A proposed legislation to protect whistleblowers and provide for severe punishment to those exposing the identity of people disclosing information was approved by the Government today. The Public Interest Disclosure and Protection to Persons Making the Disclosure Bill, 2010 provides the Central Vigilance Commission powers of a civil court to hand down harsh penalty to people revealing the identity of whistleblowers, official sources said.
84 Goods specified against S. No. 270 A of the Table annexed to notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 [G.S.R. 118 (E), dated the 1st March, 2002]
The principal notification No.21/2002-Customs, dated the 1st March, 2002, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification No. 69/2010-Customs, dated the 23rd June, 2010, [G.S.R. 552(E), dated the 23rd June, 2010.
Attention of Authorised Dealer Category – I (AD Category – I) banks is invited to the A.P. (DIR Series) Circular No. 44 dated March 29, 2010 in terms of which Indian companies were allowed to buyback their Foreign Currency Convertible Bonds (FCCBs) under the approval route, up to June 30, 2010, subject to the issuers complying with all the terms and conditions of buyback/ prepayment of FCCBs.
Praxair Pacific Limited (PPL ), a company incorporated in Mauritius, proposes to transfer its 74% equity stake in Jindal Praxair Oxygen Company Private Limited (JPOCPL) to its wholly owned subsidiary in India, Praxair India Private Limited (Praxair India). The consideration for the proposed transfer is stated to be determined on the basis of cost, unless a higher consideration is required under the pricing guidelines prescribed by the Reserve Bank of India as applicable for transfer of shares.
Reliance Communications Infrastructure Ltd. (“RCom”) transferred shares of Reliance Infocomm Ltd. (RIL) worth INR. 50 crores at face value (INR.1) to one of the promoters (market value of shares being INR. 53.7).As per the promoter, the shares were not transferred but were pledged against a loan of INR 50 crores advanced to RCom.
The National Company Law Tribunal (NCLT) was expected to take over the role of the High Court (in dealing with company law matters such as sanctioning of schemes of arrangement, ordering winding up of companies, dealing with petitions for oppression and mismanagement and the like), the Company Law Board (CLB) and the Board of Industrial and Financial Reconstruction (BIFR) for speedy disposal of aforesaid matters and avoid multiplicity of litigation before various fora.
Attention of Authorised Dealer Category – I banks is invited to paragraph 5 (i) of A.P. (DIR Series) Circular No.24 dated December 30, 2009 wherein it was stipulated that the Annual Activity Certificates (AACs) as at the end of March 31, shall be submitted by the Branch Office / Liaison Office (BO/ LO), on or before April 30 every year, to the designated AD Category-I bank and a copy to the Directorate General of Income Tax (International Taxation), New Delhi.
The Finance Bill 2010, introduced provisions for conversion of private companies / unlisted companies into LLP along with conditions for tax neutrality of such conversions. One of the conditions for tax neutrality is that the total sales, turnover or gross receipts in any of the three years preceding the conversion does not exceed INR 6 mn. Consequential amendments were also made to various sections in the Income-tax Act 1961 (ITA).
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has recently pronounced its ruling on an appeal originating from a transfer pricing adjustment imposed on 3 Global Services Private Limited (“assessee”). The assessee operates in the voice based customer care segment within the IT-enabled services (ITeS) industry. During financial year 2003-04, the assessee rendered services to its associated enterprises (“AEs”).
