Planning Commission Comment on Factory output
The Deputy Chairman of the Planning Commission, Mr. Montek Singh Ahluwalia, has said that the country's industrial output shrank unexpectedly in November and it was owing to statistical reasons. The industrial production index fell by 0.1% annually in the month of November. The Central Statistics Office released data which was in comparison to October 2012 revised growth of… Read More
SEBI order in the case of circular trading and creation of artificial volume
Background The Securities and Exchange Board of India (hereinafter referred to as ˜SEBI™) conducted investigations into the alleged irregularity in the trading in the shares of Rich Universe Network Limited (hereinafter referred to as the Noticee No. 1) which was formerly known as Rich Capital & Financial Services Ltd., for the period from February 01,… Read More
Procedure for Holding Inquiry and Imposing Penalties by Adjudicating Officer
Securities and Exchange Board of India (hereinafter referred to as ˜SEBI™) examined the Letter of offer document dated December 14, 2010 by M/s Ultraplus Housing Estate Pvt. Ltd (Acquirer), to the shareholders of M/s Associated Cereals Limited (Target Company) (hereinafter referred to as ACL). SEBI observed that Shri Bimal Kumar Agarwal (hereinafter referred to as the… Read More
IT Deductions In Respect Of Profits And Gains From Industrial Undertakings
SECTION 80-IA, SUB-CLAUSE (III) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - IN RESPECT OF PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. - NOTIFIED UNDERTAKINGS NOTIFICATION NO. 1/2013 [F.NO. 178/02/2008-ITA-I], DATED 8-1-2013 Whereas the Central Government in exercise of the powers conferred by clause (iii) of… Read More
Customs Circular on Disposal of Firearms imported as baggage
Circular No. 04 /2013-Customs F.No.401/179/2012 Cus III Government of India Ministry of Finance (Department of Revenue) Central Board of Excise & Customs ***** New Delhi, dated 15th January, 2013 To, All Chief Commissioners of Customs. All Chief Commissioners of Customs & Central Excise. All Chief Commissioners of Central Excise. Sir / Madam, Subject: Disposal of firearms imported as baggage… Read More
Higher Market Projections for 2013 on GAAR deferral news
The Industry has cheered the government™s deferment of the implementation of GAAR (General Anti Avoidance Rule) which was surrounded by controversy ever since the day it was announced. The tax-avoidance rule has since been deferred till April 2016. This has come with great relief to the industry and markets which responded with a 2-year high… Read More
SEBI order in the case of fraudulent practices and absconding management
Securities and Exchange Board of India (hereinafter referred to as "SEBI") received a complaint with regard to the preference shares issued by M/s. SGI Research & Analysis Ltd. (hereinafter referred to as 'SGI'). In the said complaint, it was inter-alia alleged that Shri Lokeshwar Dev (promoter/director of SGI) had raised more than fifteen hundred crore… Read More
Industry Leaders ask for early implementation of GST
Industry leaders, in a pre-Budget with Mr. P Chidambaram, said, that in order to boost entrepreneurship in the country, the government must re-look at the possibility of considering not to impose higher taxation regimes on individuals with high income. They also said that high income tax, would in a way discourage entrepreneurship. They would like… Read More
XBRL Filing last date extended to 15th Feb’13
The Ministry of Corporate Affairs has extended the last date for filing of XBRL data for financial year starting FY 2011-12 till 15th February 2013. The circular is attached here for reference. No. 17/161/2012-CL-V Government of India Ministry of Corporate Affairs 5th Floor-, "A" Wing, Sllaslri Bhawan, Dr. R.P. Road, New Delhi-110001 Dated 15/01/2013… Read More
SEBI order in the case of forged CAF records and documents
Shri Rajeev Kumar Agarwal, Whole Time Member, SEBI, has passed an Order dated December 31, 2012, restraining Ram Kaashyap Investment Limited and its Promoter Mr. A. Venkatramani from accessing the securities market in the matter of Rights Issue of the company and further prohibiting them from buying, selling or otherwise dealing in securities, directly or… Read More
India – Vietnam sign MoU to strengthen MSME Sectors
India signed an MoU with Vietnam on Tuesday which is aimed at the micro, small and medium enterprises (MSME) in Vietnam. The thrust will be on building greater capacity in order to develop an institutional framework and also identify opportunities and areas for further development of this sector. The MoU was inked in the presence… Read More
Registration of Fidelity MF Cancelled
Pursuant to the acquisition of Fidelity Mutual Fund by L&T Mutual Fund and at the request of FIL Fund Management Pvt. Ltd, the AMC to Fidelity Mutual Fund, Securities and Exchange Board of India (SEBI), vide its letter dated January 14, 2013, has cancelled the certificate of registration of Fidelity Mutual Fund and has withdrawn… Read More
RIL-SEBI case on Insider trading charges adjourned by SAT till January 24
The Securities Appellate Tribunal (SAT) has given some more time to SEBI to reply to the petition filed by Reliance Industries Limited (RIL) on the issue of the show cause notice sent by the market regulator to them. SAT has adjourned the hearing on RIL™s plea till January 24 for admission. RIL had earlier filed… Read More
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