The Ministry of Corporate Affairs (MCA) will probe management and auditors of 12 listed companies, including Raj Television Network and Surya Lakshmi Cotton Mills, for allegedly providing false information about the shareholding pattern. ‘MCA believes the 12 companies under scanner furnished false info regarding their share breakup to Regional Directors (RDs)’, an official said. The ministry is likely to soon ask the Regional Directors concerned to probe role of auditors of the companies and also of their top management.
The government today created an email id for public to send their ideas and inputs to tackle issues arising out of blackmoney. The email — bm-feedback@nic.in — has been created on the server of the National Informatics Centre and the public can send their responses on the subject with immediate effect, a senior Finance Ministry officer said.
Organisation for Economic Cooperation and Development (OECD) has appreciated the action taken by India in handling tax evasion and black money issues. During the two day high level Seminar held on 13th and 14th June on “Adopting Tax System and International Tax Rules to the New Global Environment : a Shared Challenge for India and the OECD” at Vigyan Bhavan in New Delhi, both OECD and India decided to enhance their cooperation in dealing with issues relating to transfer pricing and promote better tax compliance and measures to improve the prevention and regulation of cross border dispute.
A recent directive by SEBI barring conversion of Indian Depository Receipt (IDR) into primary equity shares of foreign companies has dented the India listing plans of some multinationals in the technology sector, a senior i-banker said on Tuesday. ‘There was not much of interest in IDR to start with but due to this Sebi directive, some companies in the tech and tech-related space which had plans, are now rethinking their strategies,’ chief operating officer of Kotak’s Investment Banking division S Ramesh told reporters.
With an aim to regulate the credit system to the advantage of the country, the Reserve Bank today said NBFCs cannot open subsidiaries or enter into joint ventures abroad without its permission. ‘No NBFC shall open subsidiaries/joint ventures/ representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of India,, the central bank said in a notification.
Reserve Bank today admitted that its own tight monetary policy, besides rising crude oil prices and uncertain global environment, poses a threat to India’s growth momentum in the current fiscal. ‘The slackening of global recovery, high oil and commodity prices, deceleration in domestic industrial growth, uncertainty about continuation of strong growth in agricultural sector and impact of monetary policy actions pose downside risks to India’s GDP’, RBI said in a report.
India could see some slowdown in capital inflows going forward as advanced economies exit from the easy monetary policy, making it tougher to fund a widening current account deficit, the Reserve Bank of India (RBI) said in its Financial Stability report.
In a bonanza for the loss making telecom PSU, state-run MTNL today received over Rs 177 crore as income tax refund for the year 2010-11. MTNL has received a refund order amounting to Rs 177.76 crore from the Income Tax Department pertaining to Assessment Year 2010-11, MTNL said in a filing to the Bombay Stock Exchange.
With inflation hovering much above the comfort zone, the Reserve Bank may raise key policy rates by 25 basis points in its first mid-quarterly review of the credit policy for FY’12 tomorrow. I think the RBI would take one more small step to curb inflationary expectations. Market is expecting a 25 basis points increase, Indian Overseas Bank Chairman and Managing Director M Narendra told PTI.
With the losses of oil firms mounting with each passing day, Oil Minister S Jaipal Reddy today met Prime Minister Manmohan Singh to push for an early decision on raising diesel and domestic LPG prices. An Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee, which decides on revising rates of the sensitive products, has not met since June last year even though crude oil prices have spiralled upward by about 50 per cent.
