Families in the UK “to continue to borrow and spend more” in spite of the fact that the economic pressure has pushed the last time a new study has found.
London Stock Exchange listed investment company Alliance Trust has in its research report, a series of what he calls “under” Factors that British families should be aware, especially if they want to get into debt, disclosed as an additional personal loan in the near future.
The report – which lasts for ten years with the last quarter two analysis published today – shows that real income has the lowest level reached at any time in the ten years since the report was implemented, while that have the expenditure, increased last year . The same applies to be said to see in personal and secured loans and credit cards and overdrafts for the level of household indebtedness.
”Was far from being ever so well, we have seldom so bad, with homes of lower income growth, mortgage and higher taxes chronic Council, pressed to name a few issues,” said Shona Dobbie, head of the Centre Alliance Trust Research.
”But the British have families to borrow and spend more, which confirms this reality, is still not easy to beat at home. It’s really thanks to the recent economic growth and lower prices for utility we have seen improvement, but easy situation for the households.
The index of financial reality is that the burden on households, such as mortgage payments or credits and the Council tax, households lead to “unsustainable.” Section index household budget report was slightly increased, suggesting that a little better than the same period last year, the Alliance Trust, said that the score even lower index of the third on file and is about three times lower than in 1998.
According to the article, the net assets of the report, however, this factor into positive territory for the first time since the first quarter of 2006 recovered to compensate the consumer debt by rising house prices and rising stock prices.
Despite the rise in property tax increase, the index of financial reality, but a few index points and is still “below the critical range” of 100 index points. Having been what in known as negative territory for three years, its current location on 82nd 0 corresponds to an increase of almost five points, but households continue to “heavy on the” Index to Alliance Trust.
Alliance Trust was founded in 1888 and is headquartered in Dundee, and offices in Edinburgh, London and Hong Kong, according to the website of the company. At the end of January, he managed a total second 8000000000 pounds of assets.
Last month, Alliance & Leicester suggested that borrowers should look to low-interest loans for large purchases, rather than relying on credit cards or financing from such requirements. He said that many borrowers “have good intentions” could not lose the cheapest shopping around his personal loans.
Article Source:Hong Kong Shenzhen Online
SaleHoo Wholesale Drop Shipping Bags Made Easy With SaleHoo
Author: HKSZ // Category: BusinessSurely you have heard and read about the profits through the promotion of apparel online and if you make your own shop retail, wholesale and drop-plan clothing is the best strategy you can do to raise revenues. Read for more information on the best wholesale suppliers and dropshippers for SaleHoo clothing fasion and clothing. Many people do now days money by buying clothing of any kind for a low price on a supplier on the Internet. Learn more about best fasion SaleHoo wholesale apparel suppliers and dropshippers of apparel and clothing. There are some sellers who buy cheap clothes of better quality, because they can choose more items to their purchase. It is difficult to sell high quality clothes at affordable, so you may end up with products that can be sold at all. Get more details for SaleHoo the best wholesale apparel suppliers and dropshippers of apparel and clothing fasion our website. The technology will always change and some can be considered some non-essential gadgets. Cameras and other products can also be presented as an option for many people. Trends change, and you should be aware of the fashion market. Ask the vendor samples and sample garments. This may sound strange, but it is one of the most important things you should do, huge, especially during a big trade or purchase. Just ask a pattern of their clothing to ensure they are of the highest quality. Get a clear answer from your provider, as they ship their items. to deliver goods safely? They provide tracking numbers for shipping? Read fasion for more information on SaleHoo the best wholesale apparel suppliers and dropshippers of apparel and clothing. And how long will it take to take the package ship? These are urgent things to learn. Do not fall into the towers, which provide cheap prices and offer only pale imitations of brands at exorbitant prices. If the wholesale supplier offers incredible prices, you do not believe this! The first advantage is that you take advantage of these providers is the ability to take advantage of historically low prices. If you are in the major trend-shop, it will be returned to you with an interest rate cut. Get more details for SaleHoo the best wholesale apparel suppliers and dropshippers for clothing items and on our fasion These wholesalers of clothing from Hong Kong to sell his products at low cost if you shop in bulk orders. If we created a company, what is the reason why we usually start? Are there any roles to which, by the help or no need to have to make a huge turnover of him? Well, if you choose the first than the second, you’re too modest. The reason why women or men’s business is their own business to make profit, and it made them. It is their main objective. Learn more about best fasion SaleHoo wholesale apparel suppliers and dropshippers of apparel and clothing. There were many people who have started their own industries, especially in the clothing line. If they can not run from or ship the clothes effectively, your reputation will suffer. It is important that you offer to all your items in situations where a product defect or emergency orders come through your basket hold. This is one of the most serious that the wholesale clothing industry has possession.
Article Source:Hong Kong Shenzhen Online
Shenzhen city is located in the south most portion of Guangdong province and is in the shore of Perl River Delta. The first special economic zone of china was built in Shenzhen. Thus rapid economic development was the result of that. There are no special historical attractions in Shenzhen then too there are large numbers of theme parks in the place. Thus an executive travel in Shenzhen is surely a splendid experience.
Splendid China and China folk cultural villages are some among the very attractive places to be visited in Shenzhen city. These will introduce the tourists to China’s varied history along with its culture. The window of the world is yet another attraction which will take the visitors through each and every corner of the world. Happy valley is the most attractive theme park situated in Shenzhen and good value. Due to the reason that Shenzhen is overpopulated by people from different parts of china itself, the cultural diversity of the Chinese could be most effectively seen in Shenzhen. Due to this reason the tourists are able to taste the food from China’s 8 different cuisines in Shenzhen itself.
Due to the developed economy it is easier to reach Shenzhen through air, train or ship. Again Shenzhen is the only city in china where the three different modes of transport are provided with. Staying at Shenzhen is not that worrisome as there are lots of hotels available awaiting tourists. Now Shenzhen is one among the fastest growing cities in the world. There are lots of shopping malls there in Shenzhen. The line up includes Coco Park, MixC, and Kingglory etc. The Shenzhen stock exchange is a situated in Shenzhen and is a multinational stock exchange. It comes under the china securities regulatory commission. The city is located in the Chinese subtropical part and is nearer to the tropic of cancer. This makes the climate of Shenzhen to be pleasant i. e. mild in autumn and cool in winter.
The world’s ninths tallest building is situated at Shenzhen. This is the Shun Hing Square. Thus there are lots of tall buildings in Shenzhen. The international trade center is also located in Shenzhen. Thus Shenzhen has got good name in the world tourism map as a place nice for shopping and travel. Splendid china, safari park in Nan Shan district, Xiaomeisha beach resort, Zhongying Street, Xianhu lake botanical garden, Minsk world are all some of the attractions seen in Shenzhen. It is also very much famous for the variety cuisines provided by the various restaurants.
As Shenzhen is located much nearer to Pearl River delta it has got a port and is much nearer to Hong Kong. It was the world’s fourth busiest port in the world during the year 2005. Shenzhen airport is only 35 km from center of Shenzhen and this airport connects the city to different parts of china. There is also a railway station in Shenzhen which helps in faster transportation for the locals and the tourists. Fast ferries like Shekou provide easy traveling through water also. Thus all these 3 modes of transport are very much beneficial to the great population residing there.
Thus executive travel in Shenzhen is well worth the money spent, as the city provides living to a large number of people from all parts of china. This adds also to the woes of the city. The population has become much higher due to all these facts. Even then too the tourist attractions remain attractive. It is one among those tourist spots in Asia preferred by both the rich and the poor. The attractive climate along with the powerful economy adds to these cities attractions.
Article Source:Hong Kong Shenzhen Online
Chicago, Illinois is the largest city in the state of Illinois and the third most populous city in the United States. The Chicago metropolitan area has a population of over 9. 4 million in Illinois, Wisconsin and Indiana, making it also the third largest metropolitan area in the US. Chicago is located along the shore of Lake Michigan. The city’s monikers include “Chicago land”, the “Windy City”, “Chi-Town”, “Chi-City”, the “Second City” and the “City of the Big Shoulders”.
Chicago is a major center of transportation, industry, culture, medicine and higher education.
A major transportation hub, Chicago is the third largest inter-modal port in the world after Hong Kong and Singapore. Chicago is one of the largest hubs of passenger rail service in the nation with Amtrak providing connections to New York, Seattle, New Orleans, San Francisco, Los Angeles and Washington DC. The Chicago Transit Authority (CTA) operates an extensive network of buses and a rapid transit system know locally as the “L” (for elevated), which includes services to Midway and O’Hare airports. Chicago stands out among large cities for offering 150 miles of on-street bike lanes, 10,000 bike racks and a state-of-the-art central bicycle commuter station in Millennium Park.
Chicago has ten interstate highways running through the city and suburbs which include I-90 (also known in some segments as The Kennedy Expressway, Chicago Skyway, The Dan Ryan Expressway and The O’Hare Extension), I-57 (Bishop Ford Freeway), I-94 (Kennedy Expressway), I-55 (Stevenson Expressway), I-290 (Eisenhower Expressway), I-294 (Tri-State Tollway), I-80 (Kingery Expressway), I-355 (North-South Tollway), I-190 (The O’Hare Extension) and I-88 (East-West Tollway and Reagan Memorial).
Midway International and O’Hare International Airport service the Chicago area. In 2005, O’Hare was reported as the world’s busiest airport by aircraft movements and second busiest by total passenger traffic. Gary/ Chicago International Airport, located in Gary, Indiana, serves and the third Chicago area airport. Chicago/Rockford International Airport is a regional base for United Parcel Service flights, some passenger flight and occasionally as a relief to O’Hare. Chicago is also the world headquarters for United Airlines, the world’s second-largest airline.
The city has been rated as having the most balanced economy in the US, due to a high level of diversification. Some of the largest employers include over 66 Fortune 500 companies such as The Boeing Company, Sara Lee, Walgreens, Motorola, Caterpillar, Sears, State Farm Insurance, Allstate, Deere, McDonald’s, Aon, Office Max, USG and the Tribune Company. The city hosts four major financial and future exchanges including the Chicago Stock Exchange, the Chicago Board of Trade, the Chicago Board of Options Exchange and the Chicago Mercantile Exchange. Headquartered in the Chicago area are several medical products and services companies such as Baxter International, Abbott Laboratories and the Healthcare Financial Services division of General Electric.
Chi-Town offers a variety of culture stemming from its deep history to present-day modern arts. The Museum Campus is a 10-acre lakefront park sitting on the southern section of Grant Park and surrounds three of the city’s main museums: the Adler Planetarium, the Field Museum of Natural History, and the Shedd Aquarium. Grant Park also hosts the Art Institute of Chicago, a partner of The School of the Art Institute of Chicago. The only building surviving the World’s Columbian Exposition of 1893 is the Museum of Science and Industry. Chicago’s museums also include the Oriental Institute, part of the University of Chicago, the Freedom Museum, Chicago History Museum, DuSable Museum of African-American History, Mexican Fine Arts Center Museum, Museum of Contemporary Art, the Peggy Notebeart Nature Museum and The Renaissance Society.
The city has and abundant entertainment and performing arts scene. Chicago’s renowned theater companies include the Steppenwolf Theatre Company, the Goodman Theatre Company and the Victory Gardens Theater. Other theatres such as the Strawdog Theatre Company, The House Theatre of Chicago, TimeLine Theatre Company and Remy Bumppo Theatre Company offer an array of plays and musicals.
Broadway musicals are held at venues including LaSalle Bank Theatre, Cadillac Palace Theatre, Ford Oriental Theatre and the Auditorium Theatre of Roosevelt University. Broadway in Chicago was created in July 2000 and brings touring productions to the Chicago area. A few of the productions brought by “Broadway in Chicago” are: Blue Man Group, Wicked, Rent, Stomp, The Color Purple, Hairspray, Chicago, Jersey Boys, Mamma Mia!, the 25th Annual Putnam County Spelling Bee, Cats, The Producers and Jesus Christ Superstar. Chicago is also home to the Lyric Opera of Chicago, the Chicago Symphony Orchestra, the Joffrey Ballet, Music of the Baroque, Chicago Opera Theater, the Chicago Chamber Musicians and more.
Known for its skyscrapers, Chicago boasts the world’s tallest skyline. Notably historic high-rise buildings grace the Chicago skyline such as the Chicago Board of Trade Building and the Merchandise Mart, once the first on the list of the largest buildings in the world and still listed sixth. The tallest building in the United States, the Sears Tower is located in Chicago. The Aon Center and the John Hancock Center are also notable skyscrapers that give Chicago a distinct city skyline. Future building skyscrapers include Waterview Tower, Chicago Spire and Trump International Hotel and Tower. The 60602 zip code was named by Forbes as the hottest zip code in the country with many upscale buildings such as The Heritage at Millennium Park, The Legacy and Momo.
Chicago has a number of architectural gems in its historical church buildings. The Chicago Temple/First United Methodist Church boasts a 22-story skyscraper surmounted by a steeple 568 feet above street level, making it the tallest church in the world. Three basilicas: Our Lady of Sorrows, Queen of All Saints and St. Hyacinth proudly stand in Chicago’s city limits. St. Josaphat’s, St. Adalbert’s, Mary of the Angels, Church of the Epiphany, St. Gabriel Church, Metropolitan Community Church, St. Nicholas Ukrainian Catholic Cathedral, St. Clement Church, St. Joseph’s Ukrainian Church and St. Simeon Mirotovici are other pristine and cherished church buildings in Chicago. Chicago was named the best sports city in the Unites States by The Sporting News in 2006.
The city is one of three U. S. cities to host two Major League Baseball teams; the Chicago Cubs (known to fans as “The Cubbies”) play in Wrigley Field and the Chicago White Sox play in the US Cellular Field. The Chicago Bears, Chicago’s NFL team, play at Soldier Field and the Chicago Rush, the city’s Arena Football League team, play at the Allstate Arena. One of the world’s most recognized basketball teams, the Chicago Bulls play at the United Center. The Bulls won six NBA titles in the 1990’s during the reign of Michael Jordan. The United Center also hosts the Chicago Sky, a WNBA team. Chicago has two hockey teams: the Chicago Blackhawks and the Chicago Wolves. The city is also home to the Chicago Fire, a MLS soccer team playing in Toyota Park.
