Incentives for the honest taxpayer

The Government has formally announced the specifics of the Samman scheme honouring honest taxpayers. Incentives to awardees include waiver from scrutiny of returns for three years except under special circumstances. Awards will be given beginning first quarter of 1999-2000. Other sops under Samman, which do not contain any monetary benefits, include tax clearance certificates to awardees for three years for transacting in immovable properties and travel abroad and prompt issue of refunds and time-bound disposal of rectification applications.

GE Caps settles for 75% in Countrywide

GE Capital has finally settled for a 75 per cent equity stake in Countrywide Consumer Finance Services instead of its earlier proposal to gain 100 per cent control of the company. HDFC, which currently holds 45 per cent equity, would restrict its holding to 25 per cent, thereby conforming to the existing norms laid down for non-banking finance companies. It may be recalled that GE Capital's plan to increase its stake in Countrywide to 100 per cent, by buying out the remaining 45 per cent equity held by HDFC, had hit a roadblock with the Department of Economic Affairs clamping stiff conditions.

3 Lalbhai group cos propose to merge

The boards of Arvind Polycot, Arvind Cotspin and Arvind Intex of the Lalbhai group will meet separately on January 24 to consider a proposal to merge into one company. The three companies are proposed to be merged with Arvind Products Ltd, a small company wholly owned by Arvind Mills. Arvind Products currently does not carry on any business. The combined sales of these three companies for 1997-98 was Rs. 309 crores.

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