There should be a cap on the pecuniary benefits earned by independent directors serving on boards of companies, according to Mr N. Ramanathan, Managing Director, Ponni Sugars. At a panel discussion on issues relating to board of directors and indepen
Taking banking services to customers’ homes, public sector lender Central Bank of India on Saturday launched a service through which a bank’s representative will visit customers for carrying transactions and collecting cheques and drafts. The service
Union Finance Minister Mr. Pranab Mukherjee asked Chartered Accountants to apply Accounting Standards uniformly and assist in presenting the true picture of the financial health of the company while ensuring accountability in all aspects. He said tha
The Institute has come across a website on the Council/Regional Council Elections 2010. The said website has been created without the approval, authority or knowledge of the Institute of Company Secretaries of India (ICSI). The creation of the webs
Public sector lender Bank of Baroda (BoB) today announced an increase in the interest rate on certain retail term deposit schemes by up to 75 basis points, with effect from November 29. The interest rates were hiked for deposits of less than Rs 1 cr
The government today said that the Insurance Regulatory and Development Authority (Irda) would soon come up with draft guidelines for health insurance portability, which would allow policy holders to switch to another insurer because of poor service
Tata AIG Life Insurance has been penalised Rs 5 lakh by the insurance regulator for failing to adhere to guidelines relating to management expenses. In a statement issued on Thursday, Irda said management expenses of the life insurer for 2008-09 was
The Income Tax department has struck an estimated Rs 50 crore deal with state-owned telecom company BSNL to provide 51,000 mobile connections and one thousand high-end Blackberry phones for secure and fast communication amongst its officers and staff
The assessee, a broker in the BSE, disclosed short-term capital gains and long-term capital gains on sale of shares. The AO accepted the LTCG as such though he held that the STCG was assessable as “business profits” on the ground that the assessee was a stock broker & there was large volume and frequency (more than 300) transactions. On appeal, the CIT (A) reversed the AO. On appeal by the department to the Tribunal, HELD dismissing the appeal:
It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation, who is dealing with money, the employer will lose trust and confidence in him. In such cases the
