24
Aug

Jaypee flat buyers take fight to Supreme Court

Jaypee flat buyers take fight to Supreme Court

NEW DELHI: The Supreme Court admitted a Thursday PIL for about 32,000 homebuyers who are facing uncertainty about their investment in housing projects in Noida and the National Capital Region (NCR) being developed by Jaypee Infratech National Of the NCLT Court Property Act) has commenced insolvency proceedings against it.

Apparently for PIL petitioners Wednesday senior council Ajit K Sinha reported a Chief Justice JS Khehar and Justice DY Chandrachud after the opening of insolvency proceedings, the Ministry of Social Affairs asked the House buyers to sign a specific form under Section 14 Of the Insolvency and Bankruptcy Code, 2016, for Thursday.

Due to the bankruptcy of 2016, Sinha said that once homebuyers signed these forms will land procedures in consumer forums initiated to recover their money for an inability to service Jaypee Infratech, which builds the huge population ‘jaypee Wish Town ‘In Noida among other housing projects in NCR.

NCLT’s Allahabad Bank had filed bankruptcy lawsuits in a petition filed by IDBI Bank. Sinha said that by signing the form, home buyers affected by Jaypee Infratech projects can not move consumer cuts, even if flat buyers in other manufacturers of other housing projects would be free to address consumer forums.

Under the order of NCLT, Jaypee Infratech has matched the Rard 526.11 crore loan pending. NCLT’s latest action against Jaypee Infratech left about 32,000 buyers.

The main PIL petitioner, Chitra Sharma filed the petition through attorney Ashwarya Sinha and said that the confusion that prevails in the insolvency proceedings against Jaypee Infratech had questioned the investment buyers.

“According to the NCLT control procedures against Jaypee Infratech Ltd, Forms B and C were issued by IRP specifically on financial creditors and commercial creditors. Later IRP noted that homebuyers may also fill out these forms, but forms B And C do not include the buyers apartment at all.

Chaos and ambiguity were amplified as another form, Form F, which was introduced in which the Ministry of Social Affairs has made a statement that buyers can fill flat in such ways, “said the petitioners.

They said that the forms issued to date by IRP in the case of Jaypee Infratech refer only to financial and operating creditors. “The case of homeowners like the petitioners are not covered by any of the forms, because they certainly are not financial creditors since they were not carried out to be operative by NCLAT creditors.”

Home buyers have asked the SC to send a directive to all stakeholders “that Article 14 of the Code of Insolvency and Bankruptcy 2016 should not limit legal and statutory rights owners / flat buyers As consumers in the sense of Section 2 (d) of the Consumer Protection Act, 1986 “.

In the alternative, they asked the SC to declare the buyers as the secured creditors to ensure that they recover the money they had invested in Jaypee Infratech projects.

24
Aug

GST impact: After GST, many local food brands do a vanishing act

GST impact: After GST, many local food brands do a vanishing act

BENGALURU: Following the imposition of the tax on goods and services (GST), several local food brands are withdrawn from the market. This left the usual buyers of packaged food products like rice, dal, Atta and sooji perplexed about their sudden lack of availability.
An example: in one of the wholesale establishments that sold 35 trademarks, 25 changed the logo.

The mother trademark of Indian rice has become IM and Angoor turdal has been changed to the “PCR” brand. Reason: Foods packaged with a trademark or registered trademark were taxed at 5% under GST while unregistered which attract no tax. Previously in the VAT regime, all types of food were exempt from taxes.

“The concern of traders and consumers is that the new policy has created an unparalleled playing field with price changes. This has also led to a situation in which many suppliers are making a request to unsubscribe from their brands “The declared DP Nagendra Kumar, Chief of the Commissioner-in-Chief of the Central Board of Taxes and Customs (CBEC).
While some packaged food vendors have opted for cancellation of their trademark registration, many have preferred to change the brand and logo of the package so that the product can be sold at a cheaper price.

“About 75% of suppliers have changed the logo of the package, only 25% of them have asked to unsubscribe. This is because the government plans to tax those who are not registered, while unregistered Appreciate the non-tax benefit, “said Rameshchandra Lahoti, Bangalore’s chairman of Cereal Wholesale and Pulse Traders Association.

CBEC officials said the government has chosen to exempt unregistered food packaging only to protect small traders to compete with organized brands.

“However, the move has given rise to an unexpected scenario in which the price difference between similar products disrupts the balance,” said one official.

