Infy board gets law firm to probe 'lapses', appoints Cyril Amarchand Mangaldas to engage with founders.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
At the heart of the disagreement is a 1,000-acre land parcel, part of the 3,400 acres owned by the family in Vikhroli, a northeastern suburb of Mumbai.
Reliance Retail Ventures Ltd, run by India's richest man Mukesh Ambani, on Tuesday raised Rs 5,512.50 crore from Abu Dhabi Investment Authority (ADIA), taking the total fundraise to Rs 37,710 crore in less than four weeks.
'My biggest contribution is the creation of the first 'modern Indian law firm',' Cyril Shroff tells Sudipto Dey.
On October 24, the NSE sought clarification from the IT major on the whistleblowers' allegations and why the company had not disclosed the same to the exchanges.
The new owner may be allowed to dispose of assets accruing from the 10-26 per cent of the net assets of the company.
The company board, wherein Siddhartha's wife Malavika Hegde is also a director, met on Wednesday to put in place a working structure of the company.
'The company's transition from an individuals-driven private firm to a board-driven listed public one will be carried out in a well-thought-through and well-executed manner.'
The watchdog would provide an additional option to the existing pricing methodology for preferential issuances.
The special court, however, did not permit the ED to attach the paintings owned by Modi and seized by the Income Tax department as the Bombay high court had earlier directed for the artworks to be auctioned but the money to be deposited and not disbursed.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
India doesn't have a data protection law or a dedicated law on cybersecurity. Also, there is no specialised law on privacy. Experts say this complicates the scenario for businesses as they continue to be liable for breach in client data even when employees work out of the home.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
Adani Wilmar's bid was approved by the committee of creditors of the bankruptcy-bound Ruchi Soya with about 96% votes in favour
A senior BCCI official seconded Diana Edulji's view and said there should be suspension pending inquiry.
Foreign investment firms, especially private equity, are jittery about the Indian market as uncertainty continues to shroud the energy sector.
While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
The mediation between the warring co-managing partners of India's largest law firm Amarchand Mangaldas, brothers Cyril and Shardul Shroff, was accepted by the Bombay high court on Wednesday. According to the terms of the arbitral award, the brothers have agreed to 'split and bifurcate into separate entities independently carrying on the profession of law'.
Infosys said it is also "aware of a securities class action lawsuit" that has been filed against the company in a federal court in the US, based on the generalised allegations in the anonymous complaints. The company intends to defend itself vigorously in such a lawsuit.
"The company has been in touch with the Securities and Exchange Commission (SEC) regarding the anonymous whistleblower complaints (anonymous complaints) and has learnt that the SEC has initiated an investigation into this matter. The company will cooperate with the SEC's investigation," Infosys said in a statement.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
Also, a dedicated cell, headed by a member of the Central Board for Direct Taxes (CBDT), will be set up to address concerns faced by start-ups.
The Vivaad se Vishwas scheme is a replica of the Sabka Vishwas (Legacy Dispute Regulation) Scheme, 2019 (SVLDRS) for indirect tax litigation. The hope is that this would unlock revenue blocked in long-drawn litigation at various forums. Sources in the department say the total value at stake in these disputes would be Rs 5-6 trillion.
The deal follows Facebook picking up a 9.99 per cent stake in the firm that houses India's youngest but largest telecom firm on April 22 for Rs 43,574 crore. Within days of that deal, Silver Lake -- the world's largest tech investor -- bought a 1.15 per cent stake in Jio Platforms for Rs 5,665.75 crore. On May 8, US-based Vista Equity Partners bought 2.32 per cent stake in Jio Platforms for Rs 11,367 crore.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
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.
'People who have unaccounted money often park it in unregulated deposit schemes.' 'Curbing illegal deposit-raising activity will also carry forward the government's drive against black money.'
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
Corporate Affairs Secretary Injeti Srinivas said the issue is how the interests of stakeholders are to be balanced
There were no evidence of any kickbacks, inappropriate contracting or unreasonable expenses
In a statement, Fortis said under the accepted offer, IHH would infuse Rs 4,000 crore through subscription to the preferential allotment at a price of Rs 170 per share. The Malaysian firm will then make a mandatory open offer to public shareholders for 26 per cent of the outstanding shares post issuance.
Diverse marquee investors are becoming long-term shareholders of Jio Platforms because of a unique set of technologies and platforms under one entity.
With the demand for lower costs in process driven activities and a move away from the high rate, billable hours of legal services, AI platforms are being used internationally in many legal tasks.
Tata Communications has invested around Rs 6.5 billion in developing its IoT business, which is being managed by some 75 executives over the past three years.
Leading exchange BSE on Wednesday asked Infosys to explain why it did not make a disclosure about a whistleblower complaint which alleged that the company's top executives were following "unethical practices" to shore up profits through irregular accounting ways.
Sebi had given an extension last year for PSUs to meet 25% minimum public shareholding rule
Ruchi Soya was admitted to the corporate insolvency resolution process (CIRP) in December 2017 and owes lenders Rs 12,000 crore.
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