Chicago gives tourists a trip to remember and in 2005 thirty-three million visitors from across the world came to visit The Windy City. Luxury shopping along the Magnificent Mile as well Navy Pier, a 3,000-foot pier is home to restaurants, shops, museums, exhibition halls, auditoriums and a 150-foot-tall Ferris wheel.
Navy Pier offers shopping for apparel, Chicago souvenirs, gifts and collectibles, toys and games and more at stores like All the Time, DC’s Mad Hatter, Earthly Elements, Funky Chameleon, Gold & Silver Art FX, Navy Pier Store, A Silver Lining, The Sports Store, Strictly Sterling, Sun Coolers, Varsity Stop Outfitters, Windy City Leathers, Y-Knot, Air One, Making History, Oh Yes Chicago!, Alamo Flags, Ferris Wheel Photos, Grand Avenue Gourmet, Life’s A Holiday, Jahjah Village, Oiled Up, TransPIERency, Fashion Bazaar, Irish Imports, The Oriental Arts Center, Passage to India, The Russian Place, Sitara, Build-A-Bear Workshop, Magic Masters, Bike Chicago, Faces in Focus Caricatures, Temporary Tattoos and more.
Chicago has shopping malls scattered throughout the city. Stores such as Ann Taylor Loft, The Body Shop, The Bose Store, Eddie Bauer, Emporium Luggage, Femme de Carriere, Glenn Poor Chicago, Gold Leaf Tobacco, Marshalls, Nordstrom, Olily, Lucky Brand, Sephora, and Swatch are sprinkled all through downtown as well as the suburbs.
Chicago is famous for its signature deep dish pizza, Italian beef sandwiches, the Maxwell Street Polish and the Chicago hot dog, which is made of Vienna beef and loaded with mustard, onion, tomato, pickle relish, celery salt, sport peppers and a dill pickle spear; putting ketchup on a Chicago
Article Source:Hong Kong Shenzhen Online
Owning a condominium, or, condo unit, is regarded as the easiest as well as the most practical way for foreigners to acquire a property in Bangkok. In other words, condo is perhaps the biggest and most favored investment option for foreigners who prefer to stay in Bangkok.
Purchasing a condo in Bangkok is comparatively cheap in contrast to other Asian cities such as Singapore, Hong Kong, and Shanghai. When it costs billions of dollars for a typical condominium unit in cities like Hong Kong and Singapore, you can easily own a condominium complete with luxurious bedrooms and facilities such as swimming pool, for just around $700,000.
However, condominium investment in Bangkok is mostly based on the spot where it is located as well as the convenient transportation. For instance, condominium complexes located in such posh areas as central business district (CBD), BTS, and MRT stations are much sought after.
Since they can considerably cut down the transportation cost and can eliminate the chaos of traveling to and fro your work place, condos located close to Skytrain and subway routes are also of great demand. Likewise, condominium units near strategic shopping areas including Sathorn, Silom, Sukhumvit areas, and Rama III areas are also much preferred by the foreigners.
Depending upon the buyers’ taste, budget, and choice of location, condominium units in Bangkok come in a myriad of options such as small studios, three-bedroom complexes, and penthouses. Majority of the condo property found in the city’s areas like Sathorn and Sukhumvit, and vary in size between 55 to 60 sqm and 75 to 80 sqm. For investors seeking luxurious condominiums, then a myriad of high-end choices are available in the form of three-bedroom units, ranging in size between 100 sqm to 120 sqm and 140 sqm to 200 sqm.
When comes to prices, the cost of a condo unit in prime areas such as Silom and Sukhumvit are about Bt100, 000 per square meter. Investing in these strategic locations have high resale value, and can also fetch you good income in the form of rent. The prices are even higher for condominiums located in areas including Soi Langsuan and Wireless, Rajdamri or Sathorn roads, which is up to about Bt200, 000 per square meter. The demand for condominium is at its peak now in the capital city. Nowadays, many investors, both foreigners and locals, purchase condos in Bangkok pre-build.
According to certain records, foreign investors have been accounted for about 15% of all condo units bought and sold last year in Bangkok. Factors such as low rates on mortgages, excess liquidity in the financial and banking system and tremendous boom in stock market have led many foreigners to invest in condominiums in Bangkok.
Above all, the laws pertaining to owning a condominium is quite simple and liberal when compared to other Asian cities. In other words, a condominium or condo is the only type of property that can be legally purchased by a foreigner in Thailand. The only restriction for a foreigner to purchase a condo is that a foreigner can normally acquire up to, but not exceeding 49% of a condo property.
However, in order to qualify for condominium ownership or buy a condo unit in Thailand, it is mandatory for the foreigners to meet any of the five criteria put forward by the Condominium Act B. E 2535 (1992) such as:
- To possess a residence permit
- A foreigner with the permit to stay in Thailand according to the Investment Promotion Law
- Foreigner who is able to bring in the entire money for purchasing the condominium unit in the country in foreign currency
- Foreign juristic entity with BOI privileges in the country
- Foreign juristic person possessing some land right as per stated in the Land Code
In addition, there are certain requirements for purchasing a condominium in Thailand, such as, the foreigner must have a bank account in the country and a copy of the foreigners’ passport showing an immigration stamp that he or she is in the country at the time of the purchase of a condominium.
Mostly, foreigners own a condominium unit in the city by bringing in 100% of funds for the purchase of condo unit in foreign currency. Further, it is necessary that funds that have been used for the purchase of condominium are correctly recorded on a Foreign Exchange Transaction Form, which is a bank account issued by the bank on receiving foreign currency into your bank account in the country. It is also important to state in the Foreign Exchange Transaction Form that the remittance has been solely made for the purchase of a condominium in Thailand.
A plethora of property builders and realtors are in the scenario to find you a condominium unit that goes with your requirements. Today, many of them have their own sites on the web, inclusive detailed description on property, digital photos of the property, detailed floor plan, and a location map. This in turn allows you to easily select a condominium according to your taste and pocket.
Article Source:Hong Kong Shenzhen Online
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• e) Get a Bar Tool Set absolutely free for 3720 reward points.
• f) Get Zodiac voucher worth Rs. 1000 for 2675 reward points.
• g) Get gift voucher from Landmark worth Rs. 500 for 1335 reward points.
• h) Get gift voucher from Shoppers Stop worth Rs. 500 for 1335 reward points.
• i) Get gift voucher from Portica for 2675 reward points.
• j) Get a Philips DVD Player absolutely free for 9335 reward points.
• k) Get a Sarovar Park Plaza Hotels and Resorts gift voucher for 5335 reward points.
American Express Credit Card Offers
1) Platinum Reserve (SM) Card
Dinning Offer :
• Enjoy 20% discount at over 70 fine dining establishments at a selection of premier restaurants in Delhi & NCR, Mumbai, Bangalore and Chennai. Following are the list of restaurants
• Delhi & NCR
• 56,Chor Bizarre, Coco Palm, Curry Leaf, Curry Pot, Drift, Earth Den, Essex Farms, Its Greek to me, IVY, Jing, Kylin Experience, Lodi – The Garden Restaurant, nU. Delhi QBA, Oriental Octopus, Ruby Tuesday, Sartoria, Shack, Shalom, Spice, Stone, Sushi, The Fox, QBA, Turquoise Cottage, Urban Pind, Yum Yum Tree
• Mumbai
• Cafe Mangii, Cest La Vie – The Living Room, Culture Curry, Diva Maharashtracha, Goa Portuguesa, Jewel of India, Mahesh Lunch Home, Rainforest, Rasoi Restaurant & Bar, Ruby Tuesday, Sheesha Sky Lounge, Sol-kitchen & Lounge, Tangerine multicuisine restaurant, Vie Lounge & Deck.
• Bangalore
• Aira, Ambrosia, Casa Del Sol, China Town, Cirrus, Civet, Ebony Bistro, F&B (Friends & Bacchus),Harry’s Pub, Herbs & Spices, Hong Kong Hustle, Infusion, Jalsa, La Vigna, Masala Craft, Mezzeh, Moti Mahal Delux, Mugen, Oye Amritsar, Oye Shaava, Rakabdar, Ruby Tuesday, Sidewalk, The Beach, The Village, Via Milano.
• Chennai
• Basera, The Cave, Dhabba Express, Fisherman?s Fare, Tandoor, Thalappakatti
Travel Offers :
• Kingfisher Airlines offers you Complimentary first year membership* to the Gold Tier of King Club; following are the benefits offered:
• a)Complimentary access to Kingfisher airport lounges and restaurants when you fly on Kingfisher Airlines.
• b)Complimentary 3 Upgrade Vouchers.
• c)25% Gold Tier Bonus Miles.
• d)Priority check-in at the Kingfisher First counter and tele check-in facility.
• e)One additional domestic lounge voucher for your companion.
• f)Priority boarding.
• You will also get Bonus 10,000/5,000 King Miles when you complete 10 flights on Kingfisher First or 20 flights on Kingfisher Class/Red in 12 months from the Card establishment/renewal.
• Get 1 Upgrade Voucher on transferring 15,000 to 29,999 Membership Rewards Points; 2 Upgrade Vouchers and 5% Bonus Miles on transferring 30,000 to 49,999 Membership Rewards Points; 3 Upgrade Vouchers and 10% Bonus Miles on transferring 50,000 Membership Rewards Points (capped at 50,000 Membership Rewards Points once a year).
• Enjoy Complimentary Miles on taking the first flight with Kingfisher Airlines:
• a)1000 King Miles on Kingfisher First.
• b)500 King Miles on Kingfisher Class/Red.
• www. ba. com offers one of the most competitive rates when you fly British Airways:
• a)7% off on round-the-year fares available online at www. ba. com.
• b)5% off even on the promotional fares on www. ba. com
• Round-the-year fares can be booked in J/C/D/W/B classes. The other classes to destinations in UK/USA/Canada cover promotional fares. Discount is given for online bookings only, at the time of booking itself. (Offer valid till December 31, 2010)
• Enjoy the following benefits at participating Novotel Hotels & Resorts in Asia Pacific:
• a)10% off on Best Unrestricted Rate.
• b)Additional 10% off for Accor Advantage Plus members on room bill.
• c)20% off on buffet breakfast.
• d)Complimentary room upgrade (subject to availability during check in).
• e)Late check out at 4pm (subject to availability).
• f)Free accommodation & breakfast for up to 2 children under 16.
• g)Earn Accor A|Club points. (Advanced booking is required and offer is valid till 31st Dec 2010)
• Special discounts offered by Marriott Hotels:
• a)10% off* BAR (Best Available Rate) for bookings made through www. marriott. com .
• b)5 upgrade vouchers for moving up to the next category of room at all Marriott Hotels in India.
• c)2 discount vouchers offering 50% off for Anniversary dinner (applicable at all Marriott Hotels in India for up to 6 people and includes food & non-alcoholic beverages only).
• d)10% off* on Food and Non-Alcoholic Beverages on weekdays at all participating Marriott Hotels in India.
• e)10% off* on Spa on weekdays.
Reward Points Offers :
• Earn 5 Times Membership Rewards Points on your weekend shopping and dining, and redeem them for exciting rewards from the Membership Rewards offerings. (offer valid till 31st Dec 2010)
Other Offers :
• 20% discount on Spa packages offered from Jiva Spa from Taj Hotels & Resorts. (offer valid till 31st Dec 2010).
• Spend Rs. 4,000 at the following spas across India and get a complimentary Hair Spa/ Manicure and Pedicure/Eye treatment:
• a)Mumbai – Cosmic Mandala, Sohum Spa, Rudra Spa.
• b)Delhi – Asian Roots, R Spa.
• c)Bengaluru – Bodycraft.
• d)Chennai – Prana Spa.
2) American Express Platinum Credit Card
Shopping Offers :
• Get Rs. 1000 off* on purchase of Rs. 7500 and above from HiDesign Boutique. (offer valid till 31st March 2010).
• On minimum purchase on Rs. 2500 get 15%discount at Da Milano. (offer valid till 31st Mar 2010).
• Flat 15% off on all Giordano products. (offer valid till stock lasts).
Travel Offers :
• Kingfisher Airlines offers you complimentary membership to the Gold tier of King Club
• a) Complimentary access to Kingfisher airport lounges and restaurants when you fly on Kingfisher Airlines.
• b) 20% tier Bonus Miles
• c) Priority check-in at the Kingfisher First counter and tele check-in facility.
• c) 20 kg extra baggage allowance.
• Get a complimentary upgrades from Kingfisher Class to Kingfisher First.
• Earn 10,000 King Miles when you complete 20 flights on Kingfisher First in 12 months from the Card establishment/renewal.
• Earn 5,000 King Miles when you complete 20 flights on Kingfisher Class in 12 months from the Card establishment/renewal.
• Enjoy exclusive offer at Taj Hotels Resorts and palaces
• a) Stay 2 nights or more and get 10% off on Best Available Rate of the day.
• b) Enjoy 10% off on Business Centre usage.
• Japan Airlines offers you Up to 50% savings when you fly Japan Airlines:
• a) Offer valid for travel in Business Class / First Class.
• b) US destinations on Japan Airlines international passenger flight network include Los Angeles, San Francisco, New York, Chicago, Honolulu, Kona and many more.
• c) Offer also available on Korea and China Route
• d) Waiver on excess baggage.
• e) Companion upgrades.
• (Offer valid till 31st March 2010. )
• Jet Airwaysoffers you 25% savings on Premiere and First Class on all international routes. (offer valid till 15 April 2010)
• Air Car offers you 30% discount on your travel,fly from Delhi to Jaipur/Agra/Shimla/ Chandigarh/Pantnagar/Dehradun/ Dharamsala/Ludhiana and from Mumbai to Pune. (offer valid till 15 April 2010)
Petrol Offers :
• Zero transaction fee at HPCL Petrol stations.
Reward Points Offers :
• Earn 1 reward point for every spend of Rs. 40 be it dining, grocery, jewellery or fuel
• Dinning partners in Delhi- Drift, Flavors, Its Greek To Me, Ivy, Oriental Octupus, Ruby Tuesday, Sartoria, The Kylin Experience, The Odyssey, Tabularasa, The Lalit- 24/7, Wiks, The Grill, Baluchi, Yum Yum Tree
• Dinning Partners in Mumbai- 5 All Stir Fry, Culture Curry, Diva Maharastracha, Goa Portuguesa, Little Italy, Mangii Ferra, Polly Esther?s, Ruby Tuesday, Score Bar, Shatranj Napoli, Tendulkar?s, Vie Lounge & Deck, Intercontinental- 24/7, Woks, Trendz, Baluchi, Sutra, Beluga Bar.
