BUSINESS
French investors BNP Paribas, Societe Generale to gain most as Sebi eases FPI disclosure norms
Hike in capital gains tax rate in the Union Budget further puts these French banks at an advantage, since France is among the last few countries whose tax treaty with India offers capital gains tax exemption
BUSINESS
Nandini Pathak quits Nishith Desai to head investment funds practice at Bombay Law Chambers
Over the last few months, all the leading law firms have seen a churn in talent as many mid and high level lawyers have switched jobs. In several cases, the partners switching the jobs have taken their whole team with them to the new law firm.
BUSINESS
360 One WAM says it was unaware of Trident Trust’s dealings
The company said Trident never exercised any economic beneficial ownership in any funds managed by erstwhile IIFL Asset Management (Mauritius)
BUSINESS
Explained: What are Sebi’s conflict of interest rules and how do they apply in case of Madhabi Puri Buch
Hindenburg made several allegations pointing out that the Sebi chief had conflict of interest in the Adani Probe and in the matter of easing rules for REITs ; Buch has refuted all the allegations
BUSINESS
Foreign investors demand tax indemnities for startup investments
Private equity and venture capital funds are seeking protection against unanticipated regulatory risks
BUSINESS
Chinese nationals on Indian boards receive MCA notices
The notices allege that the Chinese nationals were in violation of a 2022 MCA circular, which makes it mandatory for Indian firms to take the Centre's clearance for such board appointments
BUSINESS
New capital gains tax rate: Custodians face dilemma over FPI withholding tax
The Budget announcement has said the new slabs will be applicable from July 23 but FPIs are taking a view that this is still a proposal as Parliament and the President are yet to approve the Budget
BUSINESS
Tax defaults in India surge 1000% in 10 years; disputes double
Total revenue demands raised but not recovered soared to Rs 21.3 lakh crore in FY23 against Rs 5.03 lakh crore in FY14
BUSINESS
Law firm CAM set to establish edge in capital markets after poaching 50 lawyers from rival firm
Former capital markets team of IndusLaw, comprising over 50 people, led by its partner Manon Lahoty, is expected to join CAM.
BUSINESS
Sebi plans to tag Chinese participation through FPI route
Several Singapore and Mauritius-based FPIs with China links will face additional scrutiny. Sebi has also proposed entrusting depositories with the task of verifying the declarations made by FPIs regarding Chinese investors
BUSINESS
Ultratech–India Cement deal unlikely to face anti-trust challenges
Legal experts say the merger is unlikely to result in any adverse competition impact in the relevant markets.
BUSINESS
Black money clearance for people leaving India: who is impacted?
Current rules already mandate obtaining such clearance in terms of income tax, wealth tax and gift tax. In the Union Budget 2024, the government has extended its applicability to even black money clearance.
BUSINESS
New real estate tax rules: who gains and who loses?
New real estate tax rules: Of the 20 scenarios analysed by Moneycontrol, taxpayers will face an additional tax burden under the new regime in 14 scenarios, while in 6, homeowners will benefit under the new rules
BUSINESS
Promoters, PEs who sold stake via IPOs face retrospective tax
Many promoters and PEs took a view that the OFS is not subject to capital gains tax. The Government has now issued a clarification with retrospective effect.
BUSINESS
Investors may have to shell out higher taxes for buybacks following Union Budget 2024 proposal
The acquisition cost of these shares will be deemed as capital losses which can be adjusted by the investor in case of any capital gains in the future
BUSINESS
No respite for startups with pending angel tax notices; companies may still face fresh demands
In the Union Budget 2024, the government proposed to abolish angel tax with effect from FY24-25
BUSINESS
Tax cut for foreign companies will benefit only a few, say experts
In Budget 2024, the government proposes to cut the tax rates for foreign firms from 40 percent to 35 percent
BUSINESS
Hospitality firms on the radar: Consumer affairs dept sends notices to Club Mahindra, Country Club and Park Holidays
These notices pertain to alleged non-fulfilment of promises made to members enrolling them. Hidden costs in membership plans are also being investigated by the department.
BUSINESS
ROC’s strict interpretation of beneficial ownership norms puts MNCs in spot
The current industry practice is to identify beneficial owners primarily through economic ownership. But recent MCA orders have left MNCs confused over how to ascertain beneficial ownership through control.
BUSINESS
Explainer: What the apex court stay in the Adani ports land case means for the company
The apex court's order has come as a shot in the arm for APSEZ which is planning a Rs 45,000 crore expansion for the Mundra port.
BUSINESS
Foreign airlines refuse to provide data sought by GST authorities
The DGGI of GST had sought data related to valuation of services provided by the foreign airline to the Indian arms. However, the airlines have told the authorities that they do not maintain such granular data
BUSINESS
Kotak evaluating if Kingdon deliberately misled the lender; call on legal action after evaluation
Kotak is also examining if the declarations made by Kingdon were misleading. Kingdon has claimed that all its trades in Adani group entities were ‘principal trades’
BUSINESS
How Kotak fund provided Kingdon Capital fast-track access to short-sell Adani stocks through a ‘shell’ entity in Mauritius
Instead of taking a fresh licence, which would have taken Kingdon Capital at least a month, Kotak Mahindra Bank’s subsidiary firm offered Kingdon a readymade structure in Mauritius, which was already registered as an FPI with Sebi since March 2022.
BUSINESS
It's advantage Singapore over Cayman Islands as RBI eases investment rules for offshore funds
The RBI has allowed Indians to invest in offshore funds even in jurisdictions where the fund manager is regulated, bringing Singapore on par with jurisdictions such as the Cayman Islands
