Cairn India retro tax case: Arbitration Tribunal delays award to mid-2020
More than a year after hearings in an arbitration initiated by Cairn Energy against Rs 10,247-crore retrospective tax demand ended, the three-member Arbitral Tribunal has indicated that the award will be further delayed to mid-2020, the British firm said on Monday. The international tribunal, which had in August last year completed main court hearings in the British company's challenge to the Indian government using retrospective legislation to seek Rs 10,247 crore in taxes, was supposed to give an award by February 2019, but in March it delayed it to 2019-end and now to summer of 2020.
Other important stories of the day:
US equity outflows to cash, bonds biggest since 2008: Goldman Sachs
The outflow from US equity funds this year has been the biggest since 2008, relative to the flood of money into cash and bonds, according to Goldman Sachs Group Inc. That still leaves cash exposures “near historical lows,” according to Goldman strategists led by David Kostin. At 12 per cent, the aggregate allocation to cash is only in the fifth percentile of the past 30 years, they calculated.
EU nations agree to Brexit extension until January 31
European Council President Donald Tusk said on Monday that the 27 countries that will remain in the European Union after Britain leaves agreed on Monday to accept London's request for a Brexit extension until 31 January 2020. "The EU27 has agreed that it will accept the UK's request for a Brexit flextension until 31 January 2020," Tusk said in a tweet. Tusk also said the decision is expected to be formalised through a written procedure, which means EU leaders will not have to meet in person to formalise it.
Pak denial of airspace to PM: India takes up issue with International body
India has taken up Pakistan's denial of use of its airspace to Prime Minister Narendra Modi's flight with the International Civil Aviation Organisation, government sources said on Monday. Modi is travelling to Saudi Arabia later in the day on a bilateral visit. India has sought overflight clearance from Pakistan for the prime minister's aircraft to go to Saudi Arabia. Sources said India regrets Pakistan's decision to yet again deny overflight clearance for the VVIP special flight which is otherwise granted routinely by any normal country.
Nearly 70 senior bankers in race to head debt-ridden Laxmi Vilas Bank
Close to 70 senior bank executives are in the fray to occupy the corner room office of the chief executive and managing director of the Tamil Nadu-based lender Laxmi Vilas Bank. The Chennai-headquartered mid-sized private sector bank has been headless since mid-September after the then chief executive Parathasarathy Mukherjee left before the completion of his three-year term.
Delhi air quality post-Diwali: Better than last 3 yrs, but still very poor
Delhi had anticipated the season's worst pollution levels on the morning after Diwali, but the air quality, although "very poor", turned out better than the last three years, according to data of the government's air quality monitors. The Ministry of Earth Sciences' air quality monitoring service, SAFAR, had earlier predicted that the city's overall air quality index (AQI) would enter the "severe" category between 1 am and 6 am on Monday, primarily due to firecracker emissions, unfavourable weather and a significant spike in stubble burning.