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Punjab & Sind Bank seeks govt OK for IPO
Punjab and Sind Bank Ltd had sought government approval for its proposed initial public offer, a source close to the development said today.

Letters: What autonomy?
Everyone in a democracy has the right to express their opinions, but this right needs to be tempered sometimes. Tower of Babel (December 31) rightly points out that there are too many conflicting voices on the economy from senior government officials, and this is confusing the markets. There are various estimates of growth and the latest in this is from the Chief Economic Advisor who thinks India will move back to 9 per cent next year, and will overtake China in the next three-four years. If all of this is going to happen without India undertaking any serious reforms, why are we even worried about reforms — 9 per cent growth with a population growth of 1 per cent is more than good enough.

News of the day

Farooq Abdullah to attend Energy Summit in Abu Dhabi
Renewable Energy Minister Farooq Abdullah will join policy makers, industry experts, who will be attending the third World Future Energy Summit to be held in Abu Dhabi next January.
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Caraco agrees to undertake action to get USFDA ban lifted

Sun Pharma"s US-based subsidiary Caraco Pharmaceuticals has agreed to undertake a series of measures as per requirements of the US health regulator Food and Drug Administration (FDA) to get a ban on its manufacturing units lifted. - Sun, Caraco to file 30 marketing applications for generics - Turnaround at operating level for pharma sector - The Caraco headache - Sun Pharma, Forest settle US suit on Lexapro - Sun Pharma: Inclement weather - Caraco shock: Sun Pharma to revise guidance As per the voluntary agreement reached between the company and the USFDA, Caraco will take a series of measures and, when satisfied, the FDA will permit it to resume manufacturing and distributing those products that are manufactured in Detroit area facilities. "The company is working expeditiously to satisfy the requirements of the consent decree (voluntary agreement) and has already retained independent Good Manufacturing Practice Certificate (cGMP) experts for review of the company"s operations and to facilitate a successful result," Caraco said in a filing to Securities Exchange Commission. Caraco is currently facing a ban on manufacturing pharmaceutical products at its Detroit and Michigan facilities for violating USFDA"s norms on cGMP. Earlier in June this year, USFDA officials had siezed 33 drugs manufactured at its Detroit unit and temporarily stopped all manufacturing activities. The regulator had also seized all drugs manufactured by Caraco, even including raw materials and active pharmaceutical ingredients.


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