August 29th, 2010
by CSoC Knowledge Partner
Government ordered Vedanta Resources not to proceed in their bauxite mining project in Orissa’s Niyamgiri hills unless untill the local tribal communities give their consent to it.
The government panel said that allowing Vedanta for mining in the proposed area by depriving two primitive tribal groups, Kutia and Dongaria Kondh, would shake the faith of tribal people in the laws of the land.
Mining permission may bring severe situation as the private company, Vedanta has repeatedly violated the law. According to the sources, the company is illegally occupying 26.123 hectares of forest land and its claim of following the state government orders is completely false.
“Since it has gone to the extent of forwarding false certificates and may do so again in future, the environment ministry would be well advised not to accept the contentions of the Orissa government without independent verification,” said the panel.Britain-based Vedanta Alumina, part of the Anil Agarwal-promoted Vedanta Resources Plc, however, said that mining permission in the hills was essential for it to reduce the cost of production.
Source: oneindia news
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August 28th, 2010
by CSoC Knowledge Partner
The Finance Minister, Mr Pranab Mukherjee, has told the State Finance Ministers that they are free to fix their own State GST rates, but hopes that they would not exercise this freedom after a consensus is reached in the GST Council. He, thus, has conceded a major demand of the States that the Union Finance Minister should not have the last word on the State GST rates.
Recommendatory Role
Respecting the primacy of the legislature in the area of taxation, Mr Mukherjee said that the GST Council will only have a recommendatory role. The revised draft of the Constitutional Amendment Bill now proposes that the decisions of the GST Council would be recommendations to the Union and the States.
“Since these decisions would be taken by consensus, it is for us to respect them and develop a healthy convention of abiding by them, as is the case with several other constitutionally mandated bodies,” Mr Mukherjee said in his address at a meeting with the Empowered Committee of StateFinance Ministers.
States Seek Postponement
Even as some State Ministers expressed reservations on the introduction of GST by April 2011 and advised further postponement, Mr Mukherjee asked the States to make all efforts to meet the timeline of introduction of GST by April 2011.
Dispute Settlement
On the GST Dispute Settlement Authority, Mr Mukherjee defended its establishment through the Constitutional Amendment Bill, stating that there should be a provision for setting up an independent and autonomous forum to resolve disputes arising on rate variations.
Source: taxguru.com
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August 28th, 2010
by CSoC Knowledge Partner
In a significant judgement, the Supreme Court has said that the full and true disclosure of undisclosed income and their manner of acquisitions is mandatory for the settlement of the cases and grant of immunity from criminal prosecution.
The Income Tax Settlement Commission, even after commencing the proceedings, is empowered to examine the authenticity of such full and true disclosure of the unaccounted return of the assessees, said the apex court dismissing the plea of real estate major Ajmera Housing Corporation and others.
The court said, “disclosure of ‘full and true’ particulars of undisclosed income and ‘the manner’ in which such income had been derived are the pre-requisites for a valid application under section 245C(1) of the act. Additionally, the amount of income tax payable on such undisclosed income is to be computed and mentioned in the application”.
Section 245C(1) of the act mandates ‘full and true’ disclosure of the particulars of undisclosed income and ‘the manner’ in which such income was derived and, therefore, unless the Settlement Commission records its satisfaction on this aspect, it will not have the jurisdiction to pass any order on the matter covered by the application, court pointed out.
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August 27th, 2010
by CLUB EXECUTIVE
ICSI-CCGRT is organising its 4th Residential MSOP from Thursday, September 16, 2010 to Friday, October 01, 2010.
For more details please contact:
ICSI-CCGRT, Plot No. 101, Sector 15, Institutional Area, CBD Belapur, Navi Mumbai – 400 614. Tel 022 – 41021504 / 27577814/15 Fax : 022 – 27574384 or e-mail at icsiccgrt@gmail.com
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August 26th, 2010
by CLUB EXECUTIVE
CSoC strongly recommends ICSI e-Learning Services. Please visit ICSI e-learning at http://elearning.icsi.edu/
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August 25th, 2010
by CSoC Knowledge Partner
The Securities Exchange Board of India (SEBI) is considering setting up a common defaulter database in order to provide a one-stop reference point for all types of market players such as brokerages, mutual funds, merchant banks, portfolio managers and rating agencies.
The database is being proposed to be set up on the lines of CIBIL (Credit Information Bureau India Ltd.), a repository of credit history information of all commercial and consumer borrowers which would make it easy for any market intermediary to identify a client, person or institution, that has defaulted in the past and thus avoid doing any business with the same.
All market participants, including stock brokers, portfolio managers, depository participants, merchant bankers, underwriters, asset management companies, credit rating agencies, etc would be asked to contribute the names and details of their individual defaulters to this common database.
The repository thus created would serve as a reference database of defaulter clients for the entire spectrum of market participants. SEBI could also make it mandatory for every intermediary to subscribe to such database and update the database with the details of defaulting clients such that other intermediaries may refer to the database before entering into any relationship with a new client.
Source: Hindustan Times Content Team
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August 25th, 2010
by CSoC Knowledge Partner
The Department of Economic Affairs, Ministry of Finance has issued a notification amending the Securities Contracts (Regulation) (Amendment) Rules, 2010 which allows for a lower public shareholding for public sector enterprises (PSEs).
The main feature of the amendment is that the minimum requirement of public shareholding for all PSEs has been lowered to 10%, as against the government’s earlier regulatory guideline requiring all publicly listed companies to reach 25% public shareholding level, private or state owned.
Now, a listed public sector company which has a public shareholding below 10% on the date of commencement of the Securities Contracts (Regulation) (Second Amendment) Rules, 2010 will be required to increase its public shareholding to at least 10% within a period of three years.
The modified rules give a breather to private sector companies. They will have to comply with the minimum 25% public float within three years but they will now have flexibility in how the limit is reached, without the annual 5% increase mandated in the current rules.
Earlier, the finance ministry had amended the rules to the Securities Contracts (Regulation) Act on June 4 this year, asking companies to lower their promoter holdings in order to increase opportunities for common investors and also increase free float to discourage manipulation.
But it faced criticism from many public sector firms which argued that had agreed to get listed because the government wanted to divest stake in them and not because they needed to raise funds. Additionally, many enterprises felt that the norms would impact the valuation of the companies, as at present, most firms dilute a 10% stake and their shares tend to trade at a premium.
Source: Hindustan Times Content Team
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