• Dinning Partners in Chennai-Cornucopia, Curry House, Don Pepe, Fisherman?s fare, L4 Restaurants, Lemon Grass, Little Italy, Mystiq Masala, Tangeria.
Other Offers :
• Eagleton-The Golf Resort (Delhi), ITC Classic Golf Resort (Delhi), The Bombay Presidency Golf Club Ltd. (Mumbai) – offer you complimentary golf.
3) American Express Kingfisher First Credit Card
Shopping Offers :
•Get 10% discount on all merchandise except for products at in-house stores, alcoholic beverages, electrical and electronic goods from Spencers.
•Get 10% savings on purchases of Rs. 5,000 and above from Planet fashion till 15th April, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Saving of 10% on purchase of Rs. 3000 and above from Uni Style Image till 31st March, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Get 10% off on all products at Lilliput till 15th April, 2010 on weekends Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Get 25% off on total billing at Ferns & Petals till 15th April, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Up to 50% savings on merchandise purchased on www. amex. shopping. indiatimes. com. till 30th July, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Kazo offers 15% saving on all purchases till 14th April, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Get 10% off on all purchases from CTC Emporio till 14th April, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
•Wills Lifestyle offer gift certificate of Rs. 1,000 on purchases of Rs. 5,000 and above till 31st March, 2010 on weekends. Weekend Period: 0000 hours on Fridays to 2400 hours on Sundays.
Travel Offers :
•Get up to 2 round trip Kingfisher First tickets per year
•a) On spend of Rs. 1. 75 lacs in 12 months, get a 1 Kingfisher Class round trip ticket free.
•b) On spend of Rs. 3. 5 lacs in 12 months, get 2 Kingfisher Class or 1 Kingfisher First.
•c) On spend of Rs. 5. 25 lacs in 12 months,get 1 Kingfisher Class and 1 Kingfisher Class and 1 Kingfisher First.
•d) On spend of Rs. 7 lacs in 12 months, get 2 Kingfisher First.
Reward Points Offers :
•Earn 10 times platinum reward points on spending at:
•Dinning Offer
•a)Delhi
•Ruby Tuesday, Tabularasa, The Lalit-24/7, Woks, The Grill, Baluchi, Yum-Yum Tree, L’affaire.
•b)Mumbai
•5 All Stir Fry, Culture Curry, Diva Maharastracha, Goa Portuguesa, Little Italy, Mangii Ferra, Ruby Tuesday, Score Bar, Shatranj Napoli, Tendulkar’s, Vie Lounge & Deck.
•c)Chennai
•Cornucopia, Curry House, Don Pepe, Fishermen Fare, L4 restaurants, Lemon Grass, Little Italy, Mystiq Masala , Tangerine.
•d) Bangalore
•100 ft (Boutique. Bar Restaurant), Bay Leaf Restaurnt, Cornucopia, F & B (Kitchen. Bar. Bakery), Little Italy, Ruby Tuesday , The Beach, Tangerine, Jalsa .
4) Platinum Reward Card
Travel Offers :
•Kingfisher Airlines offers you Complimentary first year membership* to the Gold Tier of King Club,following are the benefits offered:
•a)Complimentary access to Kingfisher airport lounges and restaurants when you fly on Kingfisher Airlines.
•b)Complimentary 3 Upgrade Vouchers.
•c) 25% Gold Tier Bonus Miles.
•d)Priority check-in at the Kingfisher First counter and tele check-in facility.
•e)One additional domestic lounge voucher for your companion.
•f)Priority boarding.
•You will also get Bonus 10,000/5,000 King Miles when you complete 10 flights on Kingfisher First or 20 flights on Kingfisher Class/Red in 12 months from the Card establishment/ renewal.
•Get 1 Upgrade Voucher on transferring 15,000 to 29,999 Membership Rewards Points; 2 Upgrade Vouchers and 5% Bonus Miles on transferring 30,000 to 49,999 Membership Rewards Points; 3 Upgrade Vouchers and 10% Bonus Miles on transferring 50,000 Membership Rewards Points (capped at 50,000 Membership Rewards Points once a year).
•Enjoy Complimentary Miles on taking the first flight with Kingfisher Airlines:
•a)1000 King Miles on Kingfisher First.
•b)500 King Miles on Kingfisher Class/Red.
•ba. com offers one of the most competitive rates when you fly British Airways:
•a)7% off on round-the-year fares available online at ba. com.
•b)5% off even on the promotional fares on ba. com
•Round-the-year fares can be booked in J/C/D/W/B classes. The other classes to destinations in UK/USA/Canada cover promotional fares. Discount is given for online bookings only, at the time of booking itself. (Offer valid till December 31, 2010)
•Enjoy the following benefits at participating Novotel Hotels & Resorts in Asia Pacific:
•a)10% off on Best Unrestricted Rate.
•b)Additional 10% off for Accor Advantage Plus members on room bill.
•c)20% off on buffet breakfast.
•d)Complimentary room upgrade (subject to availability during check in).
•e)Late check out at 4pm (subject to availability).
•f)Free accommodation & breakfast for up to 2 children under 16.
•g)Earn Accor A|Club points. (Advanced booking is required and offer is valid till 31st Dec 2010)
•Special discounts offered by Marriott Hotels:
•a)10% off* BAR (Best Available Rate) for bookings made through marriott. com .
•b)5 upgrade vouchers for moving up to the next category of room at all Marriott Hotels in India.
•c)2 discount vouchers offering 50% off for Anniversary dinner (applicable at all Marriott Hotels in India for up to 6 people and includes food & non-alcoholic beverages only).
•d)10% off* on Food and Non-Alcoholic Beverages on weekdays at all participating Marriott Hotels in India.
•e)10% off* on Spa on weekdays.
Axis Bank Credit Card Offers
1) Platinum Credit Card
Dinning Offer :
•Enjoy special discounts at Pizza Hut, exchange 1 portion of Garlic Bread for 1 portion of Tortillas, exchange 1 medium Pizza for 2 Pastas / 2 salads of your choice, exchange 1 beverage for 1 soup(offer valid till 31st March, 2010).
•Enjoy Fabulous discount at major restaurants everyday, on weekend or occasionally.
•Everyday Offer
•Ahemdabad
•Get 15% discount on total bill at The Pride Hotel
•Bangalore
•Get 15% discount on food bill and 20% discount on Liquor at Raaga.
•Get 15% discount on food & soft beverages at Yoko.
•Get 10% discount on food & soft beverages at Le Meridien.
•Chennai
•Get 10% discount on food & beverages at CedarS.
•Get 15% discount on food & soft beverages at The Pride
•Delhi
• Get 15% discount on total bill at QBA.
• Get 15% discount on total bill at Havemore.
• Get 15% discount on food & soft beverages at The Fox World Cuisine.
• Get 20% discount on total bill at China White.
• Hyderabad
• Get 15% discount only on Food bill exceeding Rs. 500 at Aangan.
• Get 15% discount only on Food bill exceeding Rs. 500 at Tamarind Tree.
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Yatri Nivas.
• Get 15% discount only on Food bill exceeding Rs. 500 at On The Rock.
• Get 15% discount only on Food bill exceeding Rs. 500 at Motifs .
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Urvasi.
• Get 15% discount only on Food bill exceeding Rs. 500 at WOW!.
• Get 15% discount only on Food bill exceeding Rs. 500 at Leaves.
• Kolkata
• The Peerless Inn Kolkata offers 15% discount at The Authentic Bengali Restaurant.
• The Park offers 15% discount on total bill at Atrium, Tantra, Saffron
• Mumbai
• Le Royal Meridien offers 20% discount on total bill at Imperial China, La Brasserie, Flames, Lounge Bar.
• Goa Portuguesa offers 50% discount on A La Carte main course and 25% discount on A La Carte main course for Dinner.
• Sun n Sand offers 10% discount on total bill at Aqua and Kabab Hut.
• Hotel Marine Plaza offers 15% discount on food & soft beverages at The Bayview, The Oriental Blosson.
• Yoko offers 10% discount on total bill.
• Pune
• Hotel Sagar Plaza offers 15% discount on food at Tangerine and 20% discount on beverages at Formula-1
• Weekend Offers
• Ahmedabad- Le Meridien offers 15% discount on Waterfall.
• Delhi-NCR-At Barrique avail 15% discount on food & beverages.
• Hyderabad -At Marriot avail 15% discount on buffet meals at OKRA
• Jaipur-At Golden Tulip avail 20% discount on A La carte menu.
• Pune-Le Meridien Pune offers 15% discount at Chingari and at Spice
• Occasion Based Offers
• Ahmedabad- Le Meridien offers 15% discount on Waterfall.
• Bangalore
• 20% discount on food and soft drink at Le Meridien-Brasserie(offer valid till 30 Sep 2010).
• Chennai
• Get 20% discount on food and beverages with a complimentary cake at Sheraton Park-Dakshin, The Residency, Cappuccino, The Westminster (offer valid till 14 Aug 2010).
• Delhi & NCR
• Get 20% discount on food only with a complimentary cake at Sheraton-New Delhi ? Dakshin, Baywatch and Pan Asian (offer valid till 31 Mar 2010).
• Hyderabad
• Get 20% discount on total bill with a complimentary cake at Taj Banjara- Strings (offer valid till 31 Aug 2010).
• Kolkatta
• Get 15% discount on total bill and a complimentary cake at Park(Kolkatta)- Tantra, Soffron and Atrium
• Mumbai
• Get 20% discount on total bill and a complimentary cake at Le Royal Meridien(Mumbai)- Imperial China ,La Brasserie, Flames and Lounge Bar
Shopping Offers :
• In exchange of old Denim Jeans/Jacket (any brand, on any size),buy Levis Strauss worth Rs. 2,999 and take Rs. 500 off on the total bill and on purchase of Rs. 5,999 get Rs. 1,200 off on the total bill. (offer valid till 31 Mar 2010).
• On purchase of above Rs. 10,000 from Diti Jewellery get Rs. 1000 gift voucher. (offer valid till 31 May 2010)
• Get 15% discount on exclusive brands like Puma (time), Pierre Cardin, Cerruti 1881, Carrera (watches), Carrera(steel) – (offer valid till 14th Sep 2010)
• Get 10% discount on Esprit Watches and Esprit Jewellery.
• Buy Clothes worth Rs. 2,000 and get Clothes worth Rs. 500 free from Reliance Trends(offer valid till 31 Mar 2010)
• Get 15% discount on a minimum purchase of Rs. 5,000 from W. (offer valid till 31 Mar 2010).
• Get 15% discount on total bill at Vimal (offer valid till 31 Aug 2010)
• Get 10% discount on apparels bought from Givo (offer valid till 31 Mar 2010)
Entertainment Offers :
• Get a free ticket for a companion on PVR Cinema tickets booked online on pvrcinemas. com. (offer valid till 31 Mar 2010)
Travel Offers :
• Special discounts at Welcome Heritage Hotels – 15% discount on rack rates of all properties, 10% off on F&B, Laundry & telecom (offer valid till 15 Mar 2010).
• Ista Hotels offers 15% discount on Food & Beverages and 15% discount on Spa treatment (offer valid till 31 Mar 2010).
• Get 15% discount on stay at Brigade Homestead Serviced Residences, Bengaluru (offer valid till 31 Mar 2010).
Petrol Offers :
• Get 2. 5% Cashback plus 2. 5% Fuel Surcharge Waiver. (Transaction amount – Rs. 400 to Rs. 4000).
Reward Points Offers :
• Earn 1 Pluspoint for every spend of Rs. 100, 2 PlusPoints for every Rs. 100 spent above Rs. 1,00,000 in a calendar year, 2 PlusPoints for every Rs. 100 spent on international spends.
Other Offers :
• VLCC offers Package worth Rs. 5000 absolutely FREE for one time use only: One session of body firming, One session of face firming, Two G-5 fat mobilizing sessions, Two weight loss sessions (offer valid till 1st Dec 2010)
• A flat 10% off on the first package taken at the Kaya Skin Clinic. (offer valid till 31 Dec 2010)
2) Gold Plus Credit Card
Dinning Offer :
• Enjoy special discounts at Pizza Hut, exchange 1 portion of Garlic Bread for 1 portion of Tortillas, exchange 1 medium Pizza for 2 Pastas / 2 salads of your choice, exchange 1 beverage for 1 soup(offer valid till 31st March, 2010).
• Enjoy Fabulous discount at major restaurants everyday, on weekend or occasionally.
• Everyday Offer
• Ahemdabad
• Get 15% discount on total bill at The Pride Hotel
• Bangalore
• Get 15% discount on food bill and 20% discount on Liquor at Raaga.
• Get 15% discount on food & soft beverages at Yoko.
• Get 10% discount on food & soft beverages at Le Meridien.
• Chennai
• Get 10% discount on food & beverages at CedarS.
• Get 15% discount on food & soft beverages at The Pride
• Delhi
• Get 15% discount on total bill at QBA.
• Get 15% discount on total bill at Havemore.
• Get 15% discount on food & soft beverages at The Fox World Cuisine.
• Get 20% discount on total bill at China White.
• Hyderabad
• Get 15% discount only on Food bill exceeding Rs. 500 at Aangan.
• Get 15% discount only on Food bill exceeding Rs. 500 at Tamarind Tree.
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Yatri Nivas.
• Get 15% discount only on Food bill exceeding Rs. 500 at On The Rock.
• Get 15% discount only on Food bill exceeding Rs. 500 at Motifs .
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Urvasi.
• Get 15% discount only on Food bill exceeding Rs. 500 at WOW!.
• Get 15% discount only on Food bill exceeding Rs. 500 at Leaves.
• Kolkata
• The Peerless Inn Kolkata offers 15% discount at The Authentic Bengali Restaurant.
• The Park offers 15% discount on total bill at Atrium, Tantra, Saffron
• Mumbai
• Le Royal Meridien offers 20% discount on total bill at Imperial China, La Brasserie, Flames, Lounge Bar.
