| Professional
News |
| INCOME
TAX |
| I-T Officer must give taxpayer
reasons for reopening case: Income-tax Appellate
Tribunal |
|
Maharashtra : An income-tax
officer is bound to inform a taxpayer his reasons for
reopening an income-tax assessment, so that the taxpayer is
given an opportunity to file his objections to such
reopenings, according to a recent order by the Income-tax
Appellate Tribunal, Bangalore. Usually, income-tax department
reopens a completed assessment if it has reasons to believe
that income has escaped assessment. The taxpayer, in this
case, was the Ireland-based software company Synopsis
International, which is in the business of selling and
marketing software licences.
|
| I-T dept objects to Indus Towers'
asset merger plan |
|
Delhi : The Income Tax
Department has filed an affidavit in the Delhi High Court
raising objection to transfer of passive infrastructure
assets, including telecom towers of Bharti Airtel Ltd., Idea
Cellular Ltd., and Vodafone group companies, to one company,
Indus Towers Ltd. The department has alleged that the merger
has been arranged in a manner that will help the companies
evade tax. Vodafone, Bharti Airtel, and Idea Cellular had
formed Indus Towers Ltd in 2007 as a 42:42:16 joint venture
company.
|
| SEBI |
| Sebi to ask Diageo to rework on
clauses in United Breweries Group agreement, says it violates
local rules |
|
Maharashtra : The Securities
& Exchange Board of India may ask Diageo to rework certain
clauses in the agreement with the United Breweries Group as
they do not comply with local regulations. The capital markets
regulator is not in favour of a put option in the agreement as
it is akin to a forward contract and a violation of Indian
laws, a person with knowledge of the discussions said. The
regulator will also ask Diageo's merchant bankers to explain
how a clause in the share purchase agreement dealing with the
sale of assets of United Spirits complies with the takeover
regulations.
|
| COMPANY
LAW |
| Draft rules for Companies Bill to be
ready by mid-Feb |
|
Delhi : The draft rules for
the Companies Bill 2012 are likely to be ready by mid-February
ahead of the Budget Session of Parliament. The rules are
significant, as they would take the form of delegated
legislation spelling out the way the main provisions of the
Companies Bill will be administered in the coming days. There
are indications that the Ministry of Corporate Affairs will
invite comments from the public on the draft rules before
finalising and notifying them.The full impact of the Companies
Bill 2012 is not clear in the absence of the rules. But, one
thing is clear — the proposed framework would obviate the need
to repeatedly go back to Parliament to tinker with the
provisions.
|
| IRDA |
| New norms will expedite nod for
insurance products |
|
Maharashtra : New
traditional product guidelines, which are expected in the next
few days, will make the process of product approvals quicker.
According to J Hari Narayan, chairman of the Insurance
Regulatory and Development Authority ( Irda), approvals would
now become faster, since the product structures would be
clearly defined by the new regulations.
|
| FDI
Policy |
| Global single-brand retail chains
step up India entry pace |
|
Delhi : After a slow start,
action has picked up in the single-brand space in the past
month. At least three international companies — Italy’s
Officina Farmaceutica Italiana, Thailand’s Lotus Arts de Vivre
and French company Decathlon Sports — sent their proposals for
India foray during this period. After vetting by the
Department of Industrial Policy and Promotion (DIPP), the
Foreign Investment Promotion Board (FIPB) is expected to
consider them.Since January 2012 when the government notified
100 per cent FDI in single brand retail up from 51 per cent
earlier, nine proposals
|
| Misc. Corporate Laws
& Other Commercial Policies |
| House panel not for changes in Food
Security Bill |
|
Delhi : The Standing
Committee of Parliament on Food, Consumer Affairs and Public
Distribution is in favour of passing the Food Security Bill,
without any major amendments to it. The draft report of the
Committee, which has been circulated to members, said since
the Food Ministry has already held detailed consultations with
various ministries, State Governments and other stakeholders
on the Bill, it may be passed by Parliament. The Committee,
headed by veteran Congress MP V. Muttemwar, will adopt the
recommendations made in the draft report at a meeting
scheduled on Friday.
|
| Finance & Money
Markets |
| Market players want more tax benefits
in RGESS |
|
Maharashtra : Ahead of the
Union budget presentation, various market entities plan to try
and persuade the finance ministry to make changes to the
newly-launched Rajiv Gandhi Equity Savings Scheme
(RGESS).RGESS was meant to boost invividuals’ participation in
the stock markets. Announced in last year's budget, it was
notified by the Income Tax department only on November 23.
