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Finance : The focus is on converting savings into investments rather than leaving them idle. The key takeaway is that disciplined investing ...
Finance : This guide explains why senior travellers should review travel insurance coverage, organise medical records, and plan ahead before...
Finance : The article explains how local Indian phone numbers enhance credibility and accessibility for international businesses. It highlig...
Finance : The article explains how borrowing within your affordability and understanding total loan costs can make loan management easier. I...
Finance : The article examines how ATMs are facing cash shortages even though currency circulation is at an all-time high. It argues that ba...
Finance : The Government has exempted interest and capital gains earned by FPIs on Government securities from income tax with effect from 1 ...
Finance : The Ministry of Finance has introduced a unified portal to help individuals search for unclaimed bank deposits, insurance claims, ...
Finance : The IFSCA clarified that retrocession and retention requirements apply to the entire gross reinsurance premium of IFSC Insurance O...
Finance : The authority observed that except life insurance, other insurance segments under IFSCA regulations align with the statutory defin...
Finance : The Ministry of Finance clarified that claims regarding monetisation of temple gold holdings or issuance of gold bonds to temples ...
Finance : The Supreme Court ruled that vicarious liability under the NI Act cannot arise solely from holding an office in a society or compa...
Finance : The Supreme Court refused relief to borrowers who defaulted from the very first instalment after availing an ₹8.09 crore loan. T...
Finance : The Supreme Court upheld a Will executed in favour of the testator’s sister despite objections from his wife and children. The C...
Finance : The Supreme Court held that insolvency proceedings under the IBC cannot be invoked merely to recover disputed dues arising from co...
Finance : The issue was whether indemnity obligations arise only after final appellate confirmation. The Supreme Court held that liability a...
Finance : IFSCA clarified that a common brand name by itself is sufficient to establish a Group Entity relationship under the ship leasing f...
Finance : IFSCA has consolidated multiple regulations and circulars into a single Master Circular for Stock Exchanges and Clearing Corporati...
Finance : IFSCA has introduced a standardized ACAR and ACAC reporting framework for Capital Market Intermediaries in IFSCs. The circular aim...
Finance : IFSCA has warned regulated entities that advanced AI models can accelerate cyberattacks by rapidly identifying and exploiting vuln...
Finance : The International Financial Services Centres Authority clarified that existing ASPs and TechFin entities continuing operations und...
The retirement fund manager EPFO plans to replace PF account number with unique identification number, a move which will help in speedy transfer of subscribers’ funds in case of job change and allow them to track their accounts online. At present whe
The government will stick to its April 1 deadline for 300 large companies to align their accounts with global financial reporting norms, despite concerns raised by an industry lobby. India will have to honour the commitment made at the G20 summit,
Upholding a district forum order, the Maharashtra State Consumer Disputes Redressal Commission recently dismissed an appeal filed by an insurance firm. The commission ruled against the Oriental Insurance Company after it appointed a second surveyor t
: A senior executive of the Hero Group was arrested by Gurgaon police on Monday as the investigative net on the Rs. 300 crore fraud at the local branch of Citibank was cast wider. The arrest of Sanjay Gupta, associate vice-president of Hero Corporate
Even as the Munjal family-run Hero Group clarified on Friday that its exposure to the Citibank fraud was a tenth of what has been reported so far, police investigators are widening the scope of the inquiry to probe both the clients as well as
Query:-Acquirer Limited acquired an engineering unit of Acquiree Limited, on a going concern basis. The unit has various fixed assets such as building, plant and machinery and furniture, which were recognized in the books of Acquirer Limited at their fair value, on the date of acquisition. Acquiree has already used these assets for certain periods and claimed the depreciation thereon. For example, it has used the building for 20 years and its remaining useful life as per schedule XIV to the Companies Act, 1956, in the books of Acquiree, is 38 years. Acquirer Limited is evaluating whether it can consider the useful lives of these assets afresh or it needs to reduce the period of usage by the acquiree in arriving at useful lives as per Schedule XIV?
Investor Limited (the company) acquired 1,000,000 equity shares of Rs. 10 each in Investee Limited (investee), for the acquisition date fair value of Rs. 9 million. In the past, Investee Limited had incurred losses, which were attributable to the investee’s venture in a new line of business and exceptional events such as economic recession. Over the period, the line of business has stabilized and started generating profits. In addition, the economic environment has improved significantly. Therefore, the investee expects to generate significant profits in the future periods. However, to write off the past losses, the investee has entered a capital reduction scheme. According to the scheme, it will reduce the face value of each share to Rs. 7 per share and adjust the resulting amount against the past losses.
A fire broke out in the factory premises of Manufacture Limited (the company), destroying 40% of its major plant. At the date of fire, the carrying amount of the plant (including destroyed portion) was 2160 million. The company needs to incur an amount of 2100 million to restore the destroyed portion. At the reporting date, the restoration work is in progress. The management believes that the company has not followed the component accounting under Indian GAAP and it will therefore apply the subsequent expenditure-related guidance. The application of this guidance will require the company to write off any subsequent expenditure incurred on the asset. Therefore, there is no need to write off the damaged portion of the plant.
The compensation for land acquired should be based on the fair market value received for similar land in the neighbourhood, but not sold in auction, the Supreme Court has asserted in the case, Karnataka Housing Board vs Land Acquisition Officer. This, said the court, was because auction sales stood on a different footing. In auction, there is an element of competition, triggered by “human ego, and desire to do better than other competitors.” This leads to high prices. On the other hand, when the auction is by banks, financial institutions or courts, “there is an element of distress, a cloud regarding title, and a chance of litigation.” These factors depress the price. Therefore, auction price should not be the criterion for calculating compensation for acquired land, the court said.
The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on credit and ensure a healthy cash flow. The finance ministry will facilitate this change by moving a new bill to regulate
