The Telegraph
Since 1st March, 1999
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Business Briefs

Fillip for selloff SPVs

Mumbai, Oct. 16: The Reserve Bank today said that special purpose vehicles (SPVs), set up for participating in the government’s disinvestment programme, will now be eligible to access bank finance subject to certain conditions. These SPVs should function as holding companies or special purpose vehicles with not less than 90 per cent of their total assets as investment in shares held for the purpose of holding ownership stake, RBI said in a circular. SPVs should not trade in these shares except for block sale, not undertake any other financial activities, and not hold or accept public deposits were some of the other conditions.

Muhurat trade

Mumbai, Oct. 16: The Bombay Stock Exchange (BSE) will hold the Muhurat trading session for Samvat 2060 on October 25. The transactions done during the Muhurat session — 06.10 pm to 07.25 pm — and regular trading on October 27 will be merged and settled under the common settlement on October 29. The Calcutta Stock Exchange will also hold the Muhurat session on the same day.

Tax tribunal

New Delhi, Oct. 16: An ordinance for setting up a national tax tribunal, which would take up appeals pending in high courts, has been promulgated. It will be headed by a retired Supreme Court judge or a retired chief justice of a high court, an official release said.

Corporate tax

New Delhi, Oct. 16: The government today extended by a month to November 30, the last date for filing of income-tax returns by companies whose accounts have been audited.

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