Lahoti said while an average price of turdal is Rs 100 per kg, a trademark costs more than Rs 5. Likewise, rice is sold at Rs 50 kg cost more than Rs if packaged in a bag with a trademark .

B T Manohar, chairman of the Commission on Taxation of Chambers of Commerce Federation of Industries and Karnataka (FKCCI), said he had received FKCCI representations from traders seeking a fiscal policy that would guarantee a level of play for all.

“Traders require that foodstuffs are exempt from GST,” said Manohar. “If they are stuck they put food in a special slab of gold jewelry lines.”

24
Aug

Karti Chidambaram appears before CBI, quizzed for ‘over eight hours’

Karti Chidambaram appears before CBI, quizzed for ‘over eight hours’

The son of former UN Secretary-General Chidambaram, Karti Chidambaram, appeared Wednesday before the ICC and was interrogated for more than eight hours in connection with a corruption case.

While Karti is due to be reviewed again on August 28, Congress today called for a case of political revenge by the NDA government led by the BJP.

According to sources, Karti asked more than 100 questions about the relationship of a company associated with him in the INX case. He arrived at the IWC headquarters around 10:20 am and left around 6:30 pm – his appearance was provided by a Supreme Court order.

The IWC Compensation Survey of the Foreign Investment Promotion Board (FIPB) granted INX Means for FDI during Chidambaram’s term as Finance Minister. It is alleged that a company “indirectly controlled” by Karti received money from INX Media, led by Indrani and Peter Mukerjea.

The caller “is nothing but the worst kind of political revenge,” Senate Senate leader Manish Tewari said: “It is very surprising that the government approves and registers a FIR against unknown persons regarding the authorizations of the FIPB.

Who are these unknown people? (They were) six senior secretaries of the government of India at that time … If this government has the courage, let them name these unknown people.

The FIPB is composed of six senior secretaries of the Government of India – Secretary of Commerce, Secretary of Finance, Secretary of Income and the other three. They make the recommendations and the minister makes a signal.

The IWC had registered the case on May 15 against Karti’s chess management, Advantage INX Digital Services Strategic Consulting, its director Padma Vishwanathan and Mukerjeas.

The Mukerjeas are in prison in connection with the murder of Indrani’s daughter, Sheena Bora. Chidambaram had responded to the FIR, saying that the government was using the CBI and other agencies to guide its son. The FIPB’s approval, he said, was granted in “hundreds of cases.”

15
Aug

Lockheed To Move Base To India To Make F-16 Planes With Tata

Lockheed To Move Base To India To Make F-16 Planes With Tata

PARIS: Lockheed Martin on Monday signed an agreement with Tata Advanced Systems in India to produce F-16 fighter jets in India, providing a plan to relocate its Texas plant to earn one billion order from the Indian Army.

India Air Force needs hundreds of airplanes to replace its Soviet-era fleet, but the government of Prime Minister Narendra Modi said foreign suppliers must airplanes in India with local partner to help build a national industrial base and reduce imports .

India did not open formal offers for the purpose of jets, which should be 100 to 250 aircraft.

The agreement is an “attempt to partner to meet the requirement of India Make-in-India by creating an F-16 production line in India,” said F-16 Lockheed Business Development Leader Martin, Phil Howard. Margin of aerial exhibition in Paris.

But the PM Making-in-India polo Modi may oppose America’s first campaign by US President Donald Trump so he asked companies to invest in the United States and create jobs instead of setting factories abroad.

However, Lockheed met and reported to the current US administration on his plan, and Howard said he had all the support of Trump’s management feel.
In announcing their acceptance of the Paris air show, Lockheed and Tata indicated that moves based on Indian production continue to hold jobs in the United States.

Saab of Sweden is the other competitor to supply the Indian air army, offering its wrestler Gripen to India. It has not yet announced a local partner for the aircraft it launched as a modern alternative to the F-16s.

The announcement comes a few days before PM Modi visits Washington for a first meeting with M. Trump, scheduled for June. 26.

India and the United States built a close defense relationship in recent years, Washington is among the top three arms suppliers in India, with Russia and Israel.

India will also have the ability to export the F-16 is flown by the world’s air forces, according to the statement. Some 3 200 of these aircraft are flown by 26 countries and the model offered in India block 70, the most modern of all F-16s.

Tata has already built fuselage components for C-130 military transport aircraft.

