New Delhi: The Enforcement Directorate on Wednesday slapped a Rs 8,600 crore show-cause notice on construction major Emaar MGF Land Ltd and its sister firms for alleged forex rules violation, the biggest such penal action in country's real estate sector. The agency, which began an investigation in 2010 with regard to the group bringing in Foreign Direct Investment (FDI), alleged that the firm has violated the rules stipulated by the RBI in this regard and hence it stands guilty of "contravention of foreign exchange rules" stipulated under the Foreign Exchange Management Act (FEMA).
The agency claimed to have found in its probe that the group had disclosed to RBI that it is bringing FDI for developing construction related projects in India but it used the funds for purchasing agricultural land, which is a violation of rules framed by the banking and FDI regulator of the country. "We have not received any communication from government authorities and hence we are not in a position to comment. We emphasise that the company continues to uphold the highest standards of corporate governance and follows the laws of the land," a spokesperson for Emaar MGF said in an email statement.
It is expected, sources said, that the penalty proceedings against these violations would also be undertaken which could take up the total penalty amount to Rs 25,000 crore which is 300 per cent of the violations detected. The agency, which enforces forex laws in the country, found that funds were received by
10:54 PM, Jun 04, 2013
New Delhi: The government on Monday told the Supreme Court that there were no guidelines or rules to regulate the working of private security agencies and an offence by a private security guard would be individual in nature and no liability could be attributed to their agency. "There is no concept of vicarious liability under IPC (Indian Penal Code) and for the use of firearm resulting in the commission of...
04:21 AM, Apr 30, 2013
Panaji: Nine legislators who violated traffic rules last week and rode to the State Legislative Assembly complex in Panaji without wearing helmet, will be issued challans, a senior official said on Monday. Transport Director Arun Desai said the Enforcement wing of the transport department has already procured the documents of the bikes which were rode by the legislators. On Friday, the erring legislators arrived at the Assembly session, riding five...
12:24 PM, Apr 08, 2013
Dubai: The International Cricket Council has introduced a new playing condition for Tests, One-Day Internationals and Twenty20 Internationals that requires the umpires to call 'no ball' whenever a bowler breaks the non-striker's wicket during a delivery. This playing condition will come into effect on April 30, and the first international match to be played under the new regulation will be the first ODI between Zimbabwe and Bangladesh in Bulawayo on...
08:39 PM, Apr 04, 2013
The International Hockey Federation (FIH) on Thursday made two major announcements after its executive board meeting in Lausanne, bringing in a time-limit rule on penalty corners and scrapping extra time for all tied classification games in an FIH event. ...
05:49 PM, Mar 22, 2013
Government has notified the new Copyright Rules 2013 to provide statutory licence for cover versions and broadcasting of literary and musical works and sound recording among others. The rules, which were notified on March 14, say the fee for registration of copyright for various works has been increased from Rs 50 per work to Rs 500 per work and the maximum fee has been increased from Rs 600 per work...
11:25 PM, Mar 18, 2013
The former Pakistan captain is without a wicket in the first three games in South Africa who lead the five-match series 2-1 going into the fourth contest in Durban on Thursday. ...
09:20 PM, Mar 18, 2013
The new UPSC exam rules will close down linguistic concessions offered to all vernacular languages and will take into account the score of the English language paper in the final selection for top jobs. IAS Officer Srivatsa Krishna shared his perspective on the pros and cons of such steps. ...
05:23 PM, Mar 12, 2013
Rahul Akerkar has a Masters in Biochemical Engineering from the US but is better known as a celebrity chef and owner of Mumbai's fine dining restaurant, Indigo; Manohar Parikkar went to the prestigious IIT, Bombay but makes headlines as the honorable Chief Minister of Goa; Harsha Bhogle is an alum of IIM Ahmedabad but is a world renowned cricket commentator and Rashmi Uday Singh was once the Deputy Commissioner of...
07:49 PM, Mar 07, 2013
Modified version of controversial General Anti Avoidance Rules (GAAR) provisions will come into effect from April 2016, Finance Minister P Chidambaram said on Thursday. A number of representations were received against GAAR provisions introduced in the last Budget. Following which the government had set up an expert committee under Parathasarthi Shome to give recommendations on the anti-avoidance tax proposals. ...
05:52 PM, Feb 28, 2013
Under the ITF's revised dead rubber policy, the doubles will be brought forward and played instead of the fourth singles. ...
08:04 PM, Feb 07, 2013
Congress vice president Rahul Gandhi on Friday told party leaders that he was in no rush to change the organisation and the party should instead focus on correcting the basic problems and ensuring that rules were followed. ...
12:40 AM, Feb 02, 2013
According to the captain, the ICC ODI rule changes are more of a worry for the Pakistani players. ...
08:36 PM, Jan 26, 2013
Delhi government on Thursday issued fresh guidelines on plying of school buses, introducing stricter measures for ensuring safety of students. The new guidelines came two days after a five-year-old girl of Air Force School, Subroto Park, was killed when a speeding van ferrying students turned turtle after colliding with a car. ...
09:56 PM, Jan 24, 2013
Five points will be awarded to the winning team but the losing team also stands to earn 1 point should it lose the match by 2 or less number of goals. ...
05:57 PM, Jan 13, 2013
The government is likely to approach Parliament in February to water down retrospective tax rules that damaged investor confidence, two finance ministry officials said on Monday, in a move that may help settle UK-based Vodafone Group Plc's long-runnning $2 billion tax dispute. ...
04:59 PM, Jan 07, 2013
Under the new rules, one new ball will be used at each end, bowlers will be allowed two bouncers an over, there will be no batting Power Play. ...
10:44 PM, Dec 29, 2012
Reflecting recent strains with Maldives, India has tightened its visa regulations for the citizens of the island nation. Maldivian nationals now intending to stay in India for more than 90 days for medical, study or any other purpose have to obtain appropriate visa otherwise they may face deportation as there is no provision in India for extending the visit visa or converting to any other type. ...
07:51 AM, Dec 18, 2012
Tennis officials are considering adding third-set tiebreakers at the 2016 Rio Olympics after marathon matches in London this year. Also, bronze-medal matches could be eliminated to lighten the loads of players entered in multiple events. ...
08:49 AM, Dec 11, 2012
Could the controversy over the FEMA rule changes bedevil the future of FDI for weeks if not months ahead? ...
10:18 PM, Dec 04, 2012
