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SEBI says it sees significant red flags in transactions between Zee and Essel entities-Telangana Today

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SEBI reiterated vehemently before the Securities Appellate Tribunal (SAT) that it sees many vital and notable red flags in the transactions between Zee and Essel entities

Published Date – 08:40 AM, Thu – 14 September 23


SEBI says it sees significant red flags in transactions between Zee and Essel entities



New Delhi: In a significant move, market regulator SEBI on Wednesday reiterated vehemently before the Securities Appellate Tribunal (SAT) that it sees many vital and notable red flags in the transactions between Zee and Essel entities.

The vile plan was to round trip Zee’s own money back into the company through entities to pay back the debt of Essel entities, the SEBI counsel argued, adding that the transactions between Zee and Essel entities can’t be genuine or a coincidence.

The case pertains to Punit Goenka, the former Zee Entertainment Enterprises Ltd boss, moving SAT to seek a stay on the SEBI order barring him from holding key positions within four Zee group firms and in the merged entity of Zee Entertainment Enterprises Ltd (ZEEL) and Sony Pictures Networks India.

The SEBI order has alleged that Goenka and his father, Subhash Chandra, former chairman of ZEEL, abused their positions as directors and key managerial personnel (KMP) of a listed company by siphoning off funds for their own pecuniary benefit.

Goenka’s move to challenge SEBI’s confirmatory order came in response to its decision on August 14, as per which the father-son duo has been prohibited from holding positions as directors or KMP in at least four Zee group companies as well as in the merged entity of ZEEL and Sony Pictures Networks India, until further directions from the regulator.

The regulator added before SAT that Zee must present concrete evidence to show that its transactions with Essel entities were genuine and that seven Essel entities in question in the case are controlled by Zee Entertainment’s key managerial personnel.

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Zuckerberg, Spouse terminate 48 employees from their charitable foundation-Telangana Today

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The philanthropic organization is led by Zuckerberg in collaboration with his spouse, Priscilla Chan.

Updated On – 10:33 AM, Fri – 11 August 23


Zuckerberg, Spouse terminate 48 employees from their charitable foundation



San Francisco: Meta Founder and CEO Mark Zuckerberg‘s Chan Zuckerberg Initiative (CZI), which is a charitable organisation, has reportedly laid off 48 employees.

Zuckerberg heads the philanthropic organisation with his wife, Priscilla Chan.

The Chan Zuckerberg Initiative handed pink slips to about 48 staffers this week, according to reports.

The non-profit organisation had a workforce of 450 in 2020, according to the Washington Post. Current staffing levels were not available.

The impacted employees were offered a severance package which includes 16 weeks of base pay, continued health insurance and a $10,000 stipend, according to a report in The 74, a nonprofit news site co-founded by Meta’s vice president of media partnerships, Campbell Brown.

Several affected employees took to Blind, a leading anonymous forum for verified employees, discussing their layoffs.

“Today’s CZI layoff has been a blood bath (Chan Zuckerberg Initiative). Seems like the beginning of the end for CZI education. Sending love to those affected,” an affected employee wrote.

The discussions even started in June, and employees speculated about upcoming layoffs since June 28, suspecting then that cuts would begin in August.

A Blind user commented: “Zuckerberg doesn’t care about philanthropy anymore. Realised from Elon (Musk) that new age billionaires don’t need to donate money to be cool.”

“How the hell would CZI need to lay off? Won’t they have unlimited money anyway?” Another commented.

Zuckerberg and Chan founded the philanthropic organisation in 2015.

At that time, the couple pledged to give 99 per cent of their Facebook shares into the company, which was then valued at $45 billion.

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Rupee falls 8 paise to 82.74 against US dollar-Telangana Today

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Analysts said, weak sentiment in the domestic equity market and elevated level of crude prices nearing USD 87 per barrel also weighed on the domestic unit.

Published Date – 12:00 PM, Fri – 11 August 23


Rupee falls 8 paise to 82.74 against US dollar



Mumbai: The rupee depreciated by 8 paise to 82.74 against the US dollar in early trade on Friday, tracking a firm dollar against major rivals overseas.

Analysts said, weak sentiment in the domestic equity market and elevated level of crude prices nearing USD 87 per barrel also weighed on the domestic unit.

