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Bayer to acquire Monsanto in all cash transaction

Bayer to acquire Monsanto in all cash transaction

Sep 14,2016

Monsanto India announced that Bayer and Monsanto signed definitive agreement under which Bayer will acquire Monsanto for USD 128 per share in an all cash transaction.

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Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular
Jul 15,2017

Doubts have been raised regarding the applicability of the Margin Scheme under GST for dealers in second hand goods in general and for dealers in old and used empty bottles in particular.

Rule 32(5) of the Central Goods and Services Tax (CGST) Rules, 2017 provides that where a taxable supply is provided by a person dealing in buying and selling of second hand goods i.e., used goods as such or after such minor processing which does not change the nature of the goods and where no input tax credit has been availed on the purchase of such goods, the value of supply shall be the difference between the selling price and the purchase price and where the value of such supply is negative, it shall be ignored. This is known as the margin scheme.

Further, notification No.10/2017-Central Tax (Rate), dated 28.06.2017 exempts Central Tax leviable on intra-State supplies of second hand goods received by a registered person, dealing in buying and selling of second hand goods [who pays the central tax on the value of outward supply of such second hand goods as determined under sub-rule (5)] from any supplier, who is not registered. This has been done to avoid double taxation on the outward supplies made by such registered person, since such person operating under the Margin Scheme cannot avail input tax credit on the purchase of second hand goods.

Thus, Margin Scheme can be availed of by any registered person dealing in buying and selling of second hand goods [including old and used empty bottles] and who satisfies the conditions as laid down in Rule 32(5) of the Central Goods and Services Tax Rules, 2017.

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Jindal Stainless appoints director
Jul 15,2017

Jindal Stainless has appointed Bhaswati Mukherjee (DIN: 07173244) as an Additional Director (Independent) on the Board of the Company with effect from 15 July, 2017.

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Punjab & Sind Bank announces cessation of director
Jul 15,2017

Punjab & Sind Bank announced that terms of Government of India, Ministry of Finance, Department of Financial Services Notification dated 14 July 2017 Mukesh Kumar Jain, ED has demitted the charge of Executive Director upon appointment as MD & CEO of Oriental Bank of Commerce.

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Indian Hume Pipe Company gets revision in ratings for bank facilities
Jul 15,2017

Indian Hume Pipe Company has received revision in credit ratings from CARE for bank facilities availed by the Company as under -

Long term bank facilities (Rs 623.13 crore) - CARE A+; Stable (Reaffirmed)
Short term bank facilities (Rs 1105 crore) - CARE A1+ (Reaffirmed)

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Linc Pen & Plastics commences commercial production at Umbergaon facility
Jul 15,2017

Linc Pen & Plastics announced that the commercial production of new manufacturing facility at Umbergaon, Gujarat has commenced from 15 July 2017.

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DCB Bank allots 63,910 equity shares
Jul 15,2017

DCB Bank has allotted 63,910 equity shares of Rs.10/- each on July 15, 2017, pursuant to the terms of the Employee Stock Option Plan (ESOP) of the Bank. Post this allotment, Banks issued and paid up share capital has increased to 30,76,05,568 shares of Rs.10/- each.

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Board of Regent Enterprises approves appointment of directors
Jul 15,2017

The Board of Regent Enterprises at its meeting held on 15 July 2017 has appointed Sachin Jain as Additional Director of the Company with effect from 15 July 2017 and Neeraj Singh has been appointed as Independent Director of the Company with effect from 15 July 2017. The Board has also accepted the resignation of company secretary and compliance officer with effect from 15 July 2017.

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Income Tax Department pushes additional cases of High Cash Deposits in Second Phase of Operation Clean Money
Jul 15,2017

The Income Tax Department (ITD) has used information received under the Statement of Financial Transactions (SFT) to identify 5.56 lakh new persons in the second phase of n++Operation Clean Moneyn++ (OCM). These are persons whose tax profiles were found to be inconsistent with the cash deposits made by them during the demonetization period. Another 1.04 lakh persons who did not disclose all bank accounts during e-verification in the first phase of OCM have also been identified. In the first phase, 17.92 Lakh persons had been identified for e-verification of large cash deposits, of which 9.72 Lakh people had submitted online response.

The information in respect of the cases and accounts identified has been made available in the e-filing window of the PAN holder at the portal https://incometaxindiaefiling.gov.in. The PAN holder can view the information using the link n++Cash Transactions 2016n++ under n++Compliancen++ section of the portal. The taxpayer will be able to submit online explanation without any need to visit Income Tax office. All identified persons are being informed through Email and SMS for submitting response online.

