BUSINESS
Unicorns flipping to avoid Indian regulations
All of them have Indian founders who started off in India. A significant number have operations and their primary market in India. Nearly all have developed their IP using Indian resources in India (human, capital assets, government support etc.). Experts say flipping results in materially adverse impact on national economic interest as the nation loses out on significant tax revenues while ownership of critical data.
CBDT extends due dates for e-filing of various Income Tax forms
In a statement, the Finance Ministry said that the move comes on the back of difficulties reported by taxpayers and other stakeholders. The application for registration or intimation or approval under Sections 10(23C), 12A, 35(1)(ii)/(iia)/(iii) or 80G of the Act in Form No 10A required to be filed on or before June 30, 2021, and extended to August 31, may now be filed on or before March 31, 2022.
CBDT extends deadline for payment under 'Vivad Se Vishwas' scheme
"Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021," said an official statement. Necessary notification to this effect shall be issued shortly, it said.
Bharti Airtel to raise up to Rs 21,000 cr via rights issue
The issue price has been fixed at Rs 535 per fully paid-up equity share, including a premium of Rs 530 per share. "The board approved the issuance of equity shares of face value of Rs 5 each of the company on rights basis to eligible equity shareholders of the company as on the record date (to be notified later), of an Issue size of up to Rs 21,000 crore," the company said in a regulatory filing.
Motherson Sumi eyes acquisitions, 'in talks with potential takeover cos'
A letter to the shareholders by Motherson Sumi Chairman Vivek Chaand Sehgal in the Annual Report of the company also noted that acquisitions must create value for the customers and must allow the company to achieve revenue and ROCE (return on capital employed) targets simultaneously. "We will not make acquisitions only to achieve our top-line goals," the Chairman added.
Significant revival expected in corporate sector in FY22: CII CEOs poll
The CII CEOs poll was conducted among 117 Senior CEOs at the recent meeting of the CII National Council. The majority of the CEOs polled, about 79 per cent of them expected GDP growth to be more than 8 per cent. "The CEOs poll clearly indicates significant recovery in corporate performance with both topline and bottom-line growth expectations to be better than the pre-pandemic levels," said Chandrajit Banerjee, Director General, CII.
Cash-strapped SsangYong to open bid for new buyer
The firm plans to receive bids from potential buyers through September 15. So far, a total of 11 investors from home and abroad have submitted letters of intent to take over SsangYong. Among major candidates are SM Group, whose businesses range from construction to auto parts manufacturing, and Edison Motors Co., which has teamed up with a homegrown equity fund, Korea Corporate Governance Improvement (KCGI).
SPV of state-run companies may be tasked to redevelop land bank with sick PSUs
As per a plan shared by the government officials privy to the development, non-core assets including land and buildings of several weaker PSUs may be handed over to specialised state-run agencies for redevelopment to realise higher value or for sale through a bidding process. Redeveloped land may be offered to investors on lease while ownership of plant and machinery could be transferred completely.
India's FY22 power demand expected to rise 12% YoY: Report
"Power generation also increased in most of the states, mirroring the growth in demand. However, power generation declined in Delhi, Punjab, Madhya Pradesh, Jammu and Kashmir and Gujarat. Fall in generation in Gujarat is largely due to a fall in the Mundra plant generation, which is attributable to a steep rise in imported coal prices, making the plant unviable to operate at the current level," .
India's Q1FY22 total FDI inflow up 90% YoY
Accordingly, India attracted a total FDI inflow of $22.53 billion in the first three months of 2021-22 (April to June), as compared to $11.84 billion reported during first three months of FY 2020-21. Besides, FDI equity inflow grew by 168 per cent in Q1FY22 at $17.57 billion, compared to the year-ago period at $6.56 billion.
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