TCS to pay $30 million to settle employee class action suit in US
Posted Date : 27-Feb-2013 , 02:09:09 pm | Posted By CASANSAAR
Tata Consultancy Services (TCS) will pay $30 million (Rs 163 crore) to settle a sevenyear-old case in the US filed by two former employees, making it the largest employee class action suit settlement by any Indian company. Besides TCS, the case — originally filed in 2006 in Californ...
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4 FDI Proposals Amounting to Rs. 280.00 Crore Approved by FIPB
Posted Date : 28-Jan-2013 , 07:28:59 pm | Posted By CASANSAAR
Further to Para 5 of the Press Release dated January 11, 2013 regarding Foreign Direct Investment (FDI) proposals approved by FIPB, wherein it was stated that decision in case of the Five (5) proposals will be communicated separately, the Central Government has now approved the following Four (...
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FDI in retail: How will you protect small traders, SC asks govt
Posted Date : 22-Jan-2013 , 01:50:55 pm | Posted By CASANSAAR
Amidst protest against the 49 percent FDI in multi-brand retail which was passed by the government, the Supreme Court on Tuesday added pressure on the centre by asking how it was going to protect the interest of the small traders.
Under the bill, major foreign retail companies such as Wal...
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Tamil Nadu businessman
Posted Date : 13-Jan-2013 , 03:48:36 pm | Posted By CASANSAAR
The finance ministry officials have found the US treasury bonds — valued at around Rs 25,000 crore — possessed by a Tamil Nadu-based trader to be fake. Now, he is under the scanner for making frequent trips to Myanmar.
Sources said the Tirupur businessman TM Ra...
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U.S. court dismisses claims against former Satyam directors
Posted Date : 03-Jan-2013 , 02:54:57 pm | Posted By CASANSAAR
A U.S. court has dismissed civil claims filed against former independent directors of erstwhile Satyam Computer, saying they themselves were victims of over $ 1-billion accounting fraud at Indian IT firm.
Hearing the petition, the US District Court Judge Barbara Jones of...
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Govt approves 12 FDI proposals worth over Rs 802 cr
Posted Date : 26-Dec-2012 , 08:37:05 pm | Posted By CASANSAAR
The government on Wednesday approved 12 foreign direct investment (FDI) proposals, including that of Ratnakar Bank, totalling over Rs 802 crore.
The Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram, however, rejected Mahin...
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FDI in services sector up 5 pc in April-Oct
Posted Date : 25-Dec-2012 , 06:31:20 pm | Posted By CASANSAAR
India's foreign direct investment (FDI) inflows into the services sector increased by a mere 5 per cent to $3.6 billion during the April-October period of this fiscal, according to the latest data of industry ministry. The financial and non-financial services sector had attracted ...
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Facebook 'paid just 2.9m pounds in tax on profits of 800m pounds' made outside US: report
Posted Date : 25-Dec-2012 , 08:48:25 am | Posted By CASANSAAR
Now, Facebook has come under fire for its tax affairs in the UK after it emerged that the social networking giant paid just 2.9 million pounds in tax on profits of over 800 million pounds.
Filings for Facebook Ireland, through which all of the social network's profits outside...
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Government Reviews Foreign investment Policy for Assets
Posted Date : 21-Dec-2012 , 08:28:43 pm | Posted By CASANSAAR
The Central Government had permitted Foreign Direct Investment (FDI) in the equity capital of Asset Reconstruction Company (ARCs) upto 49% vide Press Release dated 08.11.2005. Further, on 09.11.2005, the Government permitted the Foreign Institutional Investors (FIIs) registered with the Securities a...
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India lost $123 billion in black money in a decade
Posted Date : 18-Dec-2012 , 01:58:38 pm | Posted By CASANSAAR
The Indian economy suffered USD 1.6 billion in illicit financial outflows in 2010, capping-off a decade in which it experienced black money losses of USD 123 billion, according to a new report.
India is ranked as the decade's 8th largest victim of illicit capital fligh...