Market participants are seeking greater tax benefits for the
scheme, by increasing the investment limit and removing the
one-time benefit clause.
|
| Sharp fall in govt bonds triggers
rise in tax-free issues |
|
Maharashtra : Tax-free bond
issues languishing until last month, with prospective issuers
getting jittery over success of their proposed issuances, have
now got a new lease of life. Sharp fall in government bond
yields has triggered unexpected rise in subscriptions for
tax-free bond offers that are open currently. Government bond
yields have fallen 20 basis points over the last one week with
the benchmark 10-year bond yield trading around 7.90%, a level
unseen since two years. Merchant bankers said the unexpected
fall in sovereign bond yields has given a spurt to
subscriptions for tax-free bonds from both retail and
institutional investors.
|
| ECB holds rates on stabilisation
signs |
|
Maharashtra : The European
Central Bank held interest rates at a record low of 0.75 per
cent on Thursday, refraining from a cut following fledgling
signs of life in the Euro zone economy and with inflation
still above target. The 17-country Euro zone is in recession
but recent data points to some stabilisation and ECB President
Mario Draghi might strike a slightly more positive tone in a
news conference that follows at 1330 GMT. Last month, Draghi
said there was “a wide discussion” on reducing rates — a
comment that fed expectations a cut could soon follow. But
hawkish remarks from a clutch of senior policymakers since
have dampened that talk.
|
| Pre-Budget
2013-2014 |
| Package to remove foreign taxation
glitches on anvil |
|
Delhi : Budget 2013-14 is
likely to have a package of measures to address concerns
related to foreign taxation and transfer pricing. The finance
ministry has asked members of an international taxation and
transfer pricing advisory group for comments and suggestions
by January 31.Representatives of three apex industry bodies,
CII, Ficci and Assocham, besides Nasscom and the Institute of
Chartered Accountants of India, are among members of the
panel, headed by the revenue secretary. Officials in the know
said a number of changes outlined in the list were expected to
be part of the Budget proposals.
|
| Commodities |
| Platinum, palladium extend gains on
Chinese data |
|
Delhi : White metals stole a
march on bullion on Thursday, with gains in platinum and
palladium outpacing those of gold as data pointed to an
improved economic backdrop in China. Gold prices were trading
very narrowly, unmoved by the European Central Bank's widely
expected decision to leave euro area interest rates on hold,
leaving traders to focus on the ECB president's press
conference for further policy hints.
|
| Copper up on weak dollar, strong
Chinese export data |
|
Delhi : Copper rose on
Thursday due to a weak dollar and strong export figures from
the metal's top consumer China, which boosted prospects for a
recovery in demand. But data showing lower imports of copper
to China in December, compared with the previous month, and an
uncertain outlook for trade prevented further gains.
Three-month copper on the London Metal Exchange ended at
$8,110 a tonne, up from a close of $8,080 on
Wednesday.
|
| INTERNATIONAL
BUSINESS |
| Morgan Stanley to cut jobs, may
signal more pain ahead |
|
Morgan Stanley plans to slash 1,600
jobs in what may be just the beginning of a new round of
layoffs at large investment banks, this time driven by a
deeper reassessment of Wall Street businesses in the face of
new regulations and capital standards.Morgan Stanley, the
sixth-largest US bank by assets, plans to begin letting go of
the employees, many of whom work in its securities unit,
starting this week, two people familiar with the matter said
on Wednesday.
|
| MERGER &
ACQUISITION |
| Burmans pick up strategic stake in
DMI Finance |
|
Maharashtra : The Burman
family, promoters of Dabur India, has bought a strategic stake
in DMI Finance Ltd, a Delhi-based non-banking finance company
( NBFC), for an undisclosed sum.Yuvraj C Singh, joint managing
director of DMI Finance, said this investment marks the Burman
family’s entry into the secured lending space. Gaurav Burman,
son of Dabur India Ltd Chairman Emeritus V C Burman, will join
the board of DMI. He, however, declined to elaborate the terms
of the deal.
