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Business Briefs

Demat account move

Mumbai, July 29: Demat accounts of investors, who have not furnished their permanent account numbers (PAN), will become inoperative from August 16, Sebi said today. Sebi had already “suspended for debit” (selling of shares) the demat accounts for which PAN details have not been verified. From August 16, it plans to make them even “suspended for credit” (buying of shares).

Sun Pharma

New Delhi, July 29: Sun Pharma today claimed victory over Eli Lily and Co in a patent litigation over Gemzar with a US federal court ruling in its favour. Eli Lily had contended that an abbreviated new drug application by Sun infringed its patent on the active ingredient used in Gemzar.

IRDA rule

New Delhi, July 29: IRDA has asked insurance companies to respond to the grievances of customers within two weeks or face penal action, a move aimed at protecting the interests of policyholders.

AllBank rates

Mumbai, July 29: Allahabad Bank will raise its fixed deposit rates across various maturities by up to 50 basis points. The new rates will be effective from August 2.

Sumitomo win

New Delhi, July 29: The Supreme Court has upheld an arbitration award in a dispute between ONGC and Sumitomo Heavy Industries over income tax liability, directing ONGC to pay 129.6 million yen to the Japanese firm.

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