The following information has been communicated to promote voluntary compliance:

n++ Details of cash deposited in bank accounts aggregating to 2 lakh or more is required to be given in the Income Tax Return (ITR). This information will be matched with the information in possession of the Income tax Department.

n++ The taxpayer should ensure that ITR is compliant with amount deposited in bank accounts during the period of demonetization and while computing income, the amounts so deposited are considered/ taken into account while paying taxes.

n++ Cash deposits made in the above period may thus be fully and truly disclosed in the ITR.

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Data is going to drive Telecom Industry in near future-Manoj Sinha
Jul 15,2017

The Minister of Communications Shri Manoj Sinha said that the Telecom Ministry is dealing with an extremely dynamic industry and progressive market which is evolving at an extremely rapid rate. He said that with the increase in usage of Smartphones and an exponential increase in broadband usage, data is going to drive industry more and more rather than voice and therefore, the Ministry has initiated a move to relook at the current Telecom Policy through public consultation, as the need of the hour is to ramp up for the Digital era. Shri Sinha said that whether it is broadband spectrum, Internet adoption/availability, data protection, or cyber security, what was applicable five years back is no more relevant in todays context, and new policies will need to be futuristic. They will also need to be capable of dealing with Indias challenges and figuring out ways to deal with those challenges.

The Minister said, while the buzz today is 4G, we are already gearing ourselves for introduction of 5G. we need to think of and prepare for an ecosystem where Internet of Things (IoT) and Artificial Intelligence (AI) are mainstream, and connectivity is seamless, designed to improve the quality of e-governance and education, as well as to enable financial inclusion, smart cities, and an intelligent transportation system amongst other things. Shri Sinha quoting experts said that India, along with North America, will lead the way in numbers of 5G subscriptions by 2022, and that 5G will speed up the digital transformation in a number of industries, enabling new use cases in areas such as IoT, automation, transport and big data.

Shri Sinha said that Broadband is of vital importance to India, as indeed to all customers globally, to ensure digital connectivity as this is the stepping stone to higher productivity as is proven in many a developed economy. It enhances commerce, improves banking facilities, improves administrative facilities and empowers the public as a whole. Broadband development is the cornerstone of Digital India and every Indian and remotest location will be empowered through the Digital India initiative.

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Board of TCPL Packaging approves allotment of 4 lakh shares on preferential basis
Jul 15,2017

TCPL Packaging announced that the Board of Directors at its meeting held on 15 July 2017 have approved to issue, offer and allot 4,00,000 equity shares of the Company of the face value of Rs. 10 (Rupees Ten) each (Equity Shares) at a price of Rs. 600 (including premium of Rs. 590 per Equity Share on a preferential basis through private placement, for a total consideration of Rs. 24 crore.

The Board has also decided to hold Extra Ordinary General Meeting of the members of the Company on 9 August 2017

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Kajaria Ceramics to pay dividend
Jul 15,2017

Kajaria Ceramics announced that Dividend on equity shares as recommended by the Board of Directors, if declared at the AGM, will be paid on or before 08 September 2017.

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Omkar Speciality Chemicals provides update on composite scheme of arrangement
Jul 15,2017

Omkar Speciality Chemicals announced that in accordance with the Composite Scheme of Arrangement, Lasa Supergenerics (resulting company), has made allotment of 2,05,78,004 equity shares of Rs 10 each to the shareholders of the Company as on record date of 13 July 2017 in the ratio of 1 equity share of Rs 10 each of Lasa Supergenerics for every share of Rs 10 each held by the shareholders in the Company.

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Outcome of board meeting of Navin Fluorine International
Jul 15,2017

Navin Fluorine International announced that the Board of Directors of the Company at its meeting held on 14 July 2017 has approved the sale of 6,85,000 equity shares of Rs. 10/- each held by the Company in Mafatlal Industries to NOCIL at appropriate market price.

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Cyient announces cessation of director
Jul 15,2017

Cyient has announced the retirement of Thomas W Prete from directorship on 14 July 2017.

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Raipur Airport Ranked First in Customer Satisfaction Index Survey
Jul 15,2017

Raipurs Swami Vivekananda Airport was once again ranked first in Customer Satisfaction among 49 airports in the country. Raipur Airport achieved 4.84 score on a five point scale index in the latest CSI survey conducted by an independent agency for the period of January-June 2017, followed by Udaipur, Amritsar and Dehradun airports which have scored 4.75, 4.74 and 4.73 respectively.

Airport Authority of India makes continuous efforts to improve the services and passenger facilities at its airports, and this has placed it amongst the best service providers in the world. Customer Satisfaction is one of the key performance objectives of AAI which is evaluated through Customer Satisfaction Survey conducted by an independent agency commissioned by AAI. The survey covers a wide range of parameters like transportation, parking, passenger facilities and cleanliness etc. The integrated terminal building of Raipur was inaugurated in 2012. High level maintenance of infrastructure and passenger facilities, the green ambience, state-of -the- art technology and courteous staff ensuring passenger satisfaction has resulted in Raipur getting this recognition for the third consecutive time in the past two years.

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