Ending year-long battle, UK-based Vodafone has agreed to pay USD 400 million more to its Indian partner Essar for buying its 33 percent stake in the joint venture Vodafone-Essar. With this, Essar closed the deal to sell its 33 percent stake at USD 5.46 billion as against USD 5 billion decided earlier.
Facing questions over jurisdiction, Comptroller and Auditor General (CAG) Vinod Rai has said the watchdog has got ‘unfettered’ powers to conduct ‘performance audit’ which includes going into issues like 2G spectrum allocation and profit-sharing in petroleum. Referring to the controversy surrounding gas allocation from KG-D6 basin, he said the audit in this case was done under the “aegis” of the Oil and Petroleum Ministry and made it clear that CAG was seeking a response from private operators like Reliance through the Ministry without ‘entertaining’ them directly.
Housing prices have declined in eight major cities by up to 15% during January-March period of this year due to a slowdown in property demand, according to the latest data of the National Housing Bank. The prices, however, have increased in six cities, including Delhi, while rates remained flat in Patna.
The country’s premier bourse Bombay Stock Exchange (BSE) is hopeful of launching its dedicated small-and-medium-enterprises (SME) exchange by September, 2011 onwards, a senior official said on Saturday. “BSE SME platform is expected to be operational September 2011 onwards, BSE CEO (SME Exchange) Laksman Gurulothu told PTI on sidelines of seminar on ‘Raising of Equity and Listing of SMEs on BSE SME Exchange’ here.
A sales tax official, who was caught on camera accepting a bribe, was today suspended by Kerala Revenue Minister K M Mani. In a sting operation by a private TV channel, P Santhosh Kumar, intelligence inspector at Vazhikkadavu checkpost in Malappuram, was caught on hidden camera taking bribe from a mediator to allow the channel’s vehicle to pass without checking.
IT major TCS’s Chairman Ratan Tata today said the company has not received any scrutiny notice from the Income Tax Department for claiming tax benefits on its onshore services.
Examination Date Sheet for Special Examination for Members of Institutions with whom ICAI had entered into Mutual Recognition Agreement (MRA)/Memorandum of Understanding (MOU)
Despite the popularity of the EPF as a saving tool, not many people are enthused by or even aware of the Employees’ Pension Scheme. Introduced in 1995, it is funded by diverting 8.3%, or a little more than a third of your PF contribution. The pension on retirement is linked to the number of years in service and the average salary drawn in the year before retirement.
The Ministry of Corporate Affairs had mandated certain class of companies to file their financial statements in XBRL format for the year ended 31st March, 2011. In order to educate members on XBRL and providing hands-on training on the process, XBRL India has planned a chain of workshops to be organized at various locations across the country. During the first phase, workshops will be organized to provide training on XBRL filings in selective big cities using the resources of the Information Technology Training Centres of the Institute. Three leading companies having expertise in XBRL filings will be the knowledge partners for this initiative. This training will help members to understand XBRL, which is emerging as the most popular reporting language across the world.
RBI has issued Master Circulars on 01.07.2011 on the following subjects. These Master Circulars are updated till 30th June 2011. Full text of the Master circulars can be checked on the website of RBI. A link to master circulars is given at the bottom of this post. 1. Master Circulars – Miscellaneous Instructions to NBFC- ND-SI
