The income-tax department will take a close look at the unaccounted expenditure incurred by the franchisees of the Indian Premier League over the last three years, creating the possibility of a large tax liability for them later. The initial findings in the ongoing investigation into the Indian Premier League point at large unexplained expenditure and investments routed through complex corporate structures, located overseas in many cases.
After delaying liberalisation for foreign banks by over a year due to global financial meltdown, the Reserve Bank on Tuesday decided to review its position by September this year in the wake of improving conditions worldwide. The central bank will prepare a discussion paper on the mode of presence of foreign banks through branch or wholly- owned subsidiary (WOS) by September 2010, RBI said in its annual monetary policy for 2010-11.
Market-regulator Securities & Exchange Board of India (Sebi), on Tuesday, said it is looking at the need to put a check on mis-selling of mutual fund (MF) products by the distributors through a compliance certification examination.
Reserve Bank of India, in its Annual Monetary Policy, allowed four more credit information companies (CIC) to start operations. This will strengthen the credit appraisal system. Bankers felt that soon electricity bill, telephone bill and other payments would become part of the credit appraisal system that banks use before sanctioning a loan to the customer.
Corporate Affairs Minister Salman Khurshid on Wednesday downplayed fears that investors would lose confidence due to the row between SEBI and IRDA over market-linked insurance policies, as the issue will be resolved in favour of either one regulator or the other by the courts.
(i) All banks should obtain RBI approval for IPOs. After listing on the stock exchanges, banks are free to price their subsequent issues. (ii) Issue price should be based on merchant banker’s recommendation. There need be no reference to the CCI formula for deciding on the pricing of such issues.
UP chief minister and BSP chief Mayawati on Wednesday accused the Centre and CBI of harbouring a caste bais against her and sought parity in treatment with RJD head Lalu Prasad and SP supremo Mulayam Singh Yadav in matters relating to disproportionate asset cases.
Goldman Sachs Group Inc.’s November 2006 announcement of Rajat Kumar Gupta’s election to its board brimmed with the India native’s achievements: worldwide managing director of McKinsey & Co.; special adviser to the Secretary- General of the United Nations on management reform, co-chairman of the American India Foundation charity, whose honorary chair is former President Bill Clinton.
SEBI has directed foreign institutional investors to disclose more information about their investment structure in India.”It is not about FIIs investment, it is about what structures FIIs have for their investments in India,” SEBI Chairman, C B Bhave, told reporters on the sidelines of a FICCI-organised capital markets conference here on Tuesday.
With the Indian Premier League (IPL) saga getting murkier, the Ministry of Corporate Affairs on Tuesday asked the Registrar of Companies (RoC) to collect all details relating to the IPL franchises and the bidding process. In its order, the Ministry asked the RoC to get information on the memorandum of association and on franchise agreement. The RoC has been asked to submit its report within a week.
