Centre directs ED, RBI to act against Amazon, Flipkart for FDI, FEMA violations
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Centre directs ED, RBI to act against Amazon, Flipkart for FDI, FEMA violations
IANS / Updated: Dec 31, 2020, 14:50 IST
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NEW DELHI: In a significant development related to war between e-commerce giants and traders of India, the government has directed the Enforcement Directorate and Reserve Bank of India to take necessary action against Amazon and Walmart-owned-Flipkart.
The Centre has taken strong cognizance of various complaints made by the Confederation of All India Traders (CAIT) for blatant violation of FDI Policy and Foreign Exchange Management Act, 1999 (FEMA) by these companies.
Traders’ body says Commerce Ministry has flagged violations by Amazon, Flipkart
Updated:
Updated:
December 31, 2020 20:00 IST
CAIT says its complaints regarding violation of FDI policy and FEMA rules by e-commerce giants have been forwarded by DPIIT to ED, RBI.
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Minister for Commerce Piyush Goyal
| Photo Credit: Kamal Narang
CAIT says its complaints regarding violation of FDI policy and FEMA rules by e-commerce giants have been forwarded by DPIIT to ED, RBI.
The Commerce Ministry has forwarded representations of alleged violations by Amazon and Flipkart to the Enforcement Directorate and the Reserve Bank for necessary action , according to traders’ grouping CAIT. The Confederation of All India Traders (CAIT) had alleged that the e-commerce players violated FEMA and FDI rules.
RBI’s Sovereign Gold Bonds scheme opens today price, how to apply, and more
Rounak JainDec 28, 2020, 11:14 IST
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The RBI has opened the latest tranche of Sovereign Gold Bonds for subscription.
The issue price has been fixed at ₹5,000 per gram of gold and a discount of ₹50 can be availed by applying online.
The last day for subscription is January 1, 2021.
The Reserve Bank of India (RBI) has opened the latest tranche of Sovereign Gold Bonds for subscription from today. The RBI has fixed the issue price under this scheme at ₹5,000 per gram of gold. Additionally, investors who apply online and make payment using a digital mode will be eligible for a ₹50 discount and can apply at ₹4,950 per gram.
Promoters of Prime Focus launch mandatory open offer after CS deal
December 28, 2020
With Credit Suisse signing pact to sell pledged shares, Anil Ambani group raises red flag
RCAP group will seek judicial and regulatory intervention to protect the interests of lenders and shareholders of Prime Focus Ltd (PFL) and Reliance Capital Ltd with respect to the stake sale of Credit Suisse (CS) to PFL promoters.
Mandatory open offer
Following the agreement with Credit Suisse, the promoters have made mandatory open offer to the public shareholders of PFL. In a notice to the stock exchanges, Prime Focus said acquirers have made open offer for up to 8.24 crore shares, representing 26 per cent of the expanded voting share capital.
Credit Suisse s stake sale in Prime Focus blatant abuse of purported rights : Reliance Capital
The proposed sale price (Rs 44.15 per share) is at a substantial altogether unwarranted discount to the intrinsic value of Prime Focus Ltd s shares, says Reliance Capital
Chitranjan Kumar | December 28, 2020 | Updated 16:55 IST
Anil Ambani-controlled Reliance Capital raises concerns over Credit Suisse s 33.12% stake sale in Prime Focus
Anil Ambani-led Reliance Capital has alleged that the proposed sale of 33.12 per cent equity shares of Prime Focus by Credit Suisse (CS) at Rs 44.15 per share is a blatant abuse of the purported rights by the CS under certain lending agreements with Reliance Anil Dhirubhai Ambani Group.