Regulator Irdai on Friday directed SBI Life Insurance Company to takeover the policy liabilities of around two lakh policies along with assets of Sahara India Life Insurance Co Ltd (SILIC) with immediate effect. The decision was taken at the meeting of the Insurance Regulatory and Development Authority of India (Irdai) in view of deteriorating financial health of the SILIC. "The Authority has identified SBI Life Insurance Company Limited (SBI Life), which is one of the largest life insurers in the country with satisfactory financials, as the acquirer insurer of the life insurance business of SlLIC.
Reliance Energy Ltd said on Friday the Appellate Tribunal for Electricity has quashed an order of Maharashtra Electricity Regulatory Commission that restricted the company from offering rebates to its retail consumers in the city.
As a result of the TDSAT order, over 65 pay channels like Star One, Colors and Star Cricket would be able to raise prices, which were capped by Trai. The TDSAT rejected Trai's tariff order of October 2007 that had capped prices in different categories of cities based on population.
The Bombay high court in an order said bakshish can be considered as business expenditure. Observing that paying over and above the contractual amount to sugarcane harvesting workers was "necessary incidence of business," the division bench of Justices F I Rebello and J P Deodhar upheld a decision of Income Tax Appellate Tribunal.
Jet is facing insolvency proceedings in the Netherlands as well where it was declared bankrupt after it failed to pay two European creditors.
The order, which came on Monday, stated that revenue authorities cannot split the agreement when the parties to the agreement considered the royalty and technical knowhow as a single package.
The government's financial package to telecom operators has irked the paging industry which has filed a petition in TDSAT, seeking compensation from the government saying that cellular operators were "killing" them by offering SMS facility.
Samir Arora, chief investment officer of Alliance Capital Fund, has filed a petition with the Securities Appellate Tribunal challenging Sebi's order barring him from dealing in capital market
The government has served showcause notices to various telecom firms for alleged under-reporting of revenues of over Rs 10,800 crore till November 2012, Lok Sabha was informed on Friday.
The Supreme Court asked on Thursday market regulator Securities and Exchange Board of India and some stock brokers to file written submissions in a case relating to modification of penalty imposed on intermediaries.
The Supreme Court admitted an appeal by BSNL challenging a TDSAT decision expressing inability to penalise Bharti Telesonics Ltd for allegedly violating conditional clearance for providing national long distance telephone service.
Indian Hotels, which owns the chain of Taj hotels and East India Hotels, may gain from a tax court ruling that allows hoteliers to claim depreciation and tax benefits on imported cars which are used to ferry tourists.
In a rare order, the Securities Appellate Tribunal on Thursday asked the Securities and Exchange Board of India to bear the costs amounting to Rs 100,000 in a case involving Goldman Sachs. A division bench of Justice N K Sodhi, Arun Bhargava and Utpal Bhattacharya imposed the penalty on the capital market regulator and set aside the adjudication order of September 8, 2006.
The Budget proposed abolishing the under-performing, authority of advance ruling, to replace it with a two-member board of advance ruling.
"The execution of the death sentence will be a form of judicial assassination," the CPI(M) said, urging all sections of the people to protest the death sentence.
It said the amendments to the Sebi Act will facilitate utilising the services of officials appointed members of SAT as normally retired people join the body.
In his letter to Sitharaman, Venugopal said media reports have exposed the alleged "quid-pro-quo between BJP and several firms, which in a strange coincidence donated to it, after the Enforcement Directorate (ED), Income Tax Department (IT) and Central Bureau of Investigation (CBI) and others, raided or searched those enterprises".
Tata Sky gets Zee bouquet, not to charge extra.
After remaining closed for more than two months, the Telecom Disputes Settlement and Appellate Tribunal is set to resume functioning with new chairman from next week.
Securities Appellate Tribunal on Monday adjourned its hearing till January 21, on complaints against Anil Ambani group's $3-billion Reliance Power IPO, scheduled to hit the market on Tuesday. On January 4, SAT had refused to stay the Initial Public Offer, while saying that it would consider the issue on January 14.
The taxman is rapidly catching up with foreign companies operating in India through agents. After Star, Morgan Stanley and Sony, it was the turn of UK-based Rolls Royce to be asked to pay taxes on a part of profits earned from Indian operations.
So far, most of those horrified by the dramatic evidence that surfaced last week of Telecom Minister A Raja's largesse on 2G spectrum costing the nation $10bn (that on 3G will probably cost another $5bn) have comforted themselves with one thought: maybe the Telecom Dispute Settlement and Appellate Tribunal, which is hearing the case, will conclude the policy changes were illegal and smacked of favouritism.
Lenders to Venugopal Dhoot-founded Videocon Group will eventually take 50-55 per cent haircut and not 95 per cent as is being reported after considering about Rs 15,000 crore expected from the sale of the group's overseas oil and gas assets, its former CFO Rajneesh Gupta claimed. Videocon Industries Ltd, which is comprised of its consumer electronics business and interest in the Ravva oil and gas field, and its overseas oil and gas assets, mainly comprising of oil blocks in Brazil, are being auctioned separately to recover unpaid loans. While Anil Agarwal-led Vedanta Group has picked up Videocon Industries for Rs 2,962 crore, the bids for overseas assets are yet to be decided.
Capital markets regulator Sebi on Tuesday barred five brokerage houses for up to six months from making fresh applications seeking registration as commodity brokers as they failed to meet 'fit and proper' criteria in the NSEL case. The affected brokerage houses include India Infoline Commodities, Anand Rathi Commodities and Geofin Comtrade (banned for 6 months each), and Phillip Commodities and Motilal Oswal Commodities Broker (for 3 months each). "There were enough red flags for a reasonable person to come to conclude that what was being offered as paired contracts on NSEL were not spot contract in commodities," Sebi said in five separate orders.
As many as 15 multi-national firms like Nokia, Sony, Samsung and Ericsson have been found guilty of violating foreign exchange regulations and a penalty of over Rs 42 crore (Rs 420 million) has been imposed on them.
In a disciplined force like the Indian Army seniority has all the importance, the Supreme Court said while commuting the life sentence of a non-commissioned officer held guilty for killing his colleague during an altercation over seniority.
Containing fiscal deficit and stable policies were crucial for the country to attract higher foreign investment, Commerce and Industry Minister Arun Jaitley said on Thursday.
The Securities Appellate Tribunal chief Justice Kumar Rajaratnam has resigned amid controversy over the UBS Securities case relating to the stock market crash last year.
Telecom Regulatory Authority of India on Monday failed to get any interim relief from the Supreme Court as it refused to stay telecom appellate tribunal TDSAT's order restricting regulator's jurisidiction to effect changes in the agreement signed bet
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