As per the information received from Securities and Exchange Board of India (SEBI), at the instance of the High Level Coordination Committee on Financial Markets (HLCCFM) Government had set up a committee to revisit the legal and policy framework for regulating the activities of Credit Rating Agencies (CRAs).
The Government has said that as and when any instance of wrong doing by any company comes to the notice, action is taken as per provisions of the Companies Act, 1956. In addition, the Ministry of Corporate Affairs has devised Early Warning System (EWS) based on the information available in MCA-21 System.
The Minister of Corporate Affairs, Shri Salman Khurshid has said that there is no provision under the Companies Act, 1956 for merger of Indian companies with foreign companies. However, a foreign company may merge with an Indian company. Giving this information in written reply to a question in the Rajya Sabha on merger of companies, Shri Khurshid informed the House that as part of Corporate Restructuring, one of the options available to corporate is merger. The corporate resort to merger according to their restructuring plans taking into consideration economics of scale, corporate sustainability and its long term objectives.
Reserve Bank had declared 108 Non Banking Financial Companies (NBFCs) as vanishing companies during the last three years, Rajya Sabha was informed today. “Whenever a company is declared as vanishing the matter is referred to the Economic Offences Wing of the concerned state government,” Minister of State for Finance Namo Narain Meena said in a written reply.
The government has set up two income tax overseas units at its missions in Singapore and Mauritius and will create such units in eight more countries to facilitate exchange of information on tax-related issues, Parliament was informed today.
Income Tax department and the Unique Identification Authority of India have agreed “in-principle” to come together for rolling out PAN cards with unique 16 digit Aadhaar number. Official sources said both the UIDAI headed by Nandan Nilekani and the finance ministry has held series of meetings on the subject and are now in the process of working out the modalities.
1. CBI Conducts Searches At 36 Places In Daman, Mumbai, New Delhi And Offices Of Distilleries At Daman In Connection With Evasion Of Rs. 340 Crore Excise Duties And Vat In The Union Territory Of Daman 2. CBI Registers a case against Joint Secretary of MHA and others in this connection
The Indian Premier League (IPL) did not start with Sunanda Pushkar. It has been around for more than three years. The relationship between IPL franchises and tax havens is not something new. But the investigative hounds were unleashed after the exit of minister of state for external affairs Shashi Tharoor.
The probe into the Indian Premier League (IPL) is inching ahead. After the Mauritius-based World Sports Group (WSG), which holds the IPL broadcast rights, the income-tax (I-T) department has asked Mauritius Colway Investment, a firm owned by Lalit Modi’s son-in-law Gaurav Burman, to submit the financial details and source of funding of its investments in Kings XI Punjab (KXIP). Burman owns 23% in the franchisee.
The Finance Ministry has come out with ‘Saral-II’, the new income tax returns form, that seeks to make tax filing easy on the assessee and gather information on TDS paid on salary and interest. The Saral-II, a two-page form, was mentioned by Finance Minister Pranab Mukherjee in his Budget speech for 2010-11.
