Pricing of Convertible instruments. Issue of Shares permitted against specified non-cash considerations under Approval Route. Approval / conditionalities surrounding previous joint venture/collaborations done away with. Guidelines relating to Down-Stream investments. Sector Specific policy for FDI- Agriculture. The revised FDI policy does carry the process of liberalization further and would assist in augmenting FDI into the Country. However, the revised FDI policy has kept at bay significantly expected changes such as permitting FDI in Limited Liability Partnership, Multi-Brand Retail Trading and several other subjects on which draft discussion papers were released earlier for public comments. It is important that these areas are also taken up the Government for liberalisation towards making India one of the most favourable FDI destinations in the world.
Select Holiday Resorts Pvt. Ltd. [52 DTR 14] – Section 79 (Section) which contains provisions restricting carry forward of past year losses under the Income Tax Laws (ITL) ruled that the Section has no applicability to a case of amalgamation of 98% shareholder company with the Taxpayer where the amalgamated and the amalgamating companies are held by the same set of shareholders with whom control of the taxpayer continues to remain. The ITAT further held that since the amalgamating company ceased to exist post amalgamation, a change in shareholding upon amalgamation can be regarded as a change arising in a situation akin to death of a shareholder which is specifically excluded from applicability of the Section.
Amendments in Point of Taxation Rules, 2011 (the Point of taxation Rules) as prescribed by Notification No. 25/2011 – Service Tax dated 31 March 2011 effective from 1 April 2011. Amendments in the Cenvat Credit Rules, 2004 (the Credit Rules) vide Notification No.13/2011 – Central Excise (N.T.) dated 31 March 2011 effective from 1 April 2011
The next Eligibility Test for ISA PQC is scheduled to be held on Saturday the 14th May, 2011 from 08.00 a.m. to 12.00 p.m. A detailed notification giving list of centers would be hosted on Committee Portal at http://cit.icai.org by 15th April, 2011. A list of candidates, who have completed ISA Professional Training from 1st January 2011 to 31ST March 2011, would also be hosted by 11th April 2011. In case you do not find your name in the list, kindly forward your request giving requisite details (ISA No, Membership No., Name, ISA PT Date and City) to isa@icai.org, by April 25, 2011.
The global financial crisis has challenged the conventional views on the role of monetary policy. Post-crisis, the weight of arguments tilts towards acceptance of financial stability as an objective of central bank or monetary policy. However, the key challenge is to evolve a consistent framework for implementation. While interest rate can continue as the dominant instrument for implementing monetary policy, supplementing it with other quantity or macro-prudential instruments even in normal times will not only enhance the flexibility of monetary policy to attain multiple objectives but could also obviate the risk of hitting the zero lower bound.
With the world under their feet after lifting the World Cup, Dhoni’s daredevils are also set to stamp their authority in the endorsement market with their brand equity set to touch to new highs. While the historic win will push captain Dhoni to a new trajectory in the branding business, others like Yuvraj Singh will also see a rejuvenation, while even youngsters such as Virat Kohli and Suresh Raina are tipped to benefit immensely. As for the master blaster Sachin Tendulkar , the win will re-enforce his already strong brand equity.
Promoters of Unitech Wirless , the company which benefited the most in the 2G spectrum allocation scam, gained Rs 2,342 crores, the CBI told a special court in its charge sheet against former Telecom Minister A Raja , besides eight others and three telecom companies. The investigating agency said a subscription agreement on October 28, 2008 between various Unitech group companies and others had decided to infuse extra equity in the companies for 66.5 per cent stake.
Private provident fund trusts have enough surplus to be able to pay over 9.5 per cent interest on PF deposits, says an analysis by the Employees’ Provident Fund Organisation’s (EPFO). Some of the private PF trusts have sufficient funds to pay interest of up to 11.5 per cent on the retirement funds of their employees, the analysis said.
Independent directors will not be hauled up for the acts undertaken by companies without their consent or knowledge, as per the new norms announced by the government. “We have directed the Registrar of Companies (RoC) not to take any penal action against those independent directors who are not actively involved in the decision making process of the company,” Corporate Affairs Secretary D K Mittal told PTI.
Soon, you will be able to know how energy efficient your mobile phone charger is. The Power Ministry is preparing to introduce energy labelling system for mobile phone chargers, as part of its efforts to promote energy conservation. “We are working on introducing star (energy) labelling system for mobile phone chargers. It will be voluntary (for the makers of chargers) in the beginning and later, we plan to make it mandatory,” a senior Power Ministry official said.
