GODFREY Phillips India chairman KK Modi on Thursday said he was confident his son, Lalit Modi, would come out unscathed from the ongoing investigations against him. “These are just charges that they (income-tax officials) have put on Lalit. I feel that Lalit will come out clean of all this. The charges levied by the income tax department will be proved wrong,”
The government has asked chartered accountants, cost accountants and company secretaries to directly report to the home ministry cases of suspicious fund movements in an out of companies, as it looks to crack down on money laundering and terror funding.
(CSE), have received an enthusiastic response from many of the defaulting companies. The exchanges have managed to relist over 500 companies by waiving off penalties triggered by non-compliance with exchange listing rules. Regional stock exchanges (RSEs), like Ahmedabad, Pune and Bangalore, are also expected to follow suit in the coming months.
Govt says investigations only into financial irregularities, no plan to get into business of sport. The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.
An affidavit filed in the Supreme Court (SC) regarding a derivatives scam has alleged that regulatory agencies were part of a deep-rooted conspiracy that resulted in losses of Rs 25 lakh crore to the industry. The affidavit has been filed by an individual, Pravanjan Patra, in a case involving the Foreign Exchange Dealer’s Association of India and the Fixed Income Money Market Derivatives Association of India.
A bill to raise the ceiling of gratuity for employees to Rs one million (Rs 10 lakh) from the current level of Rs 3,50,000 was introduced in the Lok Sabha on Thursday. The Payment of Gratuity (Amendment) Bill 2010, introduced by Minister of State for Labour Harish Rawat, seeks to amend the Gratuity Act to enhance the amount of gratuity payable to an employee from Rs 3,50,000 to Rs one million (Rs 10 lakh).
The Reserve Bank today said it may permit banks to engage any individual to act as business correspondent (BC), a move that will provide more flexibility to banks for taking services to rural areas. The central bank proposes to permit banks to engage any individual, including those operating Common Service Centres (CSCs), as BC, subject to banks’ comfort level and their carrying out suitable due diligence, the Reserve Bank said in its monetary policy for 2010-11.
Bombay Stock Exchange Limited (BSE) has reduced membership deposit and fee requirements for new members in the BSE’s Cash and Equity Derivatives segments with immediate effect. In the new offer by the Exchange membership can be obtained by paying a deposit of Rs. 10 Lakh in place of the existing Rs. 1 crore.
Finance ministry is likely to prescribe the minimum 25 per cent public holding for listed companies next month. Official sources told PTI that a notification to this effect is likely to be issued next month by the ministry.While all future public issues will have to abide by 25 per cent criteria, the existing listed companies may be asked to follow the rules in stages.
The government today rejected the demands for tax exemption on setting up power plants, state maritime boards and port trusts, saying it was inconsistent in a moderate tax regime.
