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The Economic Times
The Economic Times After Kotak twist & China spies, Hindenburg vs Adani gets murkier as new details emerge in the drama
Adani-Hindenburg row: In the ongoing Adani-Hindenburg saga, new revelations show that US short-seller Hindenburg Research shared its critical report on the Adani group with New York hedge fund manager Mark Kingdon months before its public release. According to Sebi, this collaboration involved a profit-sharing agreement tied to significant declines in Adani's market value, exceeding USD 150 billion across 10 listed firms.
The Economic Times Tata Motors in legal battle with EPFO over pension fund transfer
Tata Motors is in a legal conflict with the EPFO over transferring its employee provident fund. Tata Motors seeks to surrender its exempted status, but EPFO requires detailed documentation. The Supreme Court ruling and subsequent legal actions have prolonged the issue. The matter is scheduled for a hearing in the Delhi High Court on August 8.
The Economic Times Telecom sector salary hikes for FY25 slip to 9%
But in the telecom services segment, Bharti Airtel, the second largest operator that had 23,628 on-roll employees at the end of FY24, provided salary hikes in the range of 10-12%, people familiar with the matter said. Loss-making Vodafone Idea, with over 9,000 employees, also gave hikes of 8-11%, they said. Reliance Jio Infocomm has yet to announce the hikes for this year. It is the market leader and the largest paymaster in the telecom services space, especially in R&D roles.
The Economic Times Colgate-Palmolive receives Rs 248.74 crore tax demand notice
Colgate-Palmolive India Ltd has received a tax demand notice of Rs 248.74 crore from the Income Tax Authority for the financial year 2020-21 due to transfer pricing issues. The company will appeal the order, which includes Rs 79.63 crore in interest, before the appellate tribunal. Financial operations remain unaffected.
The Economic Times Not for everyone: Govt clarifies on tax clearance certificates for Indians moving abroad
The government has mandated that a person who is liable to pay any taxes, or yet to clear any kind of tax dues cannot leave the nation unless their taxes are cleared. Further, the government has clarified that only specific individuals who meet certain criteria, such as involvement in financial irregularities or having substantial tax arrears, are required to secure this certificate. The new provision will come into effect from October 1, 2024.
The Economic Times Proposed change in income tax may hit homestay owners
The move is aimed at plugging the loophole that house owners used to lower their tax liability. "The amendment will take effect from the 1st day of April, 2025 and will, accordingly, apply in relation to assessment year 2025-26 and subsequent assessment years," as per the Memorandum to Union Budget 2024.
The Economic Times Tax filings more challenging on surge in F&O, gaming app play
The massive jump in retail participation in futures and options trading, crypto trading and sports betting has increased the tax filing challenges for chartered accountants and lawyers. People who are helping consumers file their taxes told ET that many of them have undertaken 25,000 FnO transactions, more than 1 lakh crypto trades and actively bet on sports.
The Economic Times Banks borrow more than they raise deposits to fund loan demand
In early July, Indian banks borrowed a record Rs 1.19 lakh crore from the market due to challenges in attracting deposits, which totaled Rs 1.02 lakh crore. The Reserve Bank of India data revealed this borrowing trend as a result of the budget's lack of deposit-attracting measures. Total bank borrowings reached Rs 8.83 lakh crore, influenced by the HDFC and HDFC Bank merger. This includes short-term debt, infra bonds, and overseas loans but excludes RBI loans. The State Bank of India raised Rs 10,000 crore through infrastructure bonds. Experts cautioned that an aggressive move to increase deposits could lead to a rate war and widen the credit-deposit gap, causing liquidity and repricing risks. However, the situation has been improving with the RBI's large dividend transfer.
The Economic Times Global law firms' India entry plans hit regulatory hurdle
The Bar Council of India and the Law Society of England and Wales discussed allowing foreign law firms in India. Despite initial excitement, regulatory clarity remains elusive, delaying plans. Global firms are cautious due to tax and registration ambiguities. Key stakeholders urge clear and transparent rules to effectively integrate foreign legal practices into India’s market.
The Economic Times Removal of angel tax for startups to help attract investors: Piyush Goyal
Angel tax (income tax at 30% rate) was imposed on funding raised by unlisted companies, or startups, if their valuation exceeded the company's fair market value.
The Economic Times Investors rush to find anchor in Ola Electric IPO; local, foreign cos sign up for likely $350m book
Ola Electric's IPO, opening August 2, has drawn significant interest from domestic and international investors, valuing the company at nearly $4 billion. The IPO includes $5,500 crore from fresh shares and 85 million shares for sale. CEO Bhavish Aggarwal will reduce his stake to 37%. The listing is expected on August 9.
The Economic Times Billionaire battle heats up as Adani challenges Birla in cement
India's cement industry is witnessing an intense battle as Gautam Adani's expansion efforts trigger a race with Kumar Mangalam Birla's UltraTech Cement Ltd. Both billionaires are striving to dominate the supply of cement, crucial for India's infrastructure boom. In less than two years, Adani and UltraTech have completed six deals, with UltraTech announcing a seventh acquisition of a key regional player.
The Economic Times NCLT lists Disney's Star India and Reliance's Viacom18 merger plea hearing on August 1 for final disposal
In an order sheet of the hearing held on July 11, the division bench of technical member Anu Jagmohan Singh and judicial member Kishore Vemulapalli asked the parties to serve a fresh notice of final hearing to the central/state governments, tax authorities, and regulatory bodies like the Competition Commission of India (CCI) and the Ministry of Information and Broadcasting.
The Economic Times India is doing a factory reset on the jobs scene
The pace of job growth in manufacturing has overtaken that of the services sector, the biggest employer for several decades since the IT boom of the early 2000s, according to an exclusive study by Teamlease Degree Apprenticeship. The growth pace for jobs in manufacturing witnessed a 200% expansion over the past two years (2022 to 2024) compared with a drop of 35% in the services sector.
The Economic Times Fed seen on track for September rate cut after good inflation data
The Federal Reserve has seen encouraging signs of decreasing inflation, sparking hopes for a potential interest rate reduction by September. June's PCE price index showed a minor rise, indicating progress toward the Fed's 2% inflation target.