|
| Banking |
| Draft norms on bank CCP exposure
out |
|
Maharashtra : The Reserve
Bank of India released draft guidelines for banks’ capital
adequacy in terms of their exposure to central counter-parties
(CCP) such as Clearing Corp of India.RBI has said banks will
have to maintain adequate capital with regards to their
exposure to CCPs to protect potential risks that arise from
the CCP.“Exposures to central counterparties arising from OTC
derivatives, exchange traded derivatives transactions and SFTs
will be subject to the counterparty credit risk treatment,”
RBI said in draft guidelines.
|
|
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| Economy |
| India |
| Govt nod to Rs 12,517-cr infusion in 10
PSBs |
| Bonds hit 27-month high; industrial data
awaited |
| Cabinet approves higher funds for Indira Awaas
Yojana |
| Plan outlay for 2013-14 to go up a mere
5% |
| India Inc's biz confidence up for 2nd consecutive
qtr: report |
| Rangarajan sees inflation dipping to 6% in
2013-14 |
| Selloffs on slow crawl may trim receipts by
20% |
| PE investments in India down by 15% to $8.85
billion: PwC |
| After two years, worst is over for rating
downgrades |
| Government approves road projects worth Rs
5,652-crore in Bihar, J'khand, Odisha |
| Cooking gas, diesel price hike put off for now,
but still on agenda |
| |
| International |
| Japan approves $117 billion spending to stimulate
economy |
| Draghi Hails ‘Positive Contagion’ as Euro Markets
Stabilize |
| US banks won’t cause problems for economy: Warren
Buffett |
| New York governor envies Texas
economy |
| |
| Markets
Today |
| NSE |
5,951.30
|
-0.29%
|
| BSE |
19,663.64
|
0.00%
|
| NASDAQ |
3,121.76
|
0.00%
|
| |
|
|
| USD |
54.76
|
|
| EURO |
72.71
|
|
| JPY(100) |
61.55
|
|
| GBP |
88.28
|
|
|
| |
| Corporate
Watch |
| Cabinet okays 10% stake sale in
EIL |
|
Delhi : The Cabinet on Thursday
approved a proposal to offload 10% stake in staterun Engineers
India (EIL) which is expected to raise Rs 800 crore. In recent
weeks, the government has tried to accelerate its
disinvestment programme to reach closer to its target of
raising Rs 30,000 crore from stake sales in staterun firms.
The government has lined up plans for stake sales in NTPC and
Oil India in the next two months which are expected to bring
in much needed cash.
|
| Dabur India promoters pick up stake in DMI
Finance |
|
Delhi : The Burman family,
promoters of consumer goods company Dabur India, has acquired
a minority stake in DMI Finance, a non-banking finance company
(NBFC).The investment marks the Burman family’s entry into the
NBFC market and secured lending space.As a result of the
investment, Gaurav Burman — who has 20 years of experience in
the financial services industry — will join the board of
DMI.Established in 2009, DMI Finance was founded by Yuvraj C.
Singh and Shivashish Chatterjee, both former senior executives
of Citigroup, with the aim of participating in the growth of
the debt market in India.
|
| Lenders to Suzlon demand to raise equity of
Rs 5,000 crore or sell REpower |
|
Maharashtra : Lenders to Suzlon
Energy are demanding that the company raise equity of 5,000
crore or sell its 'crown jewel' REpower before any loan
restructuring as wary banks do not want a repeat of the
Kingfisher fiasco.The lenders will agree to lower interest
rates and extend the tenure of the loans to ease pressure on
the company's finances only if the wind power equipment maker
sheds some assets, two people familiar with the development
said. Suzlon owes lenders 14,000 crore.
|
| Future Group to buy minority stake in
footwear company Tresmode |
|
Maharashtra : The Kishore
Biyani-promoted Future Group will increase its presence in the
retail business by acquiring a significant minority stake in
Mumbai-based footwear retail company Tresmode, soon after
exiting its non-core businesses. Future Ventures, the group
company which invests in emerging businesses, is in advanced
talks to buy 25% stake in Tresmode,
|
| IKEA stares at trademark
hurdle |
|
Delhi : Securing the regulatory
go-ahead from the government may not be the only challenge
before Swedish furniture major IKEA in opening retail outlets
under its globally recognised brand. It is likely to face
another hurdle, one related to the trademark of brand IKEA.
