To attract potential suitors, the government will ease asset valuation norms for Air India by allowing bidders to put in offers on an enterprise value basis, a source said on Monday. To begin with, the government is likely to further extend the deadline for putting in a preliminary expression of interest for the loss-making national carrier to December 15. The source said bids will be sought on an enterprise value basis - a popular valuation methodology for takeover deals.
Sebi on Monday barred Franklin Templeton AMC from launching any new debt scheme for two years and fined it Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees to the tune of Rs 512 crore, including interest, collected with respect to the six debt schemes, Sebi said in its 100-page order. In a separate order, the regulator has barred Vivek Kudva, former head of Asia Pacific (APAC) for Franklin Templeton, and his wife Roopa from the securities market for one year for redeeming units of Franklin Templeton MF schemes while in possession of non-public information.
What approach should you take when you decide your life insurance policy?
Budget for 2022-2023 has returned to its agenda for protectionism in the name of creating a self-reliant India, points out A K Bhattacharya.
Allaying investors' fears, Franklin Templeton AMC has said Sebi's order prohibiting the company from launching new debt funds will have no bearing on existing schemes managed by it. Sebi on Monday barred Franklin Templeton Asset Management (India) from launching any new debt scheme for two years and imposed a penalty of Rs 5 crore for violating regulatory norms in the case of winding up of six debt schemes in 2020. Also, it has been asked to refund investment management and advisory fees of over Rs 512 crore (including interest) collected with respect to the six debt schemes. This amount will be used to repay unitholders, as per Sebi order.
Chief Economic Advisor Arvind Subramanian's interview.
Vodafone's operating loss from India business jumped to 692 million euros in April-September from 133 million euros in the same period last year.
'Banks have to be braver, willing to take more risks and give confidence to the customer,' observes Joydeep Ghosh.
Both the BJP and the JD-U abetted the LJP split but interestingly, independently. And there hangs a tale of conflicting interests, gamesmanship, subterfuge, and retribution, reports Radhika Ramaseshan.
Joe Biden's B3W proposal aims to bring democracies together. India should come up with its own plans to contribute to the initiative, states Rahul Mishra.
India's second-largest software services company Infosys on Wednesday posted 12 per cent year-on-year rise in consolidated net profit at Rs 5,686 crore for March quarter 2021-22. The Bengaluru-based company had registered a net profit (after minority interest) of Rs 5,076 crore in the corresponding period previous year, according to a regulatory filing. Infosys' revenue grew 22.7 per cent to Rs 32,276 crore in the quarter from Rs 26,311 crore in the year-ago period, it added.
Releasing a report titled 'Profiting from Pain' in Davos, the rights group further said as the cost of essential goods rises faster than it has in decades, billionaires in the food and energy sectors are increasing their fortunes by $1 billion every two days.
According to the Central Statistics Office data, the jump in the retail inflation based on Consumer Price Index was mainly due to rise in prices of kitchen items like vegetables, meat and fish.
...and getting GDP to measure India's data economy, recommends Ajit Balakrishnan.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
'Since 2017, the chief minister and the RSS seem to have come closer.' 'This relationship's warmth is more from the RSS's side.'
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
With Eranna Bhimappa Kadadi and Ashok Jasti -- one Lingayat and one from the OBC -- named as BJP's candidates for the upper house, bypassing the recommendation of the state unit chief Nalin Kumar Kateel and Chief Minister BS Yediyurappa, as well as the core committee of the state, BJP leaders in Karnataka say the move is calculated to diminish the stature of the CM and create conditions for him to be eased out.
Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Observing that the Bengal governments progress in matters related to post-poll violence did not inspire confidence, the Calcutta high court on Monday dismissed the dispensation's prayer for recall of an order that directed the NHRC chairperson to form a committee to examine cases of alleged human rights violations.
Air Marshal Vivek Ram Chaudhari, who will head the IAF from October 1, will keep our fighting capabilities sharpened and operationally ready for conflict at all times, notes Air Commodore Nitin Sathe (retd).
Jamie's mother Sujata Reddy, 35 tells us why the family is looking forward to February 29 this year.
Russia and China have a broad consensus today on almost all core issues related to global strategic stability, which is unprecedented in modern history, observes Ambassador M K Bhadrakumar.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
Oil sank to the lowest level in a month after shedding all of its gains from the US-Iran clash as traders waited to see whether any further hostilities will disrupt exports from the East Asia.
LIC identifies the problems well, but what the markets will watch is how nimble it is with the solutions.
Closing five-and-a-half year long probe into the country's biggest corporate fraud, Sebi on Tuesday barred erstwhile Satyam Computer's founder B Ramalinga Raju and four others from markets for 14 years and asked them to return Rs 1,849 crore (Rs 18.49 billion) worth of unlawful gains with interest.
'The prospect is of a self-confident and self-sustaining India will make it a more effective player in the global arena,' External Affairs Minister Dr Subrahmanyam Jaishankar points out delivering the Sardar Patel Lecture-2020: India and the Post-Covid World.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A confrontation with the Taliban in Kabul in this fading light of a twilight zone would have been sheer madness, observes Ambassador M K Bhadrakumar.
Bloody Brothers is watchable, especially in the scenes of its two lead actors trying to work out something from the puny material given to them. Jaideep Ahlawat, who suggests roiling energy and intelligence even when he is completely motionless, has to be India's finest actor on current form, observes Sreehari Nair.
India produced 179 more super-rich people this year led by Adani Group's Gautam Adani who amassed a whopping wealth of Rs 365,700 crore or more than Rs 1,000 crore daily, and the number of such individuals has crossed the 1,000-mark. Geographically, five more cities are home to super-rich taking the total number of super-rich cities to 119 and these 1,007 individuals cumulatively added 51 per cent more wealth in 2021. The average wealth increased by 25 per cent this year that also saw the livelihoods of thousands of people being hit by the coronavirus pandemic.
The observatory is a fascinating place for kids and adults, discovers Ashish Narsale.
The Malegam committee on the RBI's capital adequacy had suggested that the RBI must move away from its methodology to calculate the foreign exchange gains to a weighted average cost-based valuation method. Central bank may done away with provisioning requirements, to enable higher transfer of surplus in the 2017-18 fiscal, analysts say.
Observing that a deliberate and conscious attempt was made to influence his decision before the recusal application was placed before him, Justice Chanda imposed the cost for the manner in which the recusal was sought and directed that the amount be deposited to the Bar Council of West Bengal within two weeks.
A bench headed by Justice Arun Mishra declined to accept the proposal given by senior advocate Mukul Rohatgi, appearing for Vodafone, after he mentioned the matter. Rohatgi said they are willing to pay Rs 2,500 crore today (Monday) and another Rs 1,000 crore by Friday but no coercive action be taken against the company. He urged the bank guarantee deposited with the government by Vodafone should also not be encashed.
Abhishek Bachchan's sneering expression is ill-quipped to convey the confidence of a wheeler-dealer. Those frequent bouts of muahaha make it worse. So much worse, says Sukanya Verma.
You filed your income tax returns for 2017-2018 and think you tax problems are over for now. But have you paid your advance tax this quarter, asks Samkit Maniar.
