The Madras high court has ordered the winding up of private carrier SpiceJet Limited and directed the official Liquidator attached to the high court to take over its assets, in a plea filed by a Swiss company over unpaid dues. The court was allowing a company petition from Credit Suisse AG, a stock corporation registered under the laws of Switzerland, which prayed for winding up of the Indian firm under the provisions of the Companies Act, 1956 and appoint the Official Liquidator of the high court as the liquidator with all powers under Section 448 of the Companies Act to take charge of SpiceJet's assets, properties, stock in trade and books of accounts. The "respondent company (SpiceJet) has miserably failed to satisfy the three pronged test suggested by the Supreme Court in Mathusudan Govardhandas & Co v Madhu Woollen Industries (P) Ltd, and hence had rendered itself liable to be wound up for its inability to pay its debts under Section 433 (e) of the Companies Act 1956," Justice R Subramanian said in his order on Monday and directed the private carrier be wound up and the official liquidator take over its assets.
The department found various expatriates were acting as business heads for Indian operations and certain employees were actively involved in concluding sales for the foreign entities of GE in India.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
Promoters must mandatorily deposit 70% of unused fund collected for project in separate bank account
The Securities Appellate Tribunal has suggested setting up of an Advance Ruling Authority in the capital market headed by a High Court Judge with its order binding on the Securities and Exchange Board of India.
"Under the law we cannot give consular access to Khubhushan who was involved in spying," Pakistan Military spokesman Major General Asif Ghafoor told reporters.
No promoter is allowed to advertise, market, book, sell or offer for sale, or invite persons to purchase any plot, apartment or building, in a project without registering with the authority.
Out of 3.3 crore applicants, over 19 lakh people were excluded from the final NRC published on Saturday.
If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
The trio has been voicing their criticism of Trai's recommendations and have asked the government to dump the report, which according to them are 'retrograde' and 'absurd'.
The account turned bad before Chaudhari took over as SBI chairman and the asset was sold to AARC following an open bidding process, months after Chaudhari retired, explains Tamal Bandyopadhyay.
A Bangladeshi court on Tuesday night granted a last minute reprieve to senior Jamaat-e-Islami leader Abdul Quader Mollah, staying his execution shortly before he was to be hanged for genocide during the country's 1971 liberation war.
The Parliament and the Supreme Court buildings are facing serious fire safety issues with the apex court premises not getting safety certificate from the fire authorities for last 10 years.
Regulator Sebi on Friday imposed penalties on Reliance Industries Ltd, its chairman and managing director Mukesh Ambani as well as two other entities for alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. Fines of Rs 25 crore and Rs 15 crore have been imposed on Reliance Industries Ltd (RIL) and Ambani, respectively. Besides, Navi Mumbai SEZ Pvt Ltd has been asked to pay a penalty of Rs 20 crore and Mumbai SEZ Ltd has been directed to pay Rs 10 crore. The case pertains to sale and purchase of RPL shares in the cash and the futures segments in November 2007.
The Congress and other opposition parties had opposed the amendments.
The TDSAT scrapping the Trai's judgement on channel pricing is a major victory for broadcasters, but could also see consumer prices moving up.
Trai member A K Sawhney had been acting as chairman since Nripendra Mishra retired on March 22 this year. Before joining Trai, Sarma was member of the Telecom Disputes Settlement and Appellate Tribunal and is a well-known expert in the field, the regulator said.
Decisions are also being pushed on free allotment of additional spectrum to telecom firms, on extending the licence period for 'dual technology' firms like Reliance Communications/Tata Teleservices etc, and on revising merger and acquisition norms. Given how each of these cases is so controversial, even apart from the issue of propriety, it is unacceptable that a government on its last legs should be taking such decisions.
The HMO said it will amend the rules to increase the time limit of filing of appeals in foreigners tribunals from 60 to 120 days for those who would be excluded from the final NRC.
A Hindu body has moved the Supreme Court challenging a provision in the 1991 law that provides for maintaining the "religious character" of holy structures as it existed on August 15, 1947, in a bid to open the litigation route to reclaim disputed religious sites other than the Ram Janambhoomi in Ayodhya. The petition, which has challenged Section 4 of the Places of Worship (Special Provisions) Act, 1991, assumes significance in the case of Kashi and Mathura, where two disputed mosques stand.
This has to be one of the most blatant tricks Raja is pulling off.
With tags of 'patriots' and 'anti-nationals' being at the centre of debate, the Central Information Commission has asked the home ministry to make public the list of people who are facing sedition charges for indulging in alleged anti-national activities.
The finance ministry official may have claimed that the ministry does not have information on the loans sanctioned by different banks to Mallya or the details of the guarantee given by Mallya against those loans, but the ministry had responded to questions in this regard in Parliament in the past.
As a result of the TDSAT order, over 65 pay channels like Star One, Colors and Star Cricket would be able to raise prices, which were capped by Trai. The TDSAT rejected Trai's tariff order of October 2007 that had capped prices in different categories of cities based on population.
Trai contends that the issue does not come under the tribunal's jurisdiction.
The Trai's move comes in the wake of sector tribunal Telecom Disputes Settlement and Appellate Tribunal rejecting last month a plea by some private mobile firms.
The ED has now seized the property, agency sources said.
The petitioner said the companies were increasing the prices just to earn huge profit. Companies like Bharti Airtel had posted an annual profit of more than 90 per cent, the NGO said.
The bill which seeks to keep political parties out of the ambit of the transparency law will be sent to a standing committee for wider consultations, government informed the Lok Sabha on Thursday.
Taxman will not breathe on you if you have taken a cash loan from a family member, provided you can explain the reasons for doing so, as per a recent tax tribunal ruling.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
Telecom Disputes Settlement and Appellate Tribunal has clubbed the two cases filed by Bharat Sanchar Nigam Limited challenging Telecom Regulatory Authority of India's decision to reduce the levy collected from private operators.
Jio's revenue increase was phenomenal in many circles: In Haryana, the RMS gain was 13 percentage points; in Bihar, 20 percentage points; in Odisha, 15 percentage points; and in Assam, 11 percentage points. However, incumbent telcos said this increase was only in three quarters, and it happened because of an order by the Telecom Regulatory Authority of India, which tweaked the definition of significant market player (SMP) for predatory pricing.
State-run BSNL on Saturday approached telecom tribunal TDSAT against sector regulator TRAI's decision to cut a levy paid by private operators to the public sector company for its rural operations.
In a major relief to stressed assets, the Cabinet approved the proposed IBC amendment that the licences, permits, concessions, and clearances for a corporate debtor cannot be terminated or suspended or not renewed during the moratorium period. The Cabinet also allowed amending the code to streamline the corporate insolvency resolution process and protect last-mile funding to boost investment in financially distressed sectors.
Gambling debt, stock tip lead to $1 million settlement but no charges for golfer Phil Mickelson.
YouTube and Google filed a memo in the high court before the division bench stating that the IP address of the user resolved outside of Indian jurisdiction and as per prevailing Indian law they are not in a position to provide user details
India has been advised by British prosecutors not to appeal further for the extradition of Ravi Shankaran, the key accused in the Naval War Room leaks case.
'The appellant (Mallya) has five business days to apply for oral consideration. If a renewal application is made, it will be listed before a high court judge and dealt with at a hearing,' a spokesperson for the UK judiciary said.
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