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Tokyo stocks tumble
Tokyo : Tokyo stocks tumbled on Wednesday as the ongoing downtrend in oil prices coupled with concerns for the outlook of the global economy contributed to a dire market mood.
 
The 225-issue Nikkei Stock Average lost 367.04 points, or 2.15 percent, from Tuesday to 16,681.33, while the broader Topix index of all First Section issues on the Tokyo Stock Exchange dropped 28. 30 points, or 2.04 percent, at 1,362.11, reports Xinhua.
 
On the main section all industry sections retreated into negative territory, with major decliners by the break comprising mining, marine transportation, and oil and coal-linked shares.
 
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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Maharashtra to make do with old chopper, save money

The decision was taken at a cabinet meeting presided over by Chief Minister Devendra Fadnavis, according to officials

 

The Maharashtra government decided on Tuesday against buying new helicopters for Rs.1 billion and instead to get its existing chopper repaired at a cost of about Rs.24 crore.
 
The decision was taken at a cabinet meeting presided over by Chief Minister Devendra Fadnavis, according to officials.
 
Investing in a new chopper would have entailed an expenditure of around Rs.100 crore which would now be saved, the officials said after the cabinet meeting.
 
The state government's existing eight-seater Dauphin AS-365N3 helicopter was acquired from the French manufacturer EuroCopters in 2001 for Rs.23 crore and used to ferry 'very important persons' like the governor, chief minister, deputy chief minister and state guests.
 
For the past five years, the state government was toying with the idea of replacing the Dauphin with two new twin-engine choppers and even invited tenders for the purpose.
 
As the Dauphin is out of service, the state government currently uses a Sikoesky S76C chopper, acquired in December 2011, for ferrying its 'very important persons' and state guests.
 
After the Dauphin is repaired, it will be air-worthy for at least 10-15 years, besides savings on maintenance and other costs, officials said.
 
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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Cairn Energy to seek damages for retrospective tax demand

Cairn said it had initiated arbitration challenging the levy under the bilateral investment treaty

 

Britain-based Cairn Energy on Tuesday said it is contesting a Rs.10,247 crore ($1.6 billion) retrospective demand raised by India's income tax department and it will seek damages for losses resulting from the department's attachment of its stake in Cairn India.
 
"International arbitration proceedings to resolve the retrospective tax issue in India have now formally commenced following the agreement between Cairn and the government of India on the appointment of a panel of three international arbitrators under the terms of the UK-India Investment Treaty," chief executive Simon Thomson said in a statement here.
 
Cairn said it had initiated arbitration challenging the levy under the bilateral investment treaty.
 
"Cairn has a high level of confidence in its case under the UK-India Investment Treaty, and in addition to resolution of the retrospective tax dispute, its statement of claim to the arbitration panel will seek damages equal to the value of Cairn's residual shareholding in Cairn India Ltd at the time it was attached (approximately $1 billion)," the statement said.
 
While Cairn has earlier named former Bulgarian minister Stanimir Alexandrov as its arbitrator in the tax dispute, the Indian government in November appointed Singapore-based lawyer J.Christopher Thomas as its arbitrator.
 
Cairn Energy, which in 2011 sold majority stake in Cairn India to mining major Vedanta Resources, has said it had to scale back on investments as it was barred by the income tax department from selling its residual 9.8 percent stake.
 
The demand relates to alleged Rs.24,500 crore capital gains it made in 2006 when it transferred all its India assets to a new company, Cairn India, which got listed on the stock exchanges.
 
"Correspondence received from the income tax department indicates that the assessment stems from amendments introduced in the 2012 Finance Act which seek to tax prior year transactions under retrospective legislation," Cairn had said in a statement on receipt of the tax demand in March last year.
 
In April, Cairn India moved the Delhi High Court seeking quashing of income tax department's demand order to pay Rs.20,495 crore tax - Rs.10,248 crore tax and Rs.10,247 crore interest.
 
Cairn India, part of the Anil Agarwal-controlled Vedanta group, moved the court against income tax department's order asking it to pay the tax and a direction to tax authorities to take no coercive steps for recovery of demand.
 
Cairn India said the tax proceedings should be quashed as these were initiated after a lapse of more than six years from the end of 2006-07. The plea said the courts have held that proceedings should be initiated within a reasonable period of four years.
 
It said that it cannot be penalised because it could not have withheld tax anticipating a retrospective amendment.
 
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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