New Delhi: Supreme Court on Monday asked PricewaterhouseCoopers (PwC) why the non-resident company should not pay advance tax on fees charged by it for providing services in India. A bench headed by justice S.H. Kapadia issued notice to PwC, being a non-resident firm, on an appeal filed by the Income Tax department seeking the apex court’s interference on the issue whether other statutory provisions charging interest can be applied to the assessee which had failed to pay advance tax.
The department has challenged the sectoral tribunal’s ruling which held the firm was not liable to pay advance tax even if the payment made to it by its clients in India was subject to tax deducted at source (TDS) under Section 195 of the Income Tax Act.
Ingersoll-Rand slumps 8.6% after news denied
Mumbai:Ingersoll-Rand Co., the Indian unit of the US-based producer of refrigeration equipment, declined 8.56% on Monday after it denied a report that its parent may make an open offer to Indian shareholders.
Shares closed at Rs384.2 in Mumbai, after the Indian unit told the Bombay Stock Exchange there was “no proposal” by the Bermuda-based Ingersoll Rand Co. to make an offer at Rs420 a share. Ingersoll Rand in March 2006 made an open offer to buy the remaining 26% stake it doesn’t own in its Indian unit at Rs344.95 a piece. (Bloomberg)
India has no plans to change ECB rules
New Delhi: India does not plan to change overseas borrowing rules for firms now, but may consider revising rules for interest spreads for such borrowing, a finance ministry official said on Monday. “Government thinks there is no need to change it (external commercial borrowing rules),” a senior finance ministry official, who did not wish to be identified, told reporters. (Reuters)
Set up bourse for small firms: Sam Pitroda
New Delhi: The Sam Pitroda-headed National Knowledge Commission has recommended setting up of a stock exchange for small firms and creating instruments to help them raise initial capital. “Every one complains of not having enough sources for getting funds, especially small companies. Banks are there but often small companies are not able to meet their funding needs from these banks. All we want by this secondary market is to provide them with an option,” Pitroda said at a CII function on Monday. (PTI)
Credit Suisse announces 3 appointments in India
Hong Kong: Credit Suisse announced on Monday that Sughosh Moharikar and Samita Shah have joined its investment banking department, based in Mumbai, as managing directors. Moharikar, who comes from Kotak Mahindra group, will be responsible for mergers and acquisitions advisory activities in India while Shah, who comes from Lehman Brothers Holdings Inc., will focus on emerging large-cap firms. Ashim Ahuja will join as a director of the investment banking team. Ahuja, joins Credit Suisse from Deutsche Bank. (Staff Writer)
Gujarat NRE Minerals to raise up to $100 mn
Kolkata: Gujarat NRE Minerals Ltd, an associate of Gujarat NRE Coke, plans to raise between $50 million and $100 million through a mix of debt and equity, to fund its Australian mines.
The company is looking at raising funds through either convertible bonds or equity placement to investors, managing director Arun Jagatramka said. They plan to raise output at the mines to 7 million tonnes (mt) in four years, from 1mt now. (Reuters)
Sebi files case against portfolio manager
Mumbai: The Securities and Exchange Board of India, or Sebi, has filed a criminal complaint against the owner of Imax Equity Research, Rajeev Kapoor, on 11 July for duping investors through misleading investment advertisements.
Kapoor has been operating in the securities market as an unregistered portfolio manager since 2003. According to a Sebi circular on Friday, Kapoor is a habitual offender and has been operating in the market under different names. Besides, various state police departments have registered cases of fraud against Kapoor. The capital market regulator has cautioned investors against dealing with Kapoor or his firms. (Staff Writer)
NDTV plans 3 more channels this year
Mumbai: New Delhi Television Ltd will launch two non-news television channels and a second local news channel in India this year, a top official said on Monday. It now runs six channels in India and three overseas.
The firm will launch a Bollywood entertainment channel, Imagine Showbiz, later this month, and has also lined up a world movies channel under the ‘NDTV Lumiere’ brand, chief executive K.V.L. Narayan Rao said. (Reuters)
Saina in quarterfinals, Sania retires hurt
Beijing: Ace shuttler Saina Nehwal pulled the rug from under world number five Chen Wang’s feet to shuttle into the quarterfinals of the women’s singles event at the Beijing Olympics here on Monday. Saina, a dark horse here, delivered on her pre-Olympic promise and came up with a good performance to tame her illustrious opponent from Hong Kong 21-19 11-21 21-11 in 52 minutes to reach the last eight stage.
Meanwhile, tennis ace Sania Mirza crashed out of the women’s singles after retiring midway through her opening match against Czech Iveta Benesova. (PTI)
Ministry moves note for 3-yr drilling holiday
New Delhi: Faced with a global shortage of offshore drilling rigs, the petroleum ministry has asked the cabinet for a three-year drilling holiday for firms such as Oil and Natural Gas Corp. and Reliance Industries. Ltd. These companies have not been able to meet their work commitments for the blocks they had won under the New Exploration Licensing Policy (NELP) rounds due to a crunch in availability of deep-sea drilling rigs. Tthe ministry has moved a note for the consideration of cabinet committee on economic affairs for a drilling holiday from 1 Jan 2008, to 31 Dec 2010. (PTI)
Troops?shoot?dead Kashmir separatist
Srinagar: Troops on Monday shot dead a prominent Kashmiri separatist leader and three other protesters as they tried to halt huge Muslim demonstrations in the revolt-hit region, witnesses said.
Sheikh Abdul Aziz, a former militant turned moderate political leader, was killed while taking part in a protest march close to the Line of Control.
A police official said three other protesters were killed in a day of fierce clashes in the disputed Kashmir valley. (AFP)
85 Broads to launch India chapter
New York: 85 Broads—a network of women who seek to effect professional, educational, economic, and cultural change for all women globally—would on 13 August present a panel discussion on Breaking the Glass Ceiling and Beyond at Joss, Rampart Row in Mumbai.
The event, co-sponsored by Goldman Sachs Group Inc., is likely to include speakers such as Zia Mody, managing partner at law firm AZB Partners, Kalpana Morparia, vice-chairperson of securities and asset management, ICICI group and Indu Shahani, the sheriff of Mumbai.
Founded in 1997, 85 Broads was originally launched by Janet Hanson as an independent network for current and former Goldman Sachs women. Today, the network is open to students and alumni from over 300 colleges and graduate schools across the globe. (Staff Writer)
3G spectrum auction to be finalized by 30 Sep
New Delhi: Telecom secretary Siddharth Behura said on Monday the government would finalize the process of auctioning next generation 3G mobile spectrum by 30 September. Ahead of the process, the government would invite request for proposals for rolling out mobile number portability (MNP). (PTI )