Real Estate: Unitech To Pay Penalty to Buyers for Delay in Gurgaon Project
Realty firm Unitech said that the delivery of flats in its housing project ‘Residences’ at Gurgaon got delayed and the company would pay the penalty to buyers.
 
“The matter pertains to a housing project known as Residences in Gurgaon, Haryana. All sanctions/approvals, no objections, etc, as required under the law have been procured by the company. Due to market recession, shortage of labour, ban imposed by the High Court on use of ground water for construction and delay in clearances from the regulatory authorities, etc, the delivery of the apartments to allottees got delayed,” Unitech said in a filing to the BSE.

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Tax-proofing
Moneylife has been getting many queries regarding the implications of investment in the name of spouse and children. In many families, the wife is a home-maker and the husband is in the highest tax bracket. There is a temptation to pass on assets and invest in the wife’s name, to save taxes. The subject is tricky as tax laws do not want you to evade taxes by transferring your assets. Income tax has, what are called, ‘clubbing’ provisions which add the income of the wife with that of the husband. 
 
Not many are aware of the details of these provisions. What happens to the interest or dividend generated from investments made in the name of the wife? Is it yours or it is now the spouse’s money? It gets even more complicated if re-investment of such income generates additional interest or dividend. Raj Pradhan explains it all after getting the feedback from various chartered accountants (CAs). Read the Cover Story to get a hang of this tricky issue.
 
The enormous corruption of the UPA government headed by a clean Dr Manmohan Singh is in the news, again, after the court has summed Dr Singh to give evidence. Sucheta, in her Different Strokes column, assesses Dr Singh’s role as prime minister from 2004 to 2014 and as finance minister from 1991 to 1996 and explains how he stood by and allowed the plunder of national resources, even if he did not touch a penny of the loot. In her Crosshairs column, Sucheta writes on how the Reserve Bank of India has created a level playing field for credit bureaus, at last; but more needs to be done at the consumers’ end to resolve several issues. 
 
Looking to buy bank stocks? R Balakrishnan outlines what you should look out for before investing in this sector. One more excellent practical guide to buying stocks by Bala.
 
It’s been a year already since we launched Moneylife Smart Savers (savers.moneylife.in), a one-stop source for your personal finance needs. We are updating the website adding more features. If you aren’t a member, you are missing out on being part of a community where you can, at last, be safe as well as prosperous. 

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2G Scam: Maran brothers challenge jurisdiction of the CBI court

Both Dayanidhi and Kalanidhi Maran filed separate petitions challenging the jurisdiction of special 2G Court to try the Aircel-Maxis deal case 

 

Former minister for telecom Dayanidhi Maran and his brother Kalanithi Maran on Monday filed separate petitions challenging the jurisdiction of special 2G court to try the Aircel-Maxis deal case in which they have been summoned as accused along with others.
 
Special Court judge OP Saini issued notice to the Central Bureau of Investigation (CBI) seeking the agency's response on the pleas field by the Maran brothers on 3rd August.
 
During the hearing, the CBI also filed their response on the bail pleas filed by the Maran brothers, which will be heard on 3 August 2015.
 
The court also issued fresh summons to the four other accused, Malaysian business tycoon T Ananda Krishnan, Augustus Ralph Marshall and two accused companies after the CBI said that the summons issued against them have not been served yet.
 
Senior public prosecutor KK Goel told the Court that summons to these four accused have not been served yet and they need at least three months’ time for it.
 
“We are helpless. We need time. This will be done through diplomatic channel,” the prosecutor said.
 
The court after hearing the submissions posted the matter for 3rd August for hearing arguments on the bail pleas of the Maran brothers, their plea challenging the jurisdiction of the court to try the case and the process of serving the summons to Malaysia-based accused.
 
Maran brothers and authorised representatives of the accused firm Sun Direct TV Pvt Ltd were present in the court during the hearing.
 
Besides the Maran brothers, T Ananda Krishnan and Augustus Ralph Marshall, the court had also summoned four companies — Sun Direct TV Pvt Ltd, Maxis Communication Berhad, South Asia Entertainment Holding Ltd and Astro All Asia Network PLC — as accused in the case.
 
The court, on 29 October 2014 had summoned all the eight as accused after taking cognisance of the CBI’s charge sheet filed in the case.
 
CBI has listed them in the charge sheet for the offences punishable under section 120-B (criminal conspiracy) of the IPC and under relevant provisions of the Prevention of Corruption Act.
 
The agency had earlier told the court that five of the eight accused were residing and based in different countries like Malaysia, Mauritius and the UK while the remaining three were based in Chennai.
 
On 29th August last year, the CBI had filed the charge sheet in the case containing the names of 151 prosecution witnesses and a set of 655 documents, on which it has relied upon during its probe.
 
CBI had alleged in the court that Dayanidhi Maran had “pressured” and “forced” Chennai-based telecom promoter C Sivasankaran to sell his stakes in Aircel and two subsidiary firms to Malaysian company Maxis Group in 2006.
 
It argued that the case involves investigation in foreign countries and there were sufficient grounds to proceed against the accused named in the charge sheet.
 

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COMMENTS

MOHAN

2 years ago

“If the facts are against you, argue the law. If the law is against you, argue the facts. If the law and the facts are against you, pound the table and yell like hell”

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