Striking a cordial note, the warring Ambani brothers today agreed to dump their differences and non-compete agreements saying this would eliminate any room for further disputes. Announcing that they would also expeditiously negotiate gas supply agreement in accordance with the Supreme Court order earlier this month, the groups of both Mukesh and Anil vowed to fulfill vision of their father Dhirubhai Ambani, after whose death they separated following (rpt following) an acrimonious fight.
With the banking sector continuing to wobble under financial woes 14 US banks on an average are folding up every month, while the count of troubled entities — those at increased risk of failure — has jumped to 775. Indicating that the problems plaguing American banks are far from over, the Federal Deposit Insurance Corporation (FDIC) recently warned of more failures.
Stock market regulator Securities & Exchange Board of India has imposed a penalty of Rs 40 lakh on HSBC InvestDirect Securities for misusing client’s funds and securities.The regulator, during its inspection, had found HSBC InvestDirect (formerly known as IL&FS Investmart Securities) guilty on several accounts—failure to segregate its own fund from that of its client’s, not delivering securities as well as payments to its investors and for misuse of its clients funds and securities.
ICAI has recently conducted examination for CA students in May 2010. In examination in the paper of Corporate law and Accountancy ICAI has asked questions on topics which were excluded by ICAI by various announcement from the syllabus. Students were asked 18 Marks questions from the subjects which were not part of the syllabus. Considering the fact that CA students fail to pass the CA examination by just one mark, It seems to be injustice with them if they don’t be given credit for the questions which were not part of the syllabus.
The ministry of corporate affairs (MCA) has started a round of consultations with the law ministry on the feasibility of setting up a National Company Law Tribunal (NCLT) in the next one year.
Over 40% of foreign investment inflows to India is routed through Mauritius, a significant portion of which is believed to be third country funds and Indian money routed through the island nation to avoid taxes. India loses over $600 million in revenues annually due to the tax treaty with Mauritius.
The Income Tax (I-T) department seems to have mastered the art of getting more for less. No strong-arm tactics here; it is just that the department has improved what it calls the effectiveness of its search operations through better targeting.
The Income Tax Department needs to immediately add 30,000 more employees to carry out its existing operations, a senior Finance Ministry official said.“To avoid affecting the overall revenue collection and delivery of tax payer services, the department immediately requires 22,000 additional employees apart from filling up the 8,000-odd vacant positions,” the official said.
Life insurance companies anticipate a fall in premium collected through unit-linked pension products. This is due to the Insurance Regulatory and Development Authority (IRDA) making life cover compulsory with pension plans.
The director of income tax has sought the interference of the Supreme Court in deciding whether the payments made by Indian hotels, including ITC, to hospitality major Sheraton International Inc would fall under business profits or royalties and fees under the double taxation avoidance agreement between India and the US.
