Showing posts with label demand. Show all posts
Showing posts with label demand. Show all posts

Monday, August 22, 2011

Mahindra Satyam gets Rs 2,114 cr tax demand from IT Department!


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Press Trust Of India / ibnlive.in.com / Updated Aug 22, 2011 at 11:07pm IST.


Mumbai: The Income Tax Department has slapped a tax demand of Rs 2,114 crore on IT firm Mahindra Satyam (erstwhile Satyam Computer Services), after disallowing exemptions claimed by the company.

"The company has received draft notices of demand for Rs 1,037.69 crore and Rs 1,075.73 crore for assessment years 2002-03 and 2007-08, respectively," Mahindra Satyam said in a filing to the Bombay Stock Exchange.


A senior official of the company said that they are yet to receive the notice and may approach the I-T tribunal for justice.

"This is only a draft assessment order. We will respond once we receive the tax notice. We may approach the Tribunal. The tax was levied on fictitious income. It is not justified. Even the government is aware that the income was fictitious during that period," the official said.

Tech Mahindra had acquired Satyam Computer after a multi-crore accounting fraud in the company came to light in January 2009. After acquisition, the company was re-branded as Mahindra Satyam.

Mahindra Satyam has been seeking return or adjustment of taxes paid on inflated income when disgraced founder Ramalinga Raju was the chairman of the IT Company.


The company has argued that the tax payments were made on account of alleged fudged records shown by the company.



   
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Sunday, July 10, 2011

INDIA: Smaller states great, but Congress will not act By Prabhu Chawla!

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Prabhu Chawla Last Updated : 09 Jul 2011 11:08:40 PM IST.

Not taking a decision is also a decision. Both Prime Minister Manmohan Singh and Congress Chief Sonia Gandhi seem to have taken a leaf out of former prime minister P V Narasimha Rao’s book.
Manmohan is Rao’s precious gift to the Congress party and the nation, and the prime minister has mastered his mentor’s art of governance. Rao was famous for either delaying decisions or referring contentious issues to committees and commissions. Sonia may like to forget or ignore the Rao chapter in Congress history but the prime minister is taking full advantage of his former teacher’s legacy. One rule amended is: When in doubt, pout. Manmohan doesn’t believe in action, only belated reaction. From acting against A Raja to mishandling the Lokpal Bill, the premier has been forced by an invisible hand to take the call. He has successfully crossed many hurdles but not without getting his reputation muddied. While his Government grapples with rising inflation, a ferocious civil society and a furious judiciary, Manmohan and Sonia are again politically paralysed—this time by the Telangana crisis. Even as a large number of Andhra Congress leaders defy the High Command’s might, the duo is unwilling to bite the bullet, though willing to be hit by it.
For the economist in Manmohan, a smaller state makes economic sense. For the politician in Sonia, it is another opportunity to create yet another fiefdom. The  Telangana agitation’s intensity makes it clear that it won’t subside in a hurry. It has multi-party support, and is spearheaded by students and opinion-makers. While political compulsions may be driving the sustained T-campaign, the arguments put forward make sense. Ever since Andhra Pradesh was formally created in 1956, the people of Telangana have been protesting against the forced merger. Even the first States Reorganisation Commission (SRC) headed by Justice Fazal Ali was opposed to idea of merging Telangana with Andhra Pradesh on economic grounds. In its report, the SRC very categorically stated: “After taking all these factors into consideration, we have come to the conclusions that it will be in the interests of Andhra as well as Telangana, if for the present, the Telangana area is to constitute into a separate state, which may be known as the Hyderabad State with provision for its unification with Andhra after the general elections likely to be held in or about 1961 if by a two-thirds majority the legislature of the residency Hyderabad State expresses itself in favour of such unification.”

01) Long back during early 1950s there was a funny concept of reorganising all state on language basis thus took birth The States Reorganisation Act of 1956.  With that some new states were formed clubbing all same language speaking people under different states like in case of Andhra Pradesh, Karnataka, Maharastra, Gujarat.

02) However, during the same period all Hindi speaking ares of North were not clubbed into one big state, thus paving the way for Bihar, Uttar Pradesh, Rajastan & Madhya Pradesh.

03) Then again, on realising the strong aspirations of regions some new states were again carved like Uttaranchal, Jharkhand, Chattisgarh from UP, Bihar and Madhya Pradesh, respectively.

04)  Now, aspirations of some regions of States like Andhra Pradesh, West Bengal, Maharastra, etc. are being denied for no cohesive reason; however, every political party in India and in the region, concerned, have been taking electoral advantage, term after term, keeping the hopes alive and dashing them after elections causing frustration among the regional aspirants.

05) I, honestly, desire that there there shouldn't be discard and disharmony between any people; if the separation is essential, let there be a peaceful settlement, without leaving any long-term bitterness among the people concerned.

06) Let not political parties play electoral games with the people of different regions with separation aspirations and take a positive decision to create newer states as per the people aspirations.


