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Newsmaker: Ramesh Chandra Agarwal
Vanita Kohli-Khandekar / Mumbai December 18, 2009, 2:33 IST

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F&O OUTLOOK: Correction to stay on course
The Sensex and the Nifty closed in the red on Friday on profit-booking in technology stocks and lack of interest in other pivotals at current levels. The trading volume on the F&O segment remained lackluster as the Nifty provided little scope for trading since it moved in a tight range of 20-30 points on Friday.
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HC stays ban on states clearing medicine export

The Madras High Court today stayed a directive of the Drugs Controller General of India (DCGI) to stop state-level drug authorities from issuing export clearances for medicines. - HC recommends regulator to prohibit obscenity on Internet - HC orders notice to Chidambaram on election petition - Google sued for Shaadi on BharatMatrimony - Madras HC dismisses Subhiksha plea - Daiichi defers open offer for Zenotech after SAT order - MPs demand statement from PM on judge influencing issue India exports Rs 40,000 crore of medicines yearly. The order was on a petition from the Tamil Nadu Drugs Control Officers Association (TNDCOA). The order is applicable across the country, Dileep Kumar, secretary TNDCOA said. The office of the DCGI had on September 1 issued a directive preventing all state-level export approvals from October 1. State drug officials had alleged the move had no legal basis, as the Drugs and Cosmetics Act, which governs the functions of the DCGI, has no mention of exports. Domestic pharmaceutical companies had also opposed the move, as they felt centralisation of export approvals would delay clearances. The DCGI move was seen as an attempt to control the quality of medicines exported. The move was triggered by increasing instances of complaints from several nations in this regard. Though India was projected as a source of counterfeit medicines, investigations had found there were other sources like China from where medicines were exported on Made-In-India labels.


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