Did Reliance Industries get away lightly in the unlawful gains case?

More punitive action was needed against the company and the management, say experts

 

 

Latest News -  Securities and Exchange Board of India (Sebi) on Friday delivered its verdict in the decade-old unlawful gains case involving the country’s second-biggest company, Reliance Industries. The capital market   regulator has directed the Mukesh Ambani-led company to disgorge (give up) Rs 447 crore, with interest of 12 per cent per annum since November 2007, it made “illegally”.

Besides the high interest levied, the only punitive action is a one-year ban from dealing in the futures and options (F&O) segment by the company. So has the company gotten away lightly? 

Reliance Industries Unlawful Gains Case And What The Fraud Is All About

Governance firm In Govern’s Managing Director Shriram Subramanian says that the punitive action should have been stricter.

“Sebi needs to be more tough and proactive in such cases. It has taken almost 10 years to come out with this order, which doesn’t contain any penalty. This could set a wrong precedent for companies and market participants who brazenly violate regulations. Banning the company from the F&O segment will not have any impact on the company. Apart from the disgorgement amount, there has to be a penalty to serve as a deterrent to all market participants,” he said.

JN Gupta, former executive director, Sebi, and founder of proxy advisory firm SES, says that besides the company, those running the show should also be held responsible.(read more...)

From Mahant to Uttar Pradesh CM: Here's Yogi Adityanath's road to power

Adityanath is a familiar face in national politics due to his communal remarks from time to time 

Latest News -  The appointment of Yogi Adityanath as the chief minister of Uttar Pradesh has come as a surprise to political observers. During the UP campaign, Narendra Modi, who was the main campaigner, largely concentrated on the agenda of development or vikas. This was true despite his attempts, halfway through the election, to consolidate the Hindu vote through the use of communal speeches and words.

 

Nor was there any major communal incident or riot, as happened prior to the 2014 national elections. It is now clear that even if the BJP attempts to bring in development in UP as promised, the path to winning the 2019 elections will be through communal polarisation.

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 Why Adityanath?

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Adityanath is a familiar face in national politics due to his communal remarks from time to time, the latest being prior to the voting in western UP in an attempt to gain the Hindu and particularly the OBC vote in the face of Jat opposition. Born Ajay Singh (June 5, 1972), a Rajput from Uttarakhand, he holds a university degree and has been the MP from the Gorakhpur Lok Sabha constituency five times since 1998, including most recently in 2014.

 

He was appointed mahant on September 14, 2014, after the death of his guru, Mahant Avaidyanath. The Gorakhnath Math has been involved in political matters for decades, but Adityanath has made Poorvanchal his Hindutva laboratory since the late 1990s.(read more...)

Ram Mandir-Babri Masjid issue: The history behind the dispute (All you need to know)

The first recorded incident of violence over the holy site took place in 1853 

The Babri mosque dates back nearly 500 years when it was built in Ayodhya by Mir Baqi, a commander of the first Mughal emperor Babur, in 1528. Hence the mosque's name, Babri Masjid.

Here is the timeline to the Ayodhya dispute:

1853: The first recorded incident of violence over the holy site takes place during the reign of Nawab Wajid Ali Shah of Awadh. Nirmohis, a Hindu sect, claim that a Hindu temple had been destroyed during Babur's times to build the mosque.

1859: The British colonial administration erects a fence at the site to separate the places of worship. While the Muslims are allowed to use the inner court, the Hindus are allowed the outer court.

1885: In January 1885, Mahant Raghubir Das files the first case, seeking permission to build a canopy on the Ramchabutra (a raised platform) outside the mosque. The plea is rejected by the Faizabad district court.

1949: Lord Ram's idols appear inside the mosque, allegedly placed by Hindu groups. Both sides file suits; the government declares the area as disputed and locks the gates to the premise.

1950: Gopal Singh Visharad and Mahant Paramhans Ramchandra Das file suits at the Faizabad court seeking permission to offer prayers to the idols in the janamsthan. While the inner courtyard remains locked, prayers are allowed.

1959: The Nirmohi Akhara files a third suit seeking possession of the site and claiming to be the custodians of the Ram Janmabhoomi.

1961: The Sunni Central Board of Waqf files a case against the placing of idols inside the mosque and claim that the mosque and surrounding land was a graveyard. (read more...)

