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.
Looking beyond the lesser penalty regime, in its 10th year of existence, the CCI needs more branches, according to experts
'Nothing in this world is permanent. So also in business.' 'And more so in family businesses where family issues often influence business decisions,' point out S Subramanian and Nupur Pavan Bang.
NDTV promoter group firm RRPR Holding has told VCPL, which along with two other Adani group firms has launched a hostile takeover bid for the media firm, that its stakeholding in NDTV has been provisionally attached by the I-T authorities and require their approval for the transfer. The contention has been rejected by the Adani group, which termed it as "misconceived and misleading" statements while asking RRPR Holding to convert the warrants into equity shares. In a regulatory filing, NDTV said that its founders Radhika and Prannoy Roy have informed that RRPR Holding has intimated Adani group firm Vishvapradhan Commercial Pvt Ltd (VCPL) that the attachment of the shareholding, notified in 2018, shall remain in place until the completion of reassessment proceedings.
25% each in the holding company to give them indirect control of 17.5% each in GMR Infra
The quizzing of the 48-year-old daughter-in-law of superstar Amitabh Bachchan and Samajwadi Party MP Jaya Bachchan comes weeks after her husband Abhishek Bachchan was questioned by the agency in another case emerging from the same set of papers linked to the offshore leaks case, they said.
While Indian IT has known what is coming and has a strategy ready to combat it, the same can't be said about the country and the government.
It said the searches that were launched on July 22 in nine cities like Bhopal, Indore, Delhi, Ahmedabad, Noida and some others are "continuing and further investigations are in progress."
For financial sector companies setting up shop in India, as of now the go-to regulators are obviously Sebi and the RBI with carve-outs for IRDAI or possibly PFRDA. But this could change soon with the International Financial Services Centres Authority, observes Subhomoy Bhattacharjee.
There are rumours that Ajay Singh who previously headed SpiceJet may get an investor to bail out the airline of dire consequences.
The gross bad debt of the Indian banking system as of March was at Rs 7.11 lakh crore
The Vadodara court has accepted a memorandum signed by 23 members of the Gaekwad royal family to end their feud of 23 years
All four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
The annual earnings of a non-executive chairman of a PSB is capped at Rs 10 lakh, inclusive of fees for attending board meetings. This is way below the compensation of the chairman of any private bank, reveals Tamal Bandyopadhyay.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
Markets regulator Sebi on Tuesday proposed to rationalise the definition of 'promoter group' and move to the concept of 'person in control' as well as reduce the minimum lock-in periods for promoters' and other shareholders post an IPO. In a consultation paper, the watchdog has also suggested streamlining the disclosures requirement of group companies. The Securities and Exchange Board of India (Sebi) has sough comments from public on the proposals till June 10.
Analysts said with more power sector companies referred to the NCLT by banks, large companies would be at an advantage.
Nasty surprises and quirky humour make Monica, O My Darling an intriguing, fun, watch, observes Sukanya Verma. Monica, O My Darling Review.
With the Supreme Court not getting into the valuation part and leaving it to the two parties, lawyers said there was nothing much for Mistry Group to negotiate.
'... And I don't think it really is that despite a lot going wrong.' 'Naiveté or stupidity or trusting the wrong person, the outcome is the same, which is that the group has gone to trash.' 'I'm not OK with people saying I had a role to play in crooking the system, which is not what I did.'
The judgment could impact not only Ramdev's widespread ayurveda and herbal products business, but also that of many other pharmaceutical, ayurveda, herbal and cosmetic product manufacturers.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
A draft proposal by the sub-committee of the insolvency law committee has recommended that the corporate debtor (CD) may initiate the prepack since it may prove difficult to implement if creditors are allowed to do so without the willingness of the promoter.
Pawar said he was upset that his three sisters were dragged into this.
A paper authored by Rajan said, state-linked banks can be a first step in altering the ownership structure of some PSBs, where the government brings down its stakes to below 50 per cent, creating distance from operations of banks, and improving governance along the way.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
'Is it not deplorable that even after 75 years of independence, there are people in our society who have been denied freedom?'
Leader of Opposition Mallikarjun Kharge and some other members sought that the bill be referred to a standing committee for scrutiny.
The Infosys saga shows how efforts to remote-control a company by its powerful promoter, even with good intentions, might hurt the entity, says Asish K Bhattacharyya.
While the crackdown is a major step in combating tax evasion and improving transparency, it might also impact the flexibility and genuine corporate structures created to achieve legitimate objectives, says Suresh Surana.
The Supreme Court on Thursday allowed jailed activist Gautam Navlakha's request for house arrest, saying prima facie there is no reason to reject his medical report.
As a result, the deadline for filing June quarter results ends on August 15. However, only 1,538 companies out of the 4,000-odd listed firms managed to declare their results within the usual deadline.
'Google and Facebook need to be tamed, their garb of 'Investing in India's future' need to be pulled off,' observes Vibhu Arya.
Bakshi rejects McDonald's proposal to buy his stake in JV for Rs 48-50 crore
Without disclosing reasons, ICRA informed the stock exchanges on Thursday, 'The board, after due consideration and taking into account the best interests of the company and its various stakeholders, has decided to terminate the employment of Takkar with immediate effect.'
Damage from new shenanigans can be contained if regulators move quickly when something does not smell right, counsels Debashis Basu.
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
Guilty Minds has too much going on to wolf down it all in one big binge watch session, notes Sukanya Verma.
Somaiya had on Sunday claimed he was barred from entering Kolhapur with the district authorities citing law and order as well as security concerns following his allegations of corruption against Maharashtra Rural Development Minister Hasan Mushrif.
Born in poverty and subjected to inhuman abuse, Kalpana Saroj overcame all hurdles to emerge a success story.
