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.
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.
Asked if Ganguly would be cornered at the meeting, he laughed and cited an example.
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).
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.
Lok Sabha and Rajya Sabha proceedings were adjourned for the day amid protests by the Opposition in both the Houses demanding removal of Ajay Mishra as Union minister and withdrawal of the suspension of MPs.
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.
10% TDS only on dividend paid by mutual funds, not on redemption of units: Tax dept
So far, among the IBC cases, SBI has been able to recover Rs 8,500 crore from Tata Steel's acquisition of Bhushan Steel. Another Rs 1,500 crore is in an escrow account on account of Electrosteel Steels.
'When a company goes into insolvency, by definition it means that existing shareholders have been wiped out.'
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.
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 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.
Completing its over a-year-long probe into Saradha scam, the Serious Fraud Investigation Office (SFIO) has submitted its final investigation report to the government, which may soon start prosecution proceedings for numerous serious violations found during investigations.
Political controversies aside, Twitter's business in India is expanding, and creating opportunities for Indians, reports Neha Alawadhi.
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 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.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
Tax concealment in case of Walmart-owned Flipkart's unit is about Rs 650 crore while the remaining estimation is related to Swiggy.
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.
KPMG's global board will meet in India next week
Additionally, promoter Naresh Goyal and Etihad Airways, which owns a 24 per cent stake in the airline, will infuse around Rs 2,000 crore into the airline, sources aware of the development said.
'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.
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.
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.
Enactment of Insolvency and Bankruptcy Code has been instrumental in pushing up India's ranking in the 'Doing Business' report
The changes would be the most ambitious overhaul to date of rules governing the liquidation or revival of companies in India.
Don't look for a volunteering job for money, but as an investment for life, advises management consultant Virender Kapoor.
'Today, according to the law, you can't even claim legal expenses when fighting a case as a non-executive director unless you are acquitted. Given how high legal expenses are, that alone is enough to scare anyone away.'
Zomato has the potential to be an equally important milestone for Indian equity markets, notes Akash Prakash.
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
To make sure liquid schemes reflect the underlying portfolio risks, Sebi has said all debt papers with maturity of 30 days or more to be marked to market. Earlier, fund houses didn't have to do so for securities that had less than 60-day maturity.
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.
The market breadth, indicating the overall health of the market was strong
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.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
In 2009, ArcelorMittal had picked up a stake in Uttam Galva Steels. A new Section 29A of the IBC prohibits promoters of companies with NPAs of more than a year from bidding for these companies.
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.
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
