Sharing the major compliance due dates for May 2024. Hope it is of use.
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| By CA. Pramod Jain B. Com (H), FCA, FCS, FCMA, LL.B, DISA (ICAI), MIMA, Insolvency Professional Lunawat & Co. | Chartered Accountants |
Thursday, May 2, 2024
MAJOR COMPLIANCE DUE DATES FOR MAY 2024
What is a new dangerous thing for India? -by Praveen thru Quora-important for India to read-wake up call for our Politicians and policy makers
She is Yan Ning.
She is called the 'Goddess scientist' by Chinese citizens. Chinese people adore her for her work in structural biology, and it was a shock for them when she announced five years ago that she is going to assume the position of professor at Princeton University. Many Chinese were devastated.
In 2022, Yan announced that she is returning to China. She quoted, "I have gained enough experience and confidence now, and I am moving back to my motherland to train scientists at the Shenzhen Medical Academy of Research and Translation. Shenzhen provided me a good opportunity and compensation, and I am returning back."
All over Chinese social media, people celebrated her with 'welcome back messages' and with the hashtag 'Yening' on Weibo that attracted 440 million views in just 24 hours. Chinese celebrated her, and the Chinese Government cherished her.
And she isn’t the only one. Years before, Qian Xuesen, the scientist who was prominent in the development of the Jet Propulsion Laboratory (JPL) and was one of the founders of NASA's Jet Propulsion Laboratory, was kicked out of the US after the US government accused him of being a spy (considered by many as the biggest blunder). He was welcomed back like a king by the Chinese government. They provided him with huge compensation and independence to work. He later trained various Chinese students and played a significant role in the development of China's indigenous rocket technology.
Like him, because of the economic development and the huge compensation and career opportunities, thousands of top Chinese scientists in various prominent institutes are returning to China, and that includes Luming Duan. The US government almost pleaded with him to stay in the US, but he returned citing that he is getting good compensation and career opportunities in his motherland.
On Quora, whenever I answer questions about IITs and NITs, I always receive comments claiming that IITians and NITians are not patriotic and always choose to go abroad. People then proceed to curse them left and right.
If you look at China, first they created a better environment and provided due compensation to deserving individuals. Automatically, scientists began to return. However, in India, we fail to create even a minimally conducive environment for people to work. Salaries for scientists, including those at ISRO, are pretty low to the point of being almost degrading for their qualifications. Yet, we criticize them for seeking better opportunities abroad, accusing them of being unpatriotic.
Patriotism works both ways. China said to their scientists: "We’ll pay you almost as much as you were getting there, and we will set up the lab and environment for you to work independently." Chinese scientists replied: "We have learned all that we can from foreign universities, and now I am going back to contribute to my motherland because my motherland is taking care of me."
And what do we have? I'm not even a full-fledged AI researcher. My research area is improving the existing large language models to perform better through various techniques. So, my area is applied analytics rather than core analytics. Even for my research, I have to collaborate with professors/students from foreign universities just to access their tools. Recently, I was developing a large language model with 7 billion parameters, and I used Nvidia H100 Tensor Core GPU from George Mason University (Luckily I have a contact there and the university was gracious enough to let us use that). In India, you can count the number of colleges that have a supercomputer. Hell, even at NIT Trichy, where I studied, the so-called 8th highest ranked in India and an institute of excellence, we didn’t have a supercomputer until 2019.
Without a supercomputer or funding for AWS (high-power GPU), AI research is almost nil. Mind you I am working only in NLP (Natural Language Processing) so far, a field that deals only with textual data, and even for that I need high-power GPU but all over the world, especially in the CS field people are moving to multimodal analysis (A type of AI technique that combines different types of data and work on it simultaneously) and that will require 10 times higher GPU than what I need.
AI is a future and we already have nationalist Indians screaming India is going to change AI and dominate the field. Oh ya, let me tell you, without high-power GPU, you can only work in a technique that was already 5 years old.
Currently, in India, we are almost in a situation where if you have ambitious ideas in AI, you will have to move to a foreign country just for the resources and independence of working. But guess what, anyone who decides to move away will be called a traitor, unpatriotic, etc by the public.
To make matters worse, the government, which previously provided meager funding to Ph.D. students, has now stopped funding altogether and asked colleges to become self-sufficient. When I was in my Ph.D., all I had to worry about was my research. Now, my juniors are almost working like professors, handling all duties, and then they have to take care of research too. My juniors are telling me that by the end of the day, they barely have any energy to read a research article.