On Thursday, the Reserve Bank of India in its bi-monthly monetary policy review decided to keep key interest rate unchanged, but hinted at tighter policy if food prices drive inflation higher.

The American currency regained after US consumer price inflation showed moderation in July, raising hopes that the US Federal Reserve would pause rate hike.

At the interbank foreign exchange market, the local unit opened at 82.75 against the US dollar and moved in a narrow range of 82.73 to 82.76. It later traded at 82.74 against the greenback, registering a fall of 8 paise from its previous close.

On Thursday, the rupee rebounded 19 paise to close at 82.66 against the US dollar after the RBI asked banks to set aside a larger part of incremental deposits under the cash reserve ratio (CRR) as part of measures to take out excess liquidity from the banking system.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, rose 0.05 per cent to 102.57.

Global oil benchmark Brent crude was trading 0.02 per cent lower at USD 86.38 per barrel.

In the domestic equity market, the 30-share BSE Sensex was trading 229.33 points or 0.35 per cent lower at 65,458.85. The broader NSE Nifty declined 76.05 points or 0.39 per cent to 19,467.05.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Thursday as they purchased shares worth Rs 331.22 crore, according to exchange data.

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Markets decline in early trade-Telangana Today

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Trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system.

Published Date – 12:15 PM, Fri – 11 August 23


Markets decline in early trade



Mumbai: Benchmark equity indices declined in early trade on Friday, extending their previous day’s weak momentum, amid a largely negative trend in Asian markets.

Trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system.

The 30-share BSE Sensex fell 219.52 points to 65,468.66. The NSE Nifty declined 64.2 points to 19,478.90.

From the Sensex pack, JSW Steel, Hindustan Unilever, ICICI Bank, NTPC, IndusInd Bank, Tata Steel, ITC and Kotak Mahindra Bank were among the major laggards.

HCL Technologies, Power Grid, Tata Motors, Maruti, Titan and Wipro were among the gainers.

The Reserve Bank of India (RBI) on Thursday left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices continue to drive inflation higher.

The hawkish stance was also reinforced by the unexpected announcement of reducing the cash in the banking system by raising the incremental cash reserve ratio (I-CRR) to 10 per cent on the incremental NDTL (net demand and time liabilities) over the last three months.

This will help in absorbing a large part of the excess liquidity created through the return of the Rs 2,000 notes and the large dividend to the government from RBI.

In Asian markets, Shanghai and Hong Kong were quoting lower while Seoul traded in the green.

The US markets ended with gains on Thursday.

“The only negative from the RBI’s message yesterday is the hike in I- CRR to neutralise the excess liquidity created by the withdrawal of the Rs 2,000 notes. The sentimental impact of this decision is unlikely to last long since it will not impact the banking sector’s bottom line much since the NPAs of banks are coming down and the credit growth in the economy is good,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Foreign Institutional Investors (FIIs) were buyers on Thursday as they bought equities worth Rs 331.22 crore, according to exchange data.

“On the domestic front, post the monetary policy outcome, the focus will be on today’s IIP numbers to be released after the market hours,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said.

Global oil benchmark Brent crude declined 0.02 per cent to USD 86.38 a barrel.

The BSE benchmark fell 307.63 points or 0.47 per cent to settle at 65,688.18 on Thursday. The Nifty declined 89.45 points or 0.46 per cent to end at 19,543.10.

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Stock markets decline for 2nd day on losses in pvt banks, weak global trends-Telangana Today

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The trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system

Published Date – 05:55 PM, Fri – 11 August 23


Stock markets decline for 2nd day on losses in pvt banks, weak global trends



Mumbai: Benchmark equity indices Sensex and Nifty declined for a second straight day on Friday due to losses in HDFC Bank and ICICI Bank and a negative trend in Asian and European markets.

The trend in the domestic market remained weak post the RBI monetary policy and the unexpected announcement of reducing cash in the banking system.

The 30-share BSE Sensex fell by 365.53 points or 0.56 per cent to settle at 65,322.65. During the day, it tanked 413.57 points or 0.62 per cent to 65,274.61.

The NSE Nifty declined by 114.80 points or 0.59 per cent to end at 19,428.30.

