Government accepts Cairn’s offer on retroactive taxes; the company must withdraw the cases now, reimbursement to follow
Daily NEWS Summary | 18-11-2021; Fast forward to ending a retrospective tax dispute with a company that gave India its largest oil field, the government accepted commitments from Cairn Energy PLC that would allow for a tax refund, the sources said.
Complying with the requirements of the new legislation that eliminates the collection of retroactive taxes, the company earlier this month made the necessary commitments to indemnify the Indian government against future claims, as well as agree to withdraw any legal proceedings anywhere in the world. world.
The government has now accepted this and issued Cairn with a so-called Form II, pledging to refund the tax collected to enforce the retrospective tax lawsuit, two sources with direct knowledge of the development said.
Following the issuance of Form II, Cairn will now begin withdrawing all cases in international courts. Once this operation is completed, the company will receive a refund of ₹ 7,900 crore, they said, adding that the withdrawal of cases can take up to three to four weeks. While a spokesperson for Cairn did not immediately respond to requests for comment, a senior finance ministry official confirmed the government accepted the company’s commitments.
Seeking to repair India’s damaged reputation as an investment destination, the government in August enacted new legislation to reduce ₹ 1.1 lakh crore in pending claims against multinationals such as telecoms group Vodafone , pharmaceutical company Sanofi and brewer SABMiller, now owned by AB InBev, and Cairn. .
About Rs 8.1 billion collected from companies under the removed tax provision will be refunded if companies agree to withdraw pending litigation, including interest and penalty claims. Of this amount, 7.9 billion rupees is owed to Cairn alone.
Subsequently, last month, the government notified the rules which, when complied with, will lead the Center to withdraw tax claims raised using the 2012 retrospective tax law and any taxes levied under said claim will be refunded.
To do this, the companies were required to indemnify the Indian government against future claims and to withdraw any pending legal proceedings. On November 3, Cairn said he had “signed commitments with the Indian government to participate in the regime introduced by recent Indian legislation, the Tax Laws (Amendment) Bill 2021, which allows for the reimbursement of taxes previously collected from Cairn. “Cairn’s undertaking provided on Form 1 under Rule 11EU (1) of the amended law has been accepted by the Chief Income Tax Commissioner,” the sources said.
The August legislation rolled back a 2012 policy that gave the tax service the power to go back 50 years and levy capital gains taxes wherever property had changed hands overseas but the business assets were located in India.
The 2012 legislation was used to impose a cumulative tax of Rs 1.10 lakh crore on 17 entities, including UK telecommunications giant Vodafone, but nearly 98% of the Rs 8,100 crore recovered for the application, said the request only came from Cairn. India filed tax claims against Cairn six years ago, and in December 2020 the company won international arbitration against these claims.
Meeting with Hyderpora: returning bodies to families, says Gupkar alliance; LG controls a master probe
Daily NEWS Summary | 18-11-2021; The People’s Alliance for the Gupkar Declaration (PAGD), a merger of regional parts of Jammu and Kashmir, met Thursday in Srinagar over the Hyderpora incident and decided to help the three families to recover the bodies of “civilians” who died during the meeting.
The meeting was held at the residence of Alliance President Gupkar, Dr Farooq Abdullah. The Gupkar alliance demanded that those involved “be treated in accordance with the law” and that “the bodies be returned”. The vice-president of the National Conference, Omar Abdullah, also organized a sit-in in solidarity with the families, who were protesting and demanding the bodies.
Meanwhile, Jammu and Kashmir Deputy Governor Manoj Sinha ordered a judicial inquiry into the meeting in Hyderpora, Srinagar, on November 15 after three families claimed that three of the four killed in during the operation were “civilians”.
The order came hours after police removed relatives from a protest site in the city. There has been a growing public outcry over the incident. Earlier, in a midnight action, relatives and protesters who gathered at the press enclave in Srinagar on Wednesday to demand the bodies of “civilians” were expelled and the police banned the sit-in. The relatives were seen dragged and detained in a police vehicle in the police action that took place after cutting off the electricity supply in the area.
The president of the People’s Democratic Party (PDP), Mehbooba Mufti, said that she was not allowed to leave her residence to join the protest. “From the beginning, her story was based on lies to escape responsibility. They do not want to be held responsible for their actions and that is why they are muzzling the voices that speak out against such injustices and atrocities, ”she said in a tweet.
She accused the police of arresting party leaders Najmu Saqib and Suhail Bukhari. Sharing a video of the police action at night, the Vice President of the National Conference, Omar Abdullah, said: “This is the ‘Naya Kashmir’ of 2021. This is how the J&K police fulfill the promise of the prime minister to eliminate ‘dil ki doori and Dilli se doori.’ It is scandalous that the J&K management has not allowed families to hold a peaceful sit-in. The Hurriyat, led by Mirwaiz Umar Farooq, called for closure on Friday due to the killings.
Sexual intention of the aggressor, no skin-to-skin contact, form of aggression: SC
Daily NEWS Summary | 18-11-2021; The Supreme Court overturned a Bombay High Court decision to acquit a man charged with assault under the Protection of Children Against Sexual Offenses Act (POCSO) on the sole ground that he had touched the girl over her clothes without being “skin to skin” contact.
