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.
Loop Mobile has debt of Rs 400 crore (Rs 4 billion), which is likely to be included in final deal size.
Jaypee Infratech's financial creditors on Monday deferred the voting process on Suraksha group's offer to acquire the realty firm and will decide later this week whether bids of Suraksha group as well as NBCC should be considered again. Days after NBCC strongly objected to the Committee of Creditors (CoC) rejecting its offer and also questioned the jurisdiction of Interim Resolution Professional (IRP) Anuj Jain, the creditors held a meeting to discuss NBCC's addendum to its existing offer. The CoC, at its meeting on Monday, decided to conduct voting on May 27-28 on whether both contenders -- Suraksha group and NBCC -- should be allowed to submit their resolution plans for Jaypee Infratech Ltd (JIL), which went into insolvency proceedings in 2017.
The verdict, upholding Centre's November 15, 2019, notification bringing personal guarantors of corporate debtors under the net of the IBC, assumes significance in view of the fact that various high-profile industrialists may now face insolvency proceedings along with their debt-ridden firms under the IBC.
Ruchi Soya was admitted to the corporate insolvency resolution process (CIRP) in December 2017 and owes lenders Rs 12,000 crore.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
To decide whether capital gains on surrender of call options are taxable
Sebi had imposed penalties on DLF, for entering into sham transactions.
The company moved the income-tax appellate tribunal and its appeal is pending there.
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 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.
The realty major is awaiting orders for the second proceedings.
"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.
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.
The students had alleged that some teachers were harassing them in the name of internal tests. But, the college management rejected the charges and said they didn't know why the student committed such an act.
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Owners selling apartments are putting in a clause that if final order allows original buyers to get compensation.
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The ministry's move to intervene in the matter comes 20 days before implementation, after broadcasters complained they would suffer huge loss because digitisation was still in the first phase across the country.
Experts said the outcome isn't surprising as the action initiated by Sebi was not after an investigation or findings.
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.
'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 razor maker suffered a major jolt after the Securities Appellate Tribunal had quashed an appeal it filed against the regulator, which had earlier rejected Gillette's plan entailing reclassification of promoter holdings to comply with the public shareholding norms.
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.
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
'What is being proposed today is completely draconian.' Payal Singh Mohanka on the I&B ministry's plan to amend the Cinematograph Act.
The government appears serious about its intent to do away with the sore points in the taxation laws.
The government will come out with proposed modalities and terms of references for setting up grievance appellate committees to address social media users' complaints in the next 10-12 days, and expects the panel to be in place by November 30, Union Minister Rajeev Chandrasekhar said on Tuesday.
The capital markets regulator has incurred litigation expenditure in the range of Rs 4-5 crore (Rs 40-50 million) in each of the past three financial years, while such expenses could be even higher in the current fiscal ending this month.
The Central Electricity Regulatory Commission (CERC) has said the first 660-Mw unit of Reliance Power's 3,960-Mw Sasan ultra mega power project (UMPP) could not achieve its "full load" in March 2013 and rejected the company's plea to appoint an independent technical committee to look into the readiness of that unit.
Market regulator scours platforms to establish link between traders and those who share info.
Dera Saccha Sauda sect chief Gurmeet Ram Rahim Singh on Friday deferred a premiere of his controversial film "Messenger of God" in which he claims he has not tried to project himself as God or hurt any religious sentiments.
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.
The Karnataka high court will hear jailed former Tamil Nadu chief minister Jayalalithaa's application on Wednesday seeking immediate bail and suspension of conviction and jail sentence in the disproportionate assets case.
While Waryam Singh was a non-executive director at HDIL, he is listed as one of the promoters of the company and had relations, including shareholding, with several other entities controlled by the Wadhawans, the HDIL founders.
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.
It can be noted that ever since Satyam Computers scandal came out in January 2009, the audit world, especially the Big Four, have been under fire from the regulators.
When submitting house rent allowance receipts, claiming that you pay rent to a close relative like parents, siblings or spouse, ensure that you have supporting documents to substantiate it.
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.
The Vivaad se Vishwas Tak scheme will be one area where some much-needed revenue can be collected by the government. The scheme can be more successful if some specific steps are taken, says investment advisor Harsh Roongta. This results in a very high tax demand. Investment advisor Harsh Roongta takes you through the maze of appeals and counter appeals.
The case has also brought to limelight 'technicalities' involved in the practice of Sebi giving 'observations' and not 'approval or clearance' for an IPO