Does any of this bother anyone in India? No. We won’t create a suitable environment for Indian scientists, but we will claim we are the superpower. Funnily, I can see many NRIs claiming that India is a superpower. We practically force talents to go abroad and mock them when they do. We will also complain about IIT/NITs not being in the top institutes in the world.
Yes, this blatant, stupid good for nothing tokenism and nationalism/patriotism is the curse and the new dangerous thing in India. Especially in the last five year, there was such a sudden rise in extreme arrogant nationalism.
Just as we speak tokenism and 10 paise fake, good-for-nothing nationalism all day and night, we label anyone who speaks against it as anti-national. Things have gone to the extent in India that according to that crazy senile old man, 'youngsters should work 70 hours every week out of patriotism for a bare minimum wage.'
One comment for this answer clearly explained this
‘That true, I have been indeed working in the field of core AI research for now around 8 years and work abroad. But i feel the problem is with the attitude itself back home.
Indeed I have even tried to find ways to come back home. Also Got some offers including from IITs. But unfortuneltly there wasnt good work being done in India then that I would feel challenging enough for my growth. Plus their offers were nearly 1/6 of what i was already getting. Indeed the IIT offered me less than their less experienced student.
Unfortuntely the attitude in top places in india is also very bad too. Whilst there is not much of great contribution to the scientific community by any such esteemed institute in india(only a very few exception) profs in such institute often have an atitude that they are already the best in the world. This attitude doens create a conductive environemnt either.’
Note 2: The blind devotees of the crazy old senile man can leave my page. You fellows are the reasons why youngsters are getting taken advantage of and are getting destroyed. I have no respect for him or his devotees. I’ll report and block you if you run off your mouth.
Wednesday, May 1, 2024
LIVE BLOG US News Live Updates: US private sector job growth higher than expected :-ET
US News Live Updates: Hiring in the US private sector cooled in April but job growth was higher than anticipated, boosted by the services sector, payroll firm ADP said on Wednesday.
Companies added 192,000 jobs last month, down slightly from a revised 208,000 in the month before, the report said.
The labor market has shown resilience despite the US central bank's efforts to keep interest rates elevated and fight stubborn inflation.
While higher rates raise the borrowing costs for consumers and businesses -- and can weigh on employment -- the jobs market has held up with employers reluctant to let go of workers they initially struggled to find.
The strength of the job market has in turn helped to support consumer spending.
Hindu marriage not valid unless performed with requisite ceremonies: SC :-ET
A Hindu marriage is not an event for "song and dance", "wining and dining" or a commercial transaction, the Supreme Court has observed and said it cannot be recognised in the "absence of a valid ceremony" under the Hindu Marriage Act. A bench of Justices B V Nagarathna and Augustine George Masih said a Hindu marriage is a 'samskara' and a sacrament which has to be accorded its status as an institution of great value in Indian society.
In its recent order passed in the matter of two trained commercial pilots, who sought a divorce decree without performing a valid Hindu marriage ceremony, the bench urged young men and women to "think deeply about the institution of marriage even before they enter upon it and as to how sacred the said institution is, in Indian society".
"A marriage is not an event for 'song and dance' and 'wining and dining' or an occasion to demand and exchange dowry and gifts by undue pressure leading to possible initiation of criminal proceedings thereafter. A marriage is not a commercial transaction. It is a solemn foundational event celebrated so as to establish a relationship between a man and a woman who acquire the status of a husband and wife for an evolving family in future which is a basic unit of Indian society," the bench said.
Terming the marriage as sacred as it provides a lifelong, dignity-affirming, equal, consensual and healthy union of two individuals, the bench said a Hindu marriage facilitates procreation, consolidates the unit of family and solidifies the spirit of fraternity within various communities.
"We deprecate the practice of young men and women seeking to acquire the status of being a husband and a wife to each other and therefore purportedly being married, in the absence of a valid marriage ceremony under the provisions of the (Hindu Marriage) Act such as in the instant case where the marriage between the parties was to take place later," the bench said.
In its April 19 order, the bench said where a Hindu marriage is not performed in accordance with the applicable rites or ceremonies such as 'saptapadi' (taking seven steps by the groom and the bride jointly before the sacred fire), the marriage will not be construed as a Hindu marriage.
