Kotak Mahindra Mutual Fund launches 370 days fixed maturity plan

Kotak Mahindra Mutual Fund new issue closes on 18th April

Kotak Mahindra Mutual Fund has launched Kotak FMP Series 44 (370 Days), a close-ended income scheme.

The investment objective of the scheme is to generate returns through investments in debt and money market instruments with a view to significantly reduce the interest rate risk. The scheme will invest in debt and money market securities, maturing on or before maturity of the scheme. The tenor of the plan is 370 days.

The new issue closes on 18th April. The minimum investment amount is Rs5,000. Deepak Agrawal and Abhishek Bisen are the fund managers. The benchmark index of the scheme shall be CRISIL Short Term Bond Index.

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HDFC Life introduces ‘most important document’ for customers

Most important document is a one-page questionnaire on HDFC Life’s key product features to be filled by customers, acknowledging full understanding of the product features at the time of filling up proposal forms

HDFC Life has rolled out 'Most Important Document (MID),' a one-page questionnaire on HDFC Life's key product features to be mandatorily filled by customers in full and sign across, acknowledging full understanding of the product features at the time of filling up proposal forms.

The MID has been rolled out across all its main distribution channels with effect from 8 April 2011. The roll out of MID is a proactive initiative from HDFC Life to ensure that customers understand products well before making a decision to purchase it.

Amitabh Chaudhry, MD and CEO, HDFC Life said, "The objective of MID is to enhance product understanding among our customers and minimise mis-sale. All our main distribution channels would follow the process of submitting MID along with proposal forms."

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SC asks Vodafone to appear before I-T Dept in tax case

The court also made it clear that if the I-T Department passes any order for penalty, it would not be enforced till Supreme Court's further order as the main matter of tax dispute is still pending in the apex court

New Delhi: The Supreme Court today directed UK-based telecom major Vodafone to appear before the Income Tax (I-T) Department which had instructed the company to pay penalty in the $2 billion tax case relating to the telecom major's stake purchase in Hutchison-Essar, reports PTI.

A three-judge bench headed by chief justice SH Kapadia asked the company to file its representation before the I-T department.

"We direct the company to file its representation before the official concerned in this case. ...the officials would proceed in the matter," the court said.

Meanwhile, the court also made it clear that if the I-T Department passes any order for penalty, it would not be enforced till Supreme Court's further order as the main matter of tax dispute is still pending in the apex court.

"No steps would be taken to enforce a penalty if imposed on the petitioner," the court said.

During the proceedings, the Supreme Court told telecom major Vodafone that the tax penalty is at an initial stage because only notices have been issued till now by the I-T Department to the company.

"They (I-T Department) are asking you (Vodafone) to appear only. You go and appear and put your representation there. Let them pass order," the bench said.

Earlier, the I-T Department had issued a notice to Vodafone in March saying penal action would be initiated against the British telecom major in the tax case.

Vodafone in 2007 had purchased 67% stake of Hutchison in Hutchison-Essar for over $11 billion. The I-T Department had raised a demand of about $2 billion on Vodafone as it failed to deduct (withhold) tax at the time of stake purchase.

The I-T Department had on 23rd March sought to penalise Vodafone International, the holding company of Vodafone Essar, for failure to present Cayman Island income tax returns and certain other documents.

The I-T Department had asked for these documents between January and October 2009.

Earlier, the apex court had directed Vodafone to submit Rs2,500 crore and along with a bank guarantee worth Rs8,500 in the Rs11,000 crore tax demand by the IT officials.

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