 "From Tata vs Mistry to oil and gas auction: 5 key developments")
Business Standard brings to you a list of five key developments across the country.
Tata vs Mistry: Nusli Wadia files defamation case against Tata Sons
Nusli Wadia, chairman of Wadia group of companies and an independent director on the Tata Steel, Tata Motors and Tata Chemicals boards, sent a defamation notice to Tata Sons saying that its special notice to sack him from the Tata Steel board had lowered his image. In a special notice to remove him from Tata Steel board, Tata Sons had said Wadia was galvanising other independent directors against the Tata group. In his reply to the notice, Wadia said the allegations in the Tata Sons’ notice were made with the intention of harming his reputation.
GDP growth to drop to 5.5% in Q3: FinMin
The Narendra Modi government is bracing itself for a sharp decline in the manufacturing sector in the coming months, as also in consumer demand. The government has assessed the impact of demonetisation is likely to bring the gross domestic product (GDP) growth to 5.5 per cent in the third quarter of financial year 2016-17, a steep drop from 7.1 per cent in the first quarter. However, the minders of Modi government's economic policy are confident of the economy reaping the rewards of demonetization in seven to eight quarters, or around late-2018.
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Oil and gas auction
After a six-year hiatus, the bidding for oil & gas blocks has started with at least 42 companies submitting 120 bids for about 70 per cent area for the Discovered Small Fields Bid Round for oil and gas exploration in India. Out of the 42 companies, more than 35 companies were new entrants to the sector. As the auctions closed at 12 pm on Monday, at least 134 bids were submitted for the fields on offer for the bidding that kicked off on May 25. Although the last date of submitting the bid was earlier slated as October 31, to give more time for small companies and private equity players to form joint venture, the government had extended it to November 21.
Demonetisation: Mamata Banerjee to hit Delhi streets
As many as 10 Opposition parties came together to plan a joint protest against the demonetisation of Rs 500 and Rs 1,000 notes inside the parliament complex on Wednesday even as West Bengal chief minister Mamata Banerjee said she would hit the streets in Delhi on Tuesday and later in poll-bound Uttar Pradesh and Punjab. Leaders of the Congress, Trinamool Congress, JD-U, BSP, CPI-M, CPI, NCP, RJD, JMM and DMK together did not let both houses of parliament function, saying it was an anti-people move. Congress vice president Rahul Gandhi, who stood in a queue at an ATM in Jahangirpuri in North-west Delhi, also attended the meet. Later, he targeted PM Modi saying he was benefiting only a few of his rich friends and was not worried about the poor.
Indore-Patna Express Derailment
The death toll on Monday mounted to 143 in the Indore-Patna Express derailment here in Kanpur rural area, as rescuers wrapped up their operation with little hope of finding any survivors after overnight efforts to pull out trapped passengers from the mangled bogies. All the 14 derailed coaches of the Patna-bound train 19321 have been removed from the tracks. Many distraught people were sifting through the luggage and other belongings piled up at the site to look for any clue about their missing loved ones.