Three Indian companies registered with the Registrar of
Companies (RoC) use the same brand name. IKEA Home Décor
Private Limited,
|
| Mallya writes to staff, says KFA on 'safe
ground' |
|
Maharashtra : Kingfisher Chairman
Vijay Mallya wrote to the airline’s employees today outlining
the company's revival plan, a day after they threatened to
move court seeking to close the airline. Mallya's letter is
clearly aimed at pacifying the employees who have not been
paid since June. Some remained unconvinced as the airline
management, in the past, had not stuck to its
assurances.
|
| Airtel, Vodafone asked to pay Rs 3,800-cr
one-time fee |
|
Delhi : The Department of
Telecommunications ( DoT) in a demand notice has asked telecom
majors Airtel and Vodafone to pay about Rs 3,800 crore as
one-time spectrum fee during this month.According to sources,
DoT has given Airtel the option of paying Rs 1,758 crore this
month as first instalment from the total amount of Rs 5,201
crore levied on the company as one-time charge for additional
and excess spectrum it holds.
|
| |
| Tenders
& Assignment |
Development And Panchayat Department
![]() |
Description :Expression of Interest for
proposes to engage one Comptroller & Auditor General (CAG)
empanelled Chartered Accountant (CA) for preparation of
consolidated State level Utilization Certificates and Annual
Statement of Accounts of the Total Sanitation Campaign/Nirmal
Bharat Abhiyan for the year 2011-12 in a time bound manner on
the basis of district level UCs/ASAs, which will also to be
prepared by the CA himself/herself by visiting 20 districts
Last Date : 18/01/2013
Address :Development And Panchayat
Department Sd/-Member Secretary,SWSMH-cum-joint Secretary
& Director,Development & Panchayats Department
Haryana,Haryana Panchayat Bhawan,Plot No,3 Sector 28-A,Madhya
Marg,Chandigarh.
|
Chhattisgarh State Co.operative Marketing
Federation Limited ![]() |
Description :Expression of Interest from
Interested Chartered Accountants Firms for Empanelment &
Selection of Concurrent Auditors for Procurement of Paddy
Last Date : 21/01/2013
Address :Chhattisgarh State
Co-operative
Marketing Federation Limited
Katela
Bhawan,Civil Lines,Raipur (C.G)
|
General Insurance Corporation Of India
![]() |
Description :Chartered Accountant Firms
for Appointment as internal Auditors for the Fy 2013-14 for
Reinsurance, Investment & Others Functions
Last Date : 24/01/2013
Address :Mumbai - Maharashtra
|
Navodaya Vidyalaya Samiti ![]() |
Description :Invited from Registered
Chartered Accountant Firms having their in Andhra pradesh
& having Minimum 10 years Experience to be Empanelled for
internal Audit Work of Jawahar Navodaya Vidyalayas
Last Date : 24/01/2013
Address :Navodaya Vidyalaya
Samiti
(Ministry of HRD Dept.of School
Education &
Literacy,Govt.of India)
H.No.1-1-10/3
S.P.Road,Secunderabad-500003.
|
National Institute Of Fashion
Technology ![]() |
Description :Appointment of Chartered
Accountant from ICWAI on Purely Contract basis
Last Date : 25/01/2013
Address :NATIONAL INSTITUTE OF
FASHION TECHNOLOGY (Ministry of Textiles Govt. of
India)
Madhapur, Hyderabad-500 081.
Phone
:040-23110630
|
Madhya Pradesh Power Generation Company
Limited ![]() |
Description : Appointment of Chartered
Accountant Firms for Finance & Audit works
Last Date : 31/01/2013
Address :Madhya Pradesh Power
Generation Company Limited Block No.09,Shakti Bhawan, Rampur
Jabalpur 482008
|
Gujarat Urban Development Company
Limited ![]() |
Description : Offer for Internal Audit
& Pre Audit Work
Last Date :
31/01/2013
Address :Gujarat Urban
Development Company Limited Gandhinagar Gujarat
|
| |
| Reminders |
| Tenders |
| Gujarat Mineral Development Corporation
Limited 15/01/2013
|
| State Health
Society 15/01/2013
|
| Technopark 15/01/2013
|
| District Panchayat 15/01/2013
|
| Hindustan Prefab
Limited 18/01/2013
|
| Mahanadi Coalfields
Limited 18/01/2013
|
| Notifications
& Circulars |
| RBI |
| Notification
No.RBI/2012-13/370 (Delhi) 10/01/2013
|
| Formation of new District in the State of Arunachal
Pradesh - Allotment of Lead Bank Responsibility |
| |
|
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