The Securities and Exchange Board of India is keeping an eye on funds based in Mauritius and the Cayman Islands. Cloudtail — a joint venture between e-commerce giant Amazon and Infosys co-founder NRN Murthy’s Catamaran Ventures — has been slapped with a service tax demand of Rs 54.5 crore. Business Standard brings to you top headlines on Tuesday
Mauritius, Cayman Islands funds under watch for ownership info gaps
The Securities and Exchange Board of India (Sebi) is keeping an eye on funds based in Mauritius and the Cayman Islands that may not have provided adequate information about their ultimate beneficial owners, said two people familiar with the matter.
There are concerns that a number of such funds could have a high non-resident Indian (NRI) holding and be used by Indian promoters for round-tripping and manipulating share prices.
This could also give a false sense of confidence to investors by virtue of a higher foreign portfolio investor (FPI) holding. Read More
The Reserve Bank of India (RBI) on Monday proposed to lift the interest rate cap on microfinance institutions (MFIs), and said all micro loans should be regulated by a common set of guidelines irrespective of who gives them.
Proposing a debt-income ratio cap, the RBI said the loans should be given in such a way that the payment of interest and repayment of principal for all outstanding loans of a household at any point of time should not cross 50 per cent of the household income. Read More
Sebi tweaks delisting rules to make process transparent, efficient
To enhance transparency and efficiency of the delisting process, Sebi has said independent directors will have to give reasoned recommendation on such proposal, while the promoters need to disclose their intention to delist the firm through an initial public announcement.
To give effect to this, the Securities and Exchange Board of India (Sebi) has amended delisting rules, according to a notification dated June 10. Read More
NRN Murthy’s Cloudtail gets tax notice of Rs 54.5 crore, says report
Cloudtail — a joint venture between ecommerce giant Amazon and Infosys co-founder NRN Murthy’s Catamaran Ventures — has been slapped with a service tax demand of Rs 54.5 crore.
According to a report in The Guardian, the company has received a showcause notice from the Directorate General of Goods and Service Tax Intelligence amounting to Rs 54.5 crore, along with interest and penalties, for service tax-related matters. Read More
The government had earlier targeted to complete the divestment of SCI by December, but procedural delays such as preparing the draft Share Purchase Agreement (SPA) and Request for Proposal (RFP) has further pushed the due diligence process bidders will have to undertake.
This will impact the timeline set for more steps involved in the divestment exercise, pushing its completion to March, said an official. Read More
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