The Supreme Court on Thursday said it will hear on July 20 the Amazon plea against the Delhi high court verdict which stayed the directive by its single-judge and paved the way for the multi-billion dollar deal to amalgamate Future Retail Ltd (FRL) with Reliance Retail. A bench of Justices R F Nariman, K M Joseph and B R Gavai was informed by senior advocate Harish Salve, appearing for the Future group, that a Singapore tribunal will commence hearing on the issue from July 12 and requested that the proceedings on the appeals be adjourned for a week. Senior advocate Gopal Subramanian, appearing for the US-based e-commerce giant, said he had no problem if the hearing on the appeals was adjourned by a week, as they will be busy next week before the tribunal.
Amazon has asked Sebi to suspend its review of the Rs 24,713 crore Future-Reliance deal and not grant a no objection certification on the ground that its challenge to the agreement was before the Delhi high court. E-commerce major Amazon has written to Sebi again, this time apprising it about the admission of its appeal before the division of the Delhi high court and urged the market regulator to suspend the review of the Future-Reliance Industries Ltd (RIL) deal. This is the eighth letter by Amazon to the Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi since late October. Amazon has been opposing Future group's pact with billionaire Mukesh Ambani's RIL that was signed in August last year.
Last year in January at Amazon's flagship event Smbhav, Infosys Co-founder N R Narayana Murthy had to shorten his keynote speech from 20 minutes to about five because the event was delayed by 1.5 hours. "I will try to finish it in five minutes, because I am not used to delays," said Murthy, while addressing hundreds of micro, small and medium enterprises (MSMEs) about building businesses that last. In the audience was Amazon founder Jeff Bezos. Murthy referred to Bezos' prediction that the 21st century will be the Indian century. "That confidence enhances our enthusiasm," said Murthy. The relationship between Murthy and Bezos dates to 2014, when Prione, a 49:51 joint venture (JV) between Amazon and Murthy's venture capital company Catamaran, was formed.
E-commerce major Amazon has written to Sebi yet again, apprising the market regulator of the formation of the arbitration tribunal at SIAC while urging it to suspend the review of the Rs 24,713 crore Future-RIL deal. It has also filed an appeal with the division bench of the Delhi high court against the December 21 order of the single member bench, according to sources.
Sahara made an overseas direct investment against RBI rules.
Illustrious international thinkers met at the Milken Institute Global Conference 2021 and many discussions addressed the impact of the COVID-19 pandemic on the world at large.
It is time for the three finance ministers of the 1990s to reveal the real hero, says T C A Srinavasa-Raghavan.
The Enforcement Directorate, which probed the alleged contravention of foreign exchange laws by Walmart in its investments in domestic supermarket chain Bharti Enterprises, has found no violation of FDI guidelines by the US multinational retail giant.
In a letter to the Prime Minister, the Women of Big Bazaar SOS group said: "Future Retail and Reliance had entered into an arrangement through which Future's retail stores will continue to be operated by Reliance. Reliance has also committed to clear all debts and dues owed by Future Retail to suppliers and vendors."
The finance ministry is seeking to speed up deals with outside investors.
Last October's circular meant that downstream investment by such funds by way of subscription or acquisition of shares would have been considered "indirect foreign investment" if their investment manager or sponsor is owned or controlled by a non-resident. The finance ministry has now said that mutual funds that invest more than 50 per cent in equity shall be omitted from the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996.
The Enforcement Directorate (ED) has sought legal assistance from Singapore and Mauritius to take forward its probe in the alleged financial irregularities in the Indian Premier League tournament (IPL) and its former chairman Lalit Modi.
Rajasthan Royals on Monday stated that it "intends to launch a full appeal" against the Enforcement Directorate (ED) order to slap a penalty notice of approximately Rs 100 crore against the IPL franchise for alleged violation of forex laws in its business operations.
IPL team Rajasthan Royals was slapped with a penalty notice of approximately Rs 100 crore by the Enforcement Directorate (ED) for alleged violation of forex laws, a move which comes barely two months before the sixth edition of the high-profile league gets underway.
