The extraordinary general meeting of Reliance Industries Ltd on Friday virtually cleared the demerger of group companies, with company chairman Mukesh Ambani submitting over 65 per cent 'proxy' votes in favour of the scheme.
This comes in the background of claims by the Confederation of Indian Textile Industry, an industry body, that about 700,000 jobs have been cut in the last six months. The industry lobby group has also forecast a further loss of half a million jobs in the next five months.
The Directorate General of Central Excise Intelligence has initiated a probe following complaints of the service tax evasion by various insurance providers.
Foreign companies no longer need to get their documents certified at the Indian embassy or high commission in their respective countries and new rules would shortly come into place. Apostillisation is the legalisation of a document for international use under the terms of the 1961 Hague Convention. Firms based in countries other than India till now have to get their documents and articles certified and apostillised by the Indian Embassy of their country.
Petrofed, a body representing both public and private sector companies like Indian Oil Corp and Reliance Industries, has written to the government seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel and natural gas in the goods and services tax that is likely to come into effect from next year.
IOC and other oil firms have been paying LPG consumers in 54 districts up to Rs 500 to help them buy a 14.2-kg cooking gas refill at market price, which is more than double of Rs 410 per bottle rate in Delhi.
Giving the ruling in the case of US-based LMCC, the Authority for Advance Ruling said, 'Payments made to LMCC in the form of interest up to the date of conversion of bonds into equity shares are nothing but interest paid on the money advanced to the applicant... and it is accordingly liable to be taxed as LMCC's income.' The ruling was sought by an Indian NBFC which had asked the AAR whether the interest it paid to LMCC on the bonds it issued was taxable here.
Eminent banker Uday Kotak has said that Indian banks face some 'real' risks from their disproportionate exposure to a few large companies, particularly in sensitive sectors like infrastructure.
The proposed increase is almost double from the present fee.
Jet Airways, Kingfisher and NACIL, which operates Air India, owe over Rs 2,000 crore (Rs 20 billion) to the oil PSUs in unpaid fuel bills, Petroleum Minister Murli Deora said.
Wrestler Bajrang Punia pledged to donate his sixth months' salary towards Haryana's COVID-19 Relief Fund.
Large and small Indian companies may face difficulties in filling up vacancies and moving staff from country to country owing to the new British immigration rules, an influential group of British MPs from the Home Affairs committee have been told.
The Union Health Ministry approached the Cabinet for a direction in this regard to seek clarity about the demands being made by other ministries who are facing the brunt of decrease in tobacco production in the country, official sources said on Friday.
The government will amend the more than 100-year-old Indian Postal Act to bring courier services within its ambit, Minister of State for Communications and IT Shakeel Ahmad said in Lok Sabha.
Gujarat may have missed the IT/ITES bus earlier, but the two upcoming IT/ITES SEZs by K Raheja Corp and DLF are all set to drive the growth of the industry here. As many as 50 companies are likely to set up shops in the two parks coming up in Gandhinagar.
The Dubai government said it is planning to open leading Dubai-owned companies for public equity participation in order to restructure those hit hard by the financial crisis.
Mumbai Port Trust is planning to develop an alternate helibase at the dock premises to assist oil companies in their exploration activities.
Last month, Indian Oil Corp, Bharat Petroleum and Hindustan Petroleum were losing Rs 390 crore (Rs 3.9 billion) per day on sale of petrol, diesel, kerosene and domestic LPG. This month, losses have come down to Rs 352 crore (Rs 3.52 billion) per day, an industry official said.
The same set of companies had reported 3.8 per cent annual net profit growth in the previous quarter and 7.5 per cent annual growth in the same quarter last financial year.
Move seen as countering fund houses' plan to sell life covers.
Cloud computing, which is Internet-based, facilitates sharing of technological resources, software and digital information.
Infosys on Friday regained the top slot among Indian IT companies in terms of market capitalisation, edging out TCS.\n\n
Barely 24 hours after public sector behemoth SAIL cut its prices by Rs 500 to Rs 2000, domestic steel majors Essar Steel and Ispat Industries on Friday announced cut in their prices by seven to eight per cent due to rising inventories owing to reduce
Over 100 chemical storage tanks built at the Pirpav jetty near Chembur have been operating without approvals from the ministry of environment and forests for over 18 years. Each of these tanks has an average capacity of 200,000 kilolitres of oil.
The ministry of company affairs is of the view that the maximum number of directors, which the companies would have on their boards, be left to the firms themselves and the government would have no say on this.
With the West Bengal government banning 15 year-old commercial vehicles from running on the roads in the metropolis and its suburbs, oil companies, which incurred losses for about a year have at last found a ray of hope for marketing auto LPG in the
Look for companies whose earnings growth may not be great, but they are relatively debt-free.
Top five India-based IT services providers grew 23.8 per cent last year compared to 7.7 per cent growth logged by the overall global IT services market, research firm Gartner said on Monday.
After three years of strong growth, top 20 IT companies in India, a majority of them engaged in IT services exports, recorded a revenue growth of 24 per cent in 2007-08, recording a sharp drop from 41 per cent in the previous financial year, according to a survey.
In a blog post, Google said it is offering 'a new world of apps available for TV', including NBC's CNBC Real-Time, an application that will allow Google TV users to track stocks.
Public sector oil firms plan to set up over 4600 petrol stations and 907 LPG sale agencies in the current fiscal, Petroleum Minister Mani Shankar Aiyar said on Thursday.
Two mid-sized Indian companies - Rolta India and Nestle India have been named among 300 top challengers to the world's leading blue chip firms, complied by leading global index provider Standard and Poor's.
As many as 126 deals were carried out in which borrowers raised the money through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), according to the data released by RBI.
Indian biotech firm Biocon has been featured amongst the top 25 global biotehnology companies according to a report released by Med Ad News.
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State oil refiners, who are the biggest buyers of US dollars, agreed to implement the RBI order with immediate effect, sources with direct knowledge of the development said.
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