“The act of touching a sexual part of the body with sexual intent will not be trivialized or excluded under section 7 of the POCSO Act,” a bench of judges said UU Lalit, S. Ravindra Bhat and Bela M. Trivedi.
Article 7 states that “anyone with sexual intent touches the vagina, penis, anus or breast of the child or causes the child to touch the vagina, penis, anus or breast of the said child. person or any other person, or performs any other act of a sexual nature the intention which involves physical contact without penetration is said to commit sexual assault ”.
Judge Trivedi, author of the sentence, observed that “the purpose of the law is not to allow the offender to come out of the cracks of the law”. The court said that limiting the scope of “tact” to a “narrow and pedantic” definition would lead to an “absurd interpretation”.
The judiciary said the most important ingredient in section 7 was the offender’s sexual intent, not skin-to-skin contact. The conclusion that the “sexual intent” mentioned in the provision must be ex facie skin-to-skin would defeat the purpose of the provision. Instead of giving effect to the rule, she would destroy it. Judge Trivedi, speaking on behalf of the court, said that when lawmakers have clarified his intention, the court should not introduce ambiguity.
“The court should not be overzealous in seeking ambiguity when the words of the article are clear. Someone can wear a surgical glove and exploit a child and get away with it without problems … It is a scandalous order, “said attorney general KK Venugopal, who transferred from his office to the highest court of constitutionality. .
The court, although it annulled the decision of the Superior Court, confirmed the guilt of the offender and sentenced him to three years of rigorous prison subject to the period that he had already served. Venugopal had argued that the Superior Court order would set a “very dangerous precedent” and cripple the POCSO Act’s intent to punish sex offenders. He added that the Superior Court order had a deleterious effect when the number of POCSO cases reached 43,000 in one year.
On January 19, a single judge at the Nagpur High Court in Mumbai caused a stir by acquitting a man under the POCSO and ruling that an act against a minor would amount to fondling or sexual assault only if there had been “skin to skin ” contact. The Superior Court determined that merely touching or squeezing a child’s clothed body did not constitute sexual assault.
“The defendant was sentenced to a minimum of three years in prison under article 8 of the POCSO Act. This was canceled by the HC and his sentence was reduced to one year under article 354 (assaulting a woman to insult her modesty) of the Indian penal code … It is very disturbing, ”he said. Venugopal shortly after before the highest court. after discussing the case.
The National Commission for the Protection of Children’s Rights had previously asked the Maharashtra government to urgently appeal the High Court ruling. Various organizations, including the Indian Youth Lawyers Association, represented by lawyer Manju Jetley, had also brought before the High Court against the High Court ruling.
The plaintiffs had said that they were “very disturbed” to note that the January 19 verdict contained various observations about the girl victim’s modesty, which were both “degrading and defamatory.” The boy was even named at the sentencing, according to the petition.
Paytm shares are off to a weak start; more than 27% drop during the trading day
Daily NEWS Summary | 18-11-2021; On November 18, shares of One97 Communications Ltd, Paytm‘s parent company, made a weak market debut and fell more than 27% for the day from the issue price of 2,150. The stock was quoted in 1955, 9% less than the issue price of the EEB. It then fell 27.25% to 1,564 for the day. On the NSE, it started in 1950, falling 9.30% from the issue price. During the day, the stock was down 27.34% to 1,562.
The company ordered a market valuation of Rs 1.01484.00 crore at the end of the afternoon on BSE. Paytm’s 18,300 crore IPO, backed by Ant Group, was oversubscribed 1.89 times on the final day of India’s biggest share sale last week. This was more than the 15 billion rupee offer from the Coal India miner a decade ago.
The initial public offer from Paytm‘s parent company, One97 Communications Ltd., received offers for 9.14 crore of shares against an offer of 4.83 crore of shares, are the information available on the 10 November. Paytm had priced its initial public offering in a price range of 2080-2150 yen per share. Incorporated in 2000, One97 Communications is India’s leading digital ecosystem for consumers and merchants.
It offers a range of services, including payment services and financial services. Paytm, launched by the son of a teacher from a small town in Aligarh nearly ten years ago as a cell phone charging platform, has grown rapidly after ride-sharing agency Uber classified it as a quick-cost opportunity.
Speaker Birla for an action plan to increase the number of sessions of the legislative assemblies
Daily NEWS Summary | 18-11-2021; Lok Sabha speaker Om Birla told an All-India Presiding Officers’ Conference in Shimla that an action plan should be prepared to increase the number of sessions of legislatures. He was heading for the closing session of the two-day conference.
Presidents should evaluate the work of parliamentary committees once a year and hold them more accountable to the people. The zero hour tradition should be launched in state legislatures to give MPs the opportunity to raise pressing issues related to their constituencies, he said. Addressing the issue of increased disruption, he noted that the issue would be discussed with leaders of all political parties. The work of creating a single platform for all legislatures would be completed by 2022.
The conference passed a resolution that there should be no disturbance in the House during the President and Governor’s speech and Question Time. “This will again be discussed with all parties … It was agreed at this conference that the good conduct of legislatures is the moral responsibility of presidents and of all parliamentarians,” said the resolution.
Covid Updates: The number of coronavirus cases reported in India was 3,448,6,215 at the time of publication of this bulletin, with a death toll of 4,65,016.