancein-465775446.html

Exports grow by 32% to $20.6 bn in Jan

India's exports grew by a healthy 32.5% year-on-year to $20.6 billion in January, 2011 on account of increasing demand in the western markets.

During April-January this fiscal, the country's shipments went up by 29.4% to $184.6 billion.

"It is a huge jump...Export performance is pretty damn good...By February, we should cross $200 billion," Commerce Secretary Rahul Khullar told reporters here.

Imports in January, 2011 is estimated to increase by 13.1% to $28.6 billion over the same period last year, leaving a trade deficit of $8 billion during the month under review, Khullar said.

During April-January, 2010-11, imports rose by 17.6% to $273.6 billion.

"The import numbers will be revised," Khullar added.

During the first 10 months of the financial year, trade deficit stood at $89 billion.
Sectors that registered healthy growth during April-January, 2010-11 include gems and jewellery, engineering and petroleum and oil lubricants, he added

This news is taken from- http://www.business-standard.com/india/news/exports-grow-by-32-to-206-bn-in-jan/125544/on