Issue of FDI in broadcasting rocks RS
New Delhi: The issue of foreign direct investment (FDI) in the electronic media was under attack during a calling attention motion in the Rajya Sabha (RS) on the last day of the session. Parliamentarians, led by Mr Manoj Bhattacharya of RSP, raised concern over FDI in direct-to-home (DTH) broadcasting, FM radio and uplinking of news channels. And the broadcaster taking the maximum hit was Star. According to Bhattacharya, the government had violated the Supreme Court verdict of 1995 in not taking Parliament into consideration while taking crucial broadcasting decisions. “Air-space is public property,” he said, and that Parliament must be involved in issues such as allowing FDI, citing security concerns.
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VAT dented pharma cos’ quarter performance
New Delhi: The uncertainty over implementation of Value Added Tax (VAT) has dented the bottomlines of top pharmaceutical companies such as GlaxoSmithkline Pharmaceuticals, Ranbaxy, Aventis Pharma and Wockhardt for the quarter ended March 31.
“The companies suffered specially during March as traders were reluctant to pick up stocks due to uncertainty prevailed during that time over the implementation of VAT from April 1. A very marginal impact on performance is still expected for quarter ending June as confusion on VAT still persists,” Indian Drug Manufacturers Association president Yogin Majmudar said.
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