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.
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.
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
The market breadth, indicating the overall health of the market was strong
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.
The probe gave a clean chit to the tax department that was being alleged to have harassed Siddhartha.
'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.'
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.
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.
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.
Legal experts fear such shareholder activism could turn into a class-action suit against Infosys
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.
Political controversies aside, Twitter's business in India is expanding, and creating opportunities for Indians, reports Neha Alawadhi.
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 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.
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
This will help employers keep a track of the diseases workers could suffer from while doing their jobs.
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.
Bankruptcy proceedings are going at a slower pace than what the bankers had envisaged and many cases have gone beyond the 270-day timeline set under the IBC mainly because of litigation.
Some experts says that the high net-worth requirement of Rs 50 crore for setting up an IU is a deterrent.
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.
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.
China Development Bank takes Reliance Communications to NCLT over loan default
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.
Zomato has the potential to be an equally important milestone for Indian equity markets, notes Akash Prakash.
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.
Did Jayalalithaa, who was also in jail then, know about these transactions?
Market experts said disruptions caused by the pandemic - to businesses as well as the filing process - and the sharp decline in valuations were the reasons behind fewer new companies wanting to tap the capital markets.
Weinstein apparently argued that the scandal would blow over but the nine-member board, whose three members had resigned following the allegations, disagreed.
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.
Goenka has not even attended the last three annual general meetings of the company, yet he drew around half of the managing director's pay
The buyout will cost LIC about Rs 100 billion, based on the Rs 248 billion market capitalisation of IDBI Bank as on Friday, and assuming it acquires a 40 per cent equity stake from the government.
Rooms at this Kolkata hotel are priced between Rs 7,000-8,000 per night. Gateway is a full-service upscale hospitality brand under the Taj Group of Hotels.
Don't look for a volunteering job for money, but as an investment for life, advises management consultant Virender Kapoor.
Recent tribunal rulings open prospects of large haircuts and barriers to auctioning of personal guarantees, among other issues
In a society where corruption is endemic and you want to get something done then it is all too tempting to offer a bribe, Swraj Paul said.
Retention of Murthy within the promoter group was crucial for Infosys as the company believed the promoters' relationship would help the company in difficult times.
'We will resist it.' 'Farmers will not let that happen.'
