A debt recovery tribunal in India ruled that Rs 6,200 crore of Vijay Mallya's dues -- Rs 5,000 crore as principal and Rs 1,200 crore as interest -- was payable. Mallya claims that out of the sum due, Rs 3,000 crore had already been recovered by the claimants.
It was a historic moment for California's Hindu American community, when the senate floor at the Capitol unanimously passed the resolution on Monday designating October 2013 as Hindu American awareness and appreciation month.
In the last Budget, the government had come out with similar compliance window for people holding undisclosed assets abroad.
Not just candidates, but their spouses and dependents too have to reveal source of income and assets, observes the apex court.
The government is considering a provision to provide an exit window to holders of cryptocurrencies (cryptos), keeping in mind that banning them outright could deal a blow to investors sitting on them for years. According to sources in the government, the framework in the making may propose a grace period of three to six months for investors before prohibiting the possession, trading, mining, and issuing of cryptos. A group of secretaries chaired by the Cabinet secretary is learnt to have met in mid-March and discussed issues associated with cryptos, including the consequences of banning them and also on possible substitutes of blockchain technology - an advanced technology Bitcoin uses.
Billionaire Anil Agarwal's mining group Vedanta on Monday said it has withdrawn cases in the Delhi high court as well as before an international arbitration tribunal to settle a Rs 20,495 crore retrospective tax dispute with the government. Post slapping of a Rs 10,247 crore tax demand on UK's Cairn Energy Plc for alleged capital gains made on a 2016 internal reorganisation prior to the listing of its India business, the Income Tax Department had sought Rs 20,495 crore in taxes (including penalty) from Cairn India for failing to deduct tax on capital gains made by its British parent. Cairn India was in 2011 bought by Agarwal's group and subsequently, the firm was merged with Vedanta Ltd.
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.
Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks
'I was shocked by the kidnapping episode. I could have lost my life.'
Titled the King, Pele made football and Brazil a household name and Brazilian football, a benchmark.
The Reserve Bank on Monday asked all banks and financial institutions to assess the impact on their balance sheet, asset quality, liquidity, among others, in the wake of the potential threat arising out of the spread of coronavirus disease in India. Several confirmed cases have also been detected in India, which highlight the need of a co-ordinated strategy for handling the emerging situations to protect the resilience of the Indian financial system, RBI said in a notification addressed to banks, urban cooperative banks, NBFCs, payment and small finance banks.
Besides LTCG tax relief, permitting taxpayers to declare two houses as self-occupied brings a huge relief.
Jet Airways is seeing a churn in its senior management ahead of its planned take-off this year. Sudhir Gaur, accountable manager and acting chief executive officer, is the latest to quit the company. Finance head M Shivakumar and head of management information system (MIS) Farazad Patrawalla moved out a few weeks earlier. Gaur had been part of the initial team selected by the Kalrock-Jalan consortium, which secured approval from the National Company Law Tribunal (NCLT) last June to revive the airline.
Expelled All India Anna Dravida Munnetra Kazhagam leader V K Sasikala was set free on Wednesday by authorities after she completed four years imprisonment in a jail here in a case of disproportionate assets, setting off celebrations by her supporters in Tamil Nadu and Karnataka.
I-T officials are also looking into the finances of candidates who contested state elections in Uttar Pradesh, Punjab, Gujarat, and Karnataka, reports Shrimi Choudhary.
Those earning over Rs 50 lakh a year need to disclose all jewellery and cash in their returns, says Tinesh Bhasin.
Tata Steel was the top loser in the Sensex pack, shedding over 2 per cent, followed by Sun Pharma, ICICI Bank, SBI, Kotak Bank and Dr Reddy's. NSE Nifty dropped 151.75 points to 15,727.90.
Bihar Chief Minister Nitish Kumar's son Nishant has cash and movable/immovable properties worth nearly Rs two crore to make him more than three times richer than his father, according to the declaration of assets and liabilities by Kumar for the calender year 2013.
Following the money and freezing anything unaccounted is the only way to set an example for others, suggests Debashis Basu.
The finance ministry has asked public sector banks to monitor cases where insolvency proceedings could be initiated against individuals who are guarantors of corporate debtors that have defaulted on loans.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
A stream of people, including those from Rajasthan and Karnataka, walked into the only designated office before the closure of the one-time compliance window.
Those availing the one-time 'compliance window' would be required to pay a tax of 30 per cent and a penalty of a similar amount.
Cases range from murder to attempted murder and even rape. Some candidates even face cases of communal disharmony. Vicky Nanjappa reports.
Anil Ambani had given a personal guarantee to the loans given by SBI to Reliance Communications and Reliance Infratel in August 2016.
Undisclosed foreign assets and funds worth Rs 350 crore detected; these are separate entities from those featured in Panama Leaks and Paradise Papers
Jet is facing insolvency proceedings in the Netherlands as well where it was declared bankrupt after it failed to pay two European creditors.
As many as seven firms, including JM Financial, Ernst and Young and Deloitte, have bid for managing the strategic sale of IDBI Bank. These firms would make a virtual presentation before the Department of Investment and Public Asset Management, which is handling the sale process, on August 10, according to a notice by DIPAM. The firms that have bid for acting as transaction advisor are Deloitte Touche Tohmatsu India LLP, Ernst and Young LLP, ICICI Securities, JM Financial Ltd, KPMG, RBSA Capital Advisors LLP and SBI Capital Markets.
'The BJP's problem is what rabbit can it pull out of the conjurer's hat?'
Right from the great Muhammad Ali, who was an influential figure during the African-American Civil Rights Movement to Cte d'Ivoire footballer Didier Drogba, who had a major hand in bringing peace to his country, sports personalities across the world have always played huge roles in social and geopolitical movements. The scenario is no different in India, as a lot of sporting stars have taken the political plunge. Take a look at the sports personalities contesting in elections 2019.
The government notified the compliance window under the Act.
The black money law provides for tax and a penalty of 120 per cent of assets' value.
If there were an Olympics for bank frauds in India, Rishi Agarwal, founder and former chairman of ABG Shipyard Ltd, a nephew of the Ruia brothers of the Essar group, would bag the gold, pushing Nirav Modi to his right, says Tamal Bandyopadhyay.
Once such a notice is issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
Investors should keep updating their personal and bank details with fund houses. They should also opt for the auto-pay facility so that the dividend proceeds get credited into their account directly, advises Bindisha Sarang.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
Billionaire Mukesh Ambani's Reliance Industries Ltd on Friday reported a 22.5 per cent rise in net profit for the quarter ended March on the back of bumper oil refining margins, steady growth in telecom and digital services and strong momentum in the retail business. The oil-to-retail-to-telecom conglomerate's consolidated net profit rose to Rs 16,203 crore in the quarter ended March 31, 2022 from Rs 13,227 crore, the firm said in a statement. Net profit, however, fell 12.6 per cent sequentially -- breaking a six-quarter chain of quarter-on-quarter improvement.
Eight of the newly inducted ministers in the Union cabinet have criminal cases against them, a report released by election watchdog Non-Governmental Organisation's on Monday said.
Of the 142 candidates contesting in the 2013 Mizoram assembly elections, only three candidates have registered criminal cases against them. Two of them are facing serious criminal charges.
On the education details of the candidates, the survey said 669 have declared their education qualification to be between 5th pass and 12th pass, while 380 have declared having an educational qualification of graduate or above, 29 have declared themselves to be simple literates and 7 have declared to be illiterate.
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