Corporate

New Delhi, PTI: Former promoters of Ranbaxy today rebutted the current Japanese owner's allegations of hiding information on US probe into drug adulteration, saying they did not misrepresent any facts or falsify any data.

Malvinder Mohan Singh, the former promoter of Ranbaxy, said he was shocked at allegations made by Daiichi Sankyo and asserted the Indian promoters never concealed any fact at the time of selling 34.82 per cent stake to the Japanese firm for about Rs 10,000 crore.

"We strongly deny that Singh family falsified any data.

New Delhi, PTI: Income Tax department has slapped a fresh Rs 577-crore tax demand notice on Infosys for 2009-10 assessment year, adding to the tax woes of India's second largest IT firm.

The Bangalore-based software services exporter said that it is in process of seeking legal recourse against the fresh tax demand notice.

The IT major is already contesting additional Income Tax demands of about Rs 1,175 crore (USD 214 million) for four fiscals years beginning 2005.

Mumbai, PTI: Air India's plan to trim its 27,000 bloated workforce by offering a voluntary retirement scheme (VRS) is stuck in the North Block, with the Finance Ministry questioning the rationale behind the proposed scheme.

The VRS scheme is "stuck in the Finance Ministry over the payment of Rs 1,200 crore for it. The ministry has pointed out that around 7,000 employees will retire from service over the next three years and another 12,000 will be transferred to the ground handling and engineering subsidiaries," Air India sources said.

New York, PTI: Qatar Airways, one of the world's fastest growing airlines, has sought more traffic routes and seats from India to serve two-tier cities, a top airline official has said.

Akbar-Al-Baker, the Chief Executive Officer told the PTI on Wednesday that Qatar Airways has exhausted all the traffic routes allotted by the Government of India.

He was here on the sidelines of "Educate a child", a global education program sponsored by the airline and Jazz@ Lincoln Center, New York.

New Delhi, PTI: Government has initiated moves for a conciliatory out-of-court settlement with British telecom major Vodafone over the Rs 11,000 crore tax dispute with Attorney General G E Vahanvati favouring such a step, marking a change in stance.

The move was initiated as soon as Kapil Sibal took over as the Law Minister yesterday. His predecessor Ashwani Kumar as also the AG had earlier disfavoured such a move.

Washington, PTI: Pleading guilty to "felony charges" relating to manufacture and distribution of certain adulterated drugs made at two India units, the US subsidiary of Ranbaxy today agreed to pay USD 500 million -- the largest settlement by a generic medicine maker till date.

New Delhi, PTI: Amid fresh allegations of money laundering by banks, Reserve Bank of India (RBI) and several banks on Thursday said actions are being taken against erring institutions and employees for violating prudential banking norms.

The central bank has already completed investigations against banks and would take action against guilty institutions, RBI Governor D Subbarao said in Srinagar.

"We have done investigations, we have prepared an internal report. There are processes to be followed to take investigations to its logical closure...

New Delhi, PTI: The Supreme Court today upheld USD 8.5 billion Cairn-Vedanta deal, saying that the Centre and ONGC not exercising the right of pre-emption over sale of shares of Cairn India Limited (CIL) was a prudent commercial decision.

The court said that the decision on not buying the shares of CIL was taken by the Centre and ONGC after considering various commercial and technical aspects and it cannot sit in judgement over the commercial or business decision taken by parties.

New Delhi, PTI: After a web portal alleged instances of money laundering by some state owned banks and LIC, the government Tuesday said action has been taken against 31 officers and employees, including suspension, on charges of violation of various regulations.

"So far, 15 officers/employees of various public sector banks have been suspended including one from insurance sector.

Beside it, ten officers of PSBs have been divested of their work and six have been asked to proceed on leave", Finance Ministry said in a release.

New Delhi, PTI: Within hours of online portal Cobrapost alleged money laundering by financial institutions, the Finance Ministry asked PSU banks and LIC to take immediate action against employees "appears to be advising" customers on ways of violating KYC and other regulatory norms.

"An inquiry must be initiated and completed expeditiously," Financial Services Secretary Rajiv Takru asked heads of several state-owned banks and Life Insurance Corporation (LIC) today.