The govt has thus rejected the recommendation of the Parliamentary Standing Committee on finance that the 26% FDI cap be a part of the Bill The cabinet on Wednesday cleared amendments to the Pension Fund Regulatory and Development Authority Bill, 2011, capping the overseas investment limit in the sector at 26%, but retaining the flexibility to raise this limit by stating that it would not form a part of the legislation. The...

The parliamentary panel examining the Lokpal bill is learnt to have formulated a five-stage mechanism that separates investigation from prosecution, and maintains “equilibrium in the holy trinity” of CBI, CVC and the proposed Lokpal. On the question of whether to include the prime minister in the Lokpal’s purview, opinion in the standing committee, sources said, has narrowed to two points of view: keeping the PM out and, including the PM with...

-The Telegraph   Mamata Banerjee today sprayed a cocktail of petrol price and other grievances on the Centre, warning that the Trinamul Congress could pull out of the UPA government if it “did not think about the masses” and listen to her party. Oil firms said they had little option but to roll back the price increase if the Centre issued such a directive. However, till late this evening, the Prime Minister appeared...

Ahead of next year’s assembly elections, the Congress-led United Progressive Alliance (UPA) government plans to revise a proposed food security law to bring it in line with a previous draft that is deemed more liberal, and expedite its execution. Congress president Sonia Gandhi, who also heads the National Advisory Council (NAC) that drafted the initial National Food Security Bill, has suggested some crucial changes to the version that was made public...

The Serious Fraud Investigation Office (SFIO) will have powers to investigate and prosecute corporate entities under the Companies Bill, 2011, expected to be cleared by the Union Cabinet before Diwali.  The bill also envisages rotation of company auditors for higher accountability, corporate social responsibility, a more effective regulation of related party transactions and stricter provisions to prevent siphoning of funds through subsidiary and associate companies.  The government expects the bill to modernise,...