With Western corporations, including Microsoft, AWS and Oracle, shutting down their operations in Russia, the rest of the world has become acutely aware of its dependence on a clutch of technology service providers.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
To strengthen corporate governance practices and disclosure requirements, Sebi has notified new rules, including that top 1,000 listed firms will have to formulate a dividend distribution policy. The regulator has also put in place a framework in relation to applicability, constitution and role of the Risk Management Committee (RMC) and eased norms for re-classification of a promoter as a public shareholder, according to a notification dated May 5. In addition, the regulator has asked listed firms to make available audio and video recordings of analyst and investor meets on their websites as well as stock exchanges within 24 hours or before the next trading day and also notified rules regarding Business Responsibility and Sustainability Report (BSSR).
There are rumours that Ajay Singh who previously headed SpiceJet may get an investor to bail out the airline of dire consequences.
Under the Companies Act, 2013, auditors have the responsibility of reporting frauds, at entities being audited by them.
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.
Asked if Ganguly would be cornered at the meeting, he laughed and cited an example.
Don't look for a volunteering job for money, but as an investment for life, advises management consultant Virender Kapoor.
The Vadodara court has accepted a memorandum signed by 23 members of the Gaekwad royal family to end their feud of 23 years
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.
IndiGo promoter Rakesh Gangwal has written a letter to markets regulator Sebi flagging governance issues at the company and has accused fellow co-founder Rahul Bhatia and his firms of indulging in questionable related-party transactions.
US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi), to take action as is necessary to comply with the Supreme Court Judgment, related to the $3.4-billion merger deal between Future Group and Reliance. Amazon has requested Sebi to direct the Indian stock exchanges to withdraw the Observation Letters related to this deal with immediate effect. In January this year, Sebi had given a go-ahead onto Future Group's scheme of arrangement and sale of assets to Reliance, based on which the Bombay Stock Exchange also granted its "no adverse observation" report to the Rs 24,713-crore ($3.4 billion) deal.
These transactions have come for shareholders approval because of requirements under the new companies law and amended listing agreements.
The ministry of electronics and information technology has directed WhatsApp to withdraw its new privacy policy, according to sources. The IT ministry believes that the changes to WhatsApp privacy policy and the manner of introducing the said changes undermines the sacrosanct values of informational privacy, data security and user choice and harms the rights and interests of Indian citizens, government sources said. The government has given seven days to WhatsApp to respond to the notice and if no satisfactory response is received, necessary steps in consonance with law will be taken, sources informed. In a communication to WhatsApp on May 18, the ministry has once again told the messaging platform to withdraw its privacy policy 2021, they said.
Political controversies aside, Twitter's business in India is expanding, and creating opportunities for Indians, reports Neha Alawadhi.
In recent months, three companies - PC Jeweller, Vakrangee and Kwality - decided to withdraw their share buyback proposals
Chinese foreign policy will acquire a more ideological and less pragmatic character. It will be conducted with more nationalist overtones, predicts former foreign secretary Shyam Saran.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
Future Retail Ltd (FRL) on Monday said the Delhi high court has ruled that statutory authorities cannot be restrained from acting in accordance with law and stayed a previous order on status quo of its Rs 24,713 crore deal with Reliance. Updating stock exchanges about the court ruling, FRL said a Division Bench comprising Chief Justice D N Patel and Justice Jyoti Singh has stayed the operation and effect of order passed by single Judge J R Midha on February 2. "...inter alia, for the prima facie reason that the company is not a party to the Shareholders Agreement dated August 22, 2019 executed between Amazon, Future Coupons Private Limited and the Promoters of FRL, under which arbitration was initiated by Amazon in Singapore," FRL said.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
13 eminent economists, including former RBI governor Raghuram Rajan and current International Monetary Fund Chief Economist Gita Gopinath, in a report have asked the political establishment not to resort to populist tricks.
The framework also envisages amendments to the Prevention of Corruption Act to exempt commercial decisions by PSBs from scrutiny by investigating agencies. Both the amendments are likely in the monsoon session of Parliament.
The ministry has taken a strong position on the matter, and made it clear that it is not just problematic but also "irresponsible" for the messaging platform to leverage its position to impose "unfair" terms and conditions on Indian users, when many depend on WhatsApp to communicate in everyday life, according to the sources.
Almost 2,000 companies whose private provident and pension funds have invested in non-convertible debentures of IL&FS group firms are staring at the prospect of booking losses to the tune of Rs 9,000 crore or more if the interest income is added.
A group of retired army officers have come together to provide a home for girls who never had a home before.
Zomato has the potential to be an equally important milestone for Indian equity markets, notes Akash Prakash.
'The book captures Rana Kapoor's hunger for real estate leading to bungalows in Delhi, Mumbai, London and other cities; the multiple companies -- over 100 -- to fund his family's various ventures; the attempt to game the system by showing lower non-performing assets,' notes Joydeep Ghosh.
'I've always wanted to be a pilot; setting records is the icing on the cake.'
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Born in poverty and subjected to inhuman abuse, Kalpana Saroj overcame all hurdles to emerge a success story.
Among the 36 new faces in Prime Minister Narendra Modi's council of ministers, eight are lawyers, four are doctors, two former IAS officers and four MBA degree holders, besides several engineers, making it an eclectic mix of professionals.
Bakshi rejects McDonald's proposal to buy his stake in JV for Rs 48-50 crore
How to shield brand McDonald's? While consumers may have ignored the legal battles plaguing the franchise in north and east India, closure of restaurants is not something they are likely to ignore.
These changes will entail a relook at the various laws governing banks in the country - the two Bank Nationalisation Acts (passed in 1970 and 1980); the State Bank of India (SBI) Act of 1955; and the Companies Act of 2013.
India is ranked best among the BRICS nations, out of which South Africa is 17th, Brazil 35th and Russia at 100. China is much lower at 132nd place.
Embattled retailer Future Retail Ltd (FRL) on Tuesday moved the Supreme Court to avert insolvency proceedings over missing a loan repayment deadline, even as its independent directors rejected an Amazon-supported offer to sell the company businesses at less than a third of what Mukesh Ambani's Reliance is offering. India's second-largest retailer, which operates multi-brand retail chains such as Big Bazaar, Easyday and Heritage, failed to pay Rs 3,494.56 crore to lenders by the due date of December-end and sought a 30-day grace period to resolve the situation. Unable to find money, it moved the apex court seeking to restrain its lenders from declaring the company a defaulter, which can invite initiation of insolvency proceedings.
The proposed e-commerce rule book issued recently by the ministry of consumer affairs does not mention foreign companies or foreign direct investment (FDI) at any place, unlike most other government guidelines for the sector so far. That is a heartening development since the latest proposals could be fine-tuned as e-commerce policy.
The previous board of Fortis Healthcare had links with Singh brothers and there was an investigation by law firm Luthra and Luthra into Rs 472 crore that was diverted into other companies.
With Pawar backing farmers' protest against the contentious agri reforms, government sources on Sunday pointed out that as the agriculture minister in the UPA dispensation he had asked chief ministers to amend the APMC Act in their states to allow the private sector to play an important role in the field.
'When a company goes into insolvency, by definition it means that existing shareholders have been wiped out.'
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