The government on Friday notified the rules for insolvency and liquidation proceedings of financial service providers (FSPs). These rules, notified by the ministry of corporate affairs, will not be applicable to banks, reports Ruchika Chitravanshi.
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.
The finance ministry also said the maximum funding will be Rs 400 crore for any single project that will be seeking assistance from the 'special window' for completion of the 1,508 projects comprising about 4.58 lakh units.
Tightening the noose around whistleblower IAS officer Ashok Khemka, Haryana government is preparing a second charge sheet against him for alleged low sale of wheat seeds during his tenure in Haryana Seed Development Corporation as its managing director from October 15, 2012 to April 4 this year.
It was an individual complainant, seeking action against Rs 34 crore (Rs 340 million) he was allegedly duped, and "sham transactions" involving three 'housewives' that has led to regulator Sebi coming hard on the country's biggest real estate developer DLF and its top executives.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
On the other hand, the Yogi Adityanath government has 'completed nine lakh houses under the scheme and 14 lakh are under construction', Modi said, reeling out comparative figures.
Moving ahead in the multi-crore Saradha chit funds scam case, the Enforcement Directorate (ED) on Wednesday attached assets, including a school, a cement factory and few resorts, worth Rs 60 crore (Rs 600 million) in West Bengal in connection with its money laundering probe.
Tata Sons chairman N Chandrasekaran on Thursday said even though a "hybrid" model will be the new normal in future, India's largest software exporter TCS will ask employees to come to work once the pandemic is over as social interactions are a social necessity. "I do want to make the point that people need to meet people. It is a social necessity. "So, there will be a shift towards moving people to work when the pandemic gets over," Chandrasekaran, who also chairs TCS, said at the company's annual general meeting. At present, 97 per cent of the company's staff have been working from their homes because of the pandemic, he said, admitting that a "hybrid" model where people work from homes and also from offices will be the new normal.
Britain's Cairn Energy has secured a French court order to seize 20 Indian govt properties to recover arbitration award, it is learnt.
DLF has launched a mega discount sale of its properties.
'It does not make a difference to me that I do something which Hindus do'
The mood in the tribal heartland in the east and in central India spread over Odisha, Jharkhand, Chattisgarh and parts of West Bengal and Assam, is upbeat.
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
It is believed that apart from Bharti Airtel and Bharti Infratel, there are four players that have made a bid.
'We have set out a timetable to reduce income tax rates for all incomes below Rs 50 lakh, and to progressively eliminate the surcharges on income above Rs 50 lakh, by 2024.' The Budget speech past CII president Naushad Forbes wants to hear.
DLF has long been embroiled in a controversy over a deal that brought windfall profits to Robert Vadra, son-in-law of United Progressive Alliance Chairperson Sonia Gandhi.
Cracking the whip on whistleblower IAS officer Ashok Khemka, the Haryana government has decided to charge sheet him for alleged administrative misconduct in cancelling the mutation of the land deal between Robert Vadra and real estate major DLF in Gurgaon.
The Budget has proposed a Benami Transactions (Prohibition) Bill.
The BJP had made the land deals a major poll issue in 2014, alleging that Vadra benefited through questionable land use permissions granted by the earlier Congress government in the state.
Biggest contribution came from Bharti group-led Satya Electoral Trust.
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.
The revival of long-term growth is highly dependent on the revival of private investment.
The Congress on Saturday claimed that Narendra Modi's campaign would soon peak as he has nothing new to say and keeps making 'mistakes'.
Sebi had imposed penalties on DLF, for entering into sham transactions.
Finance Minister Nirmala Sitharaman on Thursday announced a new job creation scheme by giving subsidy to those establishments that make new hires. The subsidy would be to cover for retirement fund contributions by employees as well as employers for two years, she said. Employees contribution (12 per cent of wages) and employer's contribution (12 per cent of wages) totalling 24 per cent of wages would be given to establishments for two years, she said. Under the Aatmanirbhar Bharat Rozgar Yojana, every Employees' Provident Fund Organisation (EPFO)-registered establishment taking new employees would get this subsidy.
The richest and poorest candidates who contested the Maharashtra assembly elections were defeated.
Hitting back at Bharatiya Janata Party Chief Amit Shah after he needled her on desertions in the Bahujan Samaj Party, former chief minister Mayawati on Sunday said his "childish" remarks betrayed BJP's nervousness ahead of assembly polls in Uttar Pradesh.
In 2021, there is the risk of interest rates spiking. Investors should tackle duration risk with a longer investment horizon, suggests Sanjay Kumar Singh.
Vadra launched Skylight Hospitality four months after the DLF shares got listed, amid complaints of inadequate disclosure from investor associations and former business partner Kimsuk Krishna Sinha.
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.
The a/c holder will have to mention the date of opening of foreign a/c.
A look at the arrivals.
Single window clearances for realty must.
'They are acquiring agricultural land almost free of cost promising an illusory rise which is worse than a chit fund scheme.' 'When I went there on a fact-finding mission, we found that one third of the land they plan to acquire is the best agricultural land in the country.'
The 30-year-old Democrat ran a spirited race in the 7th Congressional District in New Jersey, which is a Republican bastion.
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Enforcement agencies will be empowered to confiscate assets
Manjeet Bawa, 46, of New York and other co-defendants contracted to buy homes in Nassau and Suffolk Counties from innocent sellers at market prices.
The Supreme Court on Wednesday held real estate barons Sushil and Gopal Ansal guilty in the 1997 Uphaar cinema tragedy that claimed the lives of 59 people saying they were more interested about making money than ensuring safety of the cinegoers.
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