Companies & Sectors
British unions plan strike on June 22 in dispute with Tata
Tata Steel workers across the Britain will go on strike later this month in a row over British Steel pension scheme, British trade unions have announced.
 
The action would take place on June 22, while a ban on overtime and work-to-rule will be carried out next week, BBC reported.
 
The dispute was over proposed changes to pensions which could see employees retiring at 65 instead of 60.
 
Roy Rickhuss, general secretary of the Community trade union, said Tata had given workers "no option" but take industrial action.
 
On Monday, a television channel reported that Tata Steel Chairman Cyrus Mistry had written a letter to British Prime Minister David Cameron, softening the company's stance in the dispute.

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Tough action against big tax evasion acts as deterrent: CBDT
The Central Board of Direct Taxes (CBDT) on Monday dismissed reports that it has asked its officers to go beyond raids and searches to target tax evaders and said stringent action in big cases of evasion would demonstrate to compliant taxpayers that laws are just and fair.
 
"CBDT clarifies that this is factually not correct. It may be appreciated that the need of the hour is to provide effective deterrence since the soft action in extreme and big cases of tax evasion affects the behaviour of the compliant tax payers," said a finance ministry statement here.
 
"This has been brought out in the latest study conducted by the NIPFP (National Institute of Public Finance and Policy)," it added.
 
The statement referred to a discussion paper circulated during the recently-concluded national conference of chief commissioners and directors general of income tax and said the media reports had taken things out of context.
 
"Effective and stringent action only in known and big cases of tax evasion would go a long way in demonstrating to the large number of compliant tax payers that the tax laws are just and fair and also encourage voluntary tax compliance," CBDT said.
 
Pointing out that cases selected for intrusive action after detailed intelligence gathering and due diligence are exceptional and are not the norm for routine cases, CBDT added: "It may be noted that only 537 searches were conducted in financial year 2014-15 in which admitted undisclosed income was to the tune of Rs.10,288.05 crore."
 
Finance Minister Arun Jaitley last month asked the income tax department to squeeze the parallel economy, also called black economy, without being harsh.
 
"The parallel economy has to be squeezed and this has to be done in a very fair manner, not in a harsh manner. In doing so, as senior officers you have to maintain the highest standard of integrity," Jaitley said, addressing the annual conference of senior officials of the CBDT.
 
"Black money has to be squeezed," he said, adding that the government has taken a series of measures to curb black money, including passage of the black money law by parliament and the introduction of the Benami Transactions (Prohibition) Bill to deal with domestic illegal wealth.

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RBI allows banks to control company if debt restructuring fails
The Reserve Bank of India (RBI) on Monday allowed banks to recast a company's debt under a "strategic debt restructuring" (SDR) scheme wherein the lender must hold 51 percent or more of the equity after the debt-for-share conversion.
 
"Post the conversion, all lenders under the JLF (joint lenders' forum) must collectively hold 51 percent or more of the equity shares issued by the company," the RBI said in a notification.
 
The central bank said that banks will have to closely monitor the performance of the company and should appoint professional management to run the company. At the same time, the banks themselves should try and sell their stake "as soon as possible," it added.
 
The RBI announced a set of guidelines on the SDR scheme, which provides a more flexible process for lenders to recover bad loans.
 
Other measures announced on Monday include allowing lenders to convert debt to equity within 30 days of the review of the company accounts.
 
Moreover, lenders who acquire shares of a listed company under a restructuring will be exempted from making an open offer, as per rules from capital markets regulator Securities and Exchange Board of India (Sebi), the RBI said.
 
Sebi had already allowed such conversion of loan into equity shares on March 22.
 
These restructuring norms will apply to all company accounts before Monday, the RBI said.

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