The Income Tax (I-T) department and Enforcement Directorate (ED) are reported to have begun a discreet enquiry into the source of funds of certain franchisees of the cash-rich T20 Indian Premiere League (IPL). Official sources said today the “source probe” commenced after a controversy broke out this week over the share holding patterns of the consortium led by Rendezvous which bagged IPL Kochi franchise.
Notification No. 31/2010-CUSTOMS (N. T.), New Delhi, 16 th April, 2010. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
Please refer to our circular RPCD.PLNFS.BC.No.83/06.12.05/2000-01 dated April 28, 2001 regarding educational loan scheme, wherein it was advised that no security may be insisted upon for loans upto Rs.4 lakh. We have been receiving representations from various quarters that collateral security is being demanded even for loans upto Rs.4 lakh.
The government may empower independent directors and company secretaries to enforce corporate governance norms, having made compliance voluntary for enterprises. The Institute of Company Secretaries of India (ICSI), a statutory body set up by the government, has suggested a set of best practices that company secretaries on board of companies have to follow.
The Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) have urged the government to lay down guidelines for independent directors, including their terms of appointment, responsibilities and tenure in the company.
It could well be termed the country’s first legal adjudication of a dispute raised by a victim of a cyber crime. In a verdict in the first case filed under the Information Technology Act, Tamil Nadu IT secretary on Monday directed ICICI Bank to pay Rs 12.85 lakh to an Abu Dhabi-based NRI within 60 days for the loss suffered by him due to a phishing fraud. Phishing is an internet fraud through which sensitive information such as usernames, passwords and credit card details are obtained by masquerading as a trustworthy entity.
Housing finance major HDFC on Thursday lowered its home loan rate to 8.25 per cent for the first year in its new dual rate scheme, commonly known as teaser loans, applicable on fresh loans. Under the scheme, the country’s biggest mortgage provider would offer a fixed rate of 8.25 per cent up to March 2011, then 9 per cent for the next one year and the prevailing floating rate for the remainder of the loan tenure.
