The sports ministry on Wednesday shot down the International Olympic Committee’s request not to go ahead with the controversial guidelines that would affect the tenures of chiefs of various National Sports Federations and the Indian Olympic Association.

In a rare move, leading telecom firms Bharti and Vodafone have criticised the recommendations on spectrum allocation that were made by sector regulator Trai on Tuesday.

The government on Wednesday said that the revised draft of the Direct Taxes Code (DTC), aimed at simplifying the tax structure, would be released for public debate in one-two months.

Boosted by strong sales in both domestic and overseas markets, Bajaj Auto on Wednesday reported an over four-fold jump in its standalone net profit for the fourth quarter ended March at Rs 528.65 crore, as against Rs 130.21 crore in the same year-ago period.

The finance minister, Mr Pranab Mukherjee, on Wednesday exuded confidence that the economy will surpass the IMF projections of 8.8 per cent in 2010 and 8.4 per cent in the following year. He admitted the benefits of faster economic expansion is yet to percolate down to the poor.

The industrial production grew by 13.5 per cent in March led by a strong growth in the manufacturing sector. This is the sixth straight month of over 10 per cent growth in the industrial production.

The CISF detained a Ukrainian national, wanted by the US for alleged involvement in global computer hacking and credit card fraud ring. The accused Sergey V. Storchak, holding Ukrainian passport AX-332255, was taken into custody by CISF from the aircraft on May 8 when he arrived on a Jetlite flight S2-120 from Goa at the IGI airport.

The residents of the capital experienced another hot day on Wednesday with the mercury settling at a maximum of 41.8 degree Celsius. The maximum temperature was two degrees above normal while the minimum was recorded at 25.8 degrees.

The pension and provident fund of the former head of the chemistry department of the Delhi University will be held back till the probe into the Mayapuri radiation leak is over. The DU and Delhi police are simultaneously carrying out a probe into the Mayapuri scrap market radiation leak, the source of which originated from the chemistry department.

Even as the Municipal Corporation of Delhi (MCD) undertook a renewed drive to seal illegal mobile phone towers on Wednesday, the cellular operators have approached the Delhi high court seeking a stay on sealing. The operators contended that the increase in the one-time fee for installation from Rs 1 lakh to Rs 5 lakhs was unjustified.