The amendments give committee of creditors of a loan defaulting company explicit authority over the distribution of proceeds in the resolution process and fixes a firm timeline of 330 days for resolving cases referred to the IBC.
Google abusing dominance in online web search, watchdog said; Matrimony.com complaining the search giant had got off too lightly
Jailed All India Anna Dravida Munnetra Kazhagam supremo Jayalalithaa will have to stay in prison for at least 6 more days as the vacation bench of the Karnataka High Court on Wednesday posted for October 7 hearing on her pleas for suspension of the sentence and immediate bail in the disproportionate assets case.
Vodafone is locked in twin tax disputes with the government.
Supreme Court had asked the government to issue RCom a NoC for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 1,400 crore
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Since the inception of the code, the threat of insolvency has brought many debtors in line
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The Chief Justice, while speaking at the farewell reference organised by the high court, said that judges are only interpreters and are not here to make the law or to evolve a policy and a balance has to be maintained between judicial activism and restraint.
"Have you (counsel for the petitioner) seen the film? Have the people, who are burning cinema halls seen the film? By this kind of petitions you are encouraging the people who are agitating," the bench observed.
'What is being proposed today is completely draconian.' Payal Singh Mohanka on the I&B ministry's plan to amend the Cinematograph Act.
The Lahore High Court has given a clean chit to Pakistan's maverick former fast bowler Shoaib Akhtar.
After initiating stern action against 331 companies, the market regulator seems willing to revoke its stringent restrictions for some entities.
DLF wrote to Sebi, asking if the firm's ban on securities transactions extends to mutual fund investments.
Higher power tariff would have fetched Tata's Mundra UMPP Rs 25,000 crore (Rs 250 billion) and Adani's project an additional Rs 18,500 crore (Rs 185 billion)
The Supreme Court in its order said it was not open for SP group companies to call Ratan Tata a "shadow director" when the board of which Cyrus Mistry was chairman had nominated him as chairman emeritus of the USD 100 billion salt-to-software Tata group.
Ruchi Soya was admitted to the corporate insolvency resolution process (CIRP) in December 2017 and owes lenders Rs 12,000 crore.
Legal hurdle cited in I-T action against 32,000 entities.
Even as authorities on Friday morning began demolishing the North Goa-based restaurant linked to the death of BJP leader Sonali Phogat for violation of norms, the action was stopped midway after its owner claimed that the Supreme Court gave a stay on it.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
The Financial Sector Legislative Reforms Commission, chaired by Justice B N Srikrishna, has suggested a non-sectoral, principle-based approach to revamp the existing framework.
Reliance Group-owned power distribution companies in Delhi on Thursday approached the Supreme Court against NTPC's notice threatening to cut off power supply for not clearing outstanding dues.
To decide whether capital gains on surrender of call options are taxable
Loop Mobile has debt of Rs 400 crore (Rs 4 billion), which is likely to be included in final deal size.
Future Retail's independent directors had last week asked Amazon if it was willing to give a long-term loan to avoid default on repayment of Rs 3,500 crore loan due on January 29. Amazon replied to that saying it was willing to financially assist Future Retail through the Samara Capital deal but the retailer must shelve Rs 24,713 crore deal with the Reliance group.
From Ranbaxy to Religare, Aashish Aryan takes you through a maze of legal cases involving Malvinder Mohan Singh and his younger brother Shivinder Mohan Singh. Both are in police custody following a complaint of fund siphoning.
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.
Valuers have found almost no assets to pay for their claims against the Videocon group that entered the insolvency process in 2018. But the dissenters suggest that the money is elsewhere, possibly in the group's oil and gas assets, which are not part of the group's bankruptcy case.
Sebi had imposed penalties on DLF, for entering into sham transactions.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
Finance Minister Nirmala Sitharaman on Monday presented the Budget for 2021-22 in the Lok Sabha that is expected to provide relief to the pandemic-hit common man as well as focus more on driving economic recovery through higher spending on healthcare, infrastructure and defence amid rising tensions with neighbours, As India emerges from the COVID-19 crisis, the ninth Budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
Around 241 companies were sent for liquidation under the IBC by various NCLT benches and in only 58 cases have the resolution plans been accepted
The company moved the income-tax appellate tribunal and its appeal is pending there.
Experts said the outcome isn't surprising as the action initiated by Sebi was not after an investigation or findings.
'NSE has thousands of employees. It is their institution. So it's a dear family.' 'One should not hurt the morale of these people.'
The matter dates back to 2007, when RIL, prior to the merger of Reliance Petroleum with itself, allegedly short-sold 4.1 per cent stake in RPL to prevent a slump in the stock.
The realty major is awaiting orders for the second proceedings.
The Competition Commission on Thursday imposed Rs 1 crore fine on Abu Dhabi-based Etihad for non-disclosure of full information in the course of seeking approval for its purchase of 24 per cent stake in Jet Airways.
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