The Securities and Exchange Board of India (Sebi) has proposed stricter disclosure norms for certain foreign portfolio investors (FPIs) to bring in more transparency and trust against the backdrop of the Adani-Hindenburg Research saga. Under the new norms, FPIs with an exposure of more than 50 per cent to a single group or with assets of over Rs 25,000 crore will be tagged as 'high risk' and will be required to provide additional information such as full identification of their ownership, economic interests, and control rights. A failure to provide these disclosures will lead to invalidation of the FPI registration.
The government appears serious about its intent to do away with the sore points in the taxation laws.
The new Insolvency and Bankruptcy Code has serious drawbacks, finds out Somasekhar Sundaresan.
Trust explores options on reinduction of ousted founder on board as firm closes ranks.
The Delhi high court on Thursday put on hold the insolvency resolution process (IRP) proceedings against Reliance Communications (RCom) chairman Anil Ambani in relation to the recovery of Rs 1,200 crore loans given by SBI to his two firms. Ambani had given personal guarantees for the Rs 565 crore and Rs 635 crore SBI loans to RCom and Reliance Infratel Ltd (RITL), respectively, in August 2016.
A senior official said CBDT has inputs that a number of these companies possibly indulged in tax crimes and once this is established, the department will initiate action against them for indulging in money laundering and tax evasion.
Adani Green Energy entered the list of top-10 most valued companies in terms of market capitalisation (m-cap) in the country on Monday after its stock price zoomed 16.3 per cent to hit a new high of Rs 2,701.6 on the BSE. Adani Green Energy's m-cap now stands at Rs 4.22 trillion, surpassing Bharti Airtel, which has an m-cap of Rs 4.16 trillion. With today's rally, the stock has zoomed about 25 per cent in the last two trading days after UAE's International Holding Company (IHC) agreed to invest Rs 3,850 crore in Adani Green Energy through preferential issue.
Sebi decided to incorporate a provision in this regard in its new Corporate Governance Code
The contract was cancelled two weeks ago due to the delay in the delivery of the vessels, sources said. The contract to build five warships was signed with the company in 2011, much before the Reliance Group took over the Gujarat-based shipyard from its erstwhile owner Nikhil Gandhi.
'Many non-resident taxpayers faced issues in filing Form 10F since the portal didn't allow those who didn't have PAN to file the form.'
GST authorities have expanded the probe into alleged tax evasion by fintech firm BharatPe to include reported issuance of fake invoices by those close to the firm's ousted co-founder Ashneer Grover, an official said. GST authorities are now scrutinising BharatPe books of the last four years to see if bogus invoices were issued for services as well. BharatPe had stripped Grover and his wife Madhuri Jain of all positions after a preliminary report of an external audit commissioned by the fintech firm's board showed that the duo indulged in alleged misdeeds and financial irregularities.
And the controversy continues!
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
'Handled poorly, it could either lead to a witch-hunt in organisations that is fertile soil for yes-men; or lead to even bona fide decisions and entire organisational systems being held to ransom,' says Somasekhar Sundaresan.
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
Vikram Bakshi says the 169 stores will remain open, McDonald's says it will take steps to enforce termination.
Without naming Adani group specifically, the capital markets watchdog said in a statement that unusual price movement in the stocks of a business conglomerate has been observed in the past week.
The total admitted claim of financial creditors of these 88 companies stood at Rs 1.3 trillion, of which they recovered Rs 65,635 crore.
Ajay Banga, one of the topmost Indian-American corporate leaders, and a strong advocate of India-US relationship, would retire from Mastercard at the end of the year, the global credit card company has said.
Of the total, the financial creditors - banks, bond holders and other financial institutions - have claimed Rs 86,892 crore.
The relationship between the Singh brothers, erstwhile promoters of Fortis Healthcare, went sour after allegations of fund diversion from the healthcare chain emerged.
The Supreme Court on Friday refused to accept in a sealed cover the Centre's suggestion on a proposed panel of experts for strengthening regulatory measures for stock markets in the wake of the recent Adani group shares crash triggered by Hindenburg Research's fraud allegations.
Murthy said moral weakness and incompetence of the chairman of the board are the main reasons behind corporate scams.
The new board will have to provide the NCLT a road map for turning around the company by October 31, which, Kotak said, is challenging, given that the company's issues represent a "moving target"
In its petition, Rameshwara Jute Mills, an MP Birla group company, has prayed that the board of directors of the Birla Corporation and other M P Birla group companies should be superseded by independent people, as after the death of R S Lodha, there was no one to represent the company. Opposing it, the Lodha camp submitted before the board that the petition was not maintainable and that there was no need to appoint any chairman of the group.
With this, India joins 60 other countries that collect PNR details of international passengers.
The estranged Indian partner of McDonald's, Vikram Bakshi, on Thursday offered buying out the US food major's stake in their joint venture Connaught Plaza Restaurants.
A month after the government allowed registration of Limited Liability Partnerships, only 10 firms have availed this new form of doing business that provides advantages of a partnership firm and also a corporation. This is because the government is yet to notify key sections (Sections 55 to 58) of the law that would enable conversion of a partnership firm, private company or unlisted public company into an LLP.
The company said it would appoint a US law firm to conduct a full investigation
Satyam's employees had to undergo mental trauma, job uncertainty and financial problems, after many were forced to leave.
Amtek Auto was among the first list of 12 companies which were referred by the RBI in 2017 to respective banks for initiation of insolvency process for defaults.
The Special Court on Monday has sentenced erstwhile Satyam chairman B Ramalinga Raju and his brother Rama Raju to six months imprisonment for violating provision of the Companies Act.
Before opting for this scheme, consider how EPS is calculated.
He is survived by two sons, Rajiv Bajaj and Sanjiv Bajaj, and a daughter Sunaina Kejriwal.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
The rival promoter group and the entire block of public institutions voted against Basant Jhawar.
More than 1,000 independent directors have quit since January 2017; more could be on their way out
The Supreme Court on Wednesday granted the Securities and Exchange Board of India time till August 14 to complete its probe into the allegations of stock price manipulation by the Adani group. A bench headed by Chief Justice D Y Chandrachud directed the SEBI to file an updated status report of the investigation.
Poor governance and mediocre short-sighted politics are destroying the paradise that Goa was as its environment, water table, culture and way of life is drastically threatened by tourism and migration, points out Ramesh Menon.
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