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SEBI allows issuance of preference shares
L&T looks to work with World Bank once again after ban period expires
Motorola Mobility not closing India ops
investor guidance |
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SEBI allows issuance of preference shares
Mumbai, March 9 The capital markets regulator said nonconvertible redeemable preference shares sold by Indian issuers must have a minimum rating of "AA-minus" and a tenure of at least three years, according to its statement late on Friday. Although companies have previously issued preference shares, SEBI had not unveiled specific regulations covering the sale of these securities, which provide dividends and priority over stock investors in recouping investments in cases of defaults, but do not confer voting rights. Private placements of preference shares will also be allowed to be listed in exchanges, SEBI said, a move that is intended to create a market for the trading of these securities. Domestic banks will also be allowed to count some preference shares and perpetual debt instruments as part of their Tier I capital, after SEBI adopted the Basel III recommendations on the subject as part of the measures announced on Friday. SEBI additionally simplified the registration process for stock brokers, allowing them to obtain a single certificate from an exchange to trade across all equity instruments. Previously brokers had to register separately for each category of equity products, such as derivatives. — Reuters
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L&T looks to work with World Bank once again after ban period expires
New Delhi, March 9 "L&T looks forward to the opportunity to participate in future World Bank projects upon completion of this six month period of ineligibility," it said in a Bombay Stock Exchange filing. The World Bank has barred Larsen & Toubro from doing any business with it or the projects funded by it for six months, after finding that an executive of the Indian conglomerate had indulged in a fraud. "The sanctions imposed by the World Bank for six months ending September 6, 2013, from participating in World Bank funded/executed projects is not expected to have material impact on the company's present or future operations or its profitability or financials," L&T said. The World Bank had last evening said in its sanction order that L&T's ineligibility would continue across the entire World Bank group and has been imposed on L&T "for fraudulent practices" as per the bank's Procurement Guidelines against Fraud and Corruption. The debarment would continue till September 6, making L&T ineligible for being awarded contracts for any World Bank funded projects, from receiving any loan proceeds made by the Bank or participating in any Bank-financed project. Larsen & Toubro claimed the debarment would not have any significant impact on its business. This sanction, the firm said, would be valid only for projects exclusively funded by the World Bank. — PTI WB bars L&T for six months over forgery
The World Bank has barred Larsen & Toubro from doing any business with it or the projects funded by it for six months, after a senior executive of the conglomerate forged documents in a medical equipment tender. The sanction, dated March 7, comes ahead of World Bank President Jim Yong Kim’s visit to India beginning March 11. |
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Motorola Mobility not closing India ops
New Delhi, March 9 "Motorola Mobility is not closing down its India operations. Although we are not currently introducing new products there, we retain significant operations in India," Motorola Mobility spokesperson William Moss told PTI in reply to a query via e-mail. Motorola Mobility has closed down its India website and is reducing headcount in the world's second largest mobile phone market in terms of subscribers amid rising operational costs. The company will cut around 1,200 jobs in 13 countries, including India and China, in addition to 4,000 lay offs it announced last year. These cuts are a continuation of the reductions we announced last summer. It's obviously very hard for the employees concerned, and we are committed to helping them through this difficult transition," Moss said. In August, the company has announced it would lay off 4,000 people across globe. Moss, however, did not disclose India specific numbers. "We are not releasing numbers for specific markets. However, the number cited is global, not just India," he said. As of December 2012, Motorola Mobility had 11,113 people. After acquiring it in May 2012, Google started restructuring at Motorola Mobility. — PTI
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Income tax paid is not deductible expense
A.N. Shanbhag
Income tax paid is not a deductible expense. Section 80VV of the Income Tax Act, which allowed for deduction of the lawyers’ fees when filing returns, has been omitted by the Finance Act, 1985, with effect from April 1, 1986. Wealth tax was a deductible item, but the provision of its deductibility was dropped in FY1995-96. The amended Section 143 has done away with examining every tax return minutely. Acknowledgment of filing the returns shall be deemed to be an intimation. Filing of the return itself would complete the process of assessment, limiting its scope to raise demand where taxes are not paid and issue refunds, if due, on the basis of the return. Where such adjustments are necessary, the income tax officer is required to send the intimation along with refund or demand notice within one year from the end of the relevant fiscal. Consequently, if you do not receive any intimation from the income tax department within a year from the end of the relevant fiscal year, you may assume your assessment has been completed and there is no addition tax payable by you or any refund due to you. Which financial instrument (not property) will allow me a setoff against long-term capital loss of debt mutual funds? Also,.can I set-off short-term capital loss in equities/mutual funds against that year’s long-term capital gains or carried down gains from debt/liquid mutual funds? — Uday The rule is that long-term capital loss (carried forward or otherwise) can only be set off against (taxable) long-term capital gains, whereas short-term capital loss (carried forward or otherwise) can be set off against either short-term capital gains or taxable long-term capital gains. So for a setoff against long-term capital loss from debt mutual funds, you’ll have to use any taxable short-term capital gains – if not from property then from debt mutual funds or from short-term capital gains from buy back of shares, etc. In short, any short-term capital gains other than that on which STT (securities transaction tax) is paid and is specifically tax exempted.
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China inflation at 10-mth high
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Multinational conglomerate Larsen & Toubro said it looks forward to working with the World Bank once again after the expiry of the 6-month ban imposed on it by the multilateral agency.
The Securities & Exchange Board of India has introduced regulations overseeing the public sale of preference shares and will allow hybrid securities, which debt and equity components, to be listed on exchanges.
I am a 85-years-old retired government officer and regularly file my tax returns every year. In FY13 I paid Rs 35,000 as income tax. Can this amount be shown as expenditure in the return? Aren’t the income tax authorities required to inform a taxpayer that assessment of his tax liability has been completed?
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Gold stays weak, silver up