"We further observe that a Hindu marriage is a sacrament and has a sacred character. In the context of saptapadi in a Hindu marriage, according to Rig Veda, after completing the seventh step (saptapadi) the bridegroom says to his bride, 'With seven steps we have become friends (sakha). May I attain to friendship with thee; may I not be separated from thy friendship'. A wife is considered to be half of oneself (ardhangini) but to be accepted with an identity of her own and to be a co-equal partner in the marriage," it said.
In Hindu Law, marriage is a sacrament or a 'samskara' and it is the foundation for a new family, the bench noted, and said, "There is nothing like a "better-half" in a marriage but the spouses are equal halves in a marriage."
Observing that with the passage of centuries and the enactment of the Act, monogamy is the only legally approved form of relationship between a husband and a wife."The (Hindu Marriage) Act has categorically discarded polyandry and polygamy and all other such types of relationships. The intent of the Parliament is also that there should be only one form of marriage having varied rites and customs and rituals," it noted.
The bench said after the Act came into force on May 18, 1955, it had codified the law relating to marriage among Hindus and it encompasses not only Hindus as such but Lingayats, Brahmos, Aryasamajists, Buddhists, Jains and Sikhs also who can enter into a valid Hindu marriage coming within the expansive connotation of the word Hindu.
"Unless the parties have undergone such ceremony, there would be no Hindu marriage according to Section 7 of the (Hindu Marriage) Act and a mere issuance of a certificate by an entity in the absence of the requisite ceremonies having been performed, would neither confirm any marital status to the parties nor establish a marriage under Hindu law," it said.
The top court highlighted that the advantage of marriage registration is that it facilitates proof of factum of wedding in a disputed case but if there has been no marriage in accordance with Section 7 of Hindu Marriage Act, "the registration would not confer legitimacy to the marriage".
It noted that under the Special Marriage Act, 1954, a man and a woman can acquire the status of being a husband and a wife as per the provisions of the said Act."The Special Marriage Act, 1954 is not restricted to Hindus. Any man and woman irrespective of their race, caste or creed can acquire the status of being a husband and a wife under the provisions of the Special Marriage Act, 1954 but under the provisions of the Act (Hindu Marriage Act, 1955), there should not only be compliance of the conditions as prescribed under Section 5 of the said Act but also the couple must solemnise a marriage in accordance with Section 7 of the Act," it said.
Exercising its plenary powers under Article 142 of the Constitution, the apex court declared the estranged couple were not married in accordance with the law and held the marriage certificate issued to them in absence of valid ceremony under the Hindu Marriage Act as null and void.
It also quashed their divorce proceedings and a dowry case lodged against the husband and his family members.
Swadeshi to ahimsa, locks to rockets: How Godrej won the nation's trust :-ET
The family brand is bigger than the family. That's what the sprawling Godrej clan with tangled cross-holdings in dozens of industries has proved with a harmonious split of business between the two branches of the family. When it's routine for heritage business families to fight tooth and nail over division of assets and businesses, the Godrej family is splitting its business, what it calls "realignment", in an exceptionally amicable manner. Adi Godrej and his brother Nadir will keep Godrej Industries that has five listed firms, while their cousins Jamshyd and Smita, who too are siblings, getting unlisted Godrej & Boyce and its affiliates as well as a land bank in Mumbai.
In dividing the family business, the members have exhibited the same trust among themselves that the brand evokes among Indians. The history of the Godrej Group, which is in a diverse range of businesses from soaps and home appliances to real estate and satellites, straddles India's trajectory from primitive industrial economy of colonial times to an aspirational 21st century nation sending crafts to Moon and Mars.
A 'Make-in-India' entrepreneur
Godrej is one of the very few companies which go on to become synonymous with the products they make. The steel almirah which has defied fashions for decades and endured as a permanent fixture in Indian households is one example. Founded by Ardeshir Godrej in 1897, the Godrej Group grew on innovation and trust. Ardeshir was an ardent nationalist who believed India could design products as good as Europe did, and went on to prove it too with his industrious zeal.
