UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law.
Cairn Energy and Air India have jointly asked a New York federal court to stay further proceedings in the British firm's US lawsuit targeting the airline for enforcement of a $1.2-billion arbitral award. The move follows the government enacting a law to scrap retrospective taxation in the country, which in effect will result in withdrawal of the Rs 10,247 crore tax demand on Cairn, according to court documents reviewed by PTI. The British company had won an international arbitration award against levy of such taxes and sought to take over Air India assets when the government refused to honour the award and pay it $1.2 billion-plus interest and penalty.
"A global settlement was reached between the French tax authorities and Reliance Flag, a telecom company, in a tax dispute pertaining to the period 2008-2012," the French embassy said in a statement.
Saudi Aramco chairman and head of the Kingdom's cash-rich wealth fund PIF Yasir Othman Al-Rumayyan will join the board of Reliance Industries Ltd as an independent director in a precursor to a $15 billion deal. Reliance chairman and Asia's richest man Mukesh Ambani, who had two years back disclosed the talks to sell a 20 per cent stake in the company's oil-to-chemical unit to Saudi Aramco, announced the appointment of Al-Rumayyan at the company's annual meeting of shareholders. Harvard educated Al-Rumayyan, 51, will replace Yogendra P Trivedi, 92, who has expressed a desire to retire, Ambani said. On the sale of a 20 per cent stake in the O2C business, he said the deal is likely to conclude this year.
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
VIL has countered Trai's contention that the RedX plan, which commits higher speeds, should have been informed separately so different aspects could have been examined before such service was launched.
The auction last year had seen a muted response on account of high spectrum cost.
For over three months, there was no soccer of any kind in England, where it is by far the most popular sport.
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.
'Unless cash has ceased to be king, the issue is the same in the aviation, telecom and ecommerce sectors: Sustainability,' notes T N Ninan.
Wearing garlands, the farmer leaders, who had called for observing 'Sadbhavana Diwas' (Harmony Day) on Saturday after the immense outrage over violence by protesters during their Republic Day tractor rally, sat on the dais during the fast, as crowds of supporters swelled, especially in Gazipur where the Bharatiya Kisan Union is leading the protest.
Who is to take their place? Will a new generation of entrepreneurs start up with better business sense, or at least better luck? But the so-called unicorns are mostly copy-cat entrepreneurs whose cash flow is funded by overseas (including Chinese) money, notes T N Ninan.
In the first phase, the company will sponsor 25 vehicles on five routes, including Chandni Chowk, Saket, IIT-SDA market area, GK-II and Delhi University-North Campus, Vodafone told reporters in New Delhi.
MoD dismissed the report saying it draws 'conjectural connection between tax exemption to a private company and procurement of Rafale jets'.
The Old Trafford cricket ground had a festive feel with fans from both sides wearing replica jerseys, colourful headgear and sounding hooters as they began trooping in.
Bharti Tele flagged off trading on Friday with a solid spurt as the GoM on Thursday recommended an increase in FDI for the telecom sector to 74%, just ahead of the Union Budget.
According to industry insiders, India has 400 million smartphones and is the world's fastest-growing app market. So the addition or deletion of apps impacts the global valuations of these platforms. "Based on calls given by various local organisations to delete Chinese Apps, there will be an impact," said Blaise Fernandes, director at foreign policy think tank Gateway House. "All of them eventually will go the IPO (initial public offering) route so there would be economic impact also."
The government has suffered a loss of Rs 12,488.93 crore (Rs 124.88 billion) due to under-invoicing of gross revenue by six telecom companies including Reliance Communications, Vodafone and Bharti Airtel, the CAG said in a damning report on Friday.
Various ministries, including home and defence, have been asked to take necessary steps to prevent leakage of classified information to the media and fix responsibility in case the leakage takes place.
Now you can check your Aadhaar authentication history online to track if anyone misused your unique identity.
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
Reliance Communications will invest $60 million in Saudi Arabia to connect the kingdom and other Gulf states with 53 countries around the globe on its fibre optic network and provide value-added services to its network users. \n\n
The Sensex posted its biggest single-day jump in over a decade at 1,921 points and investors' wealth soared by a staggering Rs 6.8 lakh crore after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates on Friday.
The months-long row between Tatas-owned Videsh Sanchar Nigam Ltd and Reliance-controlled FLAG Cables over the bandwidth issue was resolved on Wednesday.
The Indian government does not plan to privatise state-run telecom firms Mahanagar Telephone Nigam Ltd and Bharat Sanchar Nigam Ltd before 2004.
The Economic Survey said that a number of indicators -- GDP, IIP, credit, investment and capacity utilisation, point to a deceleration in real activity since first quarter of 2016-17 and a further deceleration since the third quarter.
Last year, there was almost 16 per cent increase in hiring by the Global Capability Centres in India.
The Mumbai-based brokerage has constructed India Family Firm Index out of listed companies.
Ex TRAI chief says Manmohan Singh warned him of harm on 2G issue
Ferrari made a strong start to the first day of Formula One testing, on Monday, with four-times world champion Sebastian Vettel top of the timesheets at lunchtime with 72 laps completed.
The Universal Service Obligation fund was set up in April 2002 and a statutory status was given to it.
The number of smartphones booked during the initial hours was 30,000.
'When bankers are hounded by investigative agencies for credit decisions going wrong and defaulters are treated like outcasts, who will borrow money and who will lend?' asks Tamal Bandyopadhyay.
An article in China's Global Times warned Beijing that China needs to worry about the effect of industrial transfer to India on production chain
'A score of 750 and above is considered to be good, though these cut-offs can vary depending on the type of loan being sanctioned,' points out Arun Ramamurthy.
Decisions of the Telecom Regulatory Authority of India (Trai) have been under scrutiny for a while.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
The unit of Reliance Communications may raise debt, equity
Broader gains were capped as investors awaited corporate results from major firms
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