Médecins Sans Frontières (MSF) or Doctors Without Borders - the Paris-based international humanitarian-aid organization on Friday, said it has filed a petition in the High Court of Delhi to overturn the patent granted by Indian Patent Office to the US-based Pfizer’s pneumococcal conjugate vaccine (PCV).In its petition MSF argued that in August 2017, the Delhi Patent Office erroneously granted a patent to Pfizer by disregarding the evidence MSF produced indicating that the pharmaceutical giant’s claim to a patent was spurious.MSF argued that the mere addition of serotypes to the already established 7-valent vaccine did not involve a technical advancement – it was merely a tactic to preserve Pfizer’s monopoly for many more years.Close “Examiners in the Indian Patent Office must be aware that the decision they take to grant a patent can directly affect access to life-saving medicines and vaccines in India and across the developing world,” said … [Read more...] about MSF moves High Court against Indian patent given to Pfizer’s pneumonia vaccine
Punjab high court case status
The Reserve Bank of India (RBI) on November 19 told the Bombay High Court that depositors of the Punjab and Maharashtra Cooperative (PMC) Bank can now approach the administrator in case of medical emergencies necessitating withdrawals of up to Rs 1 lakh, news agency PTI reported.The RBI filed an affidavit responding to various petitions that have challenged the curbs it has placed on withdrawals. The central bank mentioned the Rs 50,000 withdrawal ceiling for scenarios like marriage, education, livelihood and other “hardships”.Depositors of the crisis-hit lender who are facing hardships can approach the RBI-appointed administrator in order to seek withdrawal of amounts up to Rs 1 lakh, the central bank counsel Venkatesh Dhond told a division bench of the HC. The curbs, the bank said, were necessary to safeguard the interests of the bank and its depositors, the affidavit stated.Close Also read: Top PMC Bank officials hid HDIL accounts from system, says RBI related news … [Read more...] about PMC Bank case: Depositors can approach RBI administrator for emergency withdrawals of up to Rs 1 lakh
Hemant Ghai and Shailendra Bhatnagar, CNBC AwaazUCO Bank, India’s 8th most valuable PSU bank, said the Supreme Court’s 'landmark' judgement on the supremacy of financial lenders above operational creditors will help bleeding banks recover thousands of crore rupees from defaulting companies in the coming quarters. This should help shore up the battered balance sheets of these banks, mostly state-owned.In an exclusive interview to CNBC Awaaz, UCO Bank CMD Atul Kumar Goel, said FY20 “will be a turnaround year” for the bank and that the next year would be a “golden year.”Close UCO bank shares hit a four-month high of Rs 18.70 on November 20. They rallied 20 percent for the second consecutive trading session and trading has been frozen at the upper end of the intra-day circuit filter as there are only buyers. UCO is the second best performing PSU bank stock for the month so far, having risen 59 percent. related news Yes Bank share price … [Read more...] about UCO Bank MD says FY20 to be turnaround year for bank; stock at 4-month high
The Central Bureau of Investigation (CBI) investigation into the Rotomac fraud case has picked up pace with six Bank of Baroda officials being questioned, which includes former CMD MD Mallya and two former executive directors - V Santhanaraman and RK Bakshi.Other officials who were questioned include a General Manager, DGM and director on the boardA CBI court had last month rejected the regular bail pleas of Rotomac Global promoter, director Vikram Kothari and his son Rahul Kothari, in connection with the alleged Rs 3,695 crore willful loan default case. On March 7, the court had turned down Vikram's interim bail plea also.Close The CBI had arrested the duo accused in Delhi on February 23 and since then the accused are in jail.The banks involved in Rotomac's case, in which the CBI as well as the ED have registered separate cases, with the defaulted loan amount in brackets were Bank of Baroda (Rs 456.53 crore), Bank of India (Rs 754.77 crore), Bank of Maharashtra (Rs 49.82 crore), … [Read more...] about Rotomac fraud case: CBI questions former CMD of Bank of Baroda
The equity benchmark Sensex scaled a new all-time high of 40,816.38 in the morning trade on November 20. Not just the Sensex, even the Nifty has been rallying at a time when concerns over the Indian economy are growing, with macroeconomic data pointing to a slowdown.Why is the market behaving differently from the economy?"Markets usually run ahead of macros and price future growth. There are three positive indicators for growth – reduction in the corporate tax rate, proposed divestment of large public sector units and a possible resolution of the US-China trade impasse. Therefore, we see growth coming back in 2020. Now, we expect broader markets to outperform," said Sanjiv Bhasin, Director, IIFL Securities.Close Experts and brokerages are of the view that the market is factoring in a recovery in the economy. related news The role of P/E multiple in deciding investment returns Sensex hits a new high, 4 factors that could be fuelling optimism Hot Stocks: Short-term trend … [Read more...] about Economy in stress and markets on a high; time to be careful?