E-commerce policy in six months; to tackle data privacy and tax issues
The government has announced that a framework for an e-commerce policy will be prepared within the next six months. The comprehensive policy is expected to focus on all aspects of the e-commerce business and consumers. It will encompass data privacy and taxation, apart from a host of technical aspects such as technology transfer, server localization and connectivity issues. Commerce Secretary Rita Teaotia said on Tuesday that a large number of ministries, key industry players and several regulators, including the Competition Commission of India and the Telecom Regulatory Authority of India, would be involved in drafting the policy.
Draft rules framed on Capital Gains Tax where STT not paid
The income tax department has put out draft rules specifying situations where the recently imposed capital gains tax would apply even though no securities transactions tax (STT) has been paid. Bonus shares, policy compliant foreign investment, shares acquired via a will or inheritance, court or regulator approved acquisition, shares acquired under insolvency resolution and those under government disinvestment among others would be eligible for the new capital gains tax regime even though STT is not paid.
Bankruptcy code: Govt to bring in ordinance with major changes soon
The Cabinet will likely consider a proposal on Wednesday to bring in an ordinance to effect major changes to the Insolvency and Bankruptcy Code (IBC), ranging from narrowing an exclusion criterion to boost the number of bidders for stressed assets and treating home-buyers as financial creditors to allowing promoters of small businesses who are not willful defaulters to bid. The ordinance will be based on the changes suggested in a report by a 14-member Insolvency Law Committee, headed by corporate affairs secretary Injeti Srinivas.
Breather for old telecos: TDSAT stays TRAI’s rule on reporting customized offers
In a relief to old operators, the telecom tribunal TDSAT today granted stay on regulator Trai’s rule on reporting requirement of special offers for subscribers and definition of ‘significant market power’ to determine ‘predatory pricing’ offered by service providers. In its interim order, the Telecom Disputes Settlement and Appellate Tribunal (TDSAT), however, said the Telecom Regulatory Authority of India (Trai) will be entitled to ask for details of segmented discounts or concessions “for analysis” but that “no penalty shall be imposed on that basis” till further orders in the matter.
Bank fraud: ED attaches assets worth Rs 1,122 cr of Vadodara-based Diamond Power
In the Rs 2,654-crore bank fraud case against the Bhatnagars of Vadodara-based Diamond Power Infrastructure Ltd (DPIL), the Central agency, Directorate of Enforcement (ED), on Tuesday said it has attached immovable properties worth Rs 1,122 crore. The ED had recorded a case of money laundering against Diamond Power Infrastructure Pvt. Ltd., Vadodara, Suresh Bhatnagar, founder of the company, and his sons Amit Bhatnagar, Managing Director and Sumit Bhatnagar, Joint Managing Director of the company.
Kotak approves debt resolution plan for Monnet Ispat
Kotak Mahindra Bank Ltd has asked the dedicated bankruptcy court conducting insolvency proceedings against Monnet Ispat and Energy Ltd to include it in the list of “assenting” lenders in favour of the resolution plan submitted offered jointly by JSW Steel Ltd and AION Capital Partners Ltd. On Tuesday, senior counsel Darius Khambata, representing Kotak Mahindra Bank, said the bank, an unsecured financial lender to Monnet Ispat and Energy, was among the dissenting unsecured financial creditors until now but would now want to be an “assenter”, or part of the lenders who have approved the resolution plan.
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