Advisory firm Institutional Investors Advisory Services (IIAS) has advised investors to vote against a resolution seeking the reappointment of the statutory auditor of technology major Infosys.
If the proposal gets Cabinet clearance, the disinvestment is likely to follow the initial public offering of Rashtriya Ispat Nigam Ltd, for which the prospectus has already been filed with the Securities and Exchange Board of India.
Staff submissions show clients may have disowned initially authorised transactions after losses.
Sharp rupee fall, interest differential on export finance rates may have led to arbitrage in gold.
Tax experts said as a result of the amendments, companies operating from countries with which India didn't have DTAAs, would try to shift to countries with which India had such agreements, including Mauritius.
The finance ministry is likely to favour an approach that would take into account the payment capabilities of telecom companies while deciding the price and process for spectrum auction this year.
Facing huge redemption pressure on funds raised via foreign currency convertible bonds (FCCBs), India Inc has requested the Reserve Bank of India (RBI) to allow companies to offer higher interest rates on fresh foreign currency loans or bonds, the proceeds of which will be used to pre-pay existing FCCBs.
Even as the Telecom Regulatory Authority of India is being criticised for the steep reserve price it has set for 2G spectrum auctions in the 1,800 MHz band, the government may be able to garner only Rs 18,000-20,000 crore (Rs 180-200 billion) in 2012-13, just about half the target of Rs 40,000 crore (Rs 400 billion).
To capitalise on the proposed changes in the Budget and the information on black money available with the government, the government is revitalising the economic intelligence council (EIC) headed by finance minister Pranab Mukherjee.
Considering the disvestment mop-up target of Rs 30,000 crore (Rs 300 billion) for financial year 2012-13, the government is thinking of optimising the collection from stake sales in central public sector enterprises (CPSEs).
A senior income tax department official in the know of the discussions to have taken place in the finance ministry said the ministry was looking into the issue as a possible option.
Writes to coal secretary; may move court today as it finds directors' response inadequate.
Disinvestment Secretary Mohammad Haleem Khan told Business Standard that till now, public sector companies were only allowed to invest in mutual funds, apart from putting money in bank fixed deposits, but the Cabinet had now approved the proposal to allow these companies to buy equities of other CPSEs.
Much is riding on the role of market intermediaries to get this platform going
Much is riding on the role of market intermediaries to get this platform going
Finance Minister Pranab Mukherjee will likely encapsulate this thinking in his Budget speech, to be finalised by March 13.
Lapped up 157 mn shares worth Rs 4,000 crore between Jan 1 and Feb 8
The requirement of one million units would entail a huge market for firms such as HCL Infosystems, Geodesic, VeriFone, Visiontek and others manufacturing micro-ATMs.
Move to allow the FDI in domestic airlines is expected to benefit Kingfisher Airlines.
The exchange granted 1.96 million stock options under two employee stock option (Esop) schemes in 2006 and 2008 to those eligible, according to regulatory filings.
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