Why even a reinforced bankruptcy code won't stop defaulters from buying back their cos

Mumbai: The ordinance proposed by the government on Wednesday to amend the Insolvency and Bankruptcy Code (IBC) will not bar incumbent promoters from buying back their companies at a discount, said lawyers. According to legal experts, the changes will only ensure the creditors’ committee can take a stronger view in cases referred to them. As far as the law goes, not much will change, they said. The move only nudges creditors to consider other criteria than just the highest financial bid.

Eateries fleecing you in the name of GST? Taxmen just made sure they can't anymore

NEW DELHI: Leading fast-food chains such as McDonald’s have got queries from tax officials seeking details about menu prices before and after GST rate cuts on November 15. The move follows reports of some food chains raising prices. The government is keen to ensure the benefit of GST reduction is passed on to consumers. The National Restaurant Association of India (NRAI) has said it will soon be advertising price cuts. State GST authorities have made phone calls and sent questionnaires to restaurants. ET has seen a copy of the format in which restaurants have been asked to submit details.

Rs 10,000-crore tax googly rattles Indian IT industry, firms jittery

MUMBAI: The tax department has raised service tax demand of about Rs 10,000 crore from information technology and IT-enabled services companies in the country, sending a shockwave through an industry already reeling under tighter US immigration laws and increasing automation. In its notices sent to about 200 companies so far, the service tax department has told them to return export benefits claimed in the last five years (2012-2016) on software provided to clients outside India, and has additionally sought 15% service tax along with fines, according to people in the know.

Row erupts as EPFO denies higher pension to all

NEW DELHI: The Employees' Provident Fund Organisation's (EPFO) stand refusing pension on full salary to employees of Exempt Companies despite a Supreme Court order on October 4, 2016, to do so is likely to attract strong opposition from members of the Central Board of Trustee (CBT) of the PF body in its meeting on Thursday. Those companies, whose employees' fund is managed by private trusts are called Exempt Organisations and whose fund is managed by the EPFO's trust are Un-Exempt ones.

Will Indian drug exports to other countries get stuck in EU ports?

Indian drug exporters fear that their exports to the world could be held up in transit in Europe. While this happened repeatedly in 2008, it stopped after India took the EU to World Trade Organisation's dispute settlement body. But a recent WHO discussion document on medicines in transit has triggered fears that it could become a problem again. The issue of medicines in transit will be taken up at a WHO meeting from November 28 to December 1 in Geneva.