Rights Issues (RIs) were out of favour with corporate India in 2009. Reason for such situation was due to depressed sentiments in the capital market. In 2008 ,companies raised Rs 29,786 Cr through RIs which reduced in 2009 to Rs 2,525 Cr . Reduction was to the extent of Rs 27,261 Cr over the previous year. Promoters prefer RI route to raise fund as it is a cheaper mode of obtaining fund from the market without disturbing the shareholding pattern.
The Central Board of Excise and Customs (CBEC) has issued a very useful Circular (number 6/2010-Cus dated March 19, 2010) re-iterating its earlier instructions that rebate of excise duty paid on goods supplied from domestic tariff area (DTA) to a special economic zone (SEZ) should be granted under Rule 18 of the Central Excise Rules, 2002.
Hitherto, only transfer of property to individuals and HUFs were only covered by the provisions of section 56 (2), whereas the recipient firms, companies, etc. were excluded from taxation. By proposed amendment, it is sought to tax the firms and closely held companies if they receive shares of a closely held company on or after 1st June, 2010, either without consideration or for inadequate consideration.
With effect from A.Y. 2005-06, a concept of levying income-tax on the gifts received by an individual or HUF was introduced in Section 56 (2) of the Act. This was done to combat certain misuse of the provisions where the gift was received from a non-relative. At first the said concept was introduced for taxing gift in cash alone. However, consistently the scope of the said gifts has been enlarged.
Further, the State Government has issued a corrigendum to the above notification and a circular to clarify that fabrics and sugar, as described in the First Schedule to the Additional Duties of Excise (Goods of Special Importance) Act, 1957, which were not chargeable to tax prior to the issuance of the subject notification, will continue to remain tax free.
As per the provisions of section 5 read with section 4 of the Maharashtra State Tax on Profession, Trade, Callings and Employments Act, 1975 (Profession Tax Act), every employer having employees on his establishment, whose salary (including all allowances) is more than the limit prescribed under the Profession Tax Act, is required to obtain registration certificate under Profession Tax Act (P.T.R.C.)
Western Maharashtra Development Corpn. Ltd vs. Bajaj Auto Limited [MANU/MH/0109/ 2010]. In a decision, which is likely to have a wide impact on joint ventures/ investment in public companies, the Bombay High Court (“Court”) has recently held that any clause in an agreement which restricts the free transferability of shares of public companies is void and non- enforceable
Ernst & Young, the audit firm, had a long and lucrative relationship with Richard Fuld and Lehman Brothers. Lehman Brothers has paid EY more than $160 million in audit and other fees since fiscal year 2001. Although this isn’t nearly as much as Goldman Sachs and AIG pay PwC – almost $230 million a year combined in 2008 – it was still a huge amount and represented a significant client relationship for Ernst & Young.
At the end I would like to conclude the series with this note that all these analysis of the education system was not to criticize but to bring forth the true portrait being painted by the world and China alone in the coming decades. We must understand the growth of any economy never lies in numbers. It lies among all of us who are juts like you reading this article .It is we who will bring the economic growth GDP to 20% in the next 3 decades from now. Its not the business profit figures or the fiscal balance which will bring this growth. Education is the foundation of economic growth of any nation on this planet.
New York: The US accounting watchdog has imposed sanctions against two Indian auditors who were affiliated with PricewaterhouseCoopers after they failed to detect at multi-year fraud at Indian technology services company Satyam Computer Services Ltd.
