'No more corporate tax cuts': Banerjee's advice to FM
Nobel laureate Abhijit Banerjee advised Finance Minister Nirmala Sitharaman to not announce any more corporate tax cuts in the upcoming Budget 2020. Banerjee and fellow Nobel laureate Esther Duflo attended an event and were part of 'The Juggernaut Dialogue' session moderated by Prannoy Roy. During the session Banerjee said that the corporate world is not short of cash. "It needs to be understood that the corporate sector is not short of cash. Just that it is not investing. What you need to do is get the demand side going. Get the money in the hands of the people, and they will spend. This government has ensured that almost everybody has a bank account; therefore the infrastructure is in place. Several measures can be taken to arrest the downward slide of the economy," Banerjee said. Banerjee instead emphasised on the need to have a well-oiled machinery to provide relief to the distressed.
Vijay Mallya can’t use pendency of plea to stall cases abroad: SC
The Supreme Court Monday said fugitive economic offender Vijay Mallya cannot use pendency of his plea in the apex court to stall insolvency proceedings initiated against him by lenders in other countries. A bench headed by Chief Justice S A Bobde passed the order after the Centre told the court that Mallya used pendency of his plea to stall the UK court from delivering verdict in insolvency proceedings. Pendency of the case is not a ground for holding any case anywhere in the world, the apex court said. Solicitor General Tushar Mehta, appearing for the Centre, informed the court that proceedings in the UK in an insolvency case filed by SBI against Mallya, have been concluded and the order reserved.
Not interested in returning to Tata group as chairman: Mistry
Cyrus Mistry said he is not interested in getting back to the Tata Group in any capacity at all, ahead of the Supreme Court's hearing on an urgent petition seeking to set aside the NCLAT order reinstalling him as the group chairman and also in the board of group companies. Mistry, the ousted Tata Sons chairman, in a public statement said he has taken the decision in the overall interest of the Tata group, whose interests are far more important than those of any individual. "Despite the NCLAT order in my favour, I will not be pursuing the executive chairmanship of Tata Sons or directorship of TCS, Tata Teleservices, Tata Industries. I will, however, vigorously pursue all options to protect our rights as a minority shareholder including a seat on the board," he said.
Tax haven trusts come under scanner for Swiss bank accounts
A number of trusts set up in overseas tax havens using a complex maze of entities have come under the scanner of Indian and Swiss authorities for suspected tax evasion by parking of illicit funds in Switzerland-based banks, as per notices issued to those entities. Trusts, especially those set up in jurisdictions like Cayman Islands, Panama and British Virgin Islands, have often been seen as routes for evading taxes. Those named in these notices include businessman Atul Punj, Gautam Khaitan, Satish Kalra, Vinod Kumar Khanna, Dullabhbhai Kunverji Vaghela, Revaben Dullabhai Kunverji Vaghela and Balwantkumar Dullababhai Vaghela. More than 100 such notices have been issued in recent months, including against people already facing black money probe back in India.