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A multi-crore township project of Mumbai-based DB Reality has been cancelled by the Pimpri-Chinchwad New Town Development Authority (PCNTDA). It has been told by the PCNTDA that the project has been cancelled as it bidding was not accurate and valid. However, the authority has refunded the deposit of Rs 50 crore to the developer.

The multi-crore project has caused unrest among the opposition parties as they have criticized the project of showing ''undue favour'' to DB Realty. It has been told that the project was supposed to take place at Bhosari, 14 km from Pune.

The belief of many Indians was echoed by the President Pratibha Patil when she urged the government to work more effectively with campaigns against black money. The comments by Pratibha Patil came during the 150th anniversary of Income Tax.

During the celebration, all top Income Tax Officers were present. Patil said an environment of voluntary tax compliance has to be fostered and nurtured in the country. "This could best be done perhaps by inculcating voluntary tax compliance as a core duty," she said.

Today, the sale of Modi Rubber’s subsidiary Modi Tyres to Continental Group has been concluded for an amount of 117.61 crore. The news of it sales flashed on TV sets on Friday when India's Modi Rubber told that German tyre maker Continental AG has paid 1.34 billion rupees to buy its tyre making unit.

The company has said that the total amount that Continental paid to buy 5.6 million shares in Modi Tyres Company includes a non-compete fee of 172.3 million rupees.

It has been reported that Telecom Regulatory Authority of India (TRAI) is determined to cancel 74 licenses for delayed rollout. TRAI told DoT, “The authority has obtained legal opinion from two eminent jurists (former judges of the Supreme Court), who support this view”.

The Department of telecom (DoT) recommended TRAI to cancel only 12 licenses but TRAI has refused its follow its recommendation

Tata is all set to try its hand in constructing the world’s cheapest house worth 500 Euros, named as ‘Euro 500 Home’. After launching the world’s cheapest car Nano, the company is looking forward to build a house in 20 square meters which will cost only 32,000 rupees.

Bombay Stock Exchange declares to cancel certain buying and selling activities commenced on Friday, because of the occurrence of some technical problem in the trading system. On Friday, the index witnessed an increase in the share prices of certain companies like TCS, Reliance industries and HDFC Bank.