The Bharatiya Janata Party on Tuesday said it is against rushing through the Foreign Direct Investment-related Foreign Exchange Management Act notification in Parliament along with the main debate on the issue.
The apex court asked Reserve Bank of India to amend Foreign Exchange Management Act regulations within two weeks to allow implementation of FDI in retail sector.
The RBI has also referred alleged violation of the Foreign Exchange Management Act to the Directorate of Enforcement for investigation in regard to both Bharti Wal-Mart and e-commerce venture Flipkart Online Services.
Emirates Telecommunications Corporation (Etisalat) has made a representation through the UAE government to request the Enforcement Directorate to withdraw a showcause notice over alleged violations of the Foreign Exchange Management Act (FEMA), insofar as it relates to the company and its directors on the board of its Indian joint venture Etisalat-DB Ltd. The UAE (United Arab Emirates) government owns 60 per cent of the Etisalat group.
If the actor agrees to come and convey his confirmation to the ED officials, than it would be his second round of questioning in FEMA case.
About Rs 1,282 crore has been levied as tax in 159 cases pertaining to concealment of tax due to the government
Congress rebel Y S Jaganmohan Reddy, who was arrested by the Central Bureau of Investigation on Sunday after days of questioning in a DA case, is likely to be quizzed this week by the Enforcement Directorate in connection with the probe against him and others in an alleged money laundering and foreign exchange violations case.
Such service providers were given time until the end of October to follow the law of the land.
According to a report in the Daily quoting a senior administration official, there was a "tiny slice" of personal protective equipment left over.
The Enforcement Directorate has issued notice to the BCCI to explain transfer and routing of funds to the tune of Rs 1,600 crore in the conduct of the second season of Indian Premier League cricket tournament.
Indian banks have started exploring opportunities in the space, including lending to crypto exchanges, and accepting bitcoins as collateral, among others.
Enforcement Directorate has issued notice to the BCCI to explain transfer and routing of funds to the tune of Rs 1,600 crore in the conduct of the second season of Indian Premier League cricket tournament.
Notification, FAQs likely after FM Jaitley returns from the US
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
The Enforcement Directorate has issued a show cause notice to the Board of Control for Cricket in India suspended IPL commissioner Lalit Modi for transfer of Rs 90 crore to the UK, in connection with its probe in alleged financial irregularities in the T20 cricket tournament.
Former Indian Premier League Commissioner Lalit Modi took to Twitter 'big time' on Wednesday after the Delhi high court ordered restoration of his passport, thanking the people who stood by him.
Official sources said the ED will focus on the event managers and will also issue summons to them under the Foreign Exchange Management Act (FEMA) to explain how they got the foreign exchange that was paid to the singer.
The government has initiated the process to safeguard buyers from online frauds.
Banks will also have to seek borrower's status report from Central Economic Intelligence Bureau on the account turning NPA
Till Monday, 43,734 confirmed cases of coronavirus were reported in the United States.
The Enforcement Directorate is likely to book former IPL chairman Lalit Modi under the stringent Prevention of Money Laundering Act, which gives the Directorate the power to arrest and attach properties.
Even as the Income Tax department is probing the financial dealings of the money-spinning Indian Premier League, the Enforcement Directorate (ED) will look into the alleged murky international deals of the Twenty20 tournament. Official sources said the Mumbai wing of the ED had conducted a discreet inquiry into the finances of Rajasthan Royals in 2008 and had prepared a report of alleged Foreign Exchange Management Act (FEMA) violations.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
The government informed the Rajya Sabha on Thursday that Enforcement Directorate is looking into complaints of Foreign Exchange Management Act violations by Anil Dhirubhai Ambani Group, but no conclusion has been reached.
Under the EB-5 visa programme you can become a US citizen provided you invest $500,000 in an approved project and create targeted employment. But only 700 Indians can do so each year.
Even as illegal purchase of land violating Foreign Exchange Management Act (FEMA) is haunting Goa government, an ad hoc committee was told that the state can restrict the sale of land to foreign nationals under Foreigners Rule, 1946.
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