From the Sensex pack, IndusInd Bank, NTPC, Asian Paints, Hindustan Unilever, JSW Steel, Tech Mahindra, Bajaj Finance, Infosys, Wipro, ICICI Bank, Bajaj Finserv, HDFC Bank and Tata Motors were among the major laggards.

HCL Technologies, Power Grid, Titan, Reliance Industries, UltraTech Cement, Tata Steel, State Bank of India and Mahindra & Mahindra were the gainers.

“The domestic market continued to experience selling pressure, with banking stocks extending their decline in reaction to the RBI’s liquidity absorption measures,” said Vinod Nair, Head of Research at Geojit Financial Services.

“The escalating concerns about inflation further weighed on domestic market sentiments. Despite the US CPI coming in lower-than-expected and the UK GDP beating estimates, global sentiment remained unfavourable,” Nair added.

The Reserve Bank of India (RBI) on Thursday left its key interest rates unchanged for a third straight meeting but signalled tighter policy if food prices continue to drive inflation higher.

The hawkish stance was also reinforced by the unexpected announcement of reducing the cash in the banking system by raising the incremental cash reserve ratio (I-CRR) to 10 per cent on the incremental NDTL (net demand and time liabilities) over the last three months.

This will help in absorbing a large part of the excess liquidity created through the return of the Rs 2,000 notes and the large dividend to the government from RBI.

In Asian markets, Seoul, Shanghai and Hong Kong ended lower.

European markets were trading in negative territory. The US markets ended with gains on Thursday.

Foreign institutional investors (FIIs) were buyers on Thursday as they bought equities worth Rs 331.22 crore, according to exchange data.

Global oil benchmark Brent crude declined 0.57 per cent to USD 85.91 a barrel.

The BSE benchmark fell 307.63 points or 0.47 per cent to settle at 65,688.18 on Thursday. The Nifty declined 89.45 points or 0.46 per cent to end at 19,543.10.

Business

RBI Governor pitches for expeditious completion of quota review at IMF-Telangana Today

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Governor Shaktikanta Das on Friday pitched for the “expeditious completion” of the general review of quotas at the International Monetary Fund

Published Date – 06:10 PM, Fri – 11 August 23


RBI Governor pitches for expeditious completion of quota review at IMF

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Mumbai: Reserve Bank Governor Shaktikanta Das on Friday pitched for the “expeditious completion” of the general review of quotas at the International Monetary Fund (IMF), pointing out that the same can help the body help distressed countries better.

Speaking at a seminar on global economy organised by the Ministry of Finance and the Reserve Bank of India (RBI) here, Das said recent experience suggests countries facing financial difficulties go to other bodies beyond the IMF because of “perceived stigma” or lack of access.

“A bigger and stronger IMF that is capable of managing the levels of country risks assumes crucial importance,” Das said.
He noted that since the IMF support to a country is linked to quota size of countries, “the sixteenth general review of quotas and its attendant requirements, including governance reform needs to be completed expeditiously”.

Further, Das said there is a need to be mindful of the financial implications of green transition.

According to him, there is also an urgent need to enhance green capital flows especially to emerging countries.

He also said there is a need to develop a global debt data sharing platform.

Business

Parliament passes bills to levy 28 pc GST on e-gaming, making registration mandatory for offshore platforms-Telangana Today

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Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming

Published Date – 06:35 PM, Fri – 11 August 23


Parliament passes bills to levy 28 pc GST on e-gaming, making registration mandatory for offshore platforms



New Delhi: Parliament on Friday approved amendments to the Central and Integrated GST laws to levy 28 per cent tax on the full face value of bets in online gaming, casinos and horse race clubs.

The Central GST (Amendment) Bill, 2023, and the Integrated GST (Amendment) Bill, 2023, pilotted by Finance Minister Nirmala Sitharaman, also make registration mandatory for offshore e-gaming companies operating in India. It also provides for blocking of access in case offshore platforms fail to comply with GST registration and tax payment norms.

The CGST amendment bill defines ‘online gaming’ as a game on the internet or an electronic network.

‘Online money gaming’ means online gaming in which players pay or deposit money, including virtual digital assets (VDAs), in the expectation of winning money or VDAs, in any event including game, scheme, competition or any other activity, whether or not its outcome or performance is based on skill, chance or both.

