Happy Media

 Moneycontrol October 21,2020 The Union Cabinet is likely to take up a proposal under which domestic companies may not be allowed to pay hefty amounts to their foreign partners for technology collaboration or brand name. The centre is planning to cap royalty payments and increase withholding tax, a source said. These restrictions on royalty payments to foreign partners is something the Ministry of Finance has been planning for a while. As per the proposal, which is in its final stages and will move to the Cabinet soon, a cap of up to 4 percent will be imposed on royalty payments, the source said. The finance ministry is said to have consulted the Securities and Exchange Board of India and the Reserve Bank of India on this proposal. As per an earlier proposal, in case of technology transfer or collaboration, the royalty payment can be capped for the first four years at 4 percent of the product or company’s turnove...

Business Standard October 21,2020 A company director facing imprisonment for his income declaration falling short by a couple of thousand rupees might sound bizarre but until recently this had high probability. Company law recently went through an overhaul, decriminalising more than 48 offences in one go, removing the prison sentence, and doing away with or reducing the fines. Decriminalising these provisions has been done with good reason. These have choked the justice system and made it difficult to do business and attract investment. However, there is also a concern if the pendulum has moved too far and as India revisits criminal punishment under various economic laws, experts are calling for a careful approach in making sure that legislation does not become toothless or go overboard in punishing minor lapses. De-clogging the courts There are more than 4 million cases pending as of now in high courts and over 33 million in district and taluka courts. Decriminalisation is expected to...

The Telegraph Online July 22, 2020 Jet Airways stock jumps on bid buzz Jet Airways was in the news last month when Vrihis Properties emerged as a successful bidder for its Bandra Kurla Complex and the company 'decided' to accept the offer at Rs 490 crore. Shares of Jet Airways were locked at the upper circuit on Wednesday amid reports that the now defunct airline has received two bids. On the BSE, the Jet Airways share ended 4.89 per cent higher at Rs 27.90. The rally came on news that two consortium had submitted their bids on Tuesday. A Moneycontrol report said that one of the consortium was Flight Simulation Technique Centre Pvt Ltd (FSTC), Big Charter Pvt Ltd and Imperial Capital Investments LLC. Both FSTC and Big Charter are led by entrepreneur Sanjay Mandavia, while Imperial Capital is an investment banking and wealth management company based in Dubai. The second consortium includes London-based financial services firm Kalrock Capital and en...

Hindustan Times July 22, 2020 Sebi slaps penalties totalling Rs 50 lakh on eight entities The eight entities penalised by Sebi were required to make disclosures about their shareholding data to the company as well as stock exchange but failed to do so. As per Sebi, the entities had filed incorrect information with the company and BSE on multiple instances. Capital markets regulator Sebi has imposed penalties totalling Rs 50 lakh on eight entities for their failure to make proper disclosures regarding their shareholdings in PSIT Infrastructure and Services Ltd. The watchdog’s order came after an investigation conducted by it into the PSIT matter for May 2012 to July 2015 period. Fines ranging from Rs 3 lakh to Rs 9 lakh have been imposed on eight entities. They are Brijdham Dealcom, Compass Distributors, Conquer Barter Pvt Ltd, Economy Sales Pvt Ltd, Mayurpankh Vinco Pvt Ltd, Miracle Tradecom, Narayan Suppliers and Premsagar Vinimay Pvt Ltd, as per the order...