Taxation
Four north Indian states agree on uniformity in tax rates
The north Indian states of Delhi, Punjab, Haryana and Himachal Pradesh on Thursday agreed on achieveing uniformity in tax rates, a Delhi government statement said.
 
The consensus was brought in a meeting of finance ministers of these states at the Delhi Secretariat on Thursday.
 
"There should be uniformity in rates of VAT on all goods, especially the goods in which trade diversion takes place, with minimum difference in the sale price," the statement said.
 
Delhi's Deputy Chief Minister Manish Sisodia, who also holds the finance portfolio, his Punjab counterpart Sukhbir Singh Badal along with the finance ministers of Punjab, Haryana and Himanchal Pradesh took part in the meeting.
 
The statement said that a committee of secretaries/commissioners of finance/taxation departments of the states should be formed and its decisions should be implemented in a time bound manner.
 
Punjab's commissioner, excise and taxation will coordinate the meeting, it added.
 
The ministers also agreed to establish a Zonal Economic Intelligence Unit to avoid cross-border smuggling of goods.

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SEBI charges Murugappa group chairman Vellayan of insider trading
Market regulator on Thursday charged A.Vellayan, chairman of Murugappa group and three other persons of insider trading.
 
The Securities and Exchange Board of India (SEBI) in an order said Vellayan also the chairman of Coromandel International seemed to have passed on unpublished price sensitive information (UPSI) to other persons in the matter of acquiring Sabero Organic Gujarat.
 
The other persons charged by SEBI for insider trading are Gopalakrishnan C, V.Karuppiah and A.R. Murugappan.
 
Karuppiah is the son-in-law of Murugappan. Vellayan's grandfather is the brother of Murugappan's mother.
 
SEBI in its order impounded unlawful gains along with interest to the tune of Rs.2.15 crore made by Gopalakrishnan and Karuppiah.
 
The market regulator said the unlawful gains are lying in the bank accounts of Gopalakrishnan, Karuppiah, Murugappan and Vellayan.
 
If the funds are found to be insufficient to meet the figure of unlawful gains, as directed, then the securities lying in the demat account of these persons shall be frozen to the extent of the remaining value, SEBI said.

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Coal block allocation case: Jindal, others get bail
A court here on Friday granted bail to industrialist Naveen Jindal, former Jharkhand chief minister Madhu Koda and eight others in a case relating to the allocation of coal blocks.
 
Central Bureau of Investigation (CBI) Special Judge Bharat Parashar granted bail to the accused and asked them to each furnish a personal bond of Rs.1 lakh and surety of the like amount.
 
The court directed them not to leave the country without prior permission. 
 
Among others who got bail are former union minister of state for coal Dasari Narayan Rao and former coal secretary H.C. Gupta.
 
The CBI on April 29 filed a chargesheet against Jindal, Koda, Rao, Gupta and six others - Gyan Swaroop Garg, Suresh Singhal, Rajeev Jain, Girish Kumar Juneja, R.K. Saraf and K. Ramakrishna.
 
Five private companies - four based in Delhi and one in Hyderabad - have also been named in the chargesheet.
 
The companies are Jindal Steel and Power Ltd, Gagan Sponge Iron Pvt Ltd, Jindal Reality Pvt Ltd, New Delhi Exim Pvt Ltd and Sowbhagya Media Ltd.
 
The CBI has formally charged them with criminal conspiracy, cheating and various provisions of the Prevention of Corruption Act.
 
The case relates to the allocation of Jharkhand's Amarkonda Murgadangal coal block to Jindal Steel and Gagan Sponge.
 
The agency said the Amarkonda Murgadangal coal block allocation was recommended by the 35th screening committee.
 
"It was alleged that two steel and iron companies based in Delhi misrepresented facts to get coal blocks. Also, there was alleged investment in a Hyderabad-based firm from the group of companies based at Delhi," said a CBI official.
 
Rao was the union minister of state for coal between 2006 and 2009 when the irregularities allegedly took place.
 
According to the official, searches were conducted on June 11, 2013 at 19 locations in Delhi and Hyderabad in connection with the case.

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