Budget 2020: I-T Act may allow seizure of trustees' personal assets
The Union Budget is likely to have a provision to make trustees liable in the case of violation of charitable trust norms linked to tax exemptions or registration of entities. The new provision under the Income-Tax (I-T) Act may enable the authorities to seize trustees’ personal assets if there’s a breach of objectives governing registered charitable trusts, a source in the government said. Read more.
Not interested in getting back to Tata group as chairman: Cyrus Mistry
The former chairman of Tata Group, Cyrus Mistry, on Sunday said he was pursuing all options to protect the Shapoorji Pallonji (SP) Group’s rights as a minority shareholder, including the right to a seat on the Tata Sons board, but that he is not interested in going back to Bombay House (Tata Group headquarters) as chairman of Tata Sons. Read more.
Facing liquidity issues, big realtors eye new development management models
Godrej Properties, the real estate arm of the Godrej Group, recently signed a development management (DM) contract deal with Pune-based developer Solitaire to develop a project of 25 million square (sq.) feet (ft) and invested its money in 50 per cent of the land cost. In a normal DM model, Godrej would not have given money for the land. Read more.
Hindustan Unilever stops Tata from patenting technology for water purifier
Hindustan Unilever (HUL), which owns the brand Pureit, has won a pre-grant opposition against Tata Chemicals, which sells water purifiers under the brand Tata Swach. The patent office rejected Tata Chemicals’ application for an invention related to a water purifier based on the pre-grant opposition filed by HUL. Read more.
US-Iran conflict scare puts markets on edge, oil prices likely to go up
Market participants are bracing themselves for heightened volatility as escalating tensions between the US and Iran are threatening to disrupt macroeconomic conditions, with oil prices likely to go up amid possibilities of a full-blown conflict between two of the biggest oil-producing nations. Read more.
India Inc's overseas borrowing up 6.5% to $2.12 billion in Nov 2019: Report
Overall borrowings by India Inc from overseas markets grew 6.5 per cent to $2.12 billion in November 2019, the Reserve Bank data showed. Domestic companies had borrowed over $1.99 billion in November 2018 from foreign sources. Read more.
After a passenger fare hike, Railways plans occupancy-based discount
After opting for a passenger fare hike starting New Year, Indian Railways is planning to come out with an occupancy-based discount system for passengers across mail, express, superfast, and premium trains. Read more.
Finance Ministry to come up with a list of 6,000 NIP infra projects soon
In the next few days, the finance ministry expects to put out a detailed list of about 6,000 projects which form the basis of the National Infrastructure Pipeline (NIP) report. The data would provide answers to questions from analysts about the lack of private sector participation in the NIP. Read more.
Over 200 big cos yet to split Chairman, MD roles
According to data compiled, almost half the top 500 listed companies are yet to comply with the Sebi rule on splitting the roles of the chairperson and managing director. The new rule based on the recommendations of the Uday Kotak committee on corporate governance will be effective from April 1, reports The Economic Times.
EPF likely to fetch lower returns
Lower returns on mandatory investment for the fiscal ending 31 March may soon be the case for millions of salaried workers. The Employees’ Provident Fund Organisation (EPFO) is likely to reduce the interest rate offered to its subscribers by 15-25 basis points for this fiscal, two government officials are reported as saying by LiveMint.