Union Minister of Corporate Affairs Dr. M. Virappa Moily today presented the ICWAI 8th National Awards for excellence in Cost Management 2010 to the representatives of leading industrial organisations both in the public sector as well as the private sector at Vigyan Bhawan, New Delhi. Speeking on the occasion the minister said Cost leadership is an essential ingredient for all business whether in manufacturing of services sector. Cost Management is therefore an important aspect for any organization to provide a base for its efforts to be in position to excel.
The Department of Higher Education, Ministry of Human Resource Development has reconstituted the Copyright Board, as per section 11 of the Copyright Act, 1957 by appointing Justice Ramesh Chandra Chopra (retired) as the Chairman of the Copyright Board for a period of five years or till further orders, whichever is earlier, with effect from the 15th July, 2011.
CBI today raided the office of the Paramount Group and residence of Paramount Airways Managing Director M Thiagarajan in connection with alleged financial transactions. CBI officials said the raids were conducted in connection with non-repayment of a large amount of bank loans, but refused to give details.
Corporate Affairs Minister Veerappa Moily on Monday said the Companies Bill 2009, which promises greater shareholder democracy and stricter corporate governance norms, will be brought before Parliament for consideration and passage in the monsoon sesssion. ‘End of this week, as far as we are concerned, we will finalise the Cabinet note and by next week we will move it. Comments from all ministries have come. Now, we will take it forward and possibly if Cabinet approves it, we will be able to bring it in the monsoon session,’ said Moily.
The Supreme Court has recalled its order given on 15 November last year in which it had directed MoD to set up a Commission to look into the grievances of serving and former soldiers of the Armed Forces. In the same order, the Apex Court had made a mention of Smt Pushpa Vanti’s case, a widow whose husband was an Army Major. The petitioner Smt Pushpa Vanti had claimed that she was getting only a meager amount of Rs. 80/- per month as pension since the death of her husband in 1967 and her pension had not been revised since then.
Hasan Ali Khan, arrested for alleged money laundering, has stashed $800 million in banks in countries like the U.S., Switzerland and Singapore and has links with officials of these banks, the Enforcement Directorate told the Bombay High Court on Monday. Justice A.M. Thipsay was hearing a bail application filed by Mr. Khan after a sessions court rejected his bail plea. The matter will be heard on July 26.
Total import of sensitive items for the period April-March 2011 has been Rs. 70656 crores as compared to Rs. 65565 crores during the corresponding period of last year thereby showing an increase of 7.8%. The gross import of all commodities during same period of current year was Rs. 1596869 crores as compared to Rs. 1363736 crores during the same period of last year. Thus import of sensitive items constitutes 4.8% and 4.4% of the gross imports during last year and current year respectively.
Ahead of Prime Minister Manmohan Singh’s visit to Bangladesh, India, in a goodwill gesture, has allowed zero duty import of vegetables, spices and garments from the neighbouring country, with immediate effect vide Notification No. 60/2011-Customs Dated- 14th July, 2011. However, Bangladesh exporters would enjoy the duty concession only if they dispatch the goods through the land route from Balat-Kalaichar region in Meghalaya for sale in Border Haats.
The Finance Ministry plans to bring more professions in the services sector under the tax net, a senior bureaucrat said here on Monday. He was speaking at a service tax-related event organised by the Associated Chambers of Commerce and Industry of India.
A country-wide probe conducted by the Income Tax department has found that close to 300 registered political parties have never filed their tax returns and the Election Commission has now asked the department to issue notices to them. The probe, conducted after the EC asked the Central Board of Direct Taxes (CBDT) to ascertain the financial status of these small parties for alleged violation of tax laws and money laundering, has been submitted to the election Panel.
