SEBI
SEBI introduces Information database and Repository on Municipal Bonds (JAN 22, 2023)
To assist municipal debt issuers and other stakeholders in the Municipal Debt market, Mr. Ashwani Bhatia (Whole-Time Member, SEBI) launched an Information Database including a repository of information pertaining to Municipal Bonds on its website.
Significantly, the repository contains various checklists for pre-listing requirements and sample letters and certificates from various intermediaries to be obtained by an Issuer who plans to tap the Municipal Bond Market. Templates for agreements between various stakeholders and an indicative Due Diligence Questionnaire for Merchant Bankers are also included.
PRESS RELEASE: SEBI | SEBI introduces Information database and Repository on Municipal Bonds
SUPREME COURT
No Service Tax on the activity of digital offset and offset printing: SC (JAN 23, 2023)
CASE: Commissioner of Central Good and Service Tax Vs Venus Albums Company Pvt. Ltd.
The department had challenged the order passed by Tribunal, Mumbai wherein, the tribunal, inter alia, held that the activity of digital offset and offset printing amounts to manufacture and the same is classifiable under heading chapter 4911 of the Central Excise Tariff. Therefore, no service tax would be payable on such activity.
The Hon’ble Supreme Court rejected the arguments of the revenue and held that there is no substantial question of law requiring consideration and therefore dismissed the appeal of the department.
NEWS REPORT : No Service Tax on the activity of digital offset and offset printing: SC (taxguru.in)
KARNATAKA HIGH COURT
When people fear the state, there is tyranny: Karnataka High Court (JAN 23, 2023)
Kuldeep, the advocate from Puthila village in Belthangady, had approached the HC after his complaint against Suthesh K P, a sub-inspector of police, was not registered. Even after the direction by the court, there was delay in registering the FIR.
The HC in its judgment recently, ordered the Director-General and Inspector General of Police to initiate departmental inquiry against Suthesh “and his cohorts or any other officer, after identifying those officers who have indulged in the act of illegal arrest and alleged assault on the petitioner.”
DETAILS : When people fear the state, there is tyranny: Karnataka High Court : The Tribune India
BUSINESS NEWS
Thousands of Indian IT professionals are now jobless scrambling for options to stay in the US (JAN 23, 2023)
Thousands of Indian IT professionals in the US, who have lost their jobs due to the series of recent layoffs at companies like Google, Microsoft and Amazon, are now struggling to find new employment within the stipulated period under their work visas following the termination of their employment to stay in the country.
According to The Washington Post, nearly 200,000 IT workers have been laid off since November last year, including some record numbers in companies like Google, Microsoft, Facebook and Amazon. As per some industry insiders, between 30 to 40 per cent of them are Indian IT professionals, a significant number of whom are on H-1B and L1 visas.
DETAILS : Thousands of Indian IT professionals now jobless scrambling for options to stay in the US (msn.com)
NEWS AT GLANCE
- Fifth Kalvari class submarine INS Vagir inducted into the Indian Navy.
- Parakram Diwas marking 126th Birth anniversary of Netaji Subhas Chandra Bose being observed today.
- Prime Minister Narendra Modi to name 21 islands of Andaman & Nicobar after Param Vir Chakra awardees today.
WORD OF THE DAY
A quiet title action is a special legal proceeding to determine rightful, legal property ownership. It is often a preventative or “friendly” lawsuit to ensure that no other parties have conflicting claims to a title, or to resolve an ambiguity.
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