Unfazed by the Supreme Court upholding winding up of the company, shareholders of Devas Multimedia will continue to seek seizure of Indian government assets abroad to collect $1.2 billion the firm has been awarded by arbitration tribunals for cancellation of a satellite deal but are open for talks to settle the issue, their counsel said. "The decision by the Supreme Court does not change anything. The Modi government and the Indian courts cannot rewrite the facts. "Their flimsy allegations of fraud will never stand up in courts outside of India," said Matthew D McGill, partner at Gibson, Dunn & Crutcher, and lead counsel for several Devas' shareholders.
In 2010, R Power acquired 100 per cent economic interest in three coal mining concessions in Indonesia
The initiation of IBC proceedings in respect of a debtor has certain drastic consequences on both day-to-day running of the business of a debtor and on all creditors generally.
There are judicial precedents where it has been held that if payment is made for temporary disablement, it would be taxable, points out Tinesh Bhasin.
Miffed hotels, restaurants stare at huge losses on account of advance planning for events that they now have to shelve.
The state has allowed industrial units in special economic zones (SEZs) to lay off workers without government's sanction, regardless of the number of workers
The British telecom major has disputed the tax demand over its acquisition of 67 per cent stake in Hutchison, now called Vodafone India, arguing that no tax was due as the transaction was conducted offshore.
Oil India and other PSUs had filed clarificatory /modificatory petition before the Supreme Court. These companies own and operate telecom networks though they do not provide telecom services.
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The government is likely to file an appeal against the Cairn arbitration award contesting its sovereign rights to tax, sources said.
The West Indies Cricket Board (WICB), reeling from the fallout from the team's withdrawal from the tour of India, is facing fresh pressure from its worried commercial and broadcast partners.
The Indian State does not believe in the rule of law. It does not even recognise the need to follow treaties that it itself signed. And so it is refusing to shell out to Cairn; and, as a consequence, has brought on the Paris humiliation, notes Mihir S Sharma.
TDSAT had stated no amount was payable till resolution of the disputes.
Roads are becoming smarter even if the people driving on it are not. A set of smart technologies is making construction, maintenance, and traffic management much more efficient.
As per the award, Infosys is required to pay Bansal the outstanding severance amount of Rs 12.17 crore, with interest
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
Cricket Australia chief James Sutherland believes the revenue-share model which the body is trying to dump in its ongoing pay negotiations with players is "starving" the grassroots of the game of funding.
Called Signature Villa, the property was gifted to him by Nakheel Public Joint Stock Company. The dispute was over whether this was a gift or payment for services Khan had rendered to the company.
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
Justice Manmohan Singh ordered the grounded carrier to pay Rs 28,95,000 to its former pilot, Captain Dinesh Kant Sharma, on his plea seeking payment of his salary for the notice period of five months.
A senior company executive said the company waited for seven years for the verdict and its shareholders needed to know when it would be concluded.
Consumer activist Jehangir B Gai explains a RBI circular that says the customer is not liable for unauthorised transactions that occur due to contributory fraud, negligence, or deficiency on the bank's part.
For months, offline retailers and traders have been lobbying hard for a national retail policy to protect their business from the growing influx of e-commerce.
'Two esteemed foreign investors with huge funds are coming with us in our real estate and city development businesses.'
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
The trick is to know how long you are supposed to hold which document, observes Bindisha Sarang.
One of the dozen marques owned by Europe's largest automaker, Volkswagen, Skoda was hit hard by botched-up delivery schedules and service in India.
The top court termed the Rs 10 crore compensation paid by the Republic of Italy over and above the payment already made as "reasonable and adequate".
Ambani's holding group launched the Indian Super League, an elite competition of newly created teams, in 2014 with the aim of attracting investment and big global names, much like the Indian Premier League has in cricket. 'It was 100% a wasted opportunity'.
The tribunal accepted the government's argument that licence or spectrum is a state asset over which Aircel had no right of ownership.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Siva group defaulted on payment in 2016 and is also facing CBI investigation
The Supreme Court Thursday appreciated the Centre's step to grant ex gratia assistance to the kin of those who died due to COVID-19 saying it has to take judicial notice of the fact that what India has done, no other country has been able to do.
Organisers are confident West Indies will take part at the World Cup in Australia and New Zealand early next year despite the crisis caused by their withdrawal from the tour of India earlier this month.
With six airports handed over to the Adani group for 50 years, the government is now all set to hand over another 25 airports to private players in a bid to 'monetise' them. Official figures reveal that since 2017-18, the government has spent and will be spending Rs 14,500 crore on significantly revamping infrastructure at most of these airports before handing them over to private players. The Airports Authority of India (AAI), which operates these airports for the government, has spent billions of rupees in building new terminal buildings, runways, reinforcing taxiways, upgrading aircraft landing systems, radars and a host of other heavy duty and capital intensive infrastructure works.
India's Internet economy has two choices: An immediate $30 billion Sale-and-Leaseback or a $3 trillion value harvesting over decades, observes Vibhu Arya.
The striking West Indies players ended their boycott of the current series with Bangladesh following an agreement to appoint a mediator to resolve their dispute with the West Indies Cricket Board.
Colombo seems to be veering to the middle path between China and the US on global matters, but in regional matters of strategic security, it is increasingly identifying with India, points out N Sathiya Moorthy.
As and when the pandemic recedes from these shores, rebuilding the economy will be the biggest challenge for Modi in the remaining three years of his term, observes Virendra Kapoor.
The decision wasn't surprising as almost all the senior players in unison, had made it clear that the contracts offered by the Sri Lanka Cricket wasn't to their liking
Harshala Chandorkar, chief operating officer, CIBIL, explains your rights and duties as a responsible consumer
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