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UK fund invokes treaties for CIL loss

MUMBAI: UK-based fund, The Children Investment (TCI) Fund, is invoking the provisions of India-UK and India-Cyprus bilateral treaties to demand compensation from the Indian government for the losses it suffered as a shareholder in Coal India. The Children's fund, which is the largest shareholder in Coal India after the Indian government, represents the growing trend of foreign investors such as The Chatterjee Group (TCG), Russian telecoms group Sistema and the Norwegian telecom company Telenor, which have invoked bilateral treaties to protect their investments in India over the last few weeks.

 

Indian Court Scraps Telecom Licenses From 2008

NEW DELHI—India's Supreme Court canceled more than 100 licenses for mobile-phone services issued in 2008, hurting the country's image as a destination for foreign investment and raising uncertainty over billions of dollars that companies like NTT DoCoMo Inc. and Telenor ASA have pumped into country.

 

Vodafone Overturns Tax Bill in India

NEW DELHI—India's Supreme Court on Friday ruled that Vodafone Group PLC isn't liable to pay taxes on the deal it struck to enter India in 2007, delivering a major victory to the British telecommunications giant and providing some encouragement to foreign companies that are concerned about the country's investment climate.

 

FIIs from China, Oz, SA, S Korea enter India

Foreign institutional investors (FIIs) from new geographies such as China, South Africa, South Korea and Australia are among the latest entrants in the Indian capital market in 2011.

 

Sequoia plans to exit six firms in one year

Venture capital firm Sequoia capital india advisors Pvt.Ltd plans to exit up to six companies in the next one year and will scount for new investments, using some of the...

 

39 FIIs walk out of India in 4 months

A surging foreign institutional investors’ (FII) participation in Indian equity market for the first time seem to be showing a sign of slowdown, as several big foreign funds including ABN Amro Investment Fund, Allianz Global Singapore, Citicorp Tru­stee, Deutsche International Trust Corporation surrendered their registrations to meet new regulatory requirement.

 

Depreciation allowable on goodwill

This article summarizes a recent important decision of the Delhi High Court (the “DHC”) in the case of CIT v. Hindustan Coca Cola Beverages Pvt. Ltd., Income Tax Appeal No.1391/2010, (Order dated 14 January 2011).

 

Court upholds tax bill on Vodafone

In a judgement that may have far-reaching consequences for several existing and proposed foreign investment projects in the country, the Bombay High Court dealt a Rs 12,000 crore tax blow to Vodafone International on Wednesday.

 

Supreme Court clarifies Samsung WHT decision in GE India Technology Centre Private Ltd Vs CIT

Majmudar & Partners discusses the latest withholding tax implications for foreign entities after the landmark ruling of the Supreme Court in the case of GE India Technology that in effect overrules the Karnataka High Court’s Samsung decision and provides a reprieve from the obligatory TDS payment and deduction on foreign remittances with no India nexus.

 

Opening Statements: India

On October 22, India's tax authorities billed telecom giant Vodafone Group Plc $2.5 billion for capital gains taxes related to the company's acquisition of a majority stake in Indian cellular network operator Hutchison Essar. The Bombay High Court had ruled in September that the tax authorities had jurisdiction over the offshore deal.

 

Bombay High Court rules on Vodafone’s petition

This article summarizes a recent decision of the Bombay High Court (BHC) in the case of Vodafone International Holdings B.V. (Order dated September 08, 2010). The issue before the BHC was whether the tax authorities (Authorities) had the jurisdiction under the Indian Income Tax Act, 1961 (ITA) to tax the gains arising from the transfer of shares of a foreign holding company.

 

Dividend distribution can be a great deal

As one of the most dynamic and rapidly-growing economies, India has become ‘the place’ to do business and has attracted many corporations around the globe to invest here.

 

Keeping It In The Family

B.K. Modi, the chairman of Spice Group, his son Dilip and daughter Divya plan to stay together for the next 10 years and create a large global business entity.

 

Majmudar, Herbies issue $280m FCCBs for Essar Shipping

Majmudar & Partners and Herbert Smith have assisted port infrastructure company Essar Shipping Ports & Logistics Limited in launching their foreign currency convertible bonds (FCCBs) issuance of $280m last month.

 

PAY HIGHER TAXES IF YOU DON'T HAVE A TAX ID

If you don't have a tax identification number, aka a "permanent account number" or PAN, better get it now. Otherwise, be prepared to pay higher taxes.

 

Foreign firms may find it hard to issue shares to IDR holders

Foreign companies may find it difficult to issue shares to Indian Depository Receipt (IDR) holders in the event of rights or bonus issue due to procedural hurdles like filing a fresh prospectus and lack of specific guidelines, experts say.

 

Small outbound drug deals likely this year

P.T. Jyothi Datta Mumbai, Jan 4 Small outbound acquisitions could be back on the radar for domestic drug companies looking out of India, but it is not yet time for the big-ticket deals, say industry consultants.

 

Govt banks on warning system, stricter norms to avert frauds

New Delhi: Till January 2009, the ministry of corporate affairs (MCA) wasn’t as involved in business activities in the country or considered as important as the ministry of finance, of which it was a part till 2004. Its primary role, as still mentioned on its website, was administering the Companies Act, 1956.

 

The Deal Magazine

It's almost 10 p.m. on a sleepy Sunday night in thee Sri Lankan capital of Colombo. Street traffic is light. Few pedestrians venture about. On Union Place, however, bustling shoppers push carts through the crowded aisles of Cargills Food City supermarket. Several customers impatiently stack items onto checkout stands.

 

See Satyam like action with different dynamics: Akil Hirani

The government has found strong possibility of fraud in Maytas Infrastructure and Maytas Properties. It has moved Company Law Board to remove the management of Maytas Infrastructure and Maytas Properties.

 

LAW FIRMS; Majmudar & Partners

Majmudar & Partners was established in 1943 and has offices in Mumbai and Bangalore. The firm also has network offices in New Delhi, Chennai and Hyderabad, and gives specialized advice on legal, fiscal and financial matters to companies in the infrastructure, insurance, manufacturing, banking, computer, internet and real property sectors, as well as financial services companies and mutual funds.

 

The Indian Pharmaceuticals Industry

India’s population is in excess of 1 billion, and its burgeoning middle class promises a huge market for life-saving and life-style drugs.

 

CLB's Satyam move in shareholders' interest: Majmudar & Partners

Akhil Hirani, Majmudar & Partners said the Company Law Board's Satyam move is fairly positive. He is of the view that it is in the larger interest of all the stakeholders because there are a few potential bidders who are quite keen to get on with it and want to move ahead.

 
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