30
Jul

GST Launch On June 30 With Special Midnight Session In Parliament

GST Launch On June 30 With Special Midnight Session In Parliament

NEW DELHI: Finance Minister Arun Jaitley said that India’s largest tax reform since independence will launch the national tax on goods and services or GST at midnight on June 30

Mr. Jaitley said that President Pranab Mukherjee, Prime Minister Narendra Modi and two of his predecessors, Dr. Manmohan Singh SA Deve Gowda, will take place in the central hall of parliament for launch.

PM Modi speak at the special meeting of parliamentarians. All major ministers will be invited to the inauguration, said Jaitley, who has repeatedly stated that the launch of the GST would not be delayed, as requested by some states such as West Bengal.

“When it comes to reforms, it never blinks. If it blinked, it has derailed,” the finance minister said today.

The GST, India’s most ambitious fiscal reform, replaces strong tariffs Mosaic creates a single economic zone with common indirect taxes – something that the European Union or the United States can not presume.

Firms will be able to submit final delays over the first two months to enable them to adapt to a new online submission system. The strict GST deposit schedule will apply from September.

The government said the GST could add two percentage points to economic growth.
There will be four tax planks – 5, 12, 18 and 28 percent.

There have been concerns about the preparation of the GST system, the IT system that marks a technological leap for India: it is controlled through an IT backend that can process up to 5 billion invoices per month. The tax reform also poses a major challenge for collectors who must be trained and companies are aware of a levy that, according to experts, will force them to review business processes from front to back.

More than 6.5 million companies have already registered for GST, M. Jaitley said earlier this week, noting that more than four-fifths of those already registered are to pay old Indian trade taxes.

With business owners who use their personal tax numbers to comply with the GST, the government expects the Dodgers to have income tax on duty. Only about 3 percent of people in India pay income taxes.

The GST was proposed by the previous government led by Dr. Manmohan Singh’s Congress, but was blocked by political stalemate based on the proposal, including how tax revenue is collected and distributed between states and the center.

15
Jul

Market Live: Consolidation continues on D-Street as indices trade flat; Tata Group stocks gain

Market Live: Consolidation continues on D-Street as indices trade flat; Tata Group stocks gain

12: 45 Meet: BNP Paribas Mutual Fund has appointed Ritesh Jain as investment director with immediate effect, according to the statement from the fund house.

Jain will report directly to CEO and Deputy Director of Investments Anand Shah and will be in charge of running a professional investment team that manages a range of funds in different asset classes.

Prior to joining BNP Paribas, Jain was the mutual fund’s investment director at Tata.

12:25. Check Market: Consolidation continues on D Street Tuesday, with benchmark indices trading almost flat during the afternoon.

The Sensex rose 10.22 points to 31.321.79, while Nifty rose 4.20 points to 966.75. The market amplitude was negative with only 1,195 stocks advanced against a decrease of 1234 shares, while stocks of 147 remained unchanged.

Tata Motors, Tata Motors DVR and Tata Power won most of both indices while HDFC and Lupine lost most.

12 hours HPP on the cards? The Tata group may consider an initial public offering (IPO) for Jaguar and Land Rover, according to a Bloomberg report.

Jaguar Land Rover is a subsidiary of Tata Motors.

The report cited people familiar with the situation saying that Tata officials have held preliminary internal talks in the last month on the inclusion of the luxury automaker, bought there for almost a decade to 2.4 billion dollars in an international exchange. London and New York are considered as potential sites, the report added.

11:50 am stock buzz: Stocks of non-bank financial companies (NBFCs) rose by 2 to 4% intraday on Tuesday after events related to farm loan exemptions.

Satén Creditcare Bharat Financial Inclusion, Equitas Holdings, Mahindra and Mahindra Financial Services and Bajaj Finance have responded positively to the possibility of toppling Rs 1 lakh agricultural loan in Maharashtra and Rs 2 lakh in Punjab. The observations of the management of these companies show little or no success in their finances.

Bharat’s financial inclusion has also increased due to the merger of its merger. Its management to CNBC-TV18 that the announcement of the merger would likely occur in the coming months.

11.12h Checking benchmark indices continued to consolidate in the morning trade, with skilled trade in a range of 20 points due to the lack of global and domestic signals.

The BSE Sensex 30 shares rose 38.98 points to 31 350.55 and the NSE Nifty 50 shares gained 9.25 points 9,666.80.

