Ordinance on buyback, sweat equity issued

The much-awaited Ordinance permitting buyback of their own shares by corporates, liberalised inter-corporate investment norms issuance of sweat equity along with several other amendments to the Companies Act 1956 was promulgated by the President, Mr. K.R. Narayanan, today. Amendments have been effected in the Companies Act to do away with the need to seek prior approvals from the Government for inter-corporate investments and loans as also allow companies to issue sweat equity to its directors or employees. Buyback and issuance of sweat equity, according to a press note, would be subject to regulations to be issued by the Securities and Exchange Board of India.

Pulses import made duty-free

In a slew of measures aimed at arresting the spiralling commodity prices, the government today made imports of pulses duty-free, directed NAFED to import and procure more onions and exempted edible oils imported by the vanaspati industry from the 4 per cent special additional customs duty levied in this year’s Union Budget. The decision to waive import duty completely is expected to augment availability.

Cabinet approves mega power projects policy

In a bid to expedite the creation of additional generating capacity in both private and public sectors, the Union Cabinet has approved a scheme for the setting up of mega power projects for supply to more than one State and inter-State distribution. Official sources said that under this policy, the private or even the public sector promoter of large power projects (of 1,000 MW capacity or more) will be given a complete customs duty waiver on equipment imports, a 10-year tax holiday out of the first 15 years of the project, and a securitisation package.

Related Topics
comment COMMENT NOW