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Friday, March 13, 2015

Mafatlal Serves Legal Notices For Misuse Of Brand Logos
Mafatlal Industries, the  flagship company of Arvind Mafatlal Group has served legal notice with clause of criminal proceedings to more than 300 fabric manufacturers, distributors and dealers for  misusing Mafatlal's trademark and logo on manufactured or sold fabrics, which are not manufactured by Mafatlal Industries Ltd. The company has planned strict legal action in the nature of civil and criminal proceedings against them to stop misuse of using its Trademarks and logos and manufacturing/ marketing of spurious goods. They are misusing the "Mafatlal" trade marks in styles and fonts registered by Mafatlal industries limited with suffix or prefix to Sungrace and Stanrose names over and above some other names, the company said in a press release.

No Plan To Shut Down MTNL Says Prasad
There is no plan to shut down loss-making telecom company MTNL and the government is taking various measures to revive it, Union Minister Ravi Shankar Prasad yesterday said. His comments follow Heavy Industries Minister Anant Geete's statement in Parliament two days ago that five public sector undertakings (PSUs) which are in the list of 65 sick PSUs would be closed down. The list of sick PSUs include MTNL, Air India and Hindustan Shipyard. The five PSUs to be closed down include three HMT units, Geete had said. He, however, did not name the other PSUs which are slated to be shut. "There is no plan to close down MTNL," Prasad told PTI when asked if MTNL is among the probable PSUs that would be shut down.

India Inc Announces Deals Worth $5 Bn In First 2 Months
Corporate India announced mergers and acquisitions worth USD 2.7 billion through 40 deals in February taking the total tally in the first two months this year to nearly USD 5 billion, says a report. According to assurance, tax and advisory firm Grant Thornton, there were 40 deals worth USD 2.7 billion in February this year, while in the same month last year there were 50 transactions worth USD 1.73 billion. January saw 48 deals worth USD 2.22 billion with high number of activities coming in e-commerce segment. Pharma sector topped the chart in value terms. "The two months in 2015 have already witnessed a deal value of almost USD 5 billion across around 90 deals which is 85% higher in value from the same period in 2014 and 26% higher in 2013," Grant Thornton India LLP Partner Prashant Mehra said in the report.

Oil Ministry To Give CNG Marketing Licence
The Oil Ministry is looking to wrest powers to give CNG retailing licence from sectoral regulator PNGRB as it has issued draft guidelines detailing eligibility for rights to sell fuel to automobiles. The Ministry on March 5 issued 'Draft Guidelines for granting Marketing Rights for CNG as Transportation Fuel, including setting up CNG Stations' wherein any entity that has invested Rs 500 crore in oil and gas infrastructure can get rights/license to retail the fuel to automobiles by setting up CNG stations. While the Union government had authorised entities like Indraprastha Gas Ltd and Mahanagar Gas Ltd for retailing CNG to automobiles in Delhi and Mumbai respectively in early 2000, the Petroleum and Natural Gas Regulatory Board (PNGRB) has been doing so through bid rounds since its establishment in 2006.

Sumitomo Mitsui Trust Bank Buys Reliance Capital Stake
Preparing for its banking foray, Reliance Capital has completed sale of 2.77% stake for Rs 371 crore to Japan's Sumitomo Mitsui Trust Bank, which would be a strategic partner in the proposed bank. Reliance Capital, the financial services arm of Anil Ambani-led conglomerate Reliance Group, said in a statement that Sumitomo Mitsui Trust Bank (SMTB) has completed the acquisition of this 2.77% strategic stake and the entire sale proceeds of Rs 371 crore has been received by it. Reliance Capital said it would establish a new bank in India with support of SMTB as a strategic partner, as and when the RBI policy permits.

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