• GoM asks defence to vacate spectrum
• Going Global: Ltd tax liability for LLPs in I-T matrix
• Faster service tax refunds on cards
• SEBI to probe open offer maneuver by MNCs
• Govt mulls commission for comprehensive media guidelines
• SEBI to slap Rs 1-cr fine on cos for not filing disclosure
• CVC asks DoT to clarify 2G spectrum allocation
• The Group of Ministers (GoM), headed by external affairs minister Pranab Mukherjee, has asked defence forces to vacate 15 MHz of spectrum. While 10 MHz will be for third generation (3G) services, 5 MHz will be for second generation (2G) services. The spectrum would be released on signing of MoU between MoD and DoT. (ET)
• According to sources, govt is finalising the tax code for limited liability partnerships (LLPs), a business format that will be available from April 1, 2009. An LLP would be taxed for its income while the income of individual partners would be tax free. The announcement of the tax code can be done by the government that comes into power after the general elections as annual accounts of LLPs will be finalised only at the end of the 2009-10.
• According to sources, service tax refunds for exporters are set to become easier and speedier as govt is likely to do away with some of the procedural requirements that delay issue of refunds to exporters. Central Board of Excise & Customs (CBEC) has had a series of meetings with industry representatives from various sectors including IT, commerce ministry officials and its field officials to resolve the issue and the new rules are expected to be unveiled this week. Some steps being considered to make the refunds easier are doing away with the requirement of documentary proof and third-party verification in some cases. (ET)
• According to sources, SEBI feels that foreign parents of some of the smaller MNC subsidiaries in India may not be strictly adhering to SEBI’s pricing norms while making an open offer in India and thus, in the interest of the shareholders, SEBI is looking into such cases. It feels that no consistent policy is being adopted while pricing open offers in India. While in some cases the date of announcement of global acquisition has been considered in some it wasn’t. SEBI is recently learnt to have sought clarification from Disa India, the Indian subsidiary of Denmark-based Disa Holding, on pricing of open offer, after which the foreign parents have deferred the offer. They are also likely to revise the terms and conditions of the offer after Sebi issues its observations. (ET)
• Govt is mulling a proposal to set up a commission to frame comprehensive guidelines encompassing all forms of the media. The recently-concluded Consultative Committee meeting of parliamentarians, chaired by Minister of State for Information and Broadcasting Anand Sharma, while discussing repercussions of media coverage after 26/11, called for a comprehensive approach to lay out codes for the entire media as there is a need to frame guidelines applicable to all forms of media and not just television. (BS)
• SEBI has said that companies delaying or not filing full disclosures with stock exchanges and with it (SEBI) as mandated will face a penalty of up to Rs 1 crore. The names of offending companies will be put up on the SEBI website, which people and investors can read which is the only way to punish such co.s. (BS)
• The Central Vigilance Commission (CVC) has shot off another letter seeking clarity on the policy for allocation of spectrum for existing 2G mobile services as the reply furnished by DoT to it is not specific about the methodology adopted for assessment of optimum use of alloted spectrum and the precise manner of application of methodology. The CVC wanted to know that whether auction process for 2G spectrum is the right choice and desirable at this juncture. (FE)
