'This will have a multiplier effect in generating more jobs.'
Omkeshwar Singh, Head, Rank MF, a mutual fund investment platform, answers your queries.
The government had moved NCLT to freeze the assets of 19 people after CBI filed a charge sheet in Nirav Modi's case and Gitanjali Group cases.
In 2013, weeks after getting bail in a case of alleged cheating in Kerala, Amway India's then managing director, William Scott Pinckney, declared that the company was aiming to hit revenues of Rs 10,000 crore in India in a decade. Fast forward to 2021, and Milind Pant, Amway's global CEO, announced that the company has designated India as one among the top three markets for growth and investment (after US and China), and is now looking at hitting revenues of Rs 20,000 crore over the long term.
Supreme Court judge Justice Rohinton Fali Nariman on Monday recused himself from hearing liquor baron Vijay Mallya's petition against the confiscation of his properties by the Enforcement Directorate.
He was permanently absorbed into the ED cadre in 2014 and has headed some high-profile investigations into the 2G spectrum allocation case, the 2010 Commonwealth Games, the money laundering cases against former Union finance minister P Chidambaram and his son Karti Chidambaram, Andhra Pradesh chief minister Y S Jagan Mohan Reddy and former Jharkhand chief minister Madhu Koda, the Aircel Maxis and VVIP choppers case.
The ED is of the opinion that the authority stepped into the shoes of the trial court and commented on the preliminary investigation done by the CBI in the impugned order.
A British court on Monday granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the State Bank of India (SBI) to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines. "As at 15.42 [UK time], I shall adjudicate Dr Mallya bankrupt," Chief Insolvencies and Companies Court (ICC) Judge Michael Briggs said in his ruling during a virtual hearing of the Chancery Division of the high court. "I have to decide if there is a real prospect of payment of petition debt in full within a reasonable period of time... there is insufficient evidence that [Mallya's asset realisations in India] will pay the debt in full within a reasonable period of time," Judge Briggs noted, in reference to defence arguments pointing to a restoration process in India following a Prevention of Money Laundering Act (PMLA) court order for the attachment of Mallya's assets.
As many as 26 premises are being searched in these cities by the federal agency under the criminal sections of the Prevention of Money Laundering Act, they said.
Deshmukh sent a two-page letter to the ED through his advocate Inderpal Singh and mentioned that he is sending his representative.
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.
Vietnamese actor and model Ngoc Trinh's barely there gown left little to the imagination.
Pawar said he was upset that his three sisters were dragged into this.
The Delhi high court's division bench has stayed the single bench order favouring the emergency award against the Future-Reliance deal and imposing a Rs 20 lakh fine on Kishore Biyani & other respondents. including FRL and FCPL.
Holding that it was playing "hide and seek" and cannot be trusted any more, the Supreme Court on Monday directed the Sahara group to hand over title deeds of its properties worth Rs 20,000 crore (Rs 200 billion) to SEBI warning that failure to comply would mean Subrata Roy cannot leave India.
The action comes days after the CBI registered an FIR in the country's biggest alleged bank loan fraud case till date.
Weeks ahead of the Tamil Nadu assembly elections, V K Sasikala, expelled All India Anna Dravida Munnetra Kazhagam leader and close aide of late chief minister J Jayalalithaa, on Wednesday announced that "she will stay away from politics," but would pray for the "golden rule" of the late party supremo.
The ED, early this year, also attached assets worth Rs 78 crore "in possession of" Chanda Kochhar, Deepak Kochhar and the companies owned and controlled by him.
ndependent of the political fallout, which Stalin has sought to arrest through the withdrawal of the measures as fast as they were introduced, there are concerns about the way those decisions came to be taken, without adequate application of mind, not in official terms but in political and electoral contexts, points out N Sathiya Moorthy.
'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.'
The I-T Department has served notices of attachment of assets to Lalu's daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
Debt-ridden mortgage firm DHFL's shares would be delisted from stock exchanges post acquisition by Piramal Capital and Housing Finance, which has emerged as the successful bidder for the company. As part of resolution process under the Insolvency and Bankruptcy Code (IBC), lenders led by Union Bank of India in January this year favoured the bid by Piramal Capital and Housing Finance to take over the beleaguered housing finance firm. According to sources, shares of DHFL would be delisted post acquisition as per the IBC guidelines and Sebi delisting norms.
Finance Minister Nirmala Sitharaman has rebutted Congress leaders Rahul Gandhi and Randeep Singh Surjewala's allegations regarding "wilful defaulters, bad loans and write-offs", and stated that they have "attempted to mislead people in a brazen manner".
Amway maintains the action was related to a case in 2011 and it has been cooperating with the investigative agency.
ED said the United Kingdom's home secretary recently referred India's request for extraditing the tainted businessman to a court for initiating legal proceedings against him.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law.
The Enforcement Directorate on Friday froze fixed deposits worth more than Rs 34 crore of a media firm owned by jailed YSR Congress leader Jaganmohan Reddy in connection with the money laundering probe against him and others.
CBI's press information officer and spokesman R K Gaur said the editorial "gives the impression" that action is not being taken against other big loan defaulters and that the raids on NDTV's founders were a part of a "vendetta" against the broadcaster.
The raids are underway at three locations, including her residence in Sainik Farm. Misa Bharti and her husband Shailash Kumar are involved in an alleged benami land deals case and were called for questioning by tax officials in June.
the I-T department attached a total of 12 plots of Bharti and her husband Shailesh Kumar, Bihar Deputy Chief Minister Tejaswi Yadav and ex chief minister Rabri Devi, and sisters Ragini and Chanda Yadav.
The Enforcement Directorate on Wednesday night arrested the wife and son of the alleged kingpin of the multi-crore Saradha chit fund scam accused Sudipta Sen in a money laundering case.
What would an Indian American president of the US look like, sound like and act like, especially on issues and policies pertaining to his or her 'mother-land'?, asks N Sathiya Moorthy.
The bill provides for severe punishment ranging from 1 year to 10 years and pecuniary fines ranging from Rs 2 lakh to Rs 50 crore to act as deterrent.
One smells a rat when cases are settled for too small a price offered either by the highest bidder or the promoter -- within and outside the legal ambit of insolvency process, observes Tamal Bandyopadhyay.
Although the Malabar is a routine exercise which has been carried out for several years now, security experts attach a lot of traction to it in view of China's assertive behaviour in the South China Sea, observes Rup Narayan Das.
Mallya said, the ED on the one side and the banks on the other are fighting over the same assets.
The Supreme Court Wednesday sought a response from the Future group on Amazon's plea against the January 5 order of the Delhi high court staying the ongoing arbitration proceedings before an arbitral tribunal over Future Retail's Rs 24,500-crore merger deal with Reliance. A bench comprising Chief Justice N V Ramana and Justices A S Bopanna and Hima Kohli issued notices to the Future group firms, Future Coupons Private Ltd (FCPL) and Future Retail Ltd (FRL) and said that it will hear the matter on February 23 "without any adjournment". The Delhi high court on January 5 had stayed the Amazon-Future arbitration which is going on before a three-member arbitral tribunal over the latter's Rs 24,500-crore deal with Reliance.
Capital gains exemption benefits are available under Section 54 and 54F of the Income Tax Act. Individuals, however, need to be aware of the conditions attached to these provisions, suggests Archit Gupta, founder and CEO, ClearTax.
Since arraignment under money laundering is a tougher offence, the CBDT hopes it will also overcome its dismal score sheet to prove satisfactorily to the courts that these cases were genuine ones of tax evasion.
The valuables include polished diamonds, pearls and silver jewellery and are worth Rs 1,350 crore.
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