‘File all NCLT petitions on shell firms by August: CBDT to IT dept’
The CBDT has directed the Income Tax Department to ensure filing all its petitions before the NCLT by next month to recover due taxes worth crores of rupees from a number of de-registered shell or dummy companies. The policy-making body of the tax department has issued the directive as part of the action plan unveiled recently. “A large number of companies have been struck off from the records of the ROC (registrar of companies) during last year. In several cases of such companies, petitions for restoration of registration are required to be filed before the NCLT so as to be able to pursue recovery of demands raised in their cases.
Govt sets up high level panel to address stressed thermal power assets issues
Asserting that the stressed thermal power assets are a cause of concern for the country, the government today decided to set up a high-level empowered panel under Cabinet Secretary to resolve the issues and revive such assets. The panel will also have representatives from the ministries of railways, finance, power, coal and the lenders having major exposure to the power sector. “With a view to resolve the stress and revive such assets, the government has decided to set up a High Level Empowered Committee headed by Cabinet Secretary,” the power ministry said in a statement.
Government panel suggests common database for economic indicators
A panel of experts has suggested one single database for inflation, industrial output and employment to give credibility to India’s growth numbers and improve the consistency of key statistics. A committee on analytics under IIT, Mumbai professor NL Sarda has told the government to set up a National Integrated Data System (NIDS), citing lack of metadata or additional contextual information as a major deficiency for all indicators. The proposed NIDS will create an integrated database system linking separate datasets with a common standard so that data can be easily correlated and a standard protocol for data exchange and data access be created.
CCI orders probe into ‘Misconduct’ by Star TV, Sony
The Competition Commission of India (CCI) has ordered an investigation into the conduct of broadcasters Star TV and Sony Pictures Networks after a distributor of TV channels alleged the duo discriminated against it by demanding “exorbitant” prices when it requested permission to relay their channels. In an order delivered on Friday, CCI chairperson Sudhir Mittal instructed the antitrust watchdog’s director-general (DG) to inquire into the conduct of the two TV broadcasters which it stated appeared “prima facie” in contravention to certain rules governing anticompetitive behavior. It also directed the DG to look into the role of people or executives who were in charge of and responsible for the conduct of the business of the two networks at the time of the alleged anticompetitive dealings took place.
Draft policy proposes level field for domestic e-tailors
The government is expected to bring out as early as Monday a draft policy on the ecommerce sector, which is likely to aim at ensuring a level playing field to local businesses in a market where deep-pocketed foreign companies are investing heavily. On Monday, commerce minister Suresh Prabhu will chair a meeting of a think tank comprising representatives of industry and government that is working on a comprehensive policy on various aspects of digital trade. The government is likely to make public the draft ecommerce policy after the meeting, a member of the think tank said.
Bhushan Power: Tatas, Liberty House will have to match JSWs 19,000-cr bid
Tata Steel and Liberty House, the incumbent lead bidders for the stressed Bhushan Power and Steel, will have to revise their bids upwards to stay in contention with the third-placed contender JSW Steel, which sprung a surprise by increasing its bid to 19,000 crore from 8,000 crore at the Committee of Creditors meeting on Friday. The CoC has fixed July 31 as the last date for Tata Steel and Liberty House to revise their bids higher or ease out after JSW Steel increased its bid by 8,000 crore to 19,000 crore, said sources. The Tata group had offered 17,000 crore while JSW Steel had placed a bid of 11,000 crore on February 12, the last day for submission of bids.
SJM opposes move to change definition of MSMEs
The Centre’s proposal to change the definition of Micro, Small and Medium Enterprises (MSMEs) has been opposed by the Swadeshi Jagran Manch, a Rashtriya Swayamsevak Sangh affiliate that deals with economic issues. In February, the Centre decided to revise the definition of MSMEs on the basis of turnover instead of the existing methodology of classifying them as per cost of plant and machinery. To give effect to this decision, the Centre has already moved a new Bill in Parliament in the ongoing monsoon session.
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