Companies & Sectors
Tax tribunal rules against Vodafone

The income-tax (I-T) department has jurisdiction in the Rs8,500 crore transfer-pricing tax dispute involving the sale of its call centre business to Hutchison in 2007

 

The Income Tax Appellate Tribunal (ITAT) has ruled that that the income-tax (I-T) department has jurisdiction in the Rs8,500 crore transfer-pricing tax dispute involving the sale of its call centre business to Hutchison in 2007.

 

''Assessee's (Vodafone India) appeal is partly allowed. But according to us, this is an international transaction and the assignment of call option took place,'' the 2 judge ITAT bench said.

 

ITAT was hearing a plea of Vodafone India Services, made in 2012, challenging the jurisdiction of the tax department in issuing a draft transfer-pricing order that sought to add Rs 8,500 crore to Vodafone's taxable income for FY08.

 

The order came after the Bombay High Court had refused to intervene in the matter earlier and asked the Tribunal to hear the case on a day-to-day basis. The matter will now go back to the HC as Vodafone can appeal against the ITAT order. The I-T department had asked Vodafone to cough up Rs3,700 crore as tax last year for sale of its call centre business to Hong Kong-based Hutchison in 2007. However, in that case the Bombay HC had ruled in Vodafone's favour and dismissed the IT department's claim.

 

This case is separate from the other major tax battle Vodafone has been fighting, which involved a tax liability of another Rs3,200 crore. But this claim was earlier dismissed by the Bombay HC.

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Wisdom Agro Tech India Limited and its directors restrained from collecting fresh money from investors

Wisdom Agro Tech India Limited had been collecting funds from the "customers/investors” for its land schemes, prima-facie violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999

 

S Raman, whole time member, SEBI, has passed an order on Wisdom Agro Tech India Limited and its directors viz.,  Anantharaman Nallaperumal,  Govinda Pillai Reghukumaran,  Gilbert James Dhason,  Kumaresan Vasanthakumari,  Jeyashoba Thankappan Rajam and Ex-Director Prabhu Kannan, directing them not to collect any fresh money from investors under its existing schemes and not to launch any new schemes or plans or float any new companies to raise fresh monies.
 
The order further directed the company and its directors not to dispose off or alienate any of the properties/assets obtained directly or indirectly through money raised from its schemes and not to divert any funds raised from public at large which are kept in bank accounts and/or in the custody of the company. 
 
The company was also directed to submit the latest inventory of its assets including land obtained through money raised.
 
Wisdom Agro Tech India Limited had been collecting funds from the "customers/investors” for its land schemes, prima-facie violating the provisions of the SEBI Act and SEBI (Collective Investment Schemes) Regulations, 1999.
 

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COMMENTS

Kiran Aggarwal

3 years ago

Doing land schemes by using
misleading name
Agro Tech India .

Another PEARL REAL ESTATE SCAM IN MAKING .

SEBI SHOULD IMPOSE HEAVY PENALTY
FREEZE THE ASSETS
AND START LIQUIDATION

I AM CONVINCED THAT PROMOTERS WILL HAVE SHADY BACKGROUND - AS THEY HAVE BRAZENLY VIOLATED SEBI GUIDLINES

Vikram Akula to acquire 26 % stake in financial inclusion start-up VAYA

VAYA is a business correspondent which facilitates savings and loans for self-help groups of women on behalf of banks

 

Vikram Akula, the controversial founder and former chairperson of SKS Microfinance, who was removed from SKS Microfinance after the Andhra Pradesh microfinance crisis, has been appointed chairman of the financial inclusion start-up VAYA Finserv Pvt. Ltd. Akula will also take a 26% stake in VAYA, according to a release from the company.
VAYA is a business correspondent which facilitates savings and loans for self-help groups of women on behalf of banks. The company was founded by former SKS Microfinance executives and opened its first branch in July, and now has 23 branches with 183 employees across six districts of Eastern Maharashtra and Northern Karnataka. 
 
“Now that my 3 year non-compete period is over, I was looking to get back to financial inclusion,” said Akula. “I chose to join VAYA because it is focused on under-banked districts, it has a great team, and it uses a next-generation technology platform that will become the future of financial inclusion.”  VAYA is the first business correspondent to use tablet banking in the field. The field officers tablets connect to a centralised online system that has the ability to interface seamlessly with core banking systems, to ensure daily cash settlement with partner banks. 
 
Akula commented that VAYA is intending to apply for a bank license. “I think that both the creation of small banks as well payments banks is an extremely progressive step on the part of the RBI, and this will certainly help enhance financial inclusion. We are working with our advisors on preparing a small bank license application.”
 
The Reserve Bank of India (RBI) had released final guidelines for small banks and payment banks on 27 November and sought applications by 16 January from those interested in applying for a small bank licence. “While VAYA has a robust plan to grow as a BC, a small bank licence will assist us in furthering financial inclusion by providing loans to small business units, small and marginal farmers, micro and small industries and other unorganized sector entities” said Vikram Akula. “We also have an option to apply for a payments bank license,” added Akula.
 
While Akula garnered many accolades over his career and initial years at SKS Microfinance, the Andhra Pradesh Microfinance crisis seriously dented the industry and the company. SKS refused to accept Akula's presence on its board. Under Akula's watch, SKS suppered the brunt of the Andhra Pradesh crisis, which resulted in a huge loss of jobs and extensive delinquency of loans. The RBI restructured microfinance loan books, and it is to be seen if and how the RBI considers at Akula's this latest foray and bank license application.

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