Ardeshir, who started out as a lawyer, gave up his practice for he was reluctant to defend clients irrespective of the facts of the case. He borrowed a small amount of money from his father's friend and began manufacturing surgical tools. He gave up when his client in Europe did not allow him to put 'Made in India' mark on the tools. His next venture was locks. With crime rising in his city, then called Bombay, this idea worked. Ardeshir manufactured quite innovative locks for his time and even went on to patent the world's first springless lock in 1907.
More than a century later, Godrej still makes locks. In 2007, it built India's first key with a chip, the Mechatronic Door Lock Key, and the Unique Dual Access Control Padlock, the first lock that came with two keys, empowering the owner to block or grant access to the second key.
In 1918, Godrej manufactured the world's first vegetable oil soap. Until then, soaps were made of animal fat. The first vegetable soap by Godrej was sold under the brand name Chaabi (the key). "We score not only for Swadeshi, but also ahimsa," the Godrej group states, underlining the fact that lots of people in India back then were reluctant to use soaps for their animal content.
Rabindranath Tagore appeared in the Godrej vegetable soap advertisement, saying, "I know of no other foreign soaps better than Godrej's and I will make a point of using Godrej's soaps."
The Godrej group says its products were endorsed by other stalwarts like Annie Besant and Mahatma Gandhi too. In a letter to a competitor of Godrej which sought a favour from Gandhi, he wrote, "I hold my brother Godrej in such high regard that if your enterprise is likely to harm him in any way, I regret very much that I cannot give you my blessings."
How Godrej won the 'steely' trust
After making burglar-proof locks, Ardeshir thought of making a safe which was not only burglar-proof but was also fire-proof. That's how the Godrej almirah was born, and went on to become a permanent fixture in Indian households and a standard wedding gift too.
Godrej held a public demonstration in Mumbai in which a big fire was lit around the safe and the contents of the safe remained intact. People were impressed by the demonstration and Godrej almirahs and safes became popular. A real test of Godrej safes came in 1944. A devastating explosion at the Victoria docks left terrible fire in its wake. It was found that among the few things to survive the blast were Godrej safes.
From typewriter to ballot boxes to rockets
Godrej also manufactured India's first typewriter in 1955. It was inspired by then Prime Minister Jawaharlal Nehru, who saw it as a “symbol of independent and industrialized India". Nehru reportedly received one of the first machines, as per an LA Times report. The first locally made typewriter was named Godrej Prima. The Godrej typewriters replaced the imported ones such as Remington and became a familiar fixture in courts and government offices. For decades, until computers came in vogue, most of India's official and private business was conducted on machines manufactured by the Godrej group.
The Godrej group manufactured ballot boxes for India's first elections in 1951. It made 1.7 million ballot boxes for India’s first steps as a democracy. It would make as many as 22,000 ballot boxes a day. An employee recalled that in those days they would come to the manufacturing plant at quarter to seven and rarely left before midnight.
From locks, soaps and safes, the Godrej Group has come a long way. An aerospace major, it also makes parts for rockets and satellites now. Godrej has also powered India's Moon and Mars missions, Chandrayaan and Mangalyaan, by partnering with the Indian Space Research Organisation (ISRO). That's surely quite a long way from making door locks. Godrej helped build the launch vehicle and lunar orbiter. Its engines powered the Polar Satellite Launch Vehicle. It also supplied precision components for rockets.
The Godrej Group has marched in step with the nation as it progressed from making basic mechanical devices such as locks to building satellites and rockets. The Godrej family has put this rich heritage above narrow individual interests by brokering an amicable split which can be a lesson for numerous family businesses which have grown over generations and now stare at the thorny prospect of dividing the business among the heirs.
Lilavati trustee alleges Rs 500 crore scam by kin Read more at: https://economictimes.indiatimes.com/industry/healthcare May 1 2024
The permanent trustee of the Mumbai-based Lilavati Hospital & Research Centre, Prashant Mehta, on Tuesday accused former trustees of misappropriation of trust funds. "Since the time we took over, we have unearthed a scam of ₹500 crore by the erstwhile board members which includes lawyer fees paid for internecine private disputes amongst trustees, bogus donations, and bogus advances to real estate companies for equipment purchases," Prashant Mehta alleged. "As per the Supreme Court, we have take a recovery action. We have filed (a complaint) before the charity commissioner."
Prashant levelled allegations against his late uncle Vijay Mehta, cousin Niket Mehta and aunt Sushila Mehta.
