Coke, Pepsi move courts over CSE report
New Delhi: Coca Cola India and PepsiCo India have taken recourse to the courts over the 'pesticide in cola' issue. While PepsiCo has filed a "multi-issue" lawsuit in the Delhi High Court it has also asked the court to restrain the centre from publishing CSE's report. The firm has also demanded an independent evaluation of the report. It is not known if Pepsi has claimed any damages from the centre.

Coca-Cola India has also filed a case in the Bombay High Court against the Maharashtra government's decision to ban the sale of a particular lot of its soft-drinks in Pune. Coca-Cola officials declined to comment on the petition.

Meanwhile a lawsuit questioning the safety of Coca Cola's products was dismissed by the Indian Young Lawyers' Association in the High Court of Hyderabad. Sanjiv Gupta, managing director Coca Cola India said, "The use of unaccredited laboratories produces results at odds with both government and accredited independent labs. It has scared consumers unnecessarily and jeopardised thousands of jobs throughout the country."

The CII and Ficci have come out in support of the cola majors over the pesticides controversy and will take up the issue on their behalf with the government, and will raise the issue in public forums to support their cause.
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Moody's outsources EU backroom operations to Icra
New Delhi: International rating agency Moody's has outsourced its European backroom mutual fund rating operations to Indian credit rating agency Icra.

Moody's has a 21.75 percent stake in Icra and earlier the two agencies carried out a successful test run. Another strategic investor, IFCI, holds 21percent in Icra.

PK Choudhury, managing director, Icra confirming the development said, "The quality of Indian manpower, especially the analytical skills that they have, has been the driver for selection of India as the backroom operation centre," he said.
Icra and Moody's have set up a team of 4 people to monitor the work on a regular basis and if the results are satisfactory, Moody's will add other countries' operations to the list.
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Kinetic in talks with Hyosung to manufacture Aquila in India
Hyderabad: In a move that will make the Aquila more affordable to Indians, Kinetic Engineering is talking to its technical collaborator, Hyosung Motors of Korea to begin production of the 250 cc cruiser model, Aquila in India. The bike was recently sold as a limited edition in select cities priced at Rs 1.5 lakh.

Kinetic had imported 200 vehicles from Korea in two lots of 100 vehicles each to test the Indian market and seeing a tremendous market response, Kinetic is considering the possibility of setting up a production line to manufacture Aquila rather than import completely knocked down (CKD) kits.
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Taj Hotels sells its Indore hotel
Mumbai: Indian Hotels Company Ltd has sold its Taj Residency property at Indore for Rs 14-15 crore to businessman, Kamal Galani.
The Taj Group cited unviability of the venture as the main reason for divestment and thus the hotel will no longer bear the Taj Residency tag name from September 1.

The Taj Group and Piem Hotels are restructuring operations and may exit from seven more Taj hotels. These include the Taj Hari Mahal Hotel, Jodhpur, Taj Residency business hotels in Calicut, Vishakhapatnam, Nashik, City Inn in Baramati. The other properties include Taj Golden Retreat, Coonoor and Taj Kutteeram, Bangalore.

Kamal Galani is a hotelier and owns Suraaj Hotels & Resorts, along with a premier hotel in Ahmedabad.
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Zee TV allowed to telecast 'The Inside Story'
New Delhi: The Delhi High Court did not grant an injunction to Mother Dairy Foods Processing Ltd, which has been trying to restrain Zee Telefilms from telecasting an episode of its popular programme, 'The Inside Story', titled 'Safed Doodh Ka Kala Karobar' on August 8 night. However the channel has given an undertaking that it would not make any reference to Mother Dairy Foods in its programme.

Mother Dairy had earlier tried to restrain Zee TV from telecasting, retelecasting, publishing or by visual representation in any manner, including in print media and website, the programme on milk.

Zee TV has been directed to give Mother Diary to come out with their version on the issue of urea milk, adulterated milk and their laboratory facilities on the issue during the programme.

Zee TV has made an attempt to expose the manufacturing of synthetic and adulterated milk in the programme. Zee has also claimed in the programme that the Mother Dairy laboratory was unable to detect the synthetic and adulterated milk.
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Daewoo workers get first right to proceeds from asset sale
New Delhi: In a deal brokered by minister of labour Mr Sahib Singh Verma last month workers have been given the first right to any resources generated from the sale of assets at the defunct Surajpur plant of Daewoo Motor India. The workers would be paid "subsistence money" from April 1 out of the Rs 50 lakh to be generated every month from the sale of spare parts or the inventory of 300 cars currently at the plant. Punj Lloyd, which has been mandated to carry out preservation and maintenance works at the plant, has already sold spare parts worth Rs 50 lakh to generate money for the company's 1,500 strong workforce after the agreement was signed on July 8.

The financial institutions have an exposure of over Rs 1,000 crore in Daewoo and under normal practice, the lenders to a project have the first right to funds raised through any means from a failed business enterprise.

The lenders to Daewoo Motors, ICICI Bank, State Bank of India and Industrial Development Bank of India (IDBI) are close to leasing out the plant to an international automaker.
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