The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
Future Retail's (FRL's) independent directors have written a second letter to the Competition Commission of India (CCI), stating American e-commerce major Amazon never intended to invest in Future Coupons (FCPL) and the representations made by the US e-commerce player were completely opposite and contradictory to their own internal correspondences as submitted before courts. The directors also wrote to CCI that Amazon has obtained approval by making deliberate misrepresentations. By actively misleading the CCI and the regulator, it has to revoke the approval granted for Amazon's investment in FCPL.
The 47-year-old mother of four was convicted in 2010 after being accused of insulting Islam in a row with her neighbours. She always maintained her innocence, but has spent most of the past eight years in solitary confinement.
The Tatas have the know-how to quickly close deals which can otherwise get caught in legal wrangle. In 2018, on the day the National Company Law Tribunal declared Tata Steel as the winner of the bid for bankrupt Bhushan Steel, Bhushan promoter Neeraj Singhal was planning to file for a stay order. He did get the case listed for the following day, but the judge did not admit it, deferring it until the following week. The Tatas used the narrow window of 48 hours to close the deal and take control of the company.
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
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 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.
The govt asserted the Centre has no role in the preparation of the draft list.
On compilation of six crucial documents, it was found that around two lakh of them from one crore were forged.
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.
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.
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.
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.
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.
Mahan Coal claims it is being targeted at the behest of 'foreign masters' of the Western world.
India and China have so far held 19 rounds of talks to resolve the boundary dispute.
Beijing's growing assertiveness as kingmaker in Kabul has suffered a setback with Washington quietly moving in, observes Ambassador M K Bhadrakumar.
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.
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."
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.
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.
The government has signed Bippas with 72 nations.
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.
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.
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.
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 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.
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.
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.
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.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
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.
United States authorities have complained to Pakistan's Foreign Office about the alleged harassment of American diplomatic staff and expressed concern at the "inaction" on an earlier complaint lodged two years ago. In a letter to the Foreign Office earlier in March, the US administration updated Pakistani authorities on the alleged harassment of staff of its embassy and consulates.
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.
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