Justice KK Sasidharan, directing the reinstatement of three industrial workers dismissed from service 17 years ago, said: Admission (of guilt), to be used against the maker, should be clear, unambiguous, unequivocal and without any scope for two interpretations. It should lead to a clear conclusion of admission.
International accounting and consulting firm Deloitte will treble its India headcount from the current 11,000 and shift more of its top talent to the country over the next four years, a company official said. James Brady, CEO of Deloitte’s assurance and risk assessment services, said the company has identified India as a ‘high priority market’ after the economic downturn. The 165-year-old group employs around 1.77 lakh people in 140 countries across the globe and is part of the ‘big four’ audit firms, along with PricewaterhouseCoop ers, Ernst & Young and KPMG.
Former Chhattisgarh High Court Judge Mr Justice Dilip Raosaheb Deshmukh took charge as the new Chairman of the Company Law Board (CLB) on Friday, four days ahead of the originally scheduled joining date. This follows a request by the Government as the presiding Chairman, Mr R. Vasudevan, was arrested on Tuesday by the CBI in a bribery case. The CLB Chairman’s post was held by bureaucrats for many years.
With the mammoth task of garnering support on contentious issues like exempt exempt tax (EET) regime for savings and minimum alternative tax (MAT) still to be done, the Direct Tax Codes Bill, which will replace the archaic Income Tax Act, 1961, is not likely to be introduced in the ongoing Parliament session. According to official sources, the bill will be tabled in Parliament only in the Budget Session.
After a lull, the contentious provisions regarding mergers and acquisitions (M&A’s) of the amended Competition Act is back on the discussion table of the Ministry of Corporate Affairs (MCA). The Ministry is planning to hold a meeting with the new anti-monopoly watchdog the Competition Commission of India (CCI) and the stakeholders in the first week of December to discuss the M&A clauses – Sections 5 and 6 – that are yet to be notified, official sources told to leading business newspaper.
SB Mathur, Secretary General of the Life Insurance Council, said either the proposal be changed to retain the present system of exempting a life insurance holder from tax at the time of withdrawal, or tax should be levied only on the real value of the withdrawn sum.
The government is examining a proposal seeking to split the compensation package of independent directors into fixed and variable components to ensure they play an active role in the affairs of companies. The variable component will be linked to the attendance at the board meetings, an official with the minsitry of corporate affairs told to a leading newspaper.
Institute of Cost and Works Accounts of India (ICWAI), an apex body to regulate the profession of cost and management accountancy in India, in association with the other Cost and Management Accounting (CMA) bodies of the SAARC region, organized an international seminar on Role of Cost and Management Accountants in Regional Economic Development here. Mr. Salman Khurshid, Union Minister for Corporate Affairs (MCA), inaugurated the seminar.
Capital market regulator Securities and Exchange Board of India (Sebi) on Thursday eased norms for security, or the asset cover, required for issuing secured bonds. Sebi said that issuers will have to maintain a 100% asset cover that is sufficient to discharge the principal amount at all times for their debt securities offerings.
If you are fed up of standing in a queue for securing a birth certificate for your newborn, there is good news as the government’s soon to be launched health portal will reduce your inconvenience by making the process a click away.Besides disseminating health-related information among the masses, the ‘National Health Portal’ will also help registering births by applying online, minister of state for health Dinesh Trivedi said.