It's official: Idea, Vodafone are merging to create India's biggest telco

In a BSE filing, Idea Celluar announced its approval of amalgamation of Vodafone India Ltd (VIL)

 

 

Breaking News -  In a BSE filing, Idea Celluar announced its approval of amalgamation of Vodafone India Ltd (VIL) and its wholly owned subsidiary Vodafone Mobile Services Limited (VMSL) with the company subject to receipt of necessary approvals of shareholders, creditors, SEBI, RBI and other governmental authorities.Idea Vodafone Merger.

Idea Cellular gained nearly 15% in first 5 minutes of the trade but later pared some gains to trade 6% higher after media reports that the company has approved merger with Vodafone India. According to reports, Idea Cellular will hold 25% stake in the merged company. 

Idea-Vodafone merger: What it means for telecom stocks and who gains most

According to the release, the Idea Board believes the proposed amalgamation will result in:

 

A. Creation of largest Indian telecom operator with widest mobile network in the country and pan India 3G/4G footprint

B. Sufficient spectrum to complete with major operators in the market while offering innovative priced mobile services to customers;

C. Acceleration of expansion of wireless broadband networks  (read more...)

Can customs and border officials search your phone? Know your rights

The Fourth Amendment protects citizens from unreasonable searches and seizures

 

LATEST NEWS - A NASA scientist heading home to the U.S. said he was detained in January at a Houston airport, where Customs and Border Protection officers pressured him for access to his work phone and its potentially sensitive contents.

Last month, CBP agents checked the identification of passengers leaving a domestic flight at New York's John F. Kennedy Airport during a search for an immigrant with a deportation order.

And in October, border agents seized phones and other work-related material from a Canadian photo-journalist. They blocked him from entering the U.S. after he refused to unlock the phones, citing his obligation to protect his sources. Know your rights.

These and other recent incidents have revived confusion and alarm over what powers border officials actually have and, perhaps more importantly, how to know when they are overstepping their authority.

The unsettling fact is that border officials have long had broad powers — many people just don't know about them. Border officials, for instance, have search powers that extend 100 air miles inland from any external boundary of the U.S. That means border agents can stop and question people at fixed checkpoints dozens of miles from U.S. borders. They can also pull over motorists whom they suspect of a crime as part of "roving" border patrol operations.

Sowing even more uneasiness, ambiguity around the agency's search powers — especially over electronic devices — has persisted for years as courts nationwide address legal challenges raised by travelers, privacy advocates and civil-rights groups.(read more...)

Profitable companies, no taxes: Here's how they did it

Companies took advantage of array of tax loopholes and aggressive strategies

 

 

BREAKING NEWS - Complaining that the US has one of the world’s highest corporate tax levels, President Donald Trump and congressional Republicans have repeatedly vowed to shrink it. Yet if the level is so high, why have so many companies’ income tax bills added up to zero?

That’s what a new analysis of 258 profitable Fortune 500 companies that earned more than $3.8 trillion in profits showed. Tax reformers have long argued that the nominal 35 per cent federal rate on corporate profits more often than not functions like a strike-through price - an artificially inflated number that sounds high but rarely applies.

Thanks to a variety of loopholes and tax-dodging methods, those 258 corporations paid an average rate of 21.2 per cent, according to a report by Institute on Taxation and Economic Policy.

Here is a snapshot:

(READ MORE...)

Election Results 2017 LIVE: Trends show BJP taking UP, Uttarakhand; Congress leads big in Punjab

Get live election result 2017 of Assembly elections for UP, Goa, Uttarakhand, Punjab and Manipur

 

UP Election result 2017: The exit polls on Thursday predicted a hung assembly in the key Hindi heartland state of Uttar Pradesh, where Bharatiya Janata Party (BJP) would emerge as the single largest party, winning anywhere between 164 and 210 of the 403 seats. A victory for Narendra Modi's BJP in Uttar Pradesh, which is home to 220 million people, would boost his chances of winning the 2019 general elections and underscore his popularity after he made himself the face of the party's campaign in the state.

Punjab election result 2017: Most polls forecast a close fight between the Congress, which is seeking to return to power in Punjab after a hiatus of 10 years, and Arvind Kejriwal's Aam Aadmi Party (AAP), making its debut in the Punjab Assembly election.

Stay with us for LIVE updates on Election Results 2017

Uttarakhand election result 2017: Most exit polls have projected that BJP will emerge as the single largest party in Uttarakhand election 2017, ending the Congress Party's hope to retain its Harish Rawat-led government in the state.

