Business Briefs 19-02-2003

Dinesh Singhania gets bail

Calcutta, Feb. 18: Dinesh Singhania, one of the main accused in the Rs 120-crore Calcutta Stock Exchange (CSE) scam, was today granted bail by a city court, while a division bench of the Calcutta High Court set aside a decree of Rs 5.82 crore against him. The chief metropolitan magistrate S. C. Misra granted bail to Singhania following the expiry of the statutory detention of 90 days as the police failed to file a chargesheet against him. He was granted bail against a bond of Rs 12,000 with two sureties. He was directed not to leave the city without the permission of the court and meet the investigation officer of the case whenever required.

Tax evaders

New Delhi, Feb. 18: To attain its revenue target, the finance ministry has directed taxmen to take “harsh” action against evaders, while planning to further streamline filing and processing of income tax return forms.

Export sops

New Delhi, Feb. 18: Giving in to the demand of the exporters, the government has notified restoration of special additional duty component for the calculation of duty entitlement passbook (DEPB) rates. It has also revised upwards the DEPB rates.

NBFC norms

Calcutta, Feb. 18: Cracking the whip on non-banking financial companies (NBFCs), the Reserve Bank of India has directed NBFCs, which do not have a minimum net owned fund of Rs 25 lakh as on January 9, 2003, to stop functioning.