Companies & Sectors
NDTV gets show cause notice from Income Tax Dept
Prannoy Roy-led New Delhi Television Ltd (NDTV) has informed the Bombay Stock Exchange (BSE) that it received a show cause notice from a Deputy Commissioner related with an assessment order (AO) passed by the Income Tax Department for assessment year 2009-10. Earlier in February 2014, the I-T Department had served a tax demand of Rs450 crore on the company for AY2009-10, which the company did not inform to exchanges at that time. 
 
In a regulatory filing, NTDV stated that the matters included in the show cause notice received by it are 'premature, arbitrary and unlikely to be sustained in law.' “The company's bonafide belief is that it will succeed in its appeal before Income Tax Appellate Tribunal (ITAT) and no penalty could be levied as alleged in the show cause notice,” it added.
 
The assessment of AY2009-10 is sub-judice before the ITAT. NDTV had appealed before the ITAT against the assessment order dated 21 February 2014. The ITAT had stayed the demand arising out of the assessment order on payment of Rs5 crore, as per NDTV's filing with the stock exchanges.  The appeal has been pending before the ITAT for more than two years. 
 
This show cause notice comes on the back of the show cause notice from Securities and Exchange Board of India (SEBI) against the company and its promoters for their failure to multiple disclosures information to exchanges. (Read: SEBI finally initiates action against NDTV, promoters)

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RBI simplifies registration of new NBFCs
The Reserve Bank of India on Friday simplified the registration process for new non-banking financial companies (NBFCs).
 
"The application form for the registration of new NBFCs has been revised to make the process smoother and hassle-free. The number of documents to be submitted by the NBFC applicants has also been reduced from existing 45 to 7-8," the RBI said in a statement.
 
Henceforth, there will be two types of applications for non-deposit accepting NBFCs, based on sources of funds and customer interface, the statement said.
 
The applications for new NBFCs need to be submitted to the RBI's Non-banking Regulation Department in Mumbai, it said.
 
However, the RBI may, if necessary, call for more documents to satisfy itself on the firm's eligibility to seek registration as an NBFC, following which the company must respond within a month, it added.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

 

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HDFC Life in discussions to take over Max Life Insurance
In one of the biggest consolidations to happen in the Indian life insurance sector, Max Life Insurance and Max Financial Services have signed agreements to evaluate a potential merger with HDFC Standard Life Insurance Company Ltd.
 
A regulatory filing in the BSE by Housing Development Finance Corporation Ltd (HDFC) on Friday said the Board of Directors of HDFC Standard Life Insurance at a meeting on June 17, 2016, has approved entering into a confidentiality, exclusivity and standstill agreement to evaluate a proposal for a potential combination through a merger of Max Life Insurance Company Limited and Max Financial Services Limited with HDFC Life by way of a scheme of arrangement.
 
The proposed arrangements would be subject to due diligence, definitive documentation and applicable board, shareholder, regulatory, respective High Courts and other approvals.
 
HDFC Standard Life is a joint venture between HDFC with 61.63 per cent stake, Standard Life (Mauritius Holdings) 2006 Ltd with 35 per cent stake and the rest by others.
 
Earlier this month, HDFC had announced that its general insurance company HDFC ERGO General Insurance's board had approved the acquisition of L&T General Insurance Company for Rs 551 crore.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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