VAT skips Kelkar

New Delhi, Aug. 30: The empowered committee of state finance ministers on value-added tax (VAT) will not consider the Kelkar panel’s report on tax reforms, including the introduction of goods and services tax, as it will divert attention from the main issue of VAT implementation from April 2005. “A lot of views generated in the Kelkar report were digressive in nature and would divert the group away from the basic issue (of VAT),” said VAT panel secretary Ramesh Chandra.

Glenmark buy

Mumbai, Aug. 30: Glenmark Pharmaceuticals Inc, a wholly-owned subsidiary of the city-based Glenmark Pharmaceuticals Ltd, has acquired two US food and drug administration approved products from Ireland’s Clonmel Healthcare Ltd for an undisclosed sum.

SRF move

New Delhi, Aug. 30: SRF Ltd, a major in tyre-cord fabrics, is diversifying into pharmaceutical chemicals business. It is setting up two manufacturing units at a cost of Rs 30 crore.

OBC gain

New Delhi, Aug. 30: Oriental Bank of Commerce (OBC) stands to gain about Rs 950 crore from the merger of Global Trust Bank slated to be completed in six months.

Syndicate

Bangalore, Aug. 30: Syndicate Bank plans to raise Rs 200 crore tier II capital through bonds in a month, which will have a green-shoe option of Rs 50 crore.