The family feud to take control of the Lilavati Kirtilal Mehta Medical Trust Board that runs the 319-bed hospital in Mumbai's posh Bandra locality has led to multiple legal battles between family members.
The latest accusations come after Prashant's cousin Niket Mehta (son of Vijay Mehta), who was the former managing trustee, raised questions over the legality of the current board and its legitimacy to appoint other trustees. Two trustees Kishor and Charu Mehta - Prashant's parents - have appointed other trustees.
The current board includes Prashant's father Kishor and mother Charu as permanent trustees for life and his brothers Rajiv and Rajesh among others as trustees.The current board includes Prashant's father Kishor and mother Charu as permanent trustees for life and his brothers Rajiv and Rajesh among others as trustees.
Prashant has refuted the allegations, saying the new board replaces the previous board removed by the Assistant Charity Commissioner in December 2023 and it's a decision upheld by the Supreme Court.
NFRA debars auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases :-April 26,2024 ET
The National Financial Reporting Authority (NFRA) has barred auditors of M/s Brightcom Group for up to ten years and imposed heavy monetary penalties on them, citing professional misconduct in auditing the company between FY20 and FY22.While the audit firm, M/s PCN & Associates, has been prohibited from taking up any audit work for two years, chartered accountant Gopala Krishna Kandula has been barred for ten years, according to a NFRA order on Friday.
In addition, the regulator has imposed a penalty of Rs 50 lakh on the audit firm and another Rs 30 lakh on Kandula.
NFRA flagged that the audit firm and the engagement partner (auditor) didn’t co-operate with it in its investigation, despite repeated calls for the submission of relevant documents and information and opportunities for personal hearing. Kandula, it said, submitted a false affidavit to avoid submitting information and attending personal hearings.
This order concludes that the failure of the audit firm and the EP (engagement partner, Kandula in this case) to cooperate with NFRA is a professional misconduct under section 132 (4) of the Companies Act, 2013, that is, failure to supply the information called for, failure to comply with the requirements asked for, failure to exercise due diligence and being grossly negligent in the conduct of professional duties,” the order said.
CMIL auditors face ban, penalty
In a separate order, NFRA has imposed a penalty of Rs 50 lakh on audit firm M/s Krishna Neeraj & Associates and another Rs 10 lakh on its partner citing professional misconduct in the audit of electrical company CMIL.
The regulator also barred the partner, Krishna Neeraj, from taking up any audit work for two years.“The auditors failed to demonstrate sufficiency and appropriateness of audit work in several critical aspects of the audit of the Financial Statements, that is, determining materiality, evaluation of the going concern assumption, verification of inventories and trade receivables, verification of reported revenue and evaluating the audit results,” the NFRA said in the order.
The auditors failed to report the non-recognition of liabilities of the interest accrued on loans classified as non-performing assets, which resulted in the understatement of the interest cost, current liabilities, and the reported loss by the company.
The audit regulator said the auditors failed to analyse the going concern assumption despite the fact that CMIL had witnessed continuous drop in revenue to just Rs 201.70 crore in FY21 from Rs 637.30 crore in FY19. Similarly, its profit after tax declined from Rs 45.08 crore in FY19 to a loss of Rs 194.60 crore in FY21.
In both the above cases, the audit regulator started investigations after capital markets watchdog Sebi informed it of suspected irregularities at these firms, according to the orders.
NFRA has been cracking down on errant auditors in recent years, having already debarred and penalised several of them in connection with IL&FS and DHFL and other scams.
View: The Indian banks' tech you love is a banana peel for RBI battling potential scams Read more at: https://economictimes.indiatimes.com
After being saddled for years with the biggest bundle of bad loans anywhere in the world, the Indian financial system had only recently found its footing. But with profitability at a decade high and capitalization well in excess of the regulatory minimum, the country’s banks have begun slipping again. This time, they’re falling on the banana peel of technology.
The latest casualty is Kotak Mahindra Bank Ltd. Last week, the regulator ordered what was until recently India’s fourth-largest lender by market value to stop onboarding new customers through its online and mobile banking channels and refrain from issuing fresh credit cards. The Reserve Bank of India said it had found “serious deficiencies” in how the bank manages user access, vendor risk and data security.This is a pretty stiff punishment: More than 98% of the transaction volume in Kotak’s savings accounts were from digital or non-branch methods in the December quarter; 99% of new credit cards and 95% of personal loans it sold were also online.
