September 8: The lensman`s View
September 8: The lensman`s View
A woman walks past a Vodafone logo displayed on a shop in Mumbai
The Bombay HC ruled tax department of India has jurisdiction over tax bills in cross-border mergers, dismissing a petition by Britains Vodafone, setting a precedent for overseas firms looking to buy into Indian companies.
Vodafone, fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa mobile business in the country, had filed an appeal with the court in June challenging the jurisdiction of tax department over the bill.
Vodafone, which paid $11.1 billion for the deal, has not said how much the authorities were seeking. A person with knowledge of the matter earlier told Reuters it was about Rs 12,000 crore.
Indian tax authorities have said Vodafone deal was liable for tax because most of the assets were based in India and under Indian law, buyers have to withhold capital gains tax liabilities and pay them to the government.
"I don't think thi
OP Bhatt, chairman of State Bank of India, attends a news conference in Kolkata May 2, 2008. SBI said the Reserve Bank has allowed a special concession on aviation loans, SBI Chairman OP Bhatt said on Wednesday.
Banks had earlier sought relaxation on the high defaults on aviation loans from the central bank.
The RBI's viewing deregulation of the deposit rates, announced the deputy governor Usha Thorat
A saleswoman stands behind the showcased gold necklaces at a jewellery showroom in Tripura
India's wholesale gold buying turned weak on Wednesday afternoon as prices traded near the all-time high, but dealers said the underlying demand remained strong due to the ongoing festival season.
\"Who would buy at these highs? From yesterday gold has gone up by 200 (Rs per 10 grams),\" said a dealer with a state-run bank, which deals in bullion.
Gold futures traded 0.07 per cent higher at Rs 19,182 per 10 grams, after hitting a high of Rs 19,207, within reach of the record high of Rs 19,211 struck in the previous session.
\"There is pent-up demand in the market, but they want attractive levels like that of Rs 18,500,\" said another dealer with a private bank in Mumbai.
Traditionally, demand for gold in India, the world's largest consumer of bullion, is high during the September-November festival season. Dhanteras, considered an
A man uses an electronic machine to check a currency note at a money exchange shop in Siliguri
India Inc's merger and acquisition activity seems to be fading as the month of August was the leanest since September 2009 with total deal volume of $4.2 billion.
According to the research firm VCCEdge, August saw the lowest deals in the last 11 months which could be much better if \"Vedanta's proposed $9.6 billion deal for Cairn India would have gone through.\"
\"March and June 2010 had seen some large deals which resulted in deal value greater than $14 billion during these two months. August was much lower in comparison,\" it added.
In July this year, the total value of M&A deals was about $5.4 billion.
However, merger and acquisition activity in August this year zoomed over seven fold compared to the same month last year when only deals worth $629 million took place, the report noted. For the year so far, total merger and
US President Barack Obama attends the Milwaukee Laborfest event in Wisconsin to celebrate Labor Day
Obama will push billions of dollars in new business tax incentives and spending on big construction projects on Wednesday, as he tries to convince a balky Congress to pass measures intended to spur the economy and create jobs.
Obama will travel to Ohio to tout programs that include accelerating $200 billion in business tax write-offs, which the White House says would eventually cost just $30 billion, an infrastructure spending boost of at least $50 billion, and increasing and permanently extending a tax credit for research and development costing $100 billion over 10 years.
In a strongly political speech, Obama will couch his economic plans as an expression of his values, favoring the middle class over the wealthiest Americans and big corporate interests such as oil and gas companies.
The plan is essential to get the economy moving again
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