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HSBC to pay record $1.9 bln U.S. fine in money laundering case
Posted Date : 11-Dec-2012 , 04:56:42 pm | Posted By CASANSAAR
HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.
HSBC Holdings Plc admitted to a breakdown of controls and apologised in...
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Wal-Mart lobbying bill hits Rs 125 crore on India entry
Posted Date : 10-Dec-2012 , 07:45:40 am | Posted By CASANSAAR
Global retail giant Wal-Mart — waiting for years to open its supermarkets in India — has been lobbying with the US lawmakers since 2008 to facilitate its entry into the highly lucrative Indian market.
According to lobbying disclosure reports filed by Wal-Mart with the US ...
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FDI Proposal Worth Rs. 27 Crore Cleared
Posted Date : 04-Dec-2012 , 08:52:50 pm | Posted By CASANSAAR
The Government has approved one proposal of Foreign Direct Investment amounting to Rs. 27.72 croreapproximately. The Foreign Investment Promotion Board (FIPB) approved it while considering the 14 pending proposals decision on which was deferred at its earlier ...
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EBay's double tax base prompts calls for investigation
Posted Date : 01-Dec-2012 , 07:53:05 am | Posted By CASANSAAR
Britain and Germany may have missed out on a combined $1 billion in sales tax since online marketplace eBay picked a tiny Luxembourg office as its base for EU sales, a shift that lawmakers say should now be investigated. EBay's nomination of Luxembourg unit eBay Europe Sarl ...
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Indian companies second worse in world on fraud after Africa
Posted Date : 29-Nov-2012 , 08:34:20 am | Posted By CASANSAAR
India has the highest number of fraud-hit companies after Africa, according to a report by global advisory firm Kroll.
Fraud risks in India remain above the global average and, outside Africa (77 per cent), the country has seen the highest number of companies affected by frauds at 68 per ce...
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RBI amendments in FEMA to allow FDI in multi-brand retail may spell more trouble for UPA
Posted Date : 28-Nov-2012 , 08:30:38 am | Posted By CASANSAAR
Government may face fresh trouble in Parliament over the recent RBI amendments in FEMA to allow FDI in multi-brand retail, with CPI(M) today saying these have to be voted within a time-frame as laid down in law. The statement by senior CPI(M) leader Sitaram Yechury came on the fourth ...
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Companies with turnover of Rs 100 crore can set up tech institutes: Govt
Posted Date : 28-Nov-2012 , 08:28:03 am | Posted By CASANSAAR
Private and public companies with a turnover of at least Rs 100 crore per year over a 3-year period have been allowed to set up technical institutes from the next academic session to meet the increasing demand of such institutes.
They can establish new technical institution in eng...
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Foreign National to Open Banks in India
Posted Date : 23-Nov-2012 , 11:02:10 pm | Posted By CASANSAAR
As per the “Draft Guidelines for Licencing of New Banks in Private Sector” issued by the Reserve Bank of India (RBI) on 29.08.2011, only entities/groups in the private sector that are owned and controlled by residents shall be eligible to promote banks. RBI has formulated the Know Y...
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Forex reserves down at $294.34 billion on November 2: RBI
Posted Date : 10-Nov-2012 , 09:45:29 pm | Posted By CASANSAAR
India's foreign exchange reserves fell to $294.34 billion as of Nov. 2 from $295.29 billion in the previous week, RBI said in its weekly statistical supplement on Friday.
Changes in foreign currency assets, expressed in dollar terms, include the effect of appreciation or...
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Hinduja owned Gulf Oil to acquire US-based Houghton International for $1.05 bn
Posted Date : 07-Nov-2012 , 09:01:05 pm | Posted By CASANSAAR
In the second biggest acquisition by an Indian company this year, Hinduja Groupowned Gulf Oil Corporation on Wednesday announced acquisition of US-based speciality chemicals maker Houghton International Inc for $1.05 billion (about Rs. 5,670 crore).
Gulf Oil will buy 100 per ...
