20 years ago today

Twenty years ago today: June 6

June 7 | Updated on July 12, 2021

Corpn Bank, LIC firm up ties; insurer's stake to touch 27%

The Mangalore-based Corporation Bank Ltd has agreed to offer an additional 14.68 per cent equity to the state-owned life Insurance Corporation of India (LIC) on a private placement basis. This will take LIC’s stake in the bank to 27 per cent of the enhanced capital from the existing 12.32 per cent An MoU to this effect was signed here today by Mr Cherian Varghese, Chairman and Managing Director, Corporation Bank, and Mr G.N. Bajpai, Chairman, LIC.

CAG seeks details of Balco deal

In a fresh twist to. the controversy surrounding the Balco disinvestment, the Comptroller and Auditor General of India (CAG) has sought clarifications on the Rs 551.50-crore deal, especially with regard to the valuation of the company's captive power plant and mines. In a communique, dated May 31, to the Government- appointed valuer of Balco’s assets, Mr P.V. Rao, the Department of Disinvestment has forwarded various clarifications sought by the Audit Party of CAG's office on his valuation report.

Govt mulls UK model for taxing new debt products

The Government is examining a proposal from the Reserve Bank of India to consider the UK model for tax treatment of new debt market instruments such as Separately Traded Registered Interest and Principal Securities (STRIPS), to kick off trading in this and a few other products including zero coupon and deep discount bonds. The proposal to consider the UK model follows the Finance Minister, Mr Yashwant Sinha's announcement in the Union Budget for 2001-02, that the Central Board of Direct Taxes (CBDT) would come out with clarifications to facilitate issuance of these instruments.

Published on July 12, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like