1. Govt to review senior public sector bank appointments
The finance ministry has decided to take a relook at recent appointments of top-level public sector bank executives as well as a clutch of proposals to designate chairmen just before the UPA demitted office, in what is seen as a direct fallout of the recent arrest of the Syndicate Bank chief by CBI on alleged corruption charges.
Finance minister Arun Jaitley has written to the Reserve Bank of India governor Raghuram Rajan, who heads the appointment board that selects state-run bank chiefs, as well as cabinet secretary Ajit Seth, who processes all papers for the appointments committee of cabinet, sources said. Some of the appointments processed during UPA's closing days lacked transparency and there are indications that some political considerations may have played a part, they added.
2.Talks on to get competition panel nod for Ranbaxy deal: Sun Pharma chief
Sun Pharma is in discussions with the Competition Commission of India and the United States Federal Trade Commission to get the final go-ahead for its proposed $4 billion acquisition of Ranbaxy, Sun Pharma Managing Director Dilip Shanghvi.
Asked whether the Sun-Ranbaxy combine could lead to a monopoly, the Sun management said the discussions with the anti-competition authorities would allay those concerns.
They did not comment on whether the authorities would ask the two companies to shed some products. Meanwhile, Shanghvi said Ranbaxy continues to be run by its existing management, and Sun has initiated the internal process of integration to form a combined strategy to move ahead.
3. New rivalry: Flipkart Azim Premji vs Amazon NRN Murthy Premji
India's tech titans and fierce cross-town rivals, Wipro's Azim Premji and Infosys' N R Narayana Murthy, are squaring off in the burgeoning $3-billion e-commerce market space too. Premji has gone with the domestic players; he has investments in Myntra (recently acquired by Flipkart) and Snapdeal while Murthy has placed his bets on global e-tailing giant Amazon.
India's rapidly growing e-commerce market is turning out to be a two-horse race between Amazon and Flipkart.
Earlier this year, the Wipro chairman through his investment arm, Premji Invest, and a clutch of other investors, pumped in about $50 million in fashion e-tailer Myntra. Snapdeal, another e-commerce player, got $100 million in funding from five investors including Premji Invest.
4.Don't adopt UPA approach on cleaning Ganga, SC tells NDA
The Supreme Court on Wednesday warned the Narendra Modi government against adopting the UPA regime's approach on cleaning the Ganga and said people were eagerly awaiting the Centre's response on this issue of great national importance.
"Are you cleaning the holy river? That is in your (BJP's election) manifesto also," a bench of Justices T S Thakur, Adarsh Goel and R Bhanumathi said and asked solicitor general Ranjit Kumar, whose assistance was specially requisitioned by the court in the matter, what was being done.
5. Justice Banumathi becomes 1st woman SC judge from TN
Justice R Banumathi has become the first woman judge from Tamil Nadu to be elevated to the Supreme Court. Set to have a tenure of about six years in the apex court, she was sworn in on Wednesday.
Justice Banumathi is only the sixth woman judge of the SC since Independence. With her appointment, the 30-judge SC will now have two woman judges. The other is Justice Ranjana Prakash Desai, who is scheduled to retire on October 29. The sanctioned strength of the apex court is 31.
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