HDFC, HDFC Bank, Kotak Mahindra Bank, Lupine and TCS were under pressure, while Infosys and Tata Motors continued to be the main contributors to Sensex earnings.

10:50 am View of the FII: Credit Suisse does not feel. “I am not suggesting that earnings will improve during the 3 to 4 quarters. The momentum is weak and the economy in general should take steam,” Neelkanth Mishra, MD equity strategist and India at Credit Suisse told CNBC-TV18. He added that the economy was undergoing structural transitions and this period could last longer.

However, Mishra said that market movements were largely motivated by the EP ratio. Any correction in that market would be that if there is a decline in global liquidity, he added.

10:17 am buzz: Tata Power shares have gained up to 4 percent in morning trading as the company is expected to dilute its stake in the India Energy Exchange through the initial public offering.

The company is one of the shareholders of Energy Exchange India has submitted a draft leaflet on the smoke curtain with the capital markets SEBI regulator to launch an initial public offering.

Existing shareholders, including Tata Power Company, private equity group Aditya Birla Group, Madison India capital and Renuka Ramnath lead multiple alternative asset management vendreont 60.65 lakh shares of the company through the IPO.

7
Jun

Donald Trump Jumps Into Worsening Dispute Between Qatar, Powerful Arab Bloc

Donald Trump Jumps Into Worsening Dispute Between Qatar, Powerful Arab Bloc

Administration officials said on Tuesday that the triumph president “did not take sides” in the conflict deepened among its main partners against terrorism in the Persian Gulf, despite a morning of Twitter presidential messages praising Saudi Arabia – and himself – for the dissemination of Qatar for the supposed financing of terrorism.

“During my recent trip to the Middle East, I said that there were radical ideology funds,” Trump tweeted. “The leaders emphasized Qatar – look”

“So it’s good to see that visit to Saudi Arabia with the king and the 50 country already pay,” he said. “They said they were going to adopt a hard line on the financing of extremism, and all the references indicated Qatar.”

On Monday, several Gulf neighbors Qatar – Saudi Arabia, UAE and Bahrain – joined Egypt and smaller nations in separating diplomatic relations with Qatar, ordering their diplomats and their citizens to leave and endanger trade and Deeply intertwined routes.

The eruption appear to be motivated by regional conflicts from year to year, rather than disagreement or recent action. Following a visit in late May in which Trump, calling on the Arab and Muslim world to unite against the terrorist threat, praised Saudi Arabia as a regional leader.

Secretary of State Rex Tillerson, New Zealand, called for dialogue between neighbors. In the state service, spokeswoman Heather Nauert said that “we recognize that Qatar continues its efforts to stop the financing of terrorist groups, including the search for suspicious freezing financial assets, introducing stricter controls on their banking system. However, we recognize that there is much work to be done. ”

“Let’s get this social media thing going,” Nauert said in many Trump tweets, “because there are many other important things we have to discuss.”

A senior government official said: “We do not take sides If we party, we have left unity and cooperation.” Against terrorism. The official spoke on condition of anonymity to discuss the sensitive diplomatic issue.

Nauert and the senior official said the United States had been informed of Saudi Arabia’s intention to break ties shortly before Monday. However, “I do not think the US government has perfect clarity in what triggered this,” the official said. “We know there have been problems between them.”

The Pentagon, whose Middle East air operations are based at a massive air base in Qatar, where at least 10,000 members of US services are stationed, have opted for balance and reassurance.

“We recognize that there are different opinions in the area that allowed us to reach this point,” he said in a statement. “The United States and the coalition are grateful to Qatar for their continued support of our presence and continued commitment to regional security. We have no intention of changing our position in Qatar.”

According to the statement, the restrictions that Gulf neighbors Qatar impose on qatriais movements inside and outside the region “have no impact on our air operations”, including missions in Iraq, Syria and Afghanistan.

Senator Bob Corker (R-Tenn.), Chair of the Senate Foreign Relations Committee, nodded in a Capitol corridor when he showed Trump’s Tweets on a journalist’s cell phone. “Each of these countries are important people for our country,” he said. “Our policy while the United States has been working with all of them.”
“We have a base on which we work is very important,” he said in Qatar.