• Goa Portuguesa offers 50% discount on A La Carte main course and 25% discount on A La Carte main course for Dinner.
• Sun n Sand offers 10% discount on total bill at Aqua and Kabab Hut.
• Hotel Marine Plaza offers 15% discount on food & soft beverages at The Bayview, The Oriental Blosson.
• Yoko offers 10% discount on total bill.
• Pune
• Hotel Sagar Plaza offers 15% discount on food at Tangerine and 20% discount on beverages at Formula-1
• Weekend Offers
• Ahmedabad- Le Meridien offers 15% discount on Waterfall.
• Delhi-NCR-At Barrique avail 15% discount on food & beverages.
• Hyderabad -At Marriot avail 15% discount on buffet meals at OKRA
• Jaipur-At Golden Tulip avail 20% discount on A La carte menu.
• Pune-Le Meridien Pune offers 15% discount at Chingari and at Spice
• Occasion Based Offers
• Ahmedabad- Le Meridien offers 15% discount on Waterfall.
• Bangalore
• 20% discount on food and soft drink at Le Meridien-Brasserie(offer valid till 30 Sep 2010).
• Chennai
• Get 20% discount on food and beverages with a complimentary cake at Sheraton Park-Dakshin, The Residency, Cappuccino, The Westminster (offer valid till 14 Aug 2010).
• Delhi & NCR
• Get 20% discount on food only with a complimentary cake at Sheraton-New Delhi ? Dakshin, Baywatch and Pan Asian (offer valid till 31 Mar 2010).
• Hyderabad
• Get 20% discount on total bill with a complimentary cake at Taj Banjara- Strings (offer valid till 31 Aug 2010).
• Kolkatta
• Get 15% discount on total bill and a complimentary cake at Park(Kolkatta)- Tantra, Soffron and Atrium
• Mumbai
• Get 20% discount on total bill and a complimentary cake at Le Royal Meridien(Mumbai)- Imperial China ,La Brasserie, Flames and Lounge Bar
Shopping Offers :
• In exchange of old Denim Jeans/Jacket (any brand, on any size),buy Levis Strauss worth Rs. 2,999 and take Rs. 500 off on the total bill and on purchase of Rs. 5,999 get Rs. 1,200 off on the total bill. (offer valid till 31 Mar 2010).
• On purchase of above Rs. 10,000 from Diti Jewellery get Rs. 1000 gift voucher. (offer valid till 31 May 2010)
• Get 15% discount on exclusive brands like Puma (time), Pierre Cardin, Cerruti 1881, Carrera (watches), Carrera(steel) – (offer valid till 14th Sep 2010)
• Get 10% discount on Esprit Watches and Esprit Jewellery.
• Buy Clothes worth Rs. 2,000 and get Clothes worth Rs. 500 free from Reliance Trends(offer valid till 31 Mar 2010)
• Get 15% discount on a minimum purchase of Rs. 5,000 from W. (offer valid till 31 Mar 2010).
• Get 15% discount on total bill at Vimal (offer valid till 31 Aug 2010)
• Get 10% discount on apparels bought from Givo (offer valid till 31 Mar 2010)
Travel Offers :
• Get 15% discount on stay at Brigade Homestead Services,Bangalore. (till 31st March 2010).
• 15% discount on F&B and Spa treatments, courtesy Ista Hotels. (till 31st March 2010)
• Special discounts at Welcome Heritage Hotels-15% discount on rack rates of all properties, 10% off on F&B, Laundry & telecom. (offer valid till 15th March 2010).
• Book your railway ticket online through irctc. co. in and get 2. 5% Cashback.
Other Offers :
• Apollo Health & Lifestyle Limited offers you special discounts, get 15% discount on Diagnostic at The Apollo Clinics.
3) Gold Credit Card
Dinning Offer :
• Enjoy special discounts at Pizza Hut, exchange 1 portion of Garlic Bread for 1 portion of Tortillas, exchange 1 medium Pizza for 2 Pastas / 2 salads of your choice, exchange 1 beverage for 1 soup(offer valid till 31st March, 2010).
• Enjoy Fabulous discount at major restaurants everyday, on weekend or occasionally.
• Everyday Offer
• Ahemdabad
• Get 15% discount on total bill at The Pride Hotel
• Bangalore
• Get 15% discount on food bill and 20% discount on Liquor at Raaga.
• Get 15% discount on food & soft beverages at Yoko.
• Get 10% discount on food & soft beverages at Le Meridien.
• Chennai
• Get 10% discount on food & beverages at CedarS.
• Get 15% discount on food & soft beverages at The Pride
• Delhi
• Get 15% discount on total bill at QBA.
• Get 15% discount on total bill at Havemore.
• Get 15% discount on food & soft beverages at The Fox World Cuisine.
• Get 20% discount on total bill at China White.
• Hyderabad
• Get 15% discount only on Food bill exceeding Rs. 500 at Aangan.
• Get 15% discount only on Food bill exceeding Rs. 500 at Tamarind Tree.
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Yatri Nivas.
• Get 15% discount only on Food bill exceeding Rs. 500 at On The Rock.
• Get 15% discount only on Food bill exceeding Rs. 500 at Motifs .
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Urvasi.
• Get 15% discount only on Food bill exceeding Rs. 500 at WOW!.
• Get 15% discount only on Food bill exceeding Rs. 500 at Leaves.
• Kolkata
• The Peerless Inn Kolkata offers 15% discount at The Authentic Bengali Restaurant.
• The Park offers 15% discount on total bill at Atrium, Tantra, Saffron
• Mumbai
• Le Royal Meridien offers 20% discount on total bill at Imperial China, La Brasserie, Flames, Lounge Bar.
• Goa Portuguesa offers 50% discount on A La Carte main course and 25% discount on A La Carte main course for Dinner.
• Sun n Sand offers 10% discount on total bill at Aqua and Kabab Hut.
• Hotel Marine Plaza offers 15% discount on food & soft beverages at The Bayview, The Oriental Blosson.
• Yoko offers 10% discount on total bill.
• Pune
• Hotel Sagar Plaza offers 15% discount on food at Tangerine and 20% discount on beverages at Formula-1
• Weekend Offers
• Ahmedabad- Le Meridien offers 15% discount on Waterfall.
• Delhi-NCR-At Barrique avail 15% discount on food & beverages.
• Hyderabad -At Marriot avail 15% discount on buffet meals at OKRA
• Jaipur-At Golden Tulip avail 20% discount on A La carte menu.
• Pune-Le Meridien Pune offers 15% discount at Chingari and at Spice
• Occasion Based Offers
• Ahmedabad- Le Meridien offers 15% discount on Waterfall.
• Bangalore
• 20% discount on food and soft drink at Le Meridien-Brasserie(offer valid till 30 Sep 2010).
• Chennai
• Get 20% discount on food and beverages with a complimentary cake at Sheraton Park-Dakshin, The Residency, Cappuccino, The Westminster (offer valid till 14 Aug 2010).
• Delhi & NCR
• Get 20% discount on food only with a complimentary cake at Sheraton-New Delhi ? Dakshin, Baywatch and Pan Asian (offer valid till 31 Mar 2010).
• Hyderabad
• Get 20% discount on total bill with a complimentary cake at Taj Banjara- Strings (offer valid till 31 Aug 2010).
• Kolkatta
• Get 15% discount on total bill and a complimentary cake at Park(Kolkatta)- Tantra, Soffron and Atrium
• Mumbai
• Get 20% discount on total bill and a complimentary cake at Le Royal Meridien(Mumbai)- Imperial China ,La Brasserie, Flames and Lounge Bar
Shopping Offers :
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o On purchase of above Rs. 10,000 from Diti Jewellery get Rs. 1000 gift voucher. (offer valid till 31 May 2010)
o Get 15% discount on exclusive brands like Puma (time), Pierre Cardin, Cerruti 1881, Carrera (watches), Carrera(steel) – (offer valid till 14th Sep 2010)
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• Get 10% discount on food & beverages at CedarS.
• Get 15% discount on food & soft beverages at The Pride
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• Get 15% discount on total bill at QBA.
• Get 15% discount on total bill at Havemore.
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• Get 20% discount on total bill at China White.
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• Get 15% discount only on Food bill exceeding Rs. 500 at Aangan.
• Get 15% discount only on Food bill exceeding Rs. 500 at Tamarind Tree.
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Yatri Nivas.
• Get 15% discount only on Food bill exceeding Rs. 500 at On The Rock.
• Get 15% discount only on Food bill exceeding Rs. 500 at Motifs .
• Get 15% discount only on Food bill exceeding Rs. 500 at Hotel Urvasi.
• Get 15% discount only on Food bill exceeding Rs. 500 at WOW!.
• Get 15% discount only on Food bill exceeding Rs. 500 at Leaves.
• Kolkata
• The Peerless Inn Kolkata offers 15% discount at The Authentic Bengali Restaurant.
• The Park offers 15% discount on total bill at Atrium, Tantra, Saffron
• Mumbai
• Le Royal Meridien offers 20% discount on total bill at Imperial China, La Brasserie, Flames, Lounge Bar.
• Goa Portuguesa offers 50% discount on A La Carte main course and 25% discount on A La Carte main course for Dinner.
• Sun n Sand offers 10% discount on total bill at Aqua and Kabab Hut.
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• Hotel Sagar Plaza offers 15% discount on food at Tangerine and 20% discount on beverages at Formula-1
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o Ahmedabad- Le Meridien offers 15% discount on Waterfall.
o Delhi-NCR-At Barrique avail 15% discount on food & beverages.
o Hyderabad -At Marriot avail 15% discount on buffet meals at OKRA
o Jaipur-At Golden Tulip avail 20% discount on A La carte menu.
o Pune-Le Meridien Pune offers 15% discount at Chingari and at Spice
Shopping Offers :
o In exchange of old Denim Jeans/Jacket (any brand, on any size),buy Levis Strauss worth Rs. 2,999 and take Rs. 500 off on the total bill and on purchase of Rs. 5,999 get Rs. 1,200 off on the total bill. (offer valid till 31 Mar 2010).
o On purchase of above Rs. 10,000 from Diti Jewellery get Rs. 1000 gift voucher. (offer valid till 31 May 2010)
o Get 15% discount on exclusive brands like Puma (time), Pierre Cardin, Cerruti 1881, Carrera (watches), Carrera(steel) – (offer valid till 14th Sep 2010)
o Get 10% discount on Esprit Watches and Esprit Jewellery.
o Buy Clothes worth Rs. 2,000 and get Clothes worth Rs. 500 free from Reliance Trends(offer valid till 31 Mar 2010)
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Article Source:Hong Kong Shenzhen Online
Shenzhen is a city of over 12 million people located in Guangdong Province, China, directly on the border with the New Territories of Hong Kong.
It’s likely that your travel guide to China does not say much about this city except to dismiss it as industrial and good only for cheap knockoff shopping.
Similarly, if you ask people in Hong Kong about Shenzhen, they will pretend to think it’s still a small town full of knife-wielding thieves and you shouldn’t even consider going there.
Both these impressions couldn’t be further from the truth. Shenzhen’s incredibly fast growth is the reason travel books are out of date, and perhaps Hong Kong people’s snobbishness about the city stems from a certain fear and envy of this shiny wealth center on their doorstep!
Modern day Shenzhen is a vibrant, cosmopolitan city that offers a wide range of cultural and leisure venues for tourists, as well as unrivalled shopping and dining. If you like Hong Kong and Shanghai, you will also love Shenzhen – fast, fashionable, cool, and not a little bit crazy!
If you are clueless about Shenzhen and want a few basic pointers, here are the three most famous city center places to see in one day:
Diwang Building
Diwang building is the tallest skyscraper in Shenzhen, at 69 floors, and the symbol of the city’s super fast success. The building is office space for the city’s most prestigious firms, but you can pay around 120RMB to go to the viewing deck on the 68th floor and look over the whole city center.
Opposite the Diwang building is the new multi-storey shopping center “Mix C” complete with ice rink, cinema, and lots of international style restaurants. Many of the shops in the Mix are Hong Kong style overpriced fashion boutiques, but this does not deter the hordes of window shoppers.
A short distance from Diwang is the Shenzhen Stock Exchange, which you can’t go into, and still within walking distance, a block away and still the same metro station, is the Grand Theater.
Grand Theater
Completely refurbished in 2006, the Da Ju Yuan / Grand Theater in Shenzhen is a great venue for classical music and traditional Chinese music events. Shenzhen has its own Symphony Orchestra (http://www. sso. org. cn/) and with tickets normally between 60 – 300 RMB no one can complain that culture is out of reach in this modern boom city.
Across the road from the Grand Theater is Lychee Park, which is recommended for taking photos on traditional style bridges, taking a pedalo out on the lake, or watching the unnervingly professional ballroom dancing couples practice outdoors.
On the corner of the park is a large billboard with a Picture of Deng Xiao Peng, the “father of Shenzhen”. It was he who came up with the idea of raising Shenzhen / Baoan from a fishing village to a global scale metropolis, and Chinese visitors to Shenzhen wouldn’t want to miss a chance to be pictured in front of the late Chairman.
Citizens’ Center
Shenzhen’s city government decided to relocate the Central Business District west, out of the original city center (Luohu) and into brand new, spaciously planned zones in Futian District. Part of this project is the Shimin Zhongxin / Citizens’ Center: a huge government building with an iconic “bird shape” roof. Not much to do or see inside, but it’s worth taking a taxi around this whole area, especially at night time, to see all the shiny new skyscrapers. The newly developed area around the Citizen’s Center also includes the Children’s Palace amusement center and exemplary New Shenzhen Library. About half a mile south is the New Exhibition Center / Huizhan Zhongxin, which is, in typical Shenzhen style, impressive just because it is huge.
Visiting Shenzhen
If you are in Hong Kong it’s an easy day trip to Shenzhen, crossing the border at Luohu (KCR to Lowu) or Huanggang (Bus to Lok Ma Chau) – both of which are less than an hour from HK Central.
If you are leaving Mainland China e. g. from Guangzhou or from Shanghai through to HK, we hope you’re open minded about Shenzhen to carve out an extra whole day to stop off and explore the city.
