The Income-Tax department will have a say in mergers, demergers and amalgamations in 2006-07, with the Registrar of Companies (RoC) referring the first set of cases for clearance to the department.
Prashant Indulkar, 37, was secretary to VSNL's Managing Director N Srinath and was picked up by the Dadar police on February 1 after VSNL filed a complaint alleging that he had siphoned off funds.
The government is planning a slew of amendments to the Securities and Exchange Board of India (Sebi) Act in the forthcoming Budget session.
Avesthagen's promoters also refute violation of non-compete clause.
In a major development on taxation of FII income, the Authority on Advance Ruling has ruled that income will now be taxed as capital gains and not business income.
According to market sources, it has been observed that most companies are filing claims under short-term capital gains, irrespective of the volume of transactions.
The Bombay Stock Exchange is learnt to have shortlisted London, Nasdaq, Deutsche Borse, New York, and Singapore stock exchanges for the proposed sale of its 26 per cent stake.
Funding from banks for capital market players has become highly restrictive with the recent squeeze in liquidity and the interest rates charged have also sharply increased.
The corporate sector and banks will henceforth have the onus of deciding the fate of their debt for tax treatment, with their decision binding on the department, going by a recent order of the Mumbai tribunal.
Some banks are camouflaging their lending to small, unknown real estate developers to skirt stringent capital adequacy and provisioning requirements.
'Depreciation should be claimed on original book value, not after revaluation'.
The Securities and Exchange Board of India proposes to levy fee on stock exchanges.
Funds for capital recast of rural credit societies
Exposure to commercial projects under lens.
An internal study by the Reserve Bank of India is understood to have found out that most of the foreign exchange inflows into India from non-resident Indians and portfolio investments are emanating from tax-haven countries.
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