While Kotak says it has already taken some measures and will “swiftly resolve balance issues at the earliest,” the sheer brazenness of last year’s scam at UCO Bank is likely to make the RBI very cautious in lifting the ban. UCO is a small, government-owned lender based in the eastern city of Kolkata. Last November, it discovered that some customers had received nearly $100 million via interbank electronic fund transfers, but accounts at the sending institutions hadn’t been debited.
BSE revises transaction charges for its Sensex and Bankex options contracts :-ET
BSE on Tuesday said it is revising the transaction charges for its options contracts in the equity derivatives segment. The changes will be effective starting May 13.
The current transaction charges for S&P BSE Sensex options and S&P BSE Bankex options will continue to be levied for the period between May 1-10.The revised charges will come into effect from May 13 for S&P BSE Sensex options and S&P BSE Bankex options. For the period between May 13-31, the premium turnover of these contracts will be cumulated and the transaction charges will be levied based on the slab on the incremental turnover basis.
From June, the premium turnover will be cumulated and the transaction charges will be levied based on the slab based on the incremental turnover month-on-month.Recently, the market regulator Sebi had asked BSE to pay regulatory fee based on notional turnover and not premium turnover. Preliminary calculations done by the stock exchange shows that it could lead to an additional payout of Rs 165 crore plus GST.
NSE has already been calculating the regulatory fees on notional turnover whereas BSE and MCX were calculating on premium turnover. Sebi has, therefore, written to both exchanges to follow the notional turnover calculation. Chart
Notional turnover is calculated by multiplying strike price of each contract traded with the number of underlying assets in each contract while premium turnover is the sum of premiums paid on all contracts.
BSE has witnessed a significant jump in options volumes since it re-entered the index options market from May 2023. Its notional turnover has reached about 20% of NSE's notional turnover in March but premium turnover turnover.
Sebi tightens front-running regulations for AMCs to check market abuse :-ET
Market regulator Securities and Exchange Board of India (Sebi) on Tuesday approved amendments to SEBI (Mutual Funds) Regulations, 1996, to enhance the existing regulatory framework by requiring asset management companies (AMCs) to put in place a structured institutional mechanism for identification and deterrence of potential market abuse, including front-running and fraudulent transactions in securities.
The decision was taken on Tuesday at the 205th meeting of the Sebi board held in Mumbai. Under the mechanism, the AMCs will be required to ensure enhanced surveillance systems, internal control procedures and escalation processes to identify, monitor and address specific types of misconduct, including front-running, insider trading and misuse of sensitive information, among other things.
The Sebi board also approved amendments to the regulations to enhance responsibility and accountability of management of AMCs for such an institutional mechanism. The AMCS will also be required to have a whistle blower process to foster transparency.
While Sebi will specify the broad framework of the institutional mechanism, industry body Association of Mutual Funds in India (Amfi) will have to detail on standards for such an institutional mechanism.
The Sebi board also streamline prudential norms for passive schemes with respect to exposure to securities of group companies of the sponsor to facilitate a level playing field for mutual funds.
Currently, mutual fund schemes are not allowed to invest over 25% of their net asset value (NAV) in group companies of the sponsor, which Sebi said restricts the passive funds to effectively replicate the underlying index, in cases where group companies of sponsor comprise over 25% in the index.
"This also puts such AMCs to a relative disadvantage as compared to other AMCs who may not have a sponsor group company(ies) comprising more than 25% in the underlying index," the Sebi release said further.
Accordingly, Sebi approved amendment to SEBI (Mutual Funds) Regulations, 1996, to allow equity passive schemes on indices to be specified by SEBI and to take exposure up to the weightage of the constituents in the underlying index. This exposure would be subject to an overall cap of 35% investment in the group companies of sponsors.
The board also approved a regulatory framework to provide flexibility for increased contribution by NRIs, OCIs and RI Individuals, in the corpus of certain FPIs based out of IFSCs in India and regulated by IFSCA.
Under this, 100% contribution limits will be available to them subject to the FPI submitting copies of PAN cards of all their NRI/OCI/RI individual constituents, along with their economic interest in the FPI, to the DDP (Designated Depository Participants).If a constituent does not have a PAN, the FPI will be required to submit a declaration along with copies of prescribed identity documents viz. Indian passport, OCI Card, Aadhaar, etc.