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Wednesday, July 6, 2011

CAREER OPTIONS: Great demand for Company Secretary!

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NAGESH PRABHU / The Hindu / July 4, 2011.

Students huddle before an exam. File photo
Students huddle before an exam. File photo - The Hindu.

The Company Secretary assists various departments and advises directors on statutory requirements of the company
With the Indian corporate sector witnessing an exponential growth, the demand for qualified professionals who can take up specialised corporate functions has increased. A Company Secretary (CS) is one such professional. Companies with a paid up share capital of Rs.5 crore or more and all companies seeking listing on the stock exchange are required to appoint a full-time Company Secretary.
The Institute of Company Secretaries of India (ICSI), which has been constituted under an Act of Parliament i.e., the Company Secretaries Act, 1980, is involved in developing and regulating this profession. The ICSI has its headquarters in New Delhi, four Regional Councils at New Delhi, Chennai, Kolkata and Mumbai, and 68 Chapters spread across the country.
The Company Secretary assists various departments such as accounts, finance, legal, human resource and administration, and advises directors on statutory requirements of the company.
A CS maintains company records, arranges meetings, plans and manages taxes, assesses loans and investment options and explores expansion, merger, joint ventures and acquisition opportunities.


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Tuesday, July 5, 2011

TELENGANA TANGLE: Quit or face action, Telangana activists tell MLAs!

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    Telangana JAC Chairman Kodandaram cooks near the Charminar during an agitation in Hyderabad - Deccan Chronicle photo
    Telangana JAC Chairman Kodandaram cooks near the Charminar during an agitation in Hyderabad - Deccan Chronicle photo.

    Groups pressing for a separate state of Telangana have stepped up pressure on MPs, ministers and legislators from the region who have not yet resigned.

    Activists of the Telangana Rashtra Samithi (TRS), the Joint Action Committee (JAC) as well as students on Tuesday laid siege to the houses of such leaders, demanding that they resign immediately.

    The TRS and JAC have described them as 'traitors'.

    There was tension in Malkajgiri on the outskirts of Hyderabad as protesters laid siege to the house of Congress legislator Akula Rajender demanding that he resign.

    Police stopped the activists from barging into the house. Two young men climbed a nearby cell phone tower threatening to commit suicide if the leader refused to quit.

    While 82 out of 119 members of assembly from the region have resigned, the rest are reluctant. Five MPs, including union Petroleum Minister S. Jaipal Reddy, have also not yet submitted their resignations.

    Protesters at Uppal in Hyderabad set afire an effigy of Congress MP Sarve Satyanarayana, who has refused to resign.


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    Monday, July 4, 2011

    OFFBEAT, PRISONERS' US RIGHTS: Inmate files lawsuit against jail over pornography ban!

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    Saturday, June 25, 2011

    Puttaparthi traders demand state takeover of Sathya Sai trust!

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    25 JUN, 2011, 10.35PM IST,IANS  / Economic times.

    Sathya Sai Baba

    PUTTAPARTHI: As police intensified probe into the seizure of Rs.35 lakh from a car allegedly linked to the Sathya Sai trust, traders in this bustling pilgrim town in Andhra Pradesh's Anantapur district Saturday observed a shutdown to protest suspected irregularities committed by the trust members. 

    Shops and business establishments were voluntarily closed in the town as dozens of traders, holding placards and shouting slogans, took out a rally, demanding the state government take over the Sathya Sai Central Trust in view of the serious charges of financial misappropriation against its members. 

    Anger is sweeping the business community in the town over the reported acts of omission and commission by the trust. 

    Trust member and late Sathya Sai Baba's nephew R.J. Ratnakar is to appear before police later in the day while another member, V. Srinivasan, is likely to be quizzed Monday. 

    The police issued notices to two of the trust members after three people arrested with Rs.35.5 lakh on July 19 revealed they were transporting the cash from Puttaparthi to Bangalore on the instruction of the trust members. 

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    Friday, May 20, 2011

    Making betting legal in India would help fight corruption: ICC (chief executive Haroon Lorgat)!

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    PTI – 1 hour 28 minutes ago



    New Delhi, May 20 (PTI) ICC chief executive Haroon Lorgat believes making betting legal in the Indian sub-continent would help in monitoring the bookmakers and also "make the fight against corruption easier".
    "If the industry was regulated you could actually work with them, monitor them better and everything would be legal so there is reason to go underground. So our view is if it was to be regulated it would make the fight against corruption much easier for us," Lorgat said.
    Corruption in the game had come to light from time to time with the latest being the spot-fixing scandal which rocked international cricket last August in England, where three Pakistani cricketers were found guilty of being involved in the scam.
    Lorgat said the ICC is now toying with the concept of ''mystery shopper'' to ensure that such an incident doesn''t occur again.
    My take on this is that Tomorrow there would be demands for making Prostitution as a legal profession, so that sex related crimes would go down (a very specious argument, indeed).  There are several other countries which have made it legal but the crime, there, hasn't come down, but in fact has gone up.
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