The tax demand is significant for Aviva's India business, which recorded a profit after tax of only $10 million in the 2023-24 financial year
Chairman and whole-time director debarred from the markets for five years
The pharmaceutical giant criticised the order as 'arbitrary and unjustified,' and confirmed plans to challenge the decision
Markets regulator Sebi on Friday came out with a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty. Under this, Sebi said the applicant's requests for waiver/reduction is required to be submitted to the relevant recovery officer, with documentation supporting the fulfilment of three criteria from Section 220(2A) of the Income Tax Act, 1961. Section 220(2A) allows the waiver or reduction of this interest under specific conditions. The criteria include payment of such an amount causing genuine hardship to the applicant; default was due to circumstances beyond the applicant's control and the applicant has cooperated in any related inquiry. In its circular, Sebi said applications are allowed only if the notice of demand has already been served and the principal amount due is fully paid. The Sebi's recovery officer will forward the application to the competent authority, which will take a decision within 1
The brochure advises taxpayers to refrain from using cash for daily transactions, particularly those involving significant amounts
Penalty relates to excess production at the company's Tirodi Mine beyond the environmental clearance and consent to operate limits during the periods FY94 to FY96 and FY07 to FY09
This is not the airline's first run-in with the regulator. In October, the DGCA imposed a Rs 30 lakh fine on Akasa Air for lapses in pilot training
European Union regulators hit Facebook parent Meta with a fine of nearly 800 million euros on Thursday for what they call abusive practices involving its Marketplace online classified ads business. The European Commission, the 27-nation bloc's executive branch and top antitrust enforcer, issued the 797.72 million euro ($841 million) penalty after its long-running investigation found that the company abused its dominant position and engaged in anti-competitive behaviour. Brussels had accused Meta of distorting competition by tying its online classified ad business to its social network, automatically exposing Facebook users to Marketplace whether they want it or not" and shutting out competitors. It was also concerned that Meta was imposing unfair trading conditions with a terms of service that authorised the company to use ad-related data generated from competitors who advertise on Facebook or Instagram to benefit Marketplace. Meta said in a statement that the decision fails to .
Markets regulator Sebi on Monday proposed a procedure for seeking a waiver or reduction of interest concerning recovery proceedings initiated by it for failure to pay penalty. Under the proposal, the regulator suggested that the applicant's requests for waiver/reduction should be submitted to the relevant Recovery Officer, with documentation supporting the fulfilment of three criteria from Section 220(2A) of the Income Tax Act, 1961. Section 220(2A) allows the waiver or reduction of this interest under specific conditions. The criteria include payment of such an amount causing genuine hardship to the applicant; default was due to circumstances beyond the applicant's control and the applicant has cooperated in any related inquiry. In its consultation paper, Sebi has suggested that applications are allowed only if the notice of demand has already been served and the principal amount due is fully paid. The Sebi's recovery officer will forward the application to the Competent Authority
The Competition Commission of India (CCI) on Thursday proposed amendments to improve the efficiency and structure of its penalty recovery process. Inviting comments by December 6, the CCI said the proposed changes target procedural clarity and effectiveness in recovering penalties levied for violations of the Competition Act, 2002. "Based on the experience gained during implementation of these regulations over the years and to streamline the process of recovery, certain amendments are deemed fit to be incorporated in the said regulations. "Accordingly, such amendments are being proposed to the Competition Commission of India (Manner of Recovery of Monetary Penalty) Regulations, 2011," CCI said in a release. The amendments are proposed after challenges encountered in implementing these rules over the years and aim to improve regulatory compliance and efficiency. The key aspects of the draft amendments, including procedures for issuing demand notices and recovery certificates, ...
The investment firm settles alleged violation of whistleblower norms through consent
Failure to meet the targets can result in financial penalties, usually called EC, promoting more sustainable waste management and encouraging eco-friendly product design
The RBI had conducted a statutory inspection of bank with reference to its financial position as of March 31, 2022, based on supervisory findings of non-compliance with the central bank's directions
Telecom regulator TRAI on Wednesday ruled out any rethink of new service quality norms that require telcos to compensate users for service outages and raise penalties for not meeting benchmarks. TRAI Chairman Anil Kumar Lahoti said that the norms have been issued after a thorough consultation and due consideration. "We have done very long thinking on this process, the norms have been issued after thorough consultation and due consideration and have been issued keeping in view quality of service that customer should be getting, and that service provider should provide," Lahoti said on sidelines of India SatCom 2024 organised by Broadband India Forum (BIF). The TRAI Chief was replying to a question on whether the regulator would rethink its new norms on service quality. Lahoti further said TRAI expects service providers to upgrade their infrastructure so that consumer gets the right quality of service. It is pertinent to mention that telecom operators will have to compensate subscri
The regulator cited violations of norms related to policyholders' interests, web aggregators, and insurance distributors
Congress leader Rahul Gandhi criticised the Centre after data showed that 12 PSBs collected Rs 8,500 crore (approx) in penalties from customers for not maintaining average monthly balances in 5 years
The RBI's action on KYC non-compliance comes as the regulator has been cautious about lapses in these procedures
The charges have been imposed after considering the oral submissions made in response to the show-cause notice sent by RBI to the bank
RBI imposed a monetary penalty of Rs 10,000
The supermarkets will face fines of up to 10 per cent of annual turnover for breaches of the code