Brij mohan khaitan biography of christopher
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Government faces yet another blow to retrospective tax laws
IHC Mauritius Corporation, a wholly owned subsidiary of Cayman Islands based India Hospitality Corporation, has filed a writ petition at the Bombay High Courtchallenging the constitutional validity of the retrospective amendments to tax laws, three sources familiar with the development told ET NOW. This paper's television channel ET NOW was the first to report the development.
"This fresh development shows that there is a case for reconsideration of the retrospective amendments to tax laws based on the recommendations of the Shome Panel. The government can consider issuing operational guidelines to field officers for not disturbing closed assessments ", says Sanjay Sanghvi, Tax Partner, Khaitan & Co
"This case is likely to have an impact on the Vodafone tax spat with the government. It came up for hearing on Monday and the Bombay High Court will now hear it on October 14th. IHC Mauritius ha
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McNally Bharat steered into insolvency process
McNally Bharat Engineering Co Ltd (MBECL), the company which has been blamed for the virtual downfall of the business empire that Brij Mohan Khaitan built, has been admitted into a corporate insolvency process.
Bank of India, the lead creditor of McNally Bharat, had moved a petition before the Calcutta bench of the National Company Law Tribunal (NCLT) to start the insolvency process against the deeply-indebted engineering, procurement & construction (EPC) company.
A bench comprising the tribunal’s member (judicial) V. K. Rajasekhar and member (technical) Balraj Joshi appointed an interim resolution professional to oversee the entire process.
The total indebtedness of the company to the financial creditors was Rs 2,067.49 crore by March 31, 2022, regulatory filing showed. Moreover a sum of Rs 943.1 crore of interest on this loan has not been recognised. The company was categorised as NPA by lender banks who stopped debiting interest.
The company has been in discussion with the banks to restructure its debt for some time and it had submitted a plan to a consortium of banks which was vetted for techno-economic viability. The plan was later rejected by the lenders, court documents showed, leading up to the NCLT’s order on Fri