Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, will answers your queries.
Cairn has already taken steps to have the arbitration award recognised in nine major jurisdictions such as the US, UK, France, the Netherlands, Singapore and Canada's Quebec province, where Indian sovereign assets have been identified. It hasn't said what it might go after but assets could include Air India's planes, vessels belonging to the Shipping Corporation of India and property owned by state banks.
UK's Cairn Energy Plc has offered to forego $500 million and invest that amount in any oil and gas or renewable energy project identified by the Indian government if New Delhi agrees to honour an international arbitration award and returns the value of loss it incurred because of being taxed retrospectively, sources said. The Scottish firm invested in the oil and gas sector in India in 1994 and a decade later it made a huge oil discovery in Rajasthan. In 2006-07, it listed its Indian assets on the BSE. Five years after that the government passed a retroactive tax law and billed Cairn Rs 10,247 crore plus interest and penalty for the reorganisation tied to the flotation.
Finance Minister Nirmala Sitharaman on Thursday reiterated that an international arbitration ruling on India's sovereign right to taxation sets the wrong precedent, but said the government is looking at how best it can sort out the issue arising out of New Delhi being ordered to return $1.2 billion plus interest and cost to UK's Cairn Energy Plc. The government, which participated in an international arbitration brought by the Scottish firm against being taxed retrospectively, has appealed against The Hague based tribunal's ruling asking the government to return the value of shares expropriated and liquidated, tax refunds withheld and dividend seized to recover a wrongly levied retroactive tax demand.
Banks feel happy shifting their toxic assets from loan books to investment books while the ARCs enjoy the management fees with a smile, observes Tamal Bandyopadhyay.
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The Budget announcement of taxing 'virtual digital assets' or crypto currencies will help the income-tax department measure the "depth" of this trade in the country, know the investors and the nature of their investments and it does not "attach any legality" to these transactions, Central Board of Direct Taxes chairman J B Mohapatra said.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Nikunj Saraf, Vice President Choice Wealth, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
Billionaire Mukesh Ambani's Reliance Industries has announced the contours of carving out of its oil-to-chemicals (O2C) business into an independent unit with a USD 25 billion loan from the parent, as it looks to unlock value by selling stakes to global investors like Saudi Aramco.
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Finance Minister Nirmala Sitharaman's Rs 30,600 crore government guarantee for the bad bank has changed the body language of bankers for the better, observes Tamal Bandyopadhyay.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Old timers in Oil and Natural Gas Corporation (ONGC) still remember how in early 2000 its overseas subsidiary, ONGC Videsh Ltd (OVL), was on the verge of closure. Though OVL was set up in 1965, the only discovery the company had made till then was in Vietnam offshore, with more investment needed to monetise it. In 2001, when OVL started looking for new blocks abroad, the company's previous acquisition was 13 years old.
Nikunj Saraf, Vice President Choice Wealth, answers your queries
UK-based Cairn Energy PLC on Tuesday said it will drop litigations to seize Indian properties in countries ranging from France to the US, within a couple of days of getting a USD 1 billion refund resulting from the scrapping of a retrospective tax law.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The relentless rally in small- and mid-cap stocks continues as large-caps show signs of fatigue. In July, the Nifty Smallcap 100 rose 8.1 per cent, extending its year-to-date (YTD) gains to 48.5 per cent, while the Nifty Midcap 100 added 3.1 per cent, taking its YTD rise to 33.5 per cent. On the other hand, the Nifty50 remained unchanged for the month, with YTD gains of 12.7 per cent.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
India may soon see a new set of oil barons with lesser-known companies venturing into crude oil and natural gas production. These new kids on the block have come up through a mix of entrepreneurial grit and backing from oil industry veterans. Nippon Power, South Asia Consultancy, PFH (Poddar Family Holdings) Resources and Chennai-based Adbhoot Estates could be the first ones to start production from blocks awarded during the first round of Discovered Small Field (DSF-1) auctions. Adbhoot is in a 50:50 joint venture with the Bombay Stock Exchange-listed Hindustan Oil Exploration Company that has some five oil producing assets and over 10 blocks across the country.
The government on Monday published a draft data policy for public consultation, which says all data collected, generated, and stored by every government ministry and department will be open and shareable barring certain exceptions. Also, detailed datasets that have undergone value addition could be monetised by the government. The policy document, called "Draft India Data Accessibility & Use Policy 2022", prescribes that a regulatory authority called the Indian Data Council (IDC) and an agency by the name India Data Office (IDO) will oversee framing metadata standards and enforcement, respectively.
June was a memorable month for the 101-year-old Tamilnad Mercantile Bank (TMB). Last month, the Thoothukudi-based bank witnessed two new landmarks in a history in which the last three decades could easily qualify for a Kollywood blockbuster.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
The company has chalked out a detailed plan for development of its existing KG basin assets after integration with GSPC facilities.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
Energy supermajor Exxon Mobil Corp is in talks to buy a stake in producing oil and gas fields in India, Oil Minister Dharmendra Pradhan said on Wednesday showcasing efforts to raise domestic output to cut imports. Exxon Mobil had in October last year signed a memorandum of understanding (MoU) with state-owned Oil and Natural Gas Corporation (ONGC) to offer its expertise and technology for developing resources in offshore blocks.
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