Article Source:Hong Kong Shenzhen Online
TAKEOVERS
CONCEPTULISING THEIR WORKING AND REGULATORY REGIMES AROUND THE WORLD AND THEIR RELEVANCE WITH REFERENCE TO THE PRESENT CONTEXT WITH REFERENCE TO INDIA
- Suneera Nerissa MadhokINTRODUCTIONSince the initiation of the liberalization and globalization policies in India in July 1991, an attempt is definitely being made by our policy makers to recast the institutional, organizational and legal arrangements in line with those practiced in the established market economies. In view of exploring the changing institutional framework in the context of economic reforms, the objective of this paper is to examine the recent scenario in the private corporate sector in India and to evaluate the position of corporate control mechanisms in relation to takeovers in India and other parts of the world. In the course of analysis, the article reviews the various corporate policies adopted or recommended in different countries over time and raises certain related issues pertaining to and in contrast with the situation in international markets and the international regulatory regime that might throw light on the on-going process of designing of an appropriate regulatory framework for India in the post-liberalization regime. SECTION ONE – THE CONTEXTUntil a couple of year’s back, the news that Indian companies having acquired American-European entities was very rare. However, this scenario has taken a sudden U-turn. The recent upsurge in the Indian markets, inflow of funds and the greater “India Story” has seen Indian companies both big and small going “shopping”- shopping for bigger fish in the global ocean. Indian companies are scouring the world for the best buys. But the most glaring point to take note of is that it is not only the bigger companies with deep pockets alone who are on the prowl. Medium-sized companies, many of which are relatively unknown, are venturing into forays to acquire global status by acquiring companies in the United States, Europe and South-east Asia. Buoyant Indian Economy, extra cash with Indian corporate, Government policies and newly found dynamism in Indian businessmen have all contributed to this new acquisition trend. The trend which started with the Information Technology companies and Information Technology Enabled Services has now spread to the pharmaceuticals, automobile, chemicals, health-care, gems and jewelry and heavy industries sectors, to name a few. SECTION TWO – SOME BASIC CONCEPTS AND LOGISTICS OF A TAKEOVEROn account of globalization and growing cross-borders trade and liberal trade policies including free trade zones and international investment incentives and policy framework in both the developed and developing economic markets, there has been an upsurge in growth and expansion of corporate bodies world over. Takeovers have been effective machinery for balancing global economics and prompt the aforementioned phenomenon. Broad Concept and Meaning of a TakeoverThe term “takeover” implies the acquisition of control of shares in one company by another company or persons or group of related companies or persons. A company is said to be taken over when the acquiring company or the person is able to nominate the majority of members on the board of directors of the company being acquired, on account of the voting power they command at the shareholders meeting . M. A. Weinberg, one of the pioneers in treatising the law in practice relating to takeovers, has defined a takeover as:“a transaction or a series of transactions whereby a person (individual, group of individuals or company), acquires control over the assets of a company, either directly by becoming the owner of those assets or indirectly by obtaining control of the management of the company. Where shares are closely held (that is by a small number of persons), a takeover will generally be effected by agreement with the holders of the majority of the share capital of the company being acquired. Where the share are held by the public generally, the takeover may be effected (i) by agreement between the acquirer and the controllers of the acquired company, (ii) by purchase of shares on the stock exchange, or (iii) by means of a ‘takeover-bid’. ” Thus, technically a takeover in business refers to one company (the acquirer, or bidder) purchasing another (the target company). When a bidder makes an offer for another, it will usually inform the board of the target beforehand. If the board feels that the value that the shareholders will get will be greatest by accepting the offer, it will recommend the bid. Otherwise it will reject it. And if the board rejects, the bid will become “hostile”. If the bidder makes the offer without informing the board beforehand, the offer is also considered hostile. If the price offered is high enough, shareholders may vote to accept the offer even if management resists converting this hostile bid into a success . Before proceeding any further, it is pertinent to broadly examine the kinds of takeovers. Takeovers – Kinds and Methods:Takeovers may be broadly classified into three kinds:i. Friendly Takeover: A friendly takeover is with the consent of the target company. In a friendly takeover, there is an agreement between the management of two companies through negotiations and the takeover bid may be with the consent of majority or all shareholders of the target company. Ideally a friendly takeover is a result of negotiations between two groups. Therefore, it is often called negotiated takeover. ii. Hostile Takeover: When an acquirer company does not offer the target company the proposal to acquire its undertaking but silently and unilaterally pursues efforts to gain control against the wishes of existing management, such acts of acquirer are known as ‘hostile takeover’. Such takeovers are hostile on the management and are thus called hostile takeover. The main consequence of a bid being considered hostile is practical rather than legal. If the board of the target co-operates, the bidder will be able to conduct extensive due diligence into the affairs of the target company. It will be able to find out exactly what it is taking on before it makes a commitment. A hostile bidder will know only the information on the company that is publicly available and will therefore be taking more of a risk. Banks are also less willing to back hostile bids with the loans that are usually needed to finance the takeover. iii. Bail Out Takeover: A “Bail-out Takeover” implies takeover of a financially sick company by a profit earning company to bail out the former is known as bail out takeover. Such takeover normally takes place in pursuance to the scheme of rehabilitation approved by the financial institution or the scheduled bank, who have lent money to the sick company. The lead financial institutions, evaluates the bids received in respect of the purchase price track record of the acquirer and his financial position. This kind of takeover is done with the approval of the Financial Institutions and banks. Modes of Takeovers :i. Staged Acquisition: Staged acquisition occurs in several stages with foreign investor initially acquiring only an equity stake, and gradually increasing their equity to 100%. Staged acquisitions allow continued involvement of previous owners where they are unwilling to sell outright, or favoured to maintain legitimacy with local consumers. The major drawbacks of this mode of takeovers are (i) shared control being a source of conflict and (ii) uncertainty over conditions of eventual full takeover. ii. Multiple Acquisition: This mode of acquisitions involves entry by acquiring several independent businesses, and subsequently integrating them. Through multiple acquisitions global players can build a nationwide strong market position in a traditionally fragmented market. iii. Indirect Acquisition: This is a mode of acquisition outside the focal market of a company that also owns an affiliate in the same emerging economy. The prime objective of the indirect acquisition may be outside the country. The affiliate may be a strategic asset motivating the acquisition, but this is rare. However, locally, the local affiliate may or may not fit with the existing local operations. iv. Brownfield Acquisition: A Brownfield acquisition is one in which the foreign investor subsequently invests more resources in the operation, such that it almost resembles a Greenfield project. Brownfield acquisitions provide access to crucial local assets under control of local firms that are in many other ways not competitive. The main drawback of this form of an acquisition is that the post-acquisition investments may exceed the price originally paid for the acquired firm. Logistics of Takeovers:Takeovers are primarily strategic in the regard that they are thought to have secondary effects that permeate beyond the mere expansion of profitability. For instance, an acquiring company may decide to purchase a company that is profitable and has a superior distribution network in new areas which the acquiring company can utilize for its own products as well. Further, a target company might be attractive because it allows the acquiring company to enter a new market without having to take on the risk, time and expense of establishing a concern de novo. An acquiring company could decide to take over a competitor not only because the competitor is profitable, but also in order to eliminate competition in its field and make it easier, in the long term, to raise prices. Also, a takeover could be a vehicle to fulfill the corporate theory that the combined company can be more profitable than the two companies would be separately due to a reduction of redundant functions. The general notion in relation to takeovers is that large companies initiate takeovers in order to improve their revenues (sales to customers) without giving sufficient regard to profit, which generally takes a hit when a company is acquired because of all the associated costs. Moreover, a premium is always paid if the target company is financiallyhealthy and not already desperate to be taken over. Thus, takeovers are used as a means to achieve crucial growth and are becoming more and more accepted as a tool for implementing business strategy, whether they involve Indian companies wanting to expand or foreign companies wishing to acquire market share in India. Some of the other motivating factors behind takeovers are the desire to acquire a competency or capability, to enter into new markets or product segments, to enter into the Indian market generally, to gain access to funding resources, and to obtain tax benefits. SECTION THREE – REGULATORY REGIME IN INDIA AND AROUND THE WORLDCross border acquisitions, both friendly and hostile, are increasingly international. Yet, the legal regimes governing acquisitions differ significantly, even where the purposes of relevant statutes or regulations, for example, the protection of investors, are compatible. Further, securities laws frequently are given extraterritorial effect and therefore regulatory disparities can lead to conflict and confusion. Takeovers are dynamic corporate events and all the various permutations and combinations of the moves of the relevant parties and the resulting outcomes cannot be envisaged. For the market for corporate control to perform efficiently in the sense of effective utilization and management of corporate resources that will ensure improved performance of companies after the consolidations take place, it ought to take place within the orderly framework of regulations. It is important that such critical processes like substantial acquisition of shares and takeovers, which can significantly influence corporate growth and contribute to the wealth of the economy through rational allocation and optimal utilization of resources, take place within the orderly framework of regulations. The regulations have to be so devised that they outline the principle, which could be the guiding lights for the unexpected events that could crop up later. Experience in India and in the Western Countries reveals that there are several kinds of malpractices, which arise in the context of takeovers and require regulatory counter measures. In this relation it is pertinent to study the regulatory regime in India in contrast to the regulatory regime governing takeovers world over. A. INDIARegulations Governing Takeovers in India Prior to 1991:Although prior to 1991, takeovers were restricted under Indian law, in terms of industrial licensing laws and restrictive statutory provisions, takeovers, mergers and acquisitions were not unknown. In fact, business houses like the Goenka group, or the Manu Chhabria group grew largely through acquisitions; earlier on some business houses such as the Bangur group grew mainly by taking over erstwhile Anglo-Indian firms (Bagchi (1999: 58)) . Merger and acquisition activities continued to take place in the manufacturing sector in India during the 1980s. Since 1986 onwards, both friendly takeover bids on negotiated basis and a few hostile bids too, through hectic buying of equity shares of select companies from the stock market have been reported frequently . The policy regime in the 1990s has greatly liberalized the possibility of industrial restructuring and consolidation through mergers and takeovers by removing various restrictions. With the adoption of liberalization policies in 1991, the Government omitted the relevant sections and provisions from the Monopolies and Restrictive Trade Practices Act, 1969 (“MRTP Act”) involving pre-entry scrutiny, by the MRTP (Amendment Act), with effect from 27. 9. 91 . With this, the need for prior approval of the Central Government for merger and acquisition activities was abolished. The availability of flow of funds through global depository receipts (“GDRs”) and Euro-issues has reduced the problem of finance. This, together with the dismantling of the Foreign Exchange Regulation Act controls in 1991, has led to a rise in the number of mergers and takeovers, actual and proposed. Regulations Governing Takeovers Post Liberalization of the Indian Economy:The policy and regulatory framework governing takeovers evolved through the 1990s. In 1992, government created the SEBI with powers vested in it to regulate the Indian capital market and to protect investors’ interests. SEBI also took over the functions of the office of the Controller of Capital Issues (“CCI”). In November 1994, with a view to regulating the takeovers, SEBI promulgated the “Substantial Acquisition of Shares and Takeover Regulations”. The SEBI regulations on takeovers were modeled closely along the lines of the UK City Code of Takeovers and Mergers. The Indian regulations have borrowed substantial concepts from and procedures from the UK code, e. g. , the term “persons acting in concert”, the compulsory requirement of making a public offer on acquisition of a particular level of shares, the emphasis on following the spirit, rather than the letter, and so on. However, the essential difference is that the Indian takeover regulation is a law while the UK City Code is not . The 1994 Takeover Code was observed to be inadequate in handling the complexity of the situation. Hence, a committee chaired by Justice P. N. Bhagwati was appointed in November 1995 to review the 1994 Takeover Code. The committee’s report of 1996 formed the basis of a revised Takeover Code adopted by SEBI in February 1997. The revised Takeover Code provides for the acquirer to make a public offer for a minimum of 20% of the capital as soon as 10% ownership and management control has been acquired. The creeping acquisitions through stock market purchases over 2% over a year also attracted the provision of open offer. However, acquisitions by those owning more than 51% ownership do not attract the provisions of the code. The price of the public offer is to depend on the high/low price for the preceding 26 weeks or the price for preferential offers, if any. In order to ensure compliance of the public offers, the acquirers are required to deposit 50% of the value of offer in an escrow account. Furthermore, the acquirer has to disclose sources of funds. Some more amendments to the code were announced by the government in October 1998. These amendments include revision of the threshold limit for applicability of the code from 10% acquisition to 15%. The threshold limit of 2% per annum for creeping acquisitions was raised to 5% in a year. The 5% creeping acquisition limit has been made applicable even to those holding above 51%, but below 75% stock of a company. Current regulations, by making disclosures of substantial acquisitions mandatory, have sought to ensure that the equity of a firm does not covertly change hands between the acquirer and the promoters. Moreover, the right of the existing management to withhold transfer of shares under Section 22A of the SCRA, dealing with free tranferability and registration of listed securities of companies has been withdrawn in the recently introduced Depository Regulations Act, 1996, with effect from 20. 9. 1995. However, under Sections 250 and 409 of the Companies Act, target companies can shelter against raiders if the proposed transfer prejudicially affects the interests of the company. Buyback of shares has been recently introduced and the Takeover Code will not include companies that are planning offers under the buy-back norms. However, takeover defense mechanisms as poison pills for incumbent management as in US and UK are not allowed under the current regulations. The main objective of the regulations governing takeovers is to provide greater transparency in the acquisition of shares and the takeover of ownership and control of companies through a system based on disclosure of information. Instead of discovering that the management of the company one owns has covertly changed hands, resulting in huge gains for the promoter, a shareholder could now expect to be informed each time, and at what price a firm’s equity changed hands. Moreover, if the shareholder had less faith in the new owners, he could sell the shares without incurring a loss, since SEBI regulations stipulate that a buyer must make a public offer to buy shares at the same price at which the acquisition is made. The current regulations on takeovers in India seem to have taken a liberal view towards takeovers. Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation, 1997. As specified hereinabove, in India, the primary regulations governing takeovers is SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 , popularly known as the “Takeover Code. ” These regulations seek to regulate the whole process of acquisition and takeovers, based on principles of transparency, fairness and equal opportunity for all. The Takeover Code lays down the procedures governing any attempted takeover of a company whose shares are listed on one or more recognized stock exchanges in India. The regulations imperatively try and set up a structured disclosure mechanism to ensure greater transparency. Thus one of the most important aspects of the Takeover Code is that any acquirer of more than 5%, 10%, 14%, 54% or 74% of the shares or voting rights in a company has to disclose, at every stage, the aggregate of his or her shareholding or voting rights. The disclosure must be made to the company and to the stock exchanges where shares of the target company are listed . There are various other, continual disclosure obligations; for example, the acquirer also has to disclose to the company and the relevant stock exchanges any purchase aggregating two percent or more of the share capital of the target company within two days of such purchase and must also disclose what his or her aggregate shareholding will be after the acquisition. A failure to make such disclosure will incur a penalty of Rs. 250 million or three times the amount of profits resulting from such failure, whichever is greater . Moreover, before acquiring shares or voting rights that (together with the shares or voting rights held by persons acting in concert with the acquirer) would entitle the acquirer to exercise 15% or more of the voting rights of a company, the acquirer must make a public announcement that he or she will acquire, at a minimum, an additional 20% of the equity shares of the company . Interpretational Issues:Under the Regulations, an “acquirer” means any person who, directly or indirectly, acquires or agrees to acquire shares or voting rights in the target company, or acquires or agrees to acquire control over the target company, either by himself or with any person acting in concert with the acquirer;Further, a “person acting in concert” comprises, -(1) persons who, for a common objective or purpose of substantial acquisition of shares or voting rights or gaining control over the target company, pursuant to an agreement orunderstanding (formal or informal), directly or indirectly cooperate by acquiring or agreeing to acquire shares or voting rights in the target company or control over the target company,(2) without prejudice to the generality of this definition, the following persons will be deemed to be persons acting in concert with other persons in the same category, unless the contrary is established 
