A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
The prosecution complaint, ED's equivalent to chargesheet, has urged the court for confiscating attached assets totalling to Rs 1.22 crore in the case, besides other punishment under Prevention of Money Laundering Act.
In its order, the court observed that the action of the authorities was a violation of Article 21 of the Constitution under which no person shall be deprived of his life or personal liberty except according to procedure established by law.
Govt to introduce comprehensive law on black money
The raids resulted in recovery of documents of some dummy firms linked to Mallya like Gold Reef Investments Ltd and McDowell Holdings Ltd.
The move comes after United States President Donald Trump accused Islamabad of giving nothing to the US but "lies and deceit" and providing "safe haven" to terrorists.
UK-based Cairn Energy PLC on Wednesday said it has agreed to drop litigations to seize Indian properties in countries ranging from France to the UK as it has accepted the Indian government's offer to settle tax dispute relating to the levy of taxes retrospectively. Meeting the requirements of new legislation that scraps levy of retrospective taxation, the company has given required undertakings indemnifying the Indian government against future claims as well as agreeing to drop any legal proceedings anywhere in the world. The government now has to accept this and issue Cairn a so-called Form-II, that will commit it to refund the tax collected to enforce the retrospective tax demand.
ONGC on Monday said it was still in reckoning for the confiscated assets of Russian oil firm Yukos and added Moscow may give it a stake in Rosneft's Vankor oil and gas field if the deal falls.
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.
PMO asked income-tax department to submit report on action taken against identified benami owners
It was perhaps over-enthusiasm that prompted the Indian investigative agencies to take a private jet to Dominica to bring back fugitive diamantaire Mehul Choksi. Predictably, the eight-member team had to return empty-handed after almost a week-long wait. The agencies were banking too much on the "state-less" status of Mr Choksi, as Antigua, which had given him citizenship in 2017, wasn't willing to take him back. Thus, the calculation was that Mr Choksi would be whisked away from the Dominican courtroom to the waiting plane. The reason for the optimism was also because Antigua is friendly territory for India.
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
The allegation against Khan is that he had applied to purchase the agricultural land for farming but constructed a farmhouse for personal use instead.
SBI-led consortium expects to make over Rs 13,000 crore from sale of assets
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.
Penalties for undisclosed foreign income and assets extend up to 300%.
The SIT on black money has widened its probe.
To check black money menace, the Cabinet on Tuesday approved a new bill that would give more powers to the tax department in tracking illicit wealth stashed abroad and provide for strict penal actions for such offence.
In its judgment delivered at a packed room, the court sentenced Bo to life in prison on the bribery charges, 15 years for embezzlement and seven years for abuse of power
He said there was no report of any untoward incident from anywhere in the state.
FinMin's project will enable tax man to track electronic transactions like RTGS or NEFT.
If the account in a foreign bank has income undisclosed to income tax authorities, or has funds from illegal sources, the account can be declared illegal, under the Fema.
It has registered 2,000-plus money laundering cases and about 12,000 forex violation ones in the 14 years since it was established. Yet, its probes have resulted in no more than 13 convictions from nine cases of money laundering since 2005.
Embattled liquor tycoon Vijay Mallya claimed on Sunday that Prime Minister Narendra Modi's statement in a recent interview confirming the recovery of Rs 14,000 crore worth of his assets has fully vindicated him in his assertion of being a "poster boy" for the Bharatiya Janata Party-led government.
Nirmala Sitharaman said Nirav Modi may have been able to run away from the country, but the government is taking action against him, and claimed that it will "surely nab him".
Vallabhbhai Patel's great claim to fame originated from his steely leadership of a struggle against a repressive regime, a good three decades before the achievement of states unification, points out Shreekant Sambrani.
Mir Baki was not the commander who had led the invasion on Ayodhya, Mishra said leading the bench to ask him as to what he was trying to prove by referring to these historical books.
Congress general secretary Priyanka Gandhi Vadra visited Bijnor district where she met families of two persons killed in the violence. Internet services have been suspended in several areas till Monday, while prohibitory orders remained in force across the state.
Neelabh Mishra had earlier been editor of Outlook Hindi and has done extensive work in areas of research and documentation including for the Right to Information movement.
The move follows poor results in detecting undisclosed foreign assets and delay in concluding pending matters under the Black Money Act, which came into effect in 2015. According to the official data, only 52 cases have been identified so far. Of these, nine are from Mumbai alone.
The manifesto said that loans of poor farmers and farm labourers will be waived off and loans of SCs and BCs will also be waived off.
'Do the Muslims of India think that they are receiving justice from their nation and particularly from the Supreme Court?'
All India Anna Dravida Munnetra Kazhagam chief J Jayalalithaa could not "satisfactorily account" for immovable properties and pecuniary resources of the value of Rs 53.6 crore when she was the Chief Minister from 1991 to 1996, the Special Court that sentenced her to four years in jail has held.
With the Aam Aadmi Party's deadline of passing Jan Lokpal Bill nearing, the Delhi government on Tuesday said its draft was being finalised and it would be cleared in a cabinet meeting on Friday.
Aam Aadmi Party on Wednesday came out with its manifesto for the December 4 Delhi polls, promising to enact Jan Lokpal Bill in 15 days if voted to power.
Jet is facing insolvency proceedings in the Netherlands as well where it was declared bankrupt after it failed to pay two European creditors.
The sleuths of the department seized over Rs 4 crore in new currency, mostly in denomination of Rs 2000, some notes of Rs 100, demonetized notes of Rs 500 and a few gold biscuits
At least 56 seminaries and facilities being run by JuD and its wing FIF in Pakistan's southern Sindh province have been taken over by authorities.
True, Azam Khan is being targeted rather disproportionately and also because of his Muslim identity. That must be protested and resisted. But to say that he is a big messiah, and his profit-making educational enterprise is an issue concerning all Muslims of India, is absolutely unjustified, assert Mohammad Sajjad and Md Mohammad Zeeshan Ahmad.
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