MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries
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MCA Mulls faster Transfer of Old Unclaimed Shares to Beneficiaries

The corporate affairs ministry is considering a faster way of transferring to beneficiary’s shares, dividends and matured debentures in inactive accounts that have not been claimed for years, said a person privy to the development. Such securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the Investor…

SC Junks Traders’ Petition Against MSME Payments clause in I-T Act
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SC Junks Traders’ Petition Against MSME Payments clause in I-T Act

The Supreme Court on Monday refused to entertain a petition by traders’ associations, challenging the constitutionality of Section 43B(H) of the Income Tax Act that requires businesses to settle their dues with micro, small and medium enterprises (MSMEs) within 45 days to claim tax benefits. A bench led by Chief Justice DY Chandrachud instead as…

ICAI Lens on Big Four Affiliates over their Association with Global Entities
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ICAI Lens on Big Four Affiliates over their Association with Global Entities

The Big Four affiliate firms doing audits are poised for a drawn-out legal clash with The Institute of Chartered Accountants of India (ICAI), centering on association with global entities, resource sharing and control, and referral fees, prompted by the institute’s disciplinary committee directive to EY affiliates to cease existing arrangements with multinational entities (EY Global),…

HC Action on ‘Mr. Bean Theme Park over Trademark Issue
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HC Action on ‘Mr. Bean Theme Park over Trademark Issue

The Bombay High Court has restrained a theme park near Lonavala from using the trademark and associated artwork related to the 1990s popular British sitcom Mr. Bean following an application from the UK-based company that holds the rights of the hit series. The temporary injunction rest- rains Mr. Bean Trampoline Park from using in any…

High Court to ED: Can’t Deny Sleep, Fix Timings to Record statement
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High Court to ED: Can’t Deny Sleep, Fix Timings to Record statement

Denying Sleep to person violates his human rights, the Bombay high court observed on Monday, and told the Enforcement Directorate to provide direction to its officials on the timing for recording statements of people summoned by the agency in money-laundering cases. When summoned under section 50 of the prevention of money laundering Act (PMLA) where…

Shark Tank India SI Logs 40% Deal Close Rate; 17 crore Deployed

Shark Tank India SI Logs 40% Deal Close Rate; 17 crore Deployed

Over a year after Shark Tank India Seasona 1 aired on television, the seven so-called sharks have completed just over 40% of the investments –both in terms of numbers and value– they had committed to the startups that participated in the show, according to an analysis. These seven investors, who were the judges at the…

Govt Not Keen on Imposing Higher Import Duty on Steel
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Govt Not Keen on Imposing Higher Import Duty on Steel

The Centre is unlikely to relent to the domestic steel industry’s demand for increasing basic customs duty (BCD) on the import of steel, or levy any additional safe guard duty on the alloy, in the near term, said two officials in the know. The government believes that such an intervention could result in the crucial…

Clarity on Customs Duty may Boost Local Telecom Gear Manufacturing
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Clarity on Customs Duty may Boost Local Telecom Gear Manufacturing

The government expects a boost to domestic manufacturing of telecom equipment after a clarification around customs duty on various products, with companies likely getting a 25% fillip to make the products in the country instead of importing. An official in the Department of Telecommunications (DOT) said most products fall under the 20% customs duty bracket….

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Customs Duty Recast may Make Telecom Gear Imports Costlier

The government has tightened rules around customs duty payments by telecom gear importers in a bid to plug leakages to the tune of ₹ 500-1,000 crore, a move which may increase the cost of equipment such as routers, modems, set top boxes amongst others shipped from overseas. The government has amended and deleted certain harmonised…

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Lower Tax to Give Oil Cos a Windfall in Crude Realisations

 A consistent drop in the Windfall tax on crude oil is good news for upstream companies including ONGC and Oil India. Their stocks have outperformed the benchmark indices by 12-18 % in the past three months. The union government imposed the windfall tax on crude oil and petroleum products in July 2022 in the wake…