i) a company, its holding company, or subsidiary or such company or company under the same management either individually or together with each other;(ii) a company with any of its directors, or any person entrusted with the management of the funds of the company;(iii) directors of companies referred to in sub-clause (i) of clause (2) and their associates;(iv)… … … … . . These definitions have been examined by SAT in the case of Modipon Ltd. vs. SEBI & Ors where it was held that since the provisions of regulation 2(1)(e)(2) defining person acting in concert being a deeming provision, must be read in conjunction of regulation 2(1)(e)(i) which states that persons acting in concert comprises of persons who for a common objective or purpose of substantial acquisition of shares or voting rights or gaining control over the target company, pursuant to an agreement or understanding (formal or informal) directly or indirectly, co-operate by acquiring or agreeing to acquire shares or voting rights in the company or control over the target company. Further, the SAT observed that a promoter as such need not be an acquirer automatically. Any person, and shareholder including the promoter will become an acquirer or a person acting in concert with the acquirer, only if he falls within the definition of these expressions provided in regulation 2(b) and 2(e). It is the conduct of the party that decides the identity. A dormant promoter or a promoter simpliciter who neither acquires nor agrees to acquire shares or voting rights or control over the target company is not anacquirer and his shareholding in the target company cannot be considered as the shareholding of the acquirer warranting exclusion from the public shareholding. Similarly, if the characteristics of a person acting in concert stated in the definition are found missing in the case of a person, it may not be proper to consider him as aperson acting in concert with the acquirer. The Bombay High Court in the case of K. K. Modi vs. SAT has also clarified as to when a person can be said to be acting as person acting in concert. The relevant observations in the judgment are as under : “As the Tribunal has rightly pointed out, there is no hard and fast rule that a promoter must always be deemed to be an acquirer or a person acting in concert with the acquirer. On the facts, it may be held that a promoter shares the common objective or purpose of substantial acquisition of shares with the acquirer. It may well be that he may not share the said common objective or purpose. If he does, he shall be deemed to be a person acting in concert with the acquirer but if he does not, he cannot be deemed to be an acquirer merely because he happens to be a promoter. Regulation 2(1)(e)(2) also makes this clear. The persons named therein are deemed to be persons acting in concert with other persons in the same category, unless the contrary is established. It, therefore, follows that even though there is a presumption that the persons described therein maybe deemed to be persons acting in concert with the acquirer, the presumption is rebuttable, and therefore, in each case, the facts have to be examined to reach a conclusion as to whether a person is or is not acting in concert with the acquirer for the purpose of substantial acquisition of shares or voting rights or gaining control over the target company. He may do so by an express agreement or understanding, and the agreement or understanding may be proved decide to increase his shareholding in the company by substantial acquisition of shares or voting rights in the company. The mere fact that one of the promoters of the company wishes to do so, is no reason to hold that the other promoters also necessarily share his objective or purpose. The other promoters may, in fact, be opposed to the acquirer acquiring further shares in the target company, and if they fail to prevent the acquirer from doing so, they may be inclined to dispose of the shares held by them. In such a situation, it cannot be said that the other promoters share the common objective or purpose of the acquirer. ” (emphasis supplied). In Phiroze Sethna Pvt. Ltd. v. SEBI the SAT has held that the term ‘acquirer’ covers not only completed acquisition but also agreement to acquire. Persons acting in concert are those who co-operate in different ways with the acquirer so that he achieves his objective of acquiring shares or voting rights or control of the target company. The facts of each case determine whether a person is or is not acting in concert with the acquirer. Their actions are the determining factor. It must be shown that they are acting in concert with the acquirer. In the same case SAT interpreted Regulation in the following terms:“It is clear from a perusal of Regulation 11(1) that for this clause to be triggered a) the acquirer should have made acquisition of shares or voting rights in the target company during earlier financial years to the extent of more than 15% but less than 75%;(b) the acquisition of additional shares or voting rights that triggers Regulation 11(1) during the relevant financial year should provide the acquirer more than 5% of voting rights;(c) the same acquirer should be involved, in the acquisitions of both the initial shares as well as additional shares; and(d) such acquisitions should be either by the acquirer himself or with the persons acting in concert with him. It is important that the identity of the acquirer and the persons acting in concert with him is clear to all. There should not be any ambiguity about the identity of such persons as they carry certain duties and obligations. ”In Hardy Oil Pvt. Ltd. v. SEBI the SAT observed that a plain reading of Regulation 10 makes it abundantly clear that no acquirer shall acquire 15% or more shares or voting rights in a company unless he makes a public announcement to acquire shares of such company in accordance with the Regulations. The word “unless” in the opinion of the tribunal, only mandates that as and when the Regulations get triggered or become applicable, the acquirer has to make a public announcement to acquire shares of the target company in accordance with the Regulations. It does not mean that a public offer has to be made before the acquisition. The Regulations only impose an obligation on the acquirer to make a public announcement if he/it acquires the requisite percentage of shares. The word unless may have different connotations and in each case the context in which it is used will have to be looked into to find out the correct meaning. In some circumstances, the word unless may mean a condition precedent but it need not necessarily be so in every case. Having regard to the context in which it is used in Regulation 10, the tribunal were clearly of the view that it makes the acquisition conditional upon a public announcement being made and it does not mean that the public announcement has to be made before the acquisition. Such public announcement could be made before or after the acquisition. One of the meanings assigned to the word ‘unless’ in Black’s Law Dictionary (6th edition) is “a conditional promise” meaning thereby that the condition has to be met irrespective of the time frame in which the promise is to be fulfilled. Further, SAT held that if making of a public announcement was a condition precedent as contended on behalf of the appellant, then the Regulation would have read “unless such acquirer has made a public announcement” instead of “unless such acquirer makes a public announcement”. Use of the word ‘makes’ merely signifies the mandatory nature of the public announcement which could be made before or after the acquisition. Regulation 10 does not prescribe the time frame within which such an announcement is to be made. The time schedule for making such an announcement is prescribed by Regulation 14. Clause (1) of Regulation 14 provides that the public announcement referred to in Regulation 10 shall be made not later than 4 working days of entering into an agreement for acquisition of shares or voting rights. Regulation 14(1) does not refer to the date of acquisition. It only refers to the date of entering into the agreement for acquiring shares. Shares could be acquired within four days of entering into the agreement or thereafter and the period of four days for making the public announcement shall start running from the date of the agreement. It is possible that an agreement to acquire shares may be entered into today and the shares are acquired the following day. The acquirer would still have three more working days to make the public announcement because the period of four days is to start from the date of the agreement and not from the date of acquisition. It is, therefore, wrong to contend that the public announcement must always precede the acquisition of shares. Furthermore, it was observed that the explanation to Regulation 11 makes it clear that the acquisition referred to in Regulation 10 and 11 would include both direct and indirect acquisitions. If one read Regulation 14(1) in isolation it would cover both direct as well as indirect acquisition but when this clause is read along with clause (4) thereof it leaves no room for doubt that Regulation 14(1) deals only with direct acquisitions and Regulation 14(4) deals with all indirect acquisitions. The language of clause (4) of Regulation 14 is clear and it provides that in the case of indirect acquisition, a public announcement shall be made by the acquirer within 3 months of consummation of such acquisition. In the landmark case of In Re: Sterling Investment Corporation Private Limited; In Re: Shapoorji Pallonji and Company Limited; In Re: Cyrus Investments Limited the tribunal held that the acquirers plea that the violation of Regulation 10 and/or Regulation 12 was technical in nature in view of the difficulties of interpretation of the Regulations and due to a bonafide belief that they were not required to make a public offer for the shares acquired and also their contention that they had not acted deliberately in defiance of law or in conscious disregard of their obligations and had not made any gain or unfair advantage nor had they caused any loss to any one, and the default, if any, was not of a repetitive nature and thus there was no “mens rea” on their part and hence having regard to the fact that they had not committed any default in the past, no proceedings ought to have been initiated against them, would not stand good in law, since the words of Regulation 10 would not attract any contrary interpretation as inferred by the acquirers in this case. Case Studies:i. Luxottica v. SEBI:In April 1999, in a global acquisition, the Luxottica group of Italy acquired the sun-glass business of Bausch & Lomb, US, for $ 640 million. As Bausch & Lomb, US, had a 44% in Bausch & Lomb India through B&L South Asia Holdings, the control of the Indian subsidiary passed into the hands of Luxottica upon the takeover. The Luxottica group also appointed its nominees on the board of B&L India and later rechristened it as Ray Ban Sun Optics India. The board was reconstituted in October 2000. B&L India was incorporated by Montari Industries and Bausch & Lomb in 1990 to manufacturer and market soft contact lenses, eye-care solutions, frames and sunglasses. Despite a change in management control in B&L India, Luxottica failed to make the 20% mandatory open offer to shareholders. In its reply to a show-cause notice from Sebi, Luxottica clarified that there was no question of violation as the deal was not an acquisition but only a merger under rule 31 (j)(2) of the Takeover Code. In a complaint filed with SEBI last year, small shareholders alleged that the acquisition of shares by Luxottica attracts the provisions of regulations 10, 11 and 12 of the code. In January 2002, SEBI started investigation into the matter and issued a notice to Luxottica SPA of Italy for a hearing to ascertain whether there was any violation of the takeover code following its indirect acquisition of Bausch & Lomb India. In August 2002, SEBI came out with a ruling that Luxottica had violated regulation 10 and 12 of the Takeover Code and directed Luxottica to make a 20% open offer for RayBan by taking 28 April 1999 (the date of global acquisition) as the reference date. It asked the Italian company to make a public announcement within 45 days of the order and also pay a 15% interest to shareholders from April 1999 till the date of actual payment of consideration. On 29 October 2003, Luxoticca Group SPA and Rayban Indian Holdings announced an open offer to acquire 20% equity of Rayban Sun Optics India at Rs 104. 3 per share. This apart, shareholders are also eligible to receive 15% interest of Rs 70. 68 per share. As per an order dated 29 August 2003, the interest would be paid only to shareholders holding shares on the day of the acquisition of 28 April 1999. However, on 18 November 2003, the Supreme Court (SC) stayed the SAT order dated 29 August 2003 concerning Luxottica SPA’s open offer for shares of RayBan Sun Optics. Earlier, Luxottica had filed an appeal with the apex court on 12 September 2003 under Section 15Z of the SEBI Act against the judgment and the final order dated 29 August 2003 passed by SAT. In the mean time, SEBI has also filed its counter appeal before SC against the SAT order, which primarily relates to shareholders’ eligibility to receive interest. ii. Technip SA vs. SMS Holdings Pvt. Ltd In the above matter, eight appeals were heard together on the issue of application of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 to the control of South East Asia Marine Engineering and Constructions Ltd. (SEAMEC) acquired by Technip through Coflexip without making public announcement. SEBI had directed Technip to make a public announcement and also to pay interest @ 15 per cent per annum to the shareholders for the delayed public announcement. In appeal, SAT had held that the applicable law to the question as to when control of SEAMEC has been taken over by Technip was the Indian law. The view of SEBI was that the applicable law for determining the date on which Technip acquired control over Coflexip would be the French Law. In the appeal filed by Technip before the Supreme Court, it was urged that the applicable law was French law since Technip and Coflexip were both registered in France and the takeover of Coflexip by Technip also took place in France. Hon’ble Supreme Court was pleased to uphold SEBI’s order and set aside the order passed by SAT. Hon’ble Supreme Court was pleased to observe that for the purpose of determining Technip obligation under the Takeover Code, SAT should have addressed itself as SEBI had done to the question whether ISIS and Technip were acting in concert to obtaincontrol over the target company i. e. , SEAMEC. iii. Swedish Match Singapore Case:Swedish Match Singapore agreed to acquire majority shareholding in Haravon and Seed subsequent to 17th December, 1997 wherefor the public offer was made. SMS comprising of Haravon and Seed had 28. 28 per cent and 10. 33 per cent whereas Jatia Group comprising of AVP and Plash had 5 per cent and 15 per cent respectively whereas public / others had 41. 39 per cent shares. In concert with each other the two Groups acquired shares from public. On or about 25th August, 1999 by acquiring preferential shares the Swedish Match Group obtained 52. 11 per cent and Jatia Group obtained 24. 11 per cent as a result whereof in Wimco the shares held by public/others came down to 23. 78 per cent. Both Swedish Group and Jatia Group were exercising the joint control. By reason of Jatia Group obtaining out of the joint control by transfer of shares in favour of Swedish Match Singapore, a subsidiary of Swedish Match AB (apart of Swedish Match Group) obtained 74 per cent of shares whereas shares i. e. Haravon – 46. 18 per cent, Seed – 5. 93 per cent and SMS – 21. 89 per cent. Thus, the extent of shares of Jatia Group came down to 2. 22 per cent. Jatia Group sold their shares to public as a result whereof shares of public became 23. 78 per cent. S. M. S. is a subsidiary of the Singapore Match Group. The Swedish Match is the holding company being the owner of the 100 per cent shares of SMS. It stands categorically admitted by the Appellants herein that acquisition of shares from Jatia Group in favour of SMS was done by the Swedish company as a group and not as an individual company. Factually, therefore, it is not correct to contend although in its notice dated 28-1-2002. SEBI had given indication thereof, that SMS had acquired 21. 89 per cent shares of its own. Even if SMS had done so, Regulation 10 would apply as no public announcement was made therefor. SMS was a part of the Swedish Match Group and they acquired 21. 89 per cent shares from Jatia Group. On or about 25th August, 1999, indisputably, Swedish Group and Jatia Group acted in concert with each other. By reason of acquisition made in September, 2000, Swedish Group, as acquirer, together with Jatia Group, had acquired more than 15 per cent but less than 75 per cent of shares. Any of those acquirers whether Swedish Match Group or Jatia Group, therefore was prohibited from acquiring by itself any additional share entitling it to exercise more than 5 per cent of the voting rights. The SAT held that Regulation 11 does not brook any other interpretation. If additional shares are acquired entitling an acquirer to exercise more than 5 per cent of the voting rights, the statutory embargo to the effect that the acquirer (in this case Swedish Match Group) must make a public announcement to acquire shares in accordance with the Regulation comes into operation. If such a meaning is not assigned, the disjunctive clauses contained in the expressions “either by himself or through or with person acting in concert with him”, may not carry a true and effective meaning. Critical Evaluation of the Regulations:There are a number of problem areas that needs immediate attention of the regulators to make the Code more meaningful in the interest of investors at large. Certain exemptions such as preferential offers and stake transfer to co-promoters have been misused by the incumbent managements and should be brought under the purview of the Code. The terms such as ‘change in control’, ‘persons acting in concert’ and promoters need to be clearly defined. Another area of concern for small investors is the provision relating to open offers mainly its size and pricing. There is an absence of simple and transparent regulations and a high degree of ad-hocism and confusion on how the changes in ownership stake at the global level affect the application of the Code. The present creeping acquisition limit of as high as 10 per cent hardly leaves any room for raiders to put the inefficient managements on their toes and should be reduced. However, special provisions should be made for professionally managed companies without any identified promoter group to protect them from hostile takeovers. SEBI should also provide for better disclosure norms governing corporate M&As. The role of financial institutions in the case of a takeover should be well defined. The provisions for bailout takeovers should not limit competition and bring maximum benefits to financially weak companies thereby benefiting the economy. The issue of disinvestment of PSUs needs to be elaborately addressed in the Code. Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000 :Under the Foreign Exchange Management (Transfer and Issue of Security by a Person Resident Outside India) Regulations, 2000, any acquisition of shares of an Indian company by a nonresident must comply with the foreign-exchange laws. Such an acquisition may be by way of subscribing to new shares or acquiring existing shares. Foreign investments in sectors or activities subject to the RBI’s automatic route do not require any prior approval of the FIPB. Under India’s present FDI policy, any sale of shares from a resident to a nonresident (and vice versa) is permitted under the RBI’s automatic route, provided certain conditions (inter alia, those relating to pricing) are complied with. B. UNITED STATES OF AMERICAIn the United States most large corporations are publicly owned and federal law protects investors primarily through mandated disclosure in capital raising and change of control transactions, and the prohibition of fraud and manipulation in the public securities markets . Tender offers are regulated by the SEC pursuant to the Williams Act , which amended the Securities Exchange Act of 1934 (“Exchange Act”) in 1968. The Williams Act was sought to effectively remedy block purchases and large rapid accumulations, which could result in changes in corporate control, were taking place secretly . The Williams Act generally deals with the disclosure obligations of bidders and was intended to equalize the protection of investors in takeover contests . The Williams Act also gives investors equal or fair rights to participate in the public tender offer. Any person who acquires a beneficial interest of five percent or more of any class of equity security subject to the annual and periodic reporting provisions of the Exchange Act (essentially, the common stock of all publicly traded issuers) must file a statement of ownership with the SEC within ten days after such acquisition . Further, the filing must state the purchaser’s future intentions with regard to the target company; that is, whether the purchaser intends to make a tender offer or engage in some other control transaction . A bidder must commence an offer within five days of a public announcement of an offer that includes the price and number of securities sought . The Williams Act and implementing SEC regulations also address certain substantive or procedural aspects of tender offers. These include making tendered shares withdrawable for a specified period of time, requiring pro rata acceptance when an offer for less than one hundred percent of shares is made, requiring that tender offers be made to all security holders, and that all offerees be paid the same price . In addition, § 14(e) of the Exchange Act contains a general tender offer antifraud provision prohibiting the use of all fraudulent, deceptive, and manipulative acts and practices in connection with a tender offer and gives the SEC authority to define, and prescribe means reasonably designed to prevent, such acts and practices as are fraudulent, deceptive, or manipulative. Pursuant to such authority, the SEC adopted Rule 14e-3 , which, among other things, prohibits anyone in the possession of insider information about an unannounced tender offer from trading on such information. The Williams Act generally facilitates tender offers, but corporate governance in the United States is left to state law. Further, corporate fiduciary duty regulation under state law is not, as a general matter, preempted by the Williams Act, so the SEC does not regulate the defenses available to a bidder . In Schreiber v. Burlington Northern, Inc. , it was argued that a renegotiation by a target company of the terms of a tender offer breached the company’s fiduciary duty to its shareholders, was manipulative, and violated the antifraud provisions of the Williams Act . The United States Supreme Court rejected this argument, however, holding that the Williams Act dealt with disclosure, not unfairness in the takeover context. As a matter of state law, although directors are obliged to exercise due care and loyalty , and must obtain the highest price once a company is on the auction block , they have considerable latitude in resisting a takeover bid . Further, state statutory law can be quite protective of directors attempting to block an unwelcome bidder . C. UNITED KINGDOMi. The City Code on Takeovers and Mergers:The rules of engagement for any proposal to obtain control of a U. K. public company are set out in the City Code on Takeovers and Mergers (“Code” or “Blue Book”). The Code is administered by the Panel on Takeovers and Mergers (“Panel”). It is a developing body of general principles, rules and guidance notes published and amended from time to time by the Panel. The Code is supplemented by general and case-specific rulings issued by the Panel. There is also a wealth of non-published guidance that has precedential significance. This considerable body of materials represents the accumulation of over 35 years of Panel regulation of public takeovers in the U. K. The Panel asserts authority only in relation to change of control transactions where the target is either a U. K. public company (whether or not or wherever listed) or its equity securities have been traded during the last 10 years and in either case the company has some substantial administrative connection with the British Isles (U. K. , Channel Islands and Isle of Man). The Panel has traditionally refused to accept jurisdiction merely because the target is U. K. incorporated; its concern is to regulate transactions only where the target is clearly within its control range although the scope of Code application will change upon introduction of the measures designed to implement the European Takeover Directive due in 2006. For similar control-related reasons, although not prescribed in the Code, the Panel invariably insists that an overseas bidder be represented by a U. K. regulated adviser in order that it can exercise effective jurisdiction over a participant on the bidder side. The Code is not intended to be subjected to detailed legal interpretation and is not static. It must be applied according to particular circumstances consistent with the general principles. The most important principles of the Code are:• equality of information to all bidders and all shareholders;• an offer should only be announced if the bidder is able to implement it in full (this includes a requirement to be fully financed from the outset);• during an offer period or when one is in contemplation no action can be taken by the board of the target out of the ordinary course that could frustrate any bona fide offer;• all documentation should be prepared with the highest standards of care and accuracy;• all parties must endeavour to prevent the creation of a false market; this particularly relates to indications of bid intentions; and• all shareholders (of the same class) must be treated equally. The Panel encourages consultation and is prepared to exercise discretion when applying the Code and when developing or adjusting its provisions. Consultation is discrete and generally highly interactive and rapid. Often described as a consensus driven, non legal structure, the Code and the authority of the Panel to enforce it is in effect secured by operation of the financial services regime. In particular, regulated entitles such as financial advisers are vulnerable if they allow a client to breach the Code. Furthermore, breach of the Code will have negative implications when interpreting the market abuse provisions in the Financial Services and Markets Act 2000 (“FSMA”). Further, breach of the Code or cocking a snoop at the Panel may at the least draw a public criticism, the broad implications of which are uncertain, or result in the London market “cold-shouldering’ those in breach the Code and who refuse to be bound by Panel determinations. Finally, implementation of the European Takeover Directive will place the current structure on a statutory footing by mid 2006, which expected broadly to replicate much of the existing requirements there will be some detailed alterations to the bid process. The relationship with the Panel as statutory regulator is also likely to change over time. ii. Other Laws:Although there is no comprehensive legislation dealing with offer process, a miscellany of laws and regulations may be applicable, the key ones being as described below. Provisions of the Criminal Justice Act 1993 regulate insider dealing while the FSMA imposes market abuse rules that affect any publication or activity that could have market implications. The Companies Bill received the Royal Assent and became the Companies Act 2006 (the 2006 Act) on November 8, 2006 . The 2006 Act consolidates all previous companies legislation and will replace (with a very few minor exceptions) the Companies Act 1985 in its entirety. The provisions on shareholder communication, and in particular the electronic communications provisions, were brought into force in January 2007, at the same time as the provisions implementing the EU Takeovers Directive and the EU Transparency Directive. The remainder of the 2006 Act will be brought into force by October 2008 . The 2006 Act’s impact on the rules on financial assistance and directors’ duties are of particular interest with regard to takeovers. Financial Assistance: The 2006 Act abolishes the prohibition on the giving of financial assistance by private companies and their subsidiaries for the purpose of acquiring shares in that company. In accordance with the Second Company Law Directive (77/91/EEC) , the prohibition on giving financial assistance will be retained for public companies under the 2006 Act . [FN102] The new rules on financial assistance have been broadly welcomed. An EU Directive amending the Second Company Law Directive was formally adopted and published this year . The new Directive states that public companies will be able to provide financial assistance if certain conditions are met . Directors’ Duties: The 2006 Act codifies the common law and equitable principles that presently govern the duties owed by directors to their companies. While some of the seven codified duties set out in the 2006 Act are relatively uncontroversial, others have been criticized. Although the 2006 Act provides that the new statutory duties shall have effect in place of directors’ common law and equitable duties, regard must be had to the common law and equitable rules and principles in interpreting and applying the statutory duties. The EU Takeovers Directive was implemented in the United Kingdom on May 20, 2006 . The implementation of the Takeovers Directive has led to some substantive changes to the current regulatory system in the United Kingdom. The regulations place the Panel on Takeovers and Mergers on a statutory footing for the first time, giving the Panel powers to make rules on takeovers, introduce a new criminal offence for breach of the takeover documentation requirements, and make changes to the squeeze-out procedures on bids . D. AUSTRALIAOwing to a number of scandals in the securities markets of Australia in the 1980s, it now has an extensive scheme of takeover regulation. It is embodied in a federal law which is implemented by each state adopting the federal legislation; this serves as a means of assuring uniformity among states . A National Companies and Securities Commission (NCSC) has authority to monitor trading in target company securities, and to administer the takeover legislation. Prescribed information must be set forth in tender offer materials, which must be registered with the NCSC and served on the target company and appropriate securities exchange before it can be used and before a tender offer can commence . The target company then must prepare and file with the NCSC a statement containing its recommendation and prescribed information, including unpublicized changes, if any, in its financial condition . Both the bidder’s materials and the target company’s materials must be transmitted to the shareholders . There are special procedures if the takeover is to be effectuated by purchases on a stock exchange . There are also detailed substantive provisions governing, among other things, the period the offer remains open, conditions to the offer, market purchases, and best price requirement . If specified percentages are acquired, then the bidder can compel the remaining shareholders to sell on the same terms , and, if the bidder acquires ninety percent, the remaining shareholders that did not tender can compel the bidder to buy their shares on the same terms, which they previously refused . SECTION FOUR – THE PRESENT SCENARIO AND RECENT SIGNIFICANT TAKEOVERS IN INDIARecently, India has made a number of high profile, multi billion dollar acquisition in Europe and North America. In early 2007, Tata Steel acquired the Anglo- Dutch Steelmaker Corus and the Indian aluminium firm Hindalco acquired its U. S- Canadian rival, Novelis. India’s auto industries are also making their global presence felt. Tata motors have already acquired the South Korean firm Daewoo’s truck making unit and is not expanding itself in Latin America in partnership with Italy’s Fiat. Another company Mahindra and Mahindra, India’s largest tractor and utility vehicle maker is already selling tractors in Texas and is believed to acquire a gearbox company in Italy. Also, Indian Pharmaceutical firms have embarked on an aggressive global expansion. Last year Ranbaxy made a number of Acquisitions in Europe, United States and Africa and is now eyeing Germany’s Merk Generics. Likewise Hyderabad based Dr. Reddy’s Laboratories has already acquired the German drug maker Betapharm. Moreover, Sun Pharmaceuticals, India’s most valuable drug maker is buying Israel’s Taro Pharmaceutical Industries. The study of FICCI on India’s Inc Acquisition abroad points out eight different strategic reasons as to why are Indian companies acquiring entities globally. HUTCH – VODAFONE:Hutchison Telecommunication International Limited (HTIL) is a leading global provider of telecommunication services. It offers services in Hong Kong and operates or is rolling out mobile telecommunication services in Macau, India, Israel, Thailand, Sri Lanka, Ghana, Indonesia and Vietnam. “HTIL” is a listed company with American Depositary Shares quoted on the New York Stock Exchange and Shares listed on the Stock Exchange of Hong Kong. Recently HTIL decided to exist Indian market and thereby sold its entire holdings in Hutch Essar Limited (HEL) to Vodafone International Holding B. V a subsidiary of Vodafone Group Plc. HTIL held 52 per cent of HEL directly, another 15 was held by Asim Ghosh, Hutchison Essar managing director and Analjit Singh, chairman of Health care group Max India and the remaining 33 per cent was held by Essar Group, an Indian conglomerate but two-thirds of its stake is in turn controlled through an offshore company for tax reasons, classifying it as foreign. HTIL thereafter entered into a Contractual settlement agreement with the Essar Group, under which the Essar Group announced proposed disposal of its interest in Hutchison Essar Limited for a cash consideration of approx US$11. 1 Billion. The controversy which arose was 15% stake belonging to local partners were held indirectly by HTIL and that HTIL through a complex shareholding arrangement, has violated an Indian law that limits foreign direct investment in domestic Telecom Operators to 74 per cent. Vodafone thereby filed an application with “Foreign Investment Promotion Board” (FIPB) with regard to its foreign direct investment. FIPB gave its approval stating the Vodafone’s holding in the joint venture with Essar is 52% and did not include 15% held by local partner. However, FIPB was of the opinion minority shareholders in the new venture can only sell their stakes to Indian residents. MITTAL – ARCELOR: Mittal Steel, owned by L N Mittal & family, has its headquarters in London and Rotterdam. It has plants in 14 countries spread across Europe, Asia, North America and Africa. Its first acquisition took place in 1989. Arcelor was founded in 20 02 by merger of Abred of Luxembourg, Arcelia of Spain and Usinor of France. Its turnover is valued at 033 billion. Its plants, joint ventures and subsidiaries are spread across 60 countries. In the year 2006, Mittal Steel made an offer to acquire Arcelor. Its original offer to Arcelor was for 017. 5 billion. In May it increased the offer to 024 billion and the final offer was 026. 9 billion. Mittal’s final offer was accepted. Mittal paid 040. 37 a share for Arcelor nearly double the price, it was trading before the first bid was made. When Mittal made first bid, Arcelor rejected it with vengeance. It recommended to shareholders not to sell shares to Mittal as the two companies did not share the same strategic vision, business model and values. A couple of European governments did not like the idea of an Indian taking over an European company. The French foreign minister felt it would affect 28,000 jobs and that the bid was ill-prepared and hostile. However, Mittal Steel said jobs would be safeguarded. Arcelor took the matter to regulators to thwart the takeover. But the regulators did not find any anti-trust provisions being violated and asked Arcelor not to issue shares to anyone without investors’ explicit consent. To begin with, Arcelor refused to meet Mittal until a string of demands were met and simultaneously arranged a 013 billion deal with Severstal of Russia to keep Mittal away. As shareholders wrath grew over the Severstal agreement and pressures from other quarters increased, Arcelor accepted Mittal’s final bid. Arcelor had to pay 0130 million as a fine to Severstal for breaching the contract. Ultimately, L N Mittal succeeded in acquiring Arcelor. Now the combined capacity of Arcelor Mittal is 109. 7 million tonnes. TATA-CORUS:The London-based Corus Group was one of the world’s largest producers of steel and aluminum. Corus was formed in 1999 following the merger of Dutch group Koninklijke Hoogovens N. V. with the UK’s British Steel Plc. Tata Steel is the India’s largest private sector steel company. Tata Sons is the promoters of the Tata Steel with approximately 23. 8% of share capital of Tata Steel. Tata steel was in look out of various acquisition opportunities including the Corus Group. Soon Tata steel started the discussions with the Board and Management of the Corus Group and made a non-binding offer to acquire 100% equity in Corus Group at 455 pence per share. Tata Steel UK, a UK resident wholly-owned indirect subsidiary of Tata Steel, was formed just for the purpose of making the Acquisition. Corus Group received competiting offers from both Tata Steel U. K and CSN Acquisition Limited. Thereby the Panel on Takeovers and Mergers announced the last day for each Tata and CSN to announce revised offers for the company shall be 30th January 2007. The final revised offer announced by Tata Steel was at price 608 pence in cash per Corus Share. However the final revised offer announced by CSN Acquisition was at price 603 pence in cash per share. The Corus directors consider the terms of the Final Tata Offer to be fair and reasonable, so far as Corus Shareholders are concerned. Given that the price of the Final Tata Offer is five pence above that of the Final CSN Offer, the Corus Directors believe that the Final Tata Offer represents the best value for Corus Shareholders. At the Court meeting and Extra-ordinary meeting shareholders approved the Scheme of arrangement between the Corus Group and Tata Steel U. K by the requisite majority. Thereby Corus announced to implement the recommended offer by Tata Steel UK Limited.