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Business leaders welcome Obama
Posted Date : 07-Nov-2012 , 08:57:37 pm | Posted By CASANSAAR
Leaders of India Inc today welcomed the re-election of Barack Obama as the US President saying that continuity will be good for bilateral relations, but some of them expressed concerns over the outsourcing issue.
Godrej Group Chairman Adi Godrej told reporters on the sidelines of the World...
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Dr Rakesh Mohan Takes Charge as Executive Director, IMF
Posted Date : 03-Nov-2012 , 08:11:28 pm | Posted By CASANSAAR
Dr. Rakesh Mohan has assumed charge as Executive Director on the Board of the International Monetary Fund (IMF). In addition to India, Dr. Mohan will also be representing three other countries in the constituency, viz. Bangladesh, Sri Lanka and Bhutan on the Board of the IMF. Dr. Mohan was earl...
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France makes $1.3 billion tax claim against Google: Report
Posted Date : 31-Oct-2012 , 08:14:09 am | Posted By CASANSAAR
French tax authorities have made a billion-euro ($1.3 billion) claim against Google to pressure the US Internet giant to compromise in a dispute over compensation to media websites, a French newspaper reported. The weekly Canard Enchaine said in its edition to hit newstands today that the tax c...
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Govt set to ease FDI rules for companies
Posted Date : 17-Oct-2012 , 07:49:38 am | Posted By CASANSAAR
The government is likely to let foreign investors subscribe to warrants and partly paid-up shares issued by companies as part of a move to speed up approvals and facilitate faster flow of overseas funds into the economy.
Government officials told TOI that the move, which has been in the pip...
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Vikram Pandit steps down as Citigroup CEO
Posted Date : 16-Oct-2012 , 10:43:07 pm | Posted By CASANSAAR
In an abrupt exit, Citigroup's India-born CEO Vikram Pandit resigned on Tuesday after nearly a five-year tenure during which he steered US’s third-biggest bank through the difficult years after the 2008 financial crisis.Nagpur-born Columbia University graduate Pandit (55), who had been the CEO...
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New FDI policy in conflict with FEMA regulations: SC
Posted Date : 16-Oct-2012 , 07:48:20 am | Posted By CASANSAAR
The Centre may have to defer till November 5 implementation of its decision allowing FDI in retail trading with the Supreme Court on Monday pointing to a technical glitch.
A bench comprising Justices R M Lodha and A R Dave agreed with PIL petitioner M L Sharma that the decisions relating to 51% FDI...
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Goldman CEO ready to pay 5% more in taxes for budget deal
Posted Date : 12-Oct-2012 , 07:44:12 am | Posted By CASANSAAR
Goldman Sachs chief executive, Lloyd Blankfein, became the latest big-name business leader to pledge to pay steeper tax - 5 percent, he said - in exchange for a long-term bipartisan deal in Congress to keep the country from falling off the "fiscal cliff." Blankfein is part of a group ...
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Yahoo! names Ken Goldman as Chief Financial Officer
Posted Date : 26-Sep-2012 , 03:33:26 pm | Posted By CASANSAAR
Yahoo! today said Ken Goldman will join the company as chief financial officer (CFO) with effect from October 22, as recently appointed chief Marissa Mayer tries to turn around the Internet company.
In this role, he will be responsible for the company's global finance functions, including f...
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Govt cuts tax on overseas corporate borrowing
Posted Date : 21-Sep-2012 , 02:39:19 pm | Posted By CASANSAAR
The government slashed a tax on overseas borrowings by local companies on Friday, giving them access to cheaper funds and cheering investors as the government pressed on with reforms to revive economic growth.
Under the new rules, which were proposed in the budget for 2012/13 in March bu...
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Govt notifies FDI decisions
Posted Date : 21-Sep-2012 , 08:17:51 am | Posted By CASANSAAR
Less than 24 hours before Mamata Banerjee’s Trinamool Congress was due to walk out of the UPA, the government Thursday went ahead and notified its decision to allow FDI in multi-brand retail, among others, reflecting its resolve to stick to its reform announcements despite the threat to its st...
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