PROFESSORS SHOULD BE CAREFUL BEFORE CHOOSING THE TOPIC FOR TEACHING.
*POLYGAMY IN MALAYSIA*
A Female Professor was invited for a lecture and the topic she chose to talk about was polygamy.
She talked on the benefits of polygamy, why women should embrace it and support their husbands towards achieving it.
Lady: "Professor, I really appreciate this topic because am relieved of my fear, I never knew you are this simple and understanding. Your message has given me the opportunity to open up to you,"
She cleared her throat and continued....
"I have been married to your husband for the past four years, and between us, we have a set of twins "
To the greatest surprise of all in the hall, the Professor fainted and was rushed to the hospital.
After she was revived, she opened her eyes to see same lady standing by her bedside.
Lady: Professor I don't know who your husband is.
I just lied to you to see if you can handle what you preach to others. Next time, please pick on subjects that you are good at. Don’t stand up on a stage and throw your shit around just because you have the title professor in front of your name.
Tuesday, April 30, 2024
RHI Magnesita India appoints Azim Syed as CFO & CIRO :-Business Standard April 29,2014
With effect from 01 May 2024
RHI Magnesita India has appointed Azim Syed as its new Chief Financial Officer (CFO) & Chief Investor Relations Officer (CIRO), effective from 01 May 2024.
Azim brings more than two decades of diverse industry experience to his new role at RHI Magnesita India. He was previously part of the global leadership team at RHI Magnesita NV since 2019, where he steered crucial functions in managing Global Supply Chains and Integrated Business Planning while driving key strategic initiatives.
As the Chief Financial Officer & Chief Investor Relations Officer at RHI Magnesita India Ltd, Azim will work closely with the executive team to drive financial performance and enable operational efficiencies for the India, West Asia and Africa region. His appointment emphasizes RHI Magnesita India's commitment to strengthening its leadership team with top talent to drive growth and innovation in the refractories and industrial solutions segment.
Tesla chief Elon Musk's fortune soars by most since before Twitter purchase :-Business Standard April 29,2024
By Diana Li and Jack Witzig
Elon Musk’s net worth is soaring after it plunged to the lowest level in almost a year.
In the past five days, the world’s third-richest person has gained $37.3 billion in net worth, according to the Bloomberg Billionaires Index. That’s his largest weekly gain since March 2022, just before he agreed to buy Twitter Inc. for $44 billion in one of the biggest leveraged buyout deals in history. Since then, his fortune has tumbled just as often as it has increased after a breathtaking ascent in 2020 and 2021.
Tesla Inc. shares rallied the most in more than three years Monday following reports that it received in-principle approval from Chinese officials to deploy its driver-assistance system in the world’s biggest auto market. That followed news last week that the electric-vehicle maker plans to introduce a less-expensive car as soon as this year, which eased concerns about disappointing earnings.
 "Chart")
Musk added $18.5 billion to his fortune on Monday alone, the 13th-largest market-driven daily gain for any billionaire on Bloomberg’s wealth index and Musk’s seventh-biggest. With a net worth of $201.5 billion, he’s close to overtaking second-place Jeff Bezos, after he surpassed Mark Zuckerberg last week.
Musk, 52, derives his wealth primarily from his stake in Tesla, as well as his holdings in Space Exploration Technologies Corp. and X, formerly known as Twitter.
Prior to the recent rally, Tesla spent much of the year as the worst-performing stock on the S&P 500 Index amid price cuts and a surprise drop in vehicle deliveries. The value of X, meanwhile, has slumped about 73% since Musk bought it two years ago, according to a March valuation from the Fidelity Blue Chip Growth Fund, which invested alongside him.
One bright spot for Musk’s wealth has been SpaceX, which gained more than 40% in value between mid-2022 and the end of 2023.
The billionaire is also facing pressure domestically. Tesla has asked shareholders to vote again on Musk’s $56 billion compensation package that was voided by a Delware court early this year. If it’s rejected, Musk risks losing stock options that make up nearly a quarter of his net worth, according to Bloomberg’s wealth index.
The US Supreme Court also rejected an appeal Monday from Musk in his “Twitter sitter” case, leaving intact his agreement with the Securities and Exchange Commission to have an in-house lawyer pre-approve his social media posts about Tesla.Follow our WhatsApp chan
Subscribe to:
Posts (Atom)