During the visit last month in Saudi Arabia, where he delivered a speech to the leaders of the Muslim majority countries gathered for the occasion, Trump has personally met with Qatari emir Sheikh Tamim Bin Hamad al-Thani. “We are friends, now we have been friends for a long time … Our relationship is very good,” Trump said at the beginning of the meeting behind closed doors. “One of the things we are going to discuss is the purchase [Qatar] of many beautiful military teams.”

7
Jun

After Maharashtra, farmer unrest rocks MP: 6 killed in firing, government ready for talks

After Maharashtra, farmer unrest rocks MP: 6 killed in firing, government ready for talks

As Maharashtra moved to contain an ongoing protest by farmers with a loan exemption, a similar protest in neighboring Madhya Pradesh took a violent turn Tuesday when at least six peasants were killed and eight others injured in two separate incidents In Mandsaur. Farmers have been looking for better prices for their products and exemption from lending. After demonstrators alleged that police shot them, Madhya Pradesh Interior Minister Bhupendra Singh, who had previously denied the allegation, later admitted that police may have fired in self-defense at one place. A judicial inquiry has been ordered and curfew imposed on Mandsaur.

Prime Minister Shivraj Singh Chouhan announced a compensation of Rs 1 crore and a work to the close relatives of each dead and Rs five lakh and free treatment to the injured. An official said that of the six dead, five were killed when farmers attempted to raid Pipalia Mandi police station and resorted to fires. This attack followed the death of a farmer in the village of Bahi, not far from Pipalia Mandi. Madhya Pradesh The head of Patidar Samaj, Mahendra Patidar, said that the bodies of five killed in Pipalia Mandi will not be cremated until the Prime Minister arrives there. He identified the dead as Kanhaiyalal Patidar, Babloo Patidar, Chainram Patidar, Abhishek Patidar and Nathulal Patidar.

In Mandsaur and neighboring Neemuch district, protesters have set ablaze vehicles, blocked traffic and mistreated police officers while sporadic incidents have occurred in other parts of the state since June 1 when the Union Bharatiya Kisan (BKU) announced the agitation. During the last three days, protests intensified in the districts of Mandsaur, Neemuch, Ratlam and Indore. Demonstrators set fire to about a dozen vehicles and attacked the railroad tracks near Mandsaur on Monday night. On Tuesday, a group of peasants blocked traffic near Pipalia Mandi and threw stones at police and CRPF personnel. Security agencies launched tear gas shells to disperse the crowd. It was unclear who ordered the shot.

Calling it “a conspiracy,” Prime Minister Chouhan accused the Opposition Congress of instigating farmers. “I was sad, the administration had been told not to order the firing, but to talk to the farmers, but some criminal elements went into the protest,” he said. Chouhan appealed to farmers to remain calm. He said his government was ready for the talks. “Madhya Pradesh has been an island of peace,” he said. The Rashtriya Kisan Mazdoor Sangh (RKMS), a group formed by a former RSS worker, and Congress have asked for a bandh on Wednesday. The RKMS was formed by Shivkumar Sharma, who used to be a bearer of Bharatiya Kisan Sangh (BKS) affiliated with RSS, until he led a violent upheaval in 2012 in which a farmer died while firing in the Raisen district. Launched out of RSS and BKS, Sharma floated the RKMS.

The BKS and RKMS entered the ongoing protest only after it was extended. On Sunday, the Chief Minister called the BKS for talks in Ujjain. BKS officials announced that since Chouhan had assured them they would buy onions at 8 rupees per kilo and make half the cash payment to mandis, they were regaining agitation. The agitation of the farmers now observed is basically along two belts: Nashik-Ahmadnagar-Pune extending to Satara-Sangli-Kolhapur in Maharashtra, and Ratlam-Mandsaur-Neemuch in Madhya Pradesh. What is common to both belts – apart from being in the western part of the two states – is that they are home to relatively prosperous farmers, unlike their counterparts in the predominantly dry regions of Vidarbha / Marathwada or Bundelkhand.

The farmers of Ratlam-Mandsaur-Neemuch cultivate not only the common soybeans, wheat and chana cultivated in the rest of Madhya Pradesh, but also a range of spices of seeds and medicinal plants of meti (fenugreek), dhaniya (cilantro), Jeera Comino) and ajwain (caraway) to garlic, isabgol (psyllium), white musli and ashwagandha. The same is true of Western Maharashtra farmers who have grown grapes, onions and pomegranates, as well as marketing dairy products by investing in high-yield dairy holstein-fries cows.