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Krishna meets Chinese FM Yang, reviews bilateral relations
In his first interaction with his Chinese counterpart Yang Jiechi, External Affairs Minister S M Krishna today reviewed the bilateral relations and expressed India"s desire to broaden the multi-faceted partnership. Krishna and Yang met on the sidelines of the ASEAN Foreign Minister"s Summit in this resort island to review the bilateral ties.

I-T raid on ABG Shipyard offices, official residences
Income Tax (I-T) authorities are carrying out search operations at various establishments of the ship- building and repairing firm, ABG Shipyard, for alleged tax evasion, an Income tax Department source said.

News of the day

Rane Brake Lining Q1 net profit soars three fold
Auto component maker Rane Brake Lining today reported an over three-fold increase in its net profit at Rs 2.66 crore for the quarter ended June 30, 2009.
International Business

Wockhardt shareholders nod selling animal healthcare biz

Debt-ridden Wockhardt today said it has received shareholders" approval for selling its animal healthcare business to France-based Vetoquinol SA. - Insulin prices may come down by 70% - Wockhardt drops on Q2 net dip - Wockhardt Q2 net loss at Rs 190 cr - Wockhardt to sell entire nutrition biz to Abbott - Wockhardt sells nutrition biz to Abbot - Wockhardt"s two promoters revoke 53 lakh shares "Hence, the ordinary resolution... Dispose off the Animal Healthcare Business of the company to a wholly-owned subsidiary of Vetoquinol SA has been passed with the requisite majority," Wockhardt said in filing to Bombay Stock Exchange. Earlier, the company has entered into an agreement with Vetoquinol to divest the animal health division for around Rs 170 crore, as a part of its strategy to sell its non-core business to reduce debt and the deal is expected to close by the end of 2009. It had sought the approval of shareholders through postal ballot and had appointed Virendra Bhatt, practicing company secretary as scrutiniser for conducting the ballot. Wockhardt had a debt of over Rs 3,700 crore and recently got corporate debt restructuring cleared from bankers.


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