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Money Control  November 09, 2017 Market regulator SEBI has imposed penalties on 22 entities including Gujarat Chief Minister Vijay Rupani's Hindu Undivided Family (HUF),  for 'manipulative trading'. The regulator has imposed total penalties worth Rs 6.9 crore on all entities. Rupani's HUF has been accused of manipulative trading through a company called Sarang Chemicals. The Securities and Exchange Board of India has directed Rupani's HUF to pay Rs 15 lakh, while three other individuals have been asked to deposit Rs 70 lakh each or more. The list of 22 entities includes two brokers, who were involved in the trading. SEBI has levied penalty of Rs 8 lakh on both, separately.  According to the report, the manipulative trading happened during the January 2010-June 2011 period. The regulator had issued show cause notice to all the 22 listed for violations under the Prohibition of Fraudulent and Unfair Trade Practices (PFUTP) — which is related to frau...

Money Control November 09, 2017 The Goods & Services Tax (GST) Council meeting is set to cut rates on nearly 150-200 items in its two-day meet, which starts today in Guwahati. The Council will also take up the issue of GSTN glitches to make filing process easier for the traders. Moneycontrol earlier reported the Prime Minister's Office is pushing for these changes aimed at reducing tax and compliance burden for millions of small traders, easing rules and cutting rates on many goods and services that currently fall under the 28 percent slab. The Council could move as many as 165 items to the 18-percent slab from current 28 percent, leaving only 62 items under the higher slab, reports the Business Standard. Certain items under the 18 percent slab could also see cut in rates to 12 percent. The presentation could also discuss about the inclusion of real estate under the GST. According to a report in the Economic Times, the GST Council could also discuss new mea...

The Indian Express  Sandeep Singh  November 09, 2017  Appleby records investigated by The Indian Express show that GMR Airport Developers Limited (GADL) International, a GMR Group group company registered in the Isle of Man, purchased a Falcon 2000 aircraft on December 9, 2013 — a 10-seater passenger plane — from France’s Dassault for $27.5 million setting off a series of curious transactions. For, within a fortnight, GADL sold this plane to a US-based aircraft sales and acquisition company Avpro Inc. for $23 million — thereby incurring loss of $4.5 million in its books. Records show that 10 months after it purchased the Falcon aircraft, Avpro put it up for sale at $26.5 million or around $3.5 million above the price at which the US company purchased it from GADL International. Appleby documents show that even as GMR group incurred a loss of $4.5 million, its transactions were structured in a manner that they escaped the VAT (Value Added Tax) payment oblig...

THE HINDU Jyothi Datta  November 08, 2017 It is just the tip of the iceberg, Connecticut Attorney General George Jepsen had said when a handful of drug-makers were hauled to Court last December for alleged involvement in price collusion in the US. Close to a year on, that cautionary statement has come true. Or as a recent announcement from his office explains, the original complaint against six companies and practices involving two drugs now stands expanded to include 18 companies, two executives and 15 drugs But a disturbing revelation from this three-year plus investigation is that seven of the 17 companies named are from India. And so are the two executives named in the suit, Rajiv Malik, President and Executive Director of global generic drugs maker Mylan, and Satish Mehta, Chief Executive and Managing Director of Pune-based Emcure Pharmaceuticals (parent company of Heritage Pharmaceuticals that is already in the dock). On their part, the companies have said th...

THE ECONOMICS TIMES  Sachin Dave November 09, 2017 KPMG India has sought resignations from a Kolkata-based tax partner and members of his team after it was discovered that he was trying to manipulate the outcome of a dispute with the tax department, two people with direct knowledge of the matter said.  The partner and his team of six executives were asked to put in their papers about a fortnight ago.  “An internal investigation was started after a complaint by a client. During the investigation, it was revealed that the partner and his team were manipulating a draft order,” said a person with direct knowledge of the matter.  According to another person in the know, the partner was recently hired from a smaller firm for the Kolkata practice. ET has withheld the name of the partner, his team members and the exact department he worked in.  This comes on the heels of corporate governance-related issues in KPMG USA and KPMG South Africa. In Sept...

New York Times Jane Perlez, Paul Mozur & Jonathan Ansfield November 09, 2017 When US President Trump arrives in Beijing, he will most likely complain about traditional areas of dispute like steel and cars. But Washington officials and major global companies increasingly worry about a new generation of deals that could give China a firmer grip on the technology of tomorrow.  Under an ambitious plan unveiled two years ago called Made in China 2025, Beijing has designs to dominate cutting-edge technologies like advanced microchips, artificial intelligence and electric cars, among many others, in a decade. And China is enlisting some of the world’s biggest tech players in its push.  When concerned officials in Washington began blocking China’s ability to buy high-end technology last year, one American company found a way to help its Chinese partner. The company, Advanced Micro Devices, avoided scrutiny by licensing its exclusive microchip designs, rather tha...