Encounter Resources announced today that mid-tier miner IGO plans to build on their existing partnership by entering a farm-in and joint venture deal in the Paterson Province in the Pilbara.…
The Reserve Bank of India (RBI) is considering using unconventional policy tools to spur lending, three government officials told Reuters, amid fears that the coronavirus outbreak will derail any revival of economic growth. RBI is planning to infuse fresh cash liquidity into the system through a second round of long-term repo operations (LTRO), three sources aware of the matter told Reuters. They asked not to be named as discussions were still private.
Globally, central banks are taking steps to provide liquidity to stabilize financial markets, which have sunk as the coronavirus spread over more than 80 countries.
The Federal Reserve slashed U.S. interest rates by half a percentage point on Tuesday in an emergency move. Central banks in Australia and Malaysia also cut rates and on Monday the Bank of Japan took steps to provide liquidity to stabilize financial markets there.
One of the officials said the Reserve Bank of India might inject as much as 1 trillion rupees ($13.62 billion) in a new round of LTROs that begin as early as April.
Funds are being offered at the repo rate of 5.15% as part of the operations,
Tata Power’s ultra mega power plant in Mundra will stop supplying power to five states from March 11 onwards, said Praveer Sinha, CEO and managing director of the company. “We will gradually start shutting units if a resolution is not reached with states,” said Sinha.
The decision was taken after buyer states did not agree to a tariff hike for the power coming from the UMPP. Mundra supplies power to Gujarat, Haryana, Rajasthan, Punjab and Maharashtra.
The Gujarat-based UMPP has been in the middle of a regulatory tussle for the past seven years over the pass through of escalated cost of imported coal.
In an April 2017 judgement, the Supreme Court denied compensation to Tata Power for increased coal cost, and directed the Central Electricity Regulatory Commission (CERC) to formulate any possible relief for Mundra under the power purchase agreement between Tata Power and procuring states.
The Gujarat government formed a committee which formulated a revised tariff and haircut for the company and the lenders to help the project stay afloat. The committee decided to increase the rate of power from Mundra. However, no other state has
A year on from the introduction of tax evasion laws Martin Griffiths, partner in the Tax & Structuring team at Addleshaw Goddard, warns a lack of awareness could be putting businesses at risk.
On 30 September 2017, a new corporate offence came into force to prevent the facilitation of tax evasion. It brought with it significant implications for businesses across the country.
The legislation introduced a law whereby any business can be prosecuted if its employees, agents or even contractors evade tax – and the business is deemed to have taken insufficient preventative measures.
While this new law could have profound consequences for businesses that contravene it, many have not taken action. This may be because, in a world where capacity and resource are constrained, the legislation has simply passed them by while they concentrated on other areas. It’s possible that those aware of the legislation are sitting back – awaiting the first major prosecution – before deciding to take action to protect themselves.
However, by failing to act businesses are putting themselves at risk. Falling foul of the rules is punishable by unlimited fine and potential criminal sanctions. As if this wasn’t enough, in our experience purchasers of companies