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Private fuel retailers hope for rescue by Parikh panel
Private sector fuel retailers Reliance Industries Ltd (RIL) and Essar Oil are varying prices of petrol and diesel from state to state to ensure that losses and profits are balanced. This even as they struggle to retain market share in the face of stiff competition from state oil companies, which can sell fuel at less than the cost as they are compensated for this by the government.

Sensex still in red; Tata Motors tumbles 5%
The Sensex remains in the negative zone and is now at 16,808, down 35 points.

News of the day

Sunil Jain: Problem post
Are Indians likely to mail five times as many letters this year as they were expected to last year? That"s the question that comes to mind when you see the rise in the deficit for the postal department. From a revenue deficit of Rs 958 crore in the budget estimates for 2008-09, this rose to a whopping Rs 3,825 crore in the revised estimates for the year and an estimated Rs 5,395 crore in 2009-10 budget. It turns out nothing of the sort is happening. The postal department’s receipts fell from a budgeted Rs 6,159 crore in 2008-09 to Rs 5,966 crore in the revised estimates, but this is budgeted to rise again, to Rs 6,136 crore in 2009-10.
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Kerala HC adjourns petition against Islamic banking

The Kerala High Court today adjourned a petition filed by Subramanian Swamy, a former Union minister, against the proposed commencement of an Islamic bank with state participation. A bench of Chief Justice S R Bannurmath and A K Basheer adjourned the case for january 5, for a detailed hearing. - Federal may give nod for Catholic Syrian merger in 3 months - Kerala bans new medical shops from today - Kerala HC ratifies HMT land sale - Russia"s first intl Islamic business summit opens in Kazan Swamy had challenged the October 14 order of the principal secretary, industries, of the state government, allowing Kerala State Industrial Development Corporation (KSIDC) to register a company to provide banking services as enjoined in Muslim personal law (sharia). The Kerala government proposes to set up the first Islamic bank in India, with 13 per cent equity participation of KSIDC. The proposed bank will be registered as an NBFC, as the Banking Regulation Act does not provide for operating banks under the rules in question. The petitioner argues that such an institution would be against the basic principles of the country’s Constitution, that provides equal status to all religions. Starting a bank that follow sharia principles and under a sharia board will be a preferential treatment to a religion. KSIDC had invited applications for the posts of chief executive officer and company secretary for the proposed NBFC through its web site. The notification states the selected officers should report to the sharia board and clearly states the institution would be governed as in Muslim personal law. As Sharia principles are confined to Muslims, commencing a bank under this law will be against the basic principles of the Constitution, the petitioner says.


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