The Delhi high court on Wednesday dismissed a bail plea by Avantha Group promoter Gautam Thapar in a Rs 500-crore money laundering case lodged by the Enforcement Directorate (ED). Justice Manoj Kumar Ohri denied the relief to Thapar, who was arrested under the Prevention of Money Laundering Act (PMLA) on August 3, 2021, after the agency carried out raids against him and his linked businesses in Delhi and Mumbai. The detailed order of the high court is awaited.
The Singapore-based arbitrator, SIAC, has rejected Future Retail's plea to lift the interim stay on its Rs 24,713-crore deal with Reliance Retail, giving a major relief to Amazon that is contesting the transaction. The development comes a day after the Singapore International Arbitration Centre (SIAC) held that Future Retail is a party to the ongoing arbitration between Amazon and Future group in the dispute over the sale of its assets to Reliance Retail. Future had contended before the SIAC that it should be excluded from arbitration proceedings because it is not a party to the dispute between its promoter Future Coupons Pvt Ltd (FCPL) and Amazon.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
Amid the tussle with the government, the Governor on Sunday made it clear he would not remain a 'mute spectator' and would ensure the law of the land is upheld.
The Rajya Sabha chairman said this was not the first time that such a suspension has happened. Starting in 1962 till 2010, members were suspended on 11 occasions in furtherance to motions moved by the governments of the day.
'It leads to more investment, more money put in R&D, expansion and modernisation.'
In the last few years, zero per cent financing has become quite attractive as consumers aspire to buy the latest products, especially in categories such as mobile phones and television sets.
LIC identifies the problems well, but what the markets will watch is how nimble it is with the solutions.
It is alleged that the company floated 32 subsidiaries in several tax haven countries to bring foreign funds to India through sham transactions.
Have companies overlooked the impact of GST on employee benefits such as health check-up facilities, mediclaim, mobile handsets, house lease, long service awards, employee welfare schemes, and so on, asks Anita Rastogi, partner-GST and indirect tax, PwC
Telecom operators have started the process of scrubbing telemarketing messages but will allow their transmission to mobile subscribers till regulator Trai takes a final call, according to industry body COAI. The Telecom Regulatory Authority of India (Trai) on March 12 gave three days' time to entities like banks, e-commerce firms and others for complying with telemarketing rules, failing which they were to be barred from sending out commercial communication to customers. The business organisations, however, have sought more time from the telecom regulator to implement the process. In the meantime, Trai has allowed telecom operators to start the process of scrubbing and prepare a database of messages that do not comply with norms.
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.
Zostel could get upwards of $600 million if arbitration goes through.
Bhargavi Zaveri & Radhika Pandey explains how complexities of foreign exchange rules are used by India Inc to dispute contractual obligations.
Telecom operators, including Reliance Jio, have been demanding "same service same rules" regime which means that mobile applications providing calls and messaging services should also be made to comply with set of rules that are mandatory for mobile service providers.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
The future of cryptocurrencies in India appears uncertain but that has not deterred young Indians from embracing the so-called 'fourth industrial revolution' world, where interconnectivity and smart automation, much of it relying on blockchain technology, drive human civilisation. Reserve Bank of India (RBI) Governor Shaktikanta Das has repeatedly warned of macroeconomic instability and even "serious consequences" if cryptocurrencies turn mainstream. The country's monetary authority wants a China-like total ban on crypto, not even allowing these currencies to be treated as investments. Though Parliament's website had listed the Cryptocurrency and Regulation of Official Digital Currency Bill as one seeking a total ban of cryptocurrencies in the country, it was not presented in the Winter Session. India now has the highest number of cryptocurrency investors in the world.
Any transaction where the value of Indian assets exceeds 50% of the FTC would attract taxes in India.
This follows an investigation into alleged violations of foreign exchange rules involving foreign direct investment of Rs 85 crore and Rs 140 crore by JP Morgan India and Amrapali Group firms.
Domestic I-T laws require you to deduct tax on software, e-books and music albums; must report every such transactions while filing returns.
The money was paid to Mallya in two tranches in his offshore accounts.
Axis Bank Managing Director & Chief Executive Officer Shikha Sharma on the new mechanism for non-performing loans, the bank's loan portfolio, industry outlook and the bank's future plans.
Inflow of more funds is likely to widen the reach of insurance and drive M&A activities in the sector where growth has stalled.
As lobbying and counter-lobbying intensify, right now, it looks like a T20 match, discovers Tamal Bandyopadhyay.
British telecom giant Vodafone Group plc on Friday won an arbitration against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.
Be mindful that each instrument is governed by a different set of gifting rules and is also taxed differently.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
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The new provisions strengthen the hands of minority shareholders and will improve corporate governance.
Two days after Delhi Chief Minister Arvind Kejriwal batted for "public trial" of media, his deputy Manish Sisodia on Tuesday said the entire media needs to go for 'vipassana'.
Users well-versed in privacy laws or those concerned with their data would be worried; it could well be that many of us have already accepted the end user agreement without ado, points out Ashish Narsale.
The criteria for allowing companies to avail of this provision will include profitability, networth, paid-up capital, and turnover.
PharmEasy, 1mg and Netmeds believe that their disruptive capabilities will power their brands despite the recent court ruling. The Drug Controller General of India recently directed all state FDAs to stop the online sale of medicines as per a Delhi high court order of last year.
Unlike the race to buy airwaves by telecom companies, airports by infrastructure companies and city gas networks by energy companies, the race to develop super apps by consumer-facing companies in India has not brushed up against any regulatory issues. Officials at the ministry of electronics and information technology and at other regulators are happy they do not have to meddle in who among the Tata group, Reliance Industries Ltd, Flipkart or Paytm will manage to build an app that sweeps in customers. Unlike separate apps a customer uses on her mobile to order groceries, buy food or airline tickets or just make payments, a super app can perform all these functions.
Among other things, taking note of complaints against several Chinese e-commerce players such as Shein, Ali Express etc for sending shipments as 'gifts' to customers in India and avoiding duties, the government has now mandated that all e-commerce sites and apps must have a registered business entity. This will be the importer on record and subject to customs rules, report Subhayan Chakraborty, Neha Alawadhi and Karan Choudhury.
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
From mass layoffs to acquisitions, here's how the Indian start-up industry kept us on our toes.
Payment aggregators should have a minimum net worth of Rs 100 crore and if they don't manage to arrange that money within one year of putting out final guidelines, they should stop doing their business, says central bank's draft paper.
The online pharmacy market, which was worth about $512 million in 2018, is growing at a CAGR of 63 per cent and is expected to hit overall revenues of over $3.6 billion by 2022.
Your high expectations and attachment to certain property can make you buy property which is not financially suitable.
Chaudhary openly questioned the decisions taken by CoA with regards to various appointments.
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