The dispute between RCom and Chinese banks led by ICBC started after Anil Ambani led company defaulted on its loans to Indian as well as Chinese banks. A British court on May 22 asked Ambani to pay nearly $717 million to three Chinese banks within 21 days.
On compilation of six crucial documents, it was found that around two lakh of them from one crore were forged.
It further said that the Arbitral Tribunal has decided that Italy and India each shall report to it on 'compliance with these provisional measures and authorises the President to seek information from the parties if no such report is submitted within three months from the date of this order and thereafter as he may consider appropriate'.
The govt asserted the Centre has no role in the preparation of the draft list.
With the State Bank of India moving the National Company Law Tribunal's Delhi bench to enforce the personal guarantees of Ambani, it will delay the recovery of dues by the Chinese banks which won a UK court order in May this year.
Cash-strapped telco Vodafone Idea's proposal for investment of up to Rs 15,000 crore through foreign direct investment (FDI) has been approved by the Union government, according to officials. A top-level group, comprising representatives from the ministries of home affairs, external affairs, finance and commerce and industry, took the decision. The nod, which is an enabling provision, would help the financially-stressed company raise funds to pay up some of its dues linked to adjusted gross revenue (AGR), reduce debts and use the money for operational expenses.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
China released a white paper against the UN-backed tribunal's verdict, insisting that Beijing has claims over the strategic region for 2,000 years.
Beijing's growing assertiveness as kingmaker in Kabul has suffered a setback with Washington quietly moving in, observes Ambassador M K Bhadrakumar.
CAIT had last month also filed a petition in National Company Law Appellate Tribunal (NCLAT) against the Competition Commission of India's decision to approve the deal.
Mahan Coal claims it is being targeted at the behest of 'foreign masters' of the Western world.
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.
India and China have so far held 19 rounds of talks to resolve the boundary dispute.
Kishore Biyani-led Future Retail Ltd on Thursday accused e-commerce giant Amazon of adopting a media strategy of "having every development reported and converted into a line of communication with stock exchanges" regarding the Amazon-Future Coupons' arbitration proceedings in Singapore. The Court of Singapore International Arbitration Centre (SIAC) had turned down a plea of Future Retail Ltd (FRL) to be excluded from being a party to arbitration. In a regulatory filing disclosing the development, FRL said,"...this disclosure is being made out of abundant caution to avoid any speculation given Amazon's media strategy of having every development reported and converted into a line of communication with stock exchanges."
The initiation of IBC proceedings in respect of a debtor has certain drastic consequences on both day-to-day running of the business of a debtor and on all creditors generally.
The US, he said, rejects any Chinese claim to waters beyond a 12-nautical mile territorial sea derived from islands it claims in the Spratly Islands (without prejudice to other states' sovereignty claims over such islands).
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Pakistan's military spokesman Maj Gen Asif Ghafoor in a midnight tweet expressed disappointment at Gen Rawat's assertions.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
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.
The Election Commission of Pakistan (ECP) on Tuesday publicly released the details of assets of key politicians, including that of Prime Minister Khan.
The foreign minister acknowledged that he spoke with Hurriyat leader Mirwaiz and India should not make it an issue.
The government has signed Bippas with 72 nations.
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
When Taragauri Doshi's husband died, an assessing officer wanted to tax the proceeds from a life insurance policy that had been bought abroad. Homi Mistry, Mousami Nagarsenkar & Hiral Tanna explain why such proceeds are not taxable in India.
UK-based Cairn Energy PLC on Wednesday said it has agreed to drop litigations to seize Indian properties in countries ranging from France to the UK as it has accepted the Indian government's offer to settle tax dispute relating to the levy of taxes retrospectively. Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government now has to accept this and issue Cairn a so-called Form-II, that will commit it to refund the tax collected to enforce the retrospective tax demand.
Italy in March had asked the PCA judges to order India to release its detained marine Girone, saying otherwise he risks four more years in India without any charges being made which would amount to 'grave violation of his human rights'.
Kiran Bala, who went to Pakistan to attend the Baisakhi festival, changed her name to Amna Bibi.
The corporate affairs ministry proposed the names of Borkar & Mazumdar & Co and MM Chitale & Co for IL&FS and IFIN respectively; and GM Kapadia & Co and CNK & Associates for IL&FS Transportation Networks.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
Global giants Nokia, Sony and Ericsson were among 11 multinational corporations, whose Indian operations were found guilty of violating foreign exchange regulation by an Appellete Tribunal.
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
The Pakistan Foreign Office gave no reason for Lodhi's removal in a statement late on Monday.
Three people were killed and over 20 others injured in a bomb blast outside the house of the Mumbai terror attack mastermind and JuD chief Hafiz Saeed in Lahore on Wednesday, the police said.
China's behaviour in the post-pandemic geopolitical landscape which may determine the Quad's future trajectory, notes former foreign secretary Shyam Saran.
Kishore Biyani-led Future Retail Ltd (FRL) on Thursday told the Delhi high court that Amazon was opposing the Rs 24,713 crore deal with Reliance as the Mukesh Ambani company was a competitor, a contention denied by the US-based e-commerce giant which said it was interested in salvaging FRL. FRL contended before a bench of Chief Justice D N Patel and Justice Jyoti Singh that Amazon was not concerned if the deal falls through then all the shops of the Indian company would be closed down and it's more than 25,000 employees would be without any livelihood. Senior advocate Harish Salve, appearing for FRL, told the court that the US-based e-commerce giant was only concerned that the Mukesh Ambani group company should not get the shops as they are a competitor of Amazon.
Kaneria after denying his involvement in spot-fixing and pleading his innocence finally admitted in late 2018 to a foreign television network he was guilty.
The momentum created by the landslide victory of the ruling party should be utilised to carry forward reforms in the legal field, says M J Antony.
The arbitration of any court is legally binding and the government) can approach the Singapore high court.
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.
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