With the amendment to GST law, horse racing, casinos, online money gaming will be treated as actionable claim similar to lottery, betting, and gambling.

Sources said casual online gaming, which does not involve money or any consideration, will not be taxable under GST.
The amendments will aid in combating money laundering, illegal income, black money and other illegal activities associated with online gaming and curb evasion, they added.

The bill was approved by both the Houses of Parliament without any discussion.

With the passage of CGST and IGST amendments, states will now have to effect similar changes in their state GST laws in their respective assemblies.
The amendments were approved by the GST Council, chaired by Sitharaman and comprising state ministers, last week.

The amendments pertain to insertion of a provision in the Schedule III of the CGST Act, 2017 to provide clarity on the taxation of supplies in casinos, horse racing and online gaming.

The amendment in IGST Act relates to inserting a provision to impose GST liability on online money gaming provided by offshore entities. Such entities would be required to get GST registration in India.

In its meeting on July 11, the Council had approved levy of 28 per cent GST on full face value of bets in online gaming, casinos and horse racing. Following that in its August 2 meet, the Council met and decided that GST will be levied at face value of entry level bets placed in gaming platforms and casinos, even though three states — Delhi, Goa and Sikkim — expressed dissent.

For example, if a bet is placed for say Rs 1,000, and the player wins Rs 300, and if the player redeploys the winning amount or Rs 300 into the game then GST will not be levied on the winning amount.

Currently, online gaming industry are paying GST at the rate of 18 per cent on platform fees/commission. Such commission varies from 5 to 20 per cent of the full face value of bets.

With regard to horse race clubs, some are paying 18 per cent GST on platform fees, while few are paying 28 per cent on the full face value.

These industries are disputing the 28 per cent levy on actionable claims in the form of betting and gambling at various legal fora.

Casinos too are currently paying 28 per cent GST on Gross Gaming Revenue (GGR).

Levying 28 per cent GST on the full face value of entry-level bets would result in increased GST revenues.
The amendments seek to establish a robust legal framework to avoid legal ambiguities and also to address various concerns of stakeholders, sources said.

The online gaming industry grew by 28 per cent in 2021 to reach USD 1.9 billion, as per NITI Aayog estimates.

Sources said while making its recommendations, the GST Council duly considered the negative impact of online money gaming on the society and the youth in particular, in form of ‘Internet Gaming Disorder’ due to addiction to online gaming.

Over the past week since GST Council’s recommendations were announced, online gaming industry has expressed serious concerns on implications of the decision on the sector. They said that the move will have negative ramifications for the sector.

On Wednesday, Mobile Premier League (MPL) laid off about half of its India team or close to 350 people to cut down cost burden due to the increase in GST rate to 28 per cent.

On Thursday, Kavin Bharti Mittal-founded Hike, which owns Rush Gaming Universe, laid off about 55 people — more than one-fifth of its total workforce — to absorb the impact of the GST hike on online gaming.

A couple of small-size gaming startups like Quizy too have announced shutting down of business.

Business

Direct tax collections rise 16 pc to Rs 6.53 lakh crore so far this fiscal-Telangana Today

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Gross direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said

Published Date – 06:40 PM, Fri – 11 August 23


Direct tax collections rise 16 pc to Rs 6.53 lakh crore so far this fiscal



New Delhi: Gross direct tax collection grew 15.73 per cent to Rs 6.53 lakh crore till August 10 in the current fiscal, the Income Tax department said on Friday.

Net direct tax collection after adjusting refunds stands at Rs 5.84 lakh crore, which is 17.33 per cent higher than the net collections for the corresponding period of last year.

“The provisional figures of direct tax collections up to 10th August, 2023 continue to register steady growth,” the Central Board of Direct Taxes (CBDT) said in a statement.

The collection is 32.03 per cent of the total budget estimates of direct taxes for current fiscal 2023-24.

Refunds amounting to Rs 69,000 crore have been issued till August 10, which are 3.73 per cent higher than refunds issued during the same period in the preceding year.

