Competition watchdog CCI on Wesdnesday pronounced the National Stock Exchange (NSE) guilty of abusing its dominant market position by adopting unfair trade practices in connection with currency derivatives trading. However, the quantum of fine to be levied on NSE is yet to be ascertained. “The Commission has pronounced NSE guilty of violating section 4 of the Competition Act, 2002. But it will decide on the quantum of fine only after hearing NSE. We have given them a week’s time to respond to our show cause notice,” an official told PTI.
The government could miss the revenue collection targets during 2011-12 mainly on account of high inflation and moderating economic growth, a senior Finance Ministry official said here on Tuesday. Inflation can affect domestic demand and thereby adversely affect GDP growth… and consequently our tax collection, Revenue Secretary Mr Sunil Mitra said while speaking at the annual conference of chief commissioners and directors general of income tax.
Asia’s oldest bourse, the Bombay Stock Exchange (BSE), today said it has been granted an ‘in-principle’ approval by the capital market watchdog Sebi to launch an exchange exclusively for small and medium enterprises (SMEs). BSE today received an ‘in-principle’ approval. The BSE is now gearing up for its latest venture in an emerging market segment, a release issued by the BSE said.
Policy Circular No. 31 (RE-2011) /2009-14 Dated the, 25th May, 2011 – Sub:- File applications for 24 SEZ ports codes – reg. – Director General (Systems) have accorded SEZ port codes to the following 24 SEZs which have been uploaded on DGFT’s website:-
Acting on a specific intelligence, officers of DRI, Guwahati Regional Unit under Kolkata Zonal Unit with the assistance of city police effected a seizure of 115 packets of cannabis weighing 2344.40 kg. valued at Rs. 70.33 lakh from a truck bearing registration no. WB-25B-4384 on 21.05.2011 at Jalukbari police point, Guwahati, Assam. The packets of cannabis, recovered from the truck were kept concealed under 410 bags (12,557.00 kg.) of tea valued at Rs. 12, 55,700/-. The 2344.40 kg of cannabis, 12,557.00 kg. of tea and the carrier truck were seized in terms of the provisions of the NDPS Act, 1985. Total seizure value of the case is Rs. 86.89 lakh. The driver and the helper of the carrier vehicle were arrested. Further investigation is in progress.
Request for No-Action Letter under Securities and Exchange Board of India (Informal Guidance) Scheme, 2003 [The Scheme] in the matter of acquisition of shares of M/s. Disa India Limited [Target Company/Applicant] under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 [Takeover Regulations]
Acting on a specific intelligence, the officers of DRI Siliguri, Siliguri Regional Unit under Kolkata Zonal Unit effected a seizure on 21 .05.2011 at 16.00 hrs. and recovered Fake Indian Currency Notes (FICN) having total face value of Rs.12,90,500/- (2581 pcs. of Rs. 500/- denomination) from a luggage bag which was kept in a ‘Santro’ car bearing registration no. WB62B-1322, near a petrol pump at Ghoshpukur, P.O. & P.S. – Phansidewa, Dist-Darjeeling.
. In your letter and other correspondences under reference, you have inter alia represented as follows:- i. Terruzzi Fercalx SpA (TERRUZZI), a foreign company incorporated in Italy had acquired 33.50 lacs shares representing 40.90% of Vulcan Engineers Ltd (VEL) by way of preferential allotment on November 20, 2009 and acquired remaining 21.30 lacs shares representing 25.86% shareholding of VEL from the original promoters of VEL under Share Purchase Agreement (SPA) dated October 12, 2009, Thereafter, TERRUZZI made an open offer under Takeover Regulations wherein it acquired 0.15% share capital of VEL. As on the date of the letter, TERRUZZI holds 54.8 lacs shares representing 66.91% of the shareholding of VEL.
he EPFO has issued an inter-department clarification on May 23, 2011 indicating that splitting of minimum wages for the purposes of PF contributions is not permissible. This Clarification, which has been issued in view of the lack of a uniform approach followed by the PF authorities in different states, seems to be an attempt by the labour department to settle the ongoing ambiguity with respect to the calculation of provident fund contributions.
Salaried taxpayers who do not have other sources of income and whose income are below5 lakh rupees per annum, are being exempted from filing income tax return. The Finance Minister Mr. Pranab Mukherjee said on Tuesday that this will apply in 2011-12 assessment year for the income earned in 2010-11. He said that a notice to this effect is being brought out soon. The Finance Minister was addressing the 27th Annual Conference of Chief Commissioners and Directors General of Income Tax in New Delhi.
