– NEW YORK The American India Foundation raised over $1.35 million at its annual Spring Awards Gala at the Sheraton New York on May 10. Chanda Kochhar, the managing director and CEO of ICICI Bank from India, and John B. Veihmeyer, chairman and CEO of KPMG LLP from the United States, were honored at the gala for their service to the community, a press release from the foundation said.

Former telecoms minister Andimuthu Raja was on Tuesday granted bail by a special court in the 2G case, television reports said. Raja has spent the last 15 months in prison. The scandal was over the alleged below-market-price sale of lucrative telecoms permits bundled with airwaves, which the Comptroller and Auditor General of India estimated to have cost the government as much as $34 billion in lost revenue.

Kolkata's red-brick secretariat was built more than 200 years ago for Britain's East India Company, which used trade in opium, cloth and tea to colonize the subcontinent. Distrust of foreign merchants lingers still.

The rupee dropped to a record closing low on Monday, while bond prices gained in a volatile session marked by a sharp rise in global risk aversion and higher-than-expected domestic inflation data that reduced expectations for monetary easing.

State-owned Air India risks losing a $5.8 billion government bailout, Civil Aviation Minister Ajit Singh said on Thursday, as industrial action by pilots disrupted flights for a fourth day. The national airline, which has been surviving on taxpayers' money, is scheduled to get $1.3 billion in fresh equity from the government in the current fiscal year but this is linked to its performance.

From the beginning of the criminal prosecution of Rajat Gupta, it was clear that the government didn't have the sort of evidence usually at the heart of insider trading cases. Gupta didn't profit directly from the tips he allegedly passed to Raj Rajaratnam, who has since been convicted of inside trading.

India delayed by a year the rollout of measures to crack down on tax evasion, mollifying overseas investors rattled by uncertainty over proposals that had spurred an exodus of funds and battered the rupee. The postponement on the so-called general anti-avoidance rule (GAAR) is the latest in a string of delays and reversals by an embattled government that has struggled to seize the policy initiative.