Goa election result 2017: In Goa, too, BJP is seen as the largest party with 15-20 of the 40 Assembly seats. The Congress could be a close second, while AAP, a debutant in the state, could get 2-4 seats.

Manipur election result 2017: Exit polls for Manipur have a split verdict. While some show BJP forming government in the state, others expect the Congress' Okram Ibobi Singh returning for a fourth term. Iron Lady Irom Sharmila, contesting her first election, is expected to have a weak debut. (read more...)

Mayawati chides 'babua' Akhilesh for 'childish talk' on jumbo statues

Mayawati said people want to question the SP govt on issues of 'mafiaraj, gundaraj and jungleraj'

 

Election Results 2017 : BSP chief Mayawati on Thursday took a swipe at Uttar Pradesh Chief Minister Akhilesh Yadav for his continued attack on the elephant statues set up by her government, saying he was indulging in "childish talk".

"Just as Mulayam Singh Yadav (a former defence minister) speaks of China at any given opportunity, his 'babua' (child), Akhilesh, has nothing to tell people except for patharwali sarkar," Mayawati told a press conference here.

"Everyone knows that the stone statue of elephant will remain in the same position...This is why I call him babua, as only a babua can say something like this. He is indulging in childish talk," Mayawati asserted.

"Even a small kid will be able to tell this. He (Akhilesh) is the father of kids and yet talking like this," she said.

Mayawati said people wanted to question the SP government on issues of "mafiaraj, gundaraj, jungleraj and anarchy" but instead he wanted to indulge in politics of stone.

She, however, thanked the "babua" for talking about the elephants as he was giving free publicity to her party's election symbol.

Mayawati also raked up SP patron Mulayam Singh Yadav's invite to Modi and other BJP leaders to attend a family wedding function in Saifai, and alleged that SP and BJP had a tacit understanding.(read more...)

Assembly polls 2017: 12 reasons why fight in UP is between the BSP and BJP

This was a closely fought triangular contest, and the likeliest outcome is a hung assembly

 

Election Results 2017 : While we are headed towards a hung assembly, the competition is largely between the BSP and BJP. The SP-Congress alliance has struggled to keep up. The BJP and BSP have been much more successful in terms of castes and communities they were wooing. Let me explain.

1. The BSP has been successful in consolidating the Dalit community. Even non-Jatav Dalits have by and large consolidated in favour of the BSP. Fractures (mainly among Pasis and Khatiks) in favour of the BJP are far and few. In which case, the BSP starts with a robust 20% votes.

2. The BSP has been the most organised and disciplined party in this election, with the least amount of infighting. Moreover, having declared their candidates the first, their candidates were better prepared and began their campaign earlier than others.

3. Sections of non-Yadav OBC’s seem to have been consolidated in favour of the BJP. However, large sections like Jats in west UP and Nishads in east UP have broken away, in favour of the Rashtriya Lok Dal and the Nishad party respectively.

4. Sections of non-Yadav OBC’s seem to have been consolidated in favour of the BJP. However, large sections like Jats in west UP and Nishads in east UP have broken away, in favour of the Rashtriya Lok Dal and the Nishad party respectively.

5. Attempts at polarising the election towards the last couple of phases seem to have had a limited impact in favour of the BJP. My hunch is that it’s only helped consolidate the traditional ‘upper’ caste in their favour, and that too not on all seats.(read more...)

Assembly Polls 2017: Exit polls suggest Modi-led BJP clearly ahead in UP

BJP may retain power in Goa, wrest power in U'khand; consolation prize for Cong in Punjab

 

Election Results 2017 : If the predictions of several of the exit polls, made public on Thursday, for the five states that had Assembly elections in February-March turn out to be true, Prime Minister Narendra Modi is set to emerge as the most influential leader of India since Indira Gandhi, who had held sway over the country’s political landscape 40 years back.

Findings of at least four exit polls suggested that Modi’s blitzkrieg of public rallies in Uttar Pradesh (UP) could help the Bharatiya Janata Party (BJP) either comfortably cross the majority mark of 202 in the 403-seat UP Assembly, or come close to it.