Business

PLI for large scale electronics manufacturing sees Rs 6,887cr worth investment-Telangana Today

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The government on Friday said production-linked scheme for large scale electronics manufacturing has seen investments worth Rs 6,887 crore

Published Date – 07:05 PM, Fri – 11 August 23


PLI for large scale electronics manufacturing sees Rs 6,887cr worth investment

The government on Friday said production-linked scheme for large scale electronics manufacturing has seen investments worth Rs 6,887 crore

New Delhi: The government on Friday said the production-linked scheme (PLI) for large scale electronics manufacturing (including mobiles) has seen investments worth Rs 6,887 crore (till June 2023), already surpassing the target for FY24 which was Rs 5,488 crore.

The PLI scheme for large scale electronics manufacturing, notified in April 2020 for a period of five years, extended an incentive of 3-6 per cent on incremental sales (over base year) of goods manufactured in India and covered under target segments like mobile phones and specified electronic components, to eligible companies.

“During the scheme tenure, the scheme is expected to contribute investment of Rs 7,000 crore, production of Rs 8,12,550 crore, exports of Rs 4,87,530 crore and generated employment of 2,00,000 (direct jobs),” Minister of State for Electronics and IT, Rajeev Chandrasekhar, told the Rajya Sabha.

Till June this year, the PLI scheme has generated Rs 3,30,612 crore worth production, Rs 1,56,051 crore worth exports, and 62,173 direct jobs (cumulative). “The government’s goal is to broaden and deepen the country’s electronic manufacturing ecosystem as well as increase India’s participation in electronics Global Value Chains (GVCs),” said the minister.

Till date, 32 applicants have been approved under the PLI scheme. To improve the quality of electronic goods manufactured or imported into the country, the IT Ministry’s 2021 notification mandates compulsory compliance for manufacture or store for sale, import, sell or distribute of notified electronic goods or articles to corresponding Indian standards. Under this order, the ministry has notified 64 electronic goods or articles for mandatory compliance.

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Govt to pay fee of empanelled mediators in consumer cases-Telangana Today

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Empanelled mediators in consumer cases will now be paid a fee in the range of Rs 3,000-5,000 by the government which will lead to the settlement

Published Date – 07:50 PM, Fri – 11 August 23


Govt to pay fee of empanelled mediators in consumer cases

Empanelled mediators in consumer cases will now be paid a fee in the range of Rs 3,000-5,000 by the government which will lead to the settlement

New Delhi: Empanelled mediators in consumer cases will now be paid a fee in the range of Rs 3,000-5,000 by the government which will lead to the settlement of more complaints through mediation cells, the Consumer Affairs Ministry said on Friday.

The ministry took a decision in this regard after a series of consultations with various stakeholders, and during regional workshops held in northeastern and northern states, an official release said.

It was observed that a substantial number of cases are not resolved through mediation because the parties in the disputes are observed to be reluctant in paying the fee of the mediator.

Based on the suggestions, the ministry has “decided to pay the fees of the empanelled mediator from the Consumer Welfare Fund,” the release said.

According to the consumer affairs ministry release, the amount of dispute, or the fee of the mediator as set by the President of the Commission, or the fees prescribed below, whichever is least, will be paid to the mediator.

A fee of about Rs 3,000 will be paid to a mediator for successful mediation in district commissions, while Rs 5,000 in the state commissions.

That apart, about Rs 600 per case subject to a maximum of Rs 1,800 regardless of the number of connected cases will be paid to mediate in the district commission.

About Rs 1,000 per case subject to a maximum of Rs 3,000 regardless of the number of connected cases will be paid to mediate in state commissions. In case of failed mediation, about Rs 500 and 1,000 per case will be paid to a mediator in district and state commissions, respectively. The fee will be paid from the interest accrued on the Consumer Welfare (Corpus) Fund, established with co-contribution from the State and the Department of Consumer Affairs.

To effect these changes, the ministry has amended the Consumer Welfare Fund Guidelines and included Section IV Purpose (m) on reimbursement of legal expenses incurred by a complainant, or class of complainants in a consumer dispute, after its final adjudication.

A provision of settlement of consumer disputes through Mediation under Chapter V of the Consumer Protection Act, 2019 for the speedy, hassle-free, and, inexpensive redressal of consumer complaints.

Currently, there are 247 mediators empanelled in the State Commissions and 1387 in the District Consumer Commissions all over India.