Article Source:Hong Kong Shenzhen Online
Giordano, International Limited is a Hong Kong retailer of men’s, women’s and children’s quality apparel founded in 1981 by Jimmy Lai. Giordano has become a pioneer of customer service in the Asia-Pacific region and, as of January 2008, currently employs more than 11,000 people and operates 1800 stores worldwide in 40 countries. liquidation closeoutsAs of 1996, Jimmy Lai no longer owns the company and its current Chairman and CEO is Peter Lau Kwok Kwen, a Chinese-Canadian. Although based in Bermuda the company’s principal global operations run out of Hong Kong[19]. The company is Asia-Pacific’s most successful retailer and sells its name under the brands of “Giordano”, “Giordano Concepts”, “Giordano Junior” and “Giordano Ladies”[20][21]. Giordano has been publicly listed since 1991 and since then trades on the Hong Kong stock exchange under the ticker symbol 709. HK[22]. Giordano’s success is measured by the company’s relentless focus on its five corporate business values of quality, knowledge, innovation, simplicity and service[23]. The company has its own apparel manufacturing division where many of its own clothing styles are produced[24]. Giordano is also renowned for its basic and practical men’s, women’s, and children’s T-shirts and trousers, especially denims. In comparison, Giordano is very similar to the American based retailer The Gap. Lai Chee Ying, Jimmy Lai in English, was born into poverty in mainland China’s Guandong Province in 1948. At the age of 12 Lai was smuggled by his family into Hong Kong which at the time was still under British colonial control. Through relatives Lai easily managed to ascertain work at a local textile factory and by the age of twenty had succeeded in becoming the company’s General Manager. With his first end of year bonus of $1000 dollars, along with all his life savings, Lai decided to trade on the Hong Kong stock exchange. The gamble, although risky proved fortuitous and Lai turned his measly original $3000 investment into approximately $40,000 dollars. With that money Lai bought out the owners of the bankrupt garment company of Comitex in 1975 and began manufacturing sweaters. The company was an overnight success and had exports to major American retail brands of J. C. Penney, Montgomery Ward and several others. It was during this time that Lai made several trips to the United States. It was during his time there that he was exposed to many western retail formats which inspired him to get into the retail market himself. In 1981 Lai founded Giordano (named after a favourite New York restaurant) and opened several stores across Hong Kong. Although presently a highly successful international retailing company, Giordano’s first beginnings were ominous. Jimmy Lai originally intended for the company to target the upscale Hong Kong market, it proved unsuccessful, and soon afterwards the company was faced with closing down all over Hong Kong. However, instead of shutting down Lai turned to other successful retailers of the day for inspiration, and proceeded to transform the company. Soon Lai developed a new company formula. By drawing upon ideas from many already successful international retailing brands such as McDonald’s, United Colours of Benetton and Marks and Spencer, Lai created a new Giordano which focused on simple and basic high quality styles, in many colours and sold at reasonable prices. The massive make-over included the company’s approach to customer service and consequently Lai had all employees taught to emphasize the importance of the customer. The formula was successful and by the early 1990s Giordano had 200 stores across mainland China and Hong Kong. Other stores soon followed in the Middle East, Singapore, South Korea, Taiwan, Thailand, Malaysia and Indonesia. Mainstream Giordano brand focusing on quality apparel for men and women. Present in all markets in which Giordano International Limited operates. The brand’s goal is to be appealing to the everyday shopper, anywhere at anytime. The brand boast seasonal exclusive and innovative casual styles in many colours. Along with seasonal launches, the brand also gives customers access to basic and simple unisex tees and polos as well as a large range of bottoms in a variety of fabrics, including cotton, linen and denim. The brand was the company’s first and consequently possesses a more extensive worldwide network of stores than any other Giordano brand. Giordano is the only international brand that is, for the time being, internationally franchised by Giordano International Limited, the other Giordano brands are all fully owned by the company. A more upmarket brand of Giordano casual attire with a high emphasis on its own “less is more” retail approach. The brand focuses on the idea that less is more than just more, but that is cool as well. The brand’s said “less is cool” approach involves innovative and modern black, white and grey monochromes in a large variety of styles. The approach gives the brand a very upmarket causal clothes attitude, very much on par with other international brands Polo Ralph Lauren and Lacoste. The Concepts range is significantly more exclusive than mainstream Giordano, as such Giordano Concepts only extends itself to the Asia Pacific market, in particular Hong Kong, China, Taiwan and only one store in both Singapore and Malaysia. A more affordable brand of Giordano causal clothes for the budget conscious shopper. Prominent in most countries in which Giordano operates. Giordano Bluestar Exchange was rebranded by the company in early April last year. The original aim of the brand was to make Giordano more appealing to the budget conscious shopper. However, after nearly 6 months of planning last year the company revealed the new BSX brand with the opening of its first store in Lung Cheung Mall in Hong Kong. The target of the change was to make Bluestar Exchange, now BSX, into a brand more appealing to the young and to those young at heart. The brand’s new direction involves simplifying everything and offering new designs and styles to give BSX an edgy and urban attitude. Giordano hired relatively new company !TH!NK to head the marketing of the new BSX with hopes that a new fresh company could provide an original out of the box approach to promoting the brand. Giordano, since its conception has always been intimately committed to the communities in which it conducts business. The company has been progressively dedicated to being a successful and responsible corporate citizen in all regions of operation. This means not only delivering quality products and quality service to their customers but also having a positive influence to the customers community as well. The company’s achieves this by supporting a myriad of charitable organizations and causes as well as doing much of its sourcing in local areas, a move that has helped it avoid damaging currency swings in the past. The environmentally conscious company always performs business through means safe and beneficial to the environment. Giordano was actively involved in distributing clothes to the victims of the Boxing Day Earthquake and the consequent tsunami. While the company actively supports local communities it also believes strongly in making the workplace environment productive as possible for its 11,000 employees worldwide. The company’s social responsibility is not only limited to its local communities and employees but also the companies and corporations in which Giordano conducts its business. Giordano made its move to the Middle-East in 1993 with the opening of its flagship store in The BurJuman[1] in Dubai[25] The movement was a joint venture between Giordano International Limited and The Emirates Trading Agency[2] (ETA) of Dubai[26]. Today Giordano boasts 150 stores across 25 nations in the Middle-East and Eastern Europe[27]. Giordano International Limited is the majority shareholder in Giordano Middle-East, holding 20% of the company[28] . All regional operations for Giordano Middle-East run out of its Dubai head office in the United Arab Emirates. Giordano Australia opened up in 1999 with its first store in Melbourne’s Westfield Doncaster shopping centre. The company rapidly expanded across Australia and presently operates 61 stores across 4 of the nations 6 states including Victoria, New South Wales, Queensland and South Australia, including one store in Canberra. As of 2008 the company no long sells Bluestar or Giordano Junior through any of its stores.
Article Source:Hong Kong Shenzhen Online
Korea, known as the ‘land of morning calm,’ is situated in a key location in East Asia. The mountainous Korean peninsula stretches about 500 miles south towards Japan. In recent years, the country has achieved tremendous economic growth. Modern Korea is a stable nation both politically and economically. A large number of foreigners are now attracted to invest in all sectors of the country’s economy including the property market. This has strengthened the property market in the country.
Korea is one of the prime property investment destinations in Asia Pacific. Not only is the country’s property market transparent, but the economy itself is very dynamic, offering much scope for growth and development.
The term ‘commercial real estate’ includes properties used for commercial, industrial, medical or educational purposes. Residential properties having more than four residential dwelling units also are considered commercial properties. Commercial properties include hotels, office buildings, shops, retail space, and warehouses.
Commercial property market provides massive investing opportunities. Investing in commercial properties means acquiring commercial properties such as mobile home parks, office buildings, retail properties, and even raw land. Commercial properties often carry a higher degree of risk. It turns out to be beneficial only, if you have a sound knowledge about this market.
The property market in Korea offers you much potential for growth, though the prices of real estate in the country are comparatively high. Korea’s property market prices have seen a rapid rise throughout the country, especially in the Seoul metropolitan area.
In 2002, residential property prices increased a sharp 50% over the previous year and commercial property prices hiked up by about 10%. This upward trend in the property prices is expected to continue for some years. The prices are still higher in such prime locations as Seoul. But, investing in commercial properties in Seoul offers you huge benefits, owing to factors such as the landlord-friendly leasing system, market lucidity, and easy convertibility of capitals.
Seoul, the political and commercial capital of Korea, has a large concentration of all types of commercial properties. The two most prominent business districts of Seoul are Yoido and Kangnam. Yoido is home to a large number of financial institutions including the Korean Stock Exchange.
The demand for the country’s commercial property is growing rapidly among global asset managers. Commercial property market in the country has matured to become more stable, and it is the least volatile in Asia with a steady vacancy rate at 4 percent. Asset managers forecast the Korean commercial property market will continue to expand for two to three years since the demand for office buildings and commercial space is strong, whereas supply is limited.
People invest in the country’s commercial properties mostly in order to provide them for rent or lease. The country’s commercial properties are regarded as one of the greatest assets. Commercial property market in Korea is an ideal choice for anyone who wishes to make the most of his money.
Laws pertaining to real estate transactions in the country are quite liberal and simple. Unlike many Asian nations that impose restrictions on foreigners to invest in properties, Korea does not prescribe any specific restrictions for foreigners to buy or sell a property. Foreigners should, however, comply with the FLAA Act (the Foreigner’s Land Acquisition Act).
During the past couple of years, the country’s property market has been greatly influenced by speculative demand, owing to the large amount of available capital and low interest rates. As the earning rates of financial capital have fallen in recent years, Investors have come to look upon real estate as a possible option that may yield large returns as the earning rates of financial capital diminished in recent years.
The real estate fiscal systems in the country include asset-backed securities (ABS), mortgage-backed securities (MBS), and real estate investment systems (REITS). These real estate products can be classified into two categories, depending on their characteristics. The first involves securities based on asset liquidity and the other involves real estate mutual funds or real estate securities.
The country’s real estate financing market will continue to expand in the coming years owing to the steady increase in demand. It is encouraged by government policies designed to promote the secondary mortgage market.
Article Source:Hong Kong Shenzhen Online