Sebi strengthens enforcement department to clear pending cases
The Securities and Exchange Board of India (Sebi) is strengthening its enforcement department as a mountain of pending cases attracts the attention of external agencies and courts, two people aware of the matter said. New Sebi chairman Ajay Tyagi has tasked five senior officials with resolving some of the high-profile cases out of the 7,000 cases pending before it, the people said, on condition of anonymity.
SpiceJet to buy more planes from Bombardier for shorter routes
Budget airline SpiceJet Ltd plans to buy more Bombardier-made Q400 regional planes, the airline said on Tuesday. The airline said it signed a letter of intent (LoI) with Bombardier at the ongoing Paris Air Show to buy as many as 50 Q400 turboprop planes, which include 25 Q400 turboprops along with purchase rights for the rest. Airlines typically do not pay when they sign a letter of intent, but have to make a small payment of up to 5% of cost of the plane for firming up the order.
Sebi to exempt private equity funds from IPO lock-in
The Securities and Exchange Board of India (Sebi) is planning to exempt private equity (PE) funds from the one-year lock-in requirement in initial public offerings (IPOs). Under the current norms, the entire pre-IPO shareholding of PE investors cannot be sold for one year after listing. According to sources, the capital market regulator will relax the lock-in requirement for the category II alternative investment funds (AIFs).
Sebi to ease norms to expedite insolvency process
Markets regulator Sebi is likely to amend some existing regulations to ease the insolvency process initiated by the Reserve Bank of India (RBI) and other lenders against companies with high debt. According to sources, Sebi is planning to reduce the timeline for completion of takeover from six months to 30 days for acquirers in the case of insolvency proceedings. Price discovery and disclosure-related rules in such takeovers are also expected to be relaxed.
GST: Registration of firms can be cancelled for not passing on benefits
Companies not passing on benefits of reduced prices on account of the proposed goods and services tax (GST) to customers may lose their registration. An anti-profiteering authority that will be set up will have the powers to debar an errant assessee from conducting business if he does not pass on lower prices on account of the GST to customers.
I-T slaps benami transaction against Lalu’s family for Rs 1,000-cr deals
The I-T Department has charged family members of RJD chief Lalu Prasad, including his wife, son and daughters, under the Benami Transactions Act in connection with its probe into land deals worth Rs 1,000 crore and tax evasion.
The Income Tax (I-T) Department has served notices of attachment of assets to Lalu’s daughter Misa Bharti and her husband Shailesh Kumar, his wife and former Bihar Chief Minister Rabri Devi, son and Bihar Deputy Chief Minister Tejashwi Yadav and daughters Chanda and Ragini Yadav.
June car sales may slide by 8 per cent on GST concerns
For Indian carmakers, the introduction of the goods and services tax (GST) could be a speed-breaker on the growth highway but the bumpy ride should be a short one. Local car sales have motored along a steady growth path in FY18 with demand having risen in double digits. June, however, could see a fall of up to 8 per cent, with dealers refusing to stock up until July 1, when GST will be rolled out.
Source: Economics Times
Govt to all departments: Don’t share RTI applicants’ Aadhaar details
The Department of Personnel and Training (DoPT), the agency responsible for all related to Right to Information (RTI) Act, issued a notification on Tuesday which stated that personal details, which includes Aadhaar number, should not be shared while handling RTI applications. The order further states that Aadhar number or any such” other personal information” must remain hidden for public view while uploading the RTI applications, appeals or replies to the RTI application on the government websites.
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