The BJP, along with ally Apna Dal, had bagged 73 of the 80 Lok Sabha seats in UP in 2014, winning a staggering 337 of the 403 Assembly segments. At least two exit polls — India Today-Axis and Today’s Chanakya — could come close to that tally by winning up to 285 seats. However, two other exit polls predicted a hung Assembly with the BJP as the single-largest party but the Samajwadi Party (SP)-Congress alliance not far behind and the Bahujan Samaj Party (BSP) in third place. As for other states, most exit polls said the BJP was likely to retain power in Goa and wrest power from the Congress in Uttarakhand.

One exit poll, however, predicted a dead heat between the BJP and Congress in Uttarakhand, predicting that both were likely to win 35-seats each in the 70-member Assembly.

In Lucknow, Modi said: “Woh kahate hain Modi hatao; main kehta hoon kaladhan hatao, bhrashtachar hatao (they say remove Modi; I say end black money, end corruption).” (read more...)

Look for watermarks, raised printing: How to spot a fake currency note

Real notes have features such as watermarks, raised printing and colour-changing ink

 

Latest news - Recently, a State Bank of India (SBI) ATM in Delhi allegedly dispensed fake Rs 2,000 notes. While the police are investigating the source, SBI says it has a system to monitor the quality of notes and “the possibility of fake notes from the bank’s ATMs is very remote”. The fake note in this case was easy to recognise with ‘Children’s Bank of India’ printed on it. But, it’s not always easy to recognise counterfeit notes. Here are 10 features you can use to check:

(read more...)

Change to gratuity Act likely in coming session

Act applies to those establishments where the number of employees is not less than 10

 

Latest News - The government is likely to bring a change to an Act to make gratuity up to Rs 20 lakh tax-free in the upcoming second half of the Budget session of Parliament slated to begin on Thursday.

The change to the Payment of Gratuity Act will not only raise the tax-free portion of the gratuity but also allow the government to increase it through the executive order in the future, official sources said.

What is Gratuity?

Ceiling on gratuity will be linked to inflation and that way it would be raised through an executive order in the future, if the Bill is passed by Parliament.

Earlier, the labour ministry and trade unions reached an understanding in this regard.

Pavan Kumar, organising secretary of the Bharatiya Mazdoor Sangh, said the government has conveyed to the trade unions that the change to the Act is slated to be introduced in the Budget session.

Why are More People Applying for Personal Loans?

However, he said trade unions have also demanded other changes, including a change in the current formula of calculation of gratuity to increase the number of days for which gratuity is calculated from 15 days in a year to 26 days. Currently, gratuity received is tax-free to the extent that it does not exceed 15 days' salary for every completed year of service.

The unions, he said, have also demanded removal of the five-year ceiling. Currently, one gets gratuity only if he has completed five years of service. 

The Act applies to those establishments where the number of employees is not fewer than 10.(read source...)

Free withdrawal days are over: ICICI, Axis, HDFC Bank restore cash charges

The new charges would apply to savings as well as salary accounts effective from today

 Breaking News - Some banks, including HDFC Bank, have begun charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The new charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

 

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

Read Source: Pay Rs 150 After 4 Cash Transactions In A Month At HDFC Bank, ICICI, Axis

 In the case of several banks, including ICICI Bank and Axis Bank, these charges came into effect early in January and are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others, including HDFC Bank, today onwards.

These charges are for cash transactions in the branches, and not through ATMs.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

 

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.(read more...)

Pay Rs 150 after 4 cash transactions in a month at HDFC Bank, ICICI, Axis

The bank would also cap the third party cash transactions at Rs 25,000 per day

 

Breaking News -  Banks including HDFC Bank, ICICI Bank and Axis Bank today began charging a minimum amount of Rs 150 per transaction for cash deposits and withdrawals beyond four free transactions in a month.

The charges would apply to savings as well as salary accounts effective from today, leading private sector player HDFC Bank said in a circular.

The bank would also cap the third party cash transactions at Rs 25,000 per day, while cash handling charges would be withdrawn effective today, the circular added.

The move was seen in some quarters as aimed at discouraging cash transactions and furthering the digital payment drive.

Also Read: Free Withdrawal Days Are Over: ICICI, Axis, HDFC Bank Restore Cash Charges

For the basic no-frills accounts, maximum four cash withdrawals would continue to remain free and there would be no fees for cash deposits.

In case of ICICI Bank, the charges are same as they were before the demonetisation move announced on November 8, while there is an increase in such fees in case of some others.

According to details on ICICI Bank website, there will be no charge for first four transactions a month in home branch while Rs 5 per thousand rupees would be charged thereafter subject to a minimum of Rs 150 in the same month. (read more...)