SIGN IN SUBSCRIBE

News Update

ST - Amendment made to FA, 1994 on 14.05.2015 making service tax applicable retrospectively on chit-fund business is only prospective - Refund payable of tax paid between 01.07.2012 to 13.05.2015: HCST - SVLDRS, 2019 - Amnesty Scheme, being of the nature of an exemption from the requirement to pay the actual tax due to the government, have to be considered strictly in favour of the revenue: HCCX - Issue involved is valuation of goods u/r 10A of CE Valuation Rules, 2000 - Appeal lies before Supreme Court: HCCus - Smuggling - A person carrying any article on his belonging would be presumed to be aware of the contents of the articles being carried by him: HCCus - Penalty that could be imposed for smuggling 3.2 kg of gold was Rs.88.40 lakhs, being the value of gold, but what is imposed is Rs.10 lakhs - Penalty not at all disproportionate: HCCus - Keeping in mind the balance of convenience and irreparable injury which may be caused to Revenue, importer to continue indemnity bond of 115 crore and possession of confiscated diamonds to remain with department: HCCus - OIA was passed in October 2022 remanding the matter to adjudicating authority but matter not yet disposed of - Six weeks' time granted to dispose proceedings: HCI-T - High Court need not intervene in matter involving factual issues; petitioner may utilise option of appeal: HCChina asks Blinken to select between cooperation or confrontationI-T - Unexplained cash credit - additions u/s 68 unsustainable where based on conjecture & surmise alone: ITATHonda to set up USD 11 bn EV plant in CanadaI-T - Re-assessment is invalid where based only on a suspicion that income escaped assessment & where not based on concrete reasons to believe for commencing such proceedings : ITATImran Khan banned from flaying State InstitutionsI-T - Income from sale of flats cannot be computed in assessee's hands, where legal possession of flats had not been handed over to buyers in that particular AY: ITATPro-Palestine demonstration spreads across US universities; 100 arrestedI-T - Investment activities in venture capital which are not covered in negative list under Schedule III to SEBI Regulations, qualifies for deduction u/s 10(23FB): ITATNATO asks China to stop backing Russia if keen to forge close ties with WestCus - When Department has not complied with time limit, the order issued for revocation of licence or order issued for continuation of suspension licence cannot sustain: CESTATNY top court quashes conviction of Harvey Weinstein in rape caseWeather prediction normal for phase 2 poll dayIndiGo orders 30 Airbus A350s for long haulsST - Appellant is an 'authorised medical practitioner' providing 'healthcare services' - services exempted in terms of clause 2(i) of notification 25/2012-ST: Commr(A)RBI to issue fresh guidelines for banks to freeze suspected bank accounts being used for cyber crimesREC avails SACE-Covered Green Loan for 60.5 Billion Japanese YenStudy finds Coca-Cola accounts for 11% of branded plastic pollution worldwideCus - 'Small Form-factor Pluggable Optical Transceivers' are classifiable under CTH 8517 7090 and not under CTH 8517 62 90 - entitled for benefit of duty concession under 57/2017-Cus: CESTATDoNER discusses Development of Tourism in North EastCX - Appellant is eligible for exemption under Notfn 12/2012-CE upon fulfilling all conditions stipulated therein, thus sufficiently establishing that goods dealt with by Appellants qualify for exemption: CESTAT
 
Cabinet okays listing of Indian Renewable Energy Development Agency through IPO

By TIOL News Service

NEW DELHI, MAR 18, 2023: THE Cabinet Committee on Economic Affairs (CCEA) has approved for listing of IREDA - a CPSE under Ministry of New & Renewable Energy (MNRE) on the Stock Exchanges through an Initial Public Offer (IPO) by part sale of Government's stake in it and to raise funds for IREDA through issue of fresh equity shares.  Department of Investment and Public Asset Management (DIPAM) will drive the listing process.

This decision supersedes earlier CCEA decision taken in June, 2017 for allowing IREDA to issue 13.90 crore fresh equity shares of Rs. 10.00 each to the public on book building basis through IPO. The instant decision has been necessitated due to change in capital structure following infusion of capital to the tune of Rs. 1500 crore by the Government in March, 2022.

The Initial Public Offer (IPO) will help in unlocking the value of Government's investment on one hand and on the other hand will provide an opportunity to the public to acquire stake in the national asset and draw benefits therefrom. Besides, it will help IREDA in raising a part of its capital requirement for meeting growth plans without depending on the public exchequer, and improve governance through greater market discipline and transparency arising from listing requirements and disclosures.

IREDA is currently a wholly owned Government of India, Mini-ratna (Category-I) CPSE incorporated in 1987 and is engaged in financing of Renewable Energy (RE) and Energy Efficiency (EE) projects in India. It is registered as a Non-banking Financial Company (NBFC) with the Reserve Bank of India (RBI). The Government, in line with the pledge made as a part of Nationally Determined Contribution (NDC) in Paris Accord on Climate Change has set the targets of achieving 175 GW of installed RE capacity by 2022 and 500 GW by 2030. IREDA has a pivotal role to play in achievement of RE targets.

The implementation and operation of Renewal Energy/Energy Efficiency projects by IREDA as per their Business Plan in line with the RE targets of GoI will help in creating direct and indirect employment opportunities for both skilled and unskilled manpower.


POST YOUR COMMENTS
   

TIOL Tube Latest

TIOL Tube
Shri N K Singh, recipient of TIOL FISCAL HERITAGE AWARD 2023, delivering his acceptance speech at Fiscal Awards event held on April 6, 2024 at Taj Mahal Hotel, New Delhi.

TOP NEWS

AR not Afar by SK Rahman

VISION 360



Shri Ram Nath Kovind, Hon'ble 14th President of India, addressing the gathering at TIOL Special Awards event.

TII LATEST

TIOLCORPLAWS LATEST