P Vaidyanathan Iyer

Paradise Papers: Hinduja Group used trust structure to waive $78 mn in debt

The Hinduja Group, with revenues of over $25 billion and employing 100,000-plus people, effectively utilised a “trust” structure and its opaqueness to waive over $78 million in debt to a group holding company despite the trustees pointing out that the act would benefit the Hinduja family members, Appleby records show.
Opposed by India, G20 skips climate change deadline

US-China pressure notwithstanding, the final G20 communique has skipped mentioning a December 2016 deadline for its 20 member countries to ratify the Paris Agreement.
Narendra Modi takes on Pakistan, China over PoK

At G20, Narendra Modi expresses concern over China-Pakistan Economic Corridor via PoK
Modi’s third year begins: Economy’s green shoots yet to strike roots; private investment still frozen

Government expenditure and consumption may be watering the green shoots, as reported earlier in this series, but that may not be enough to sustain growth.
Demand-driven boost to economy rides on rains, rural income, Pay Commission’s hike

A fillip to the economy this year will come mostly from a consumption-led demand boost driven largely by easing liquidity conditions, lower interest rates, better rural incomes following normal rains and higher disposable incomes with the kicking in of the Seventh Pay Commission award.
Modi’s third year begins: Demand-driven boost to economy rides on rains, rural income, Pay Commission’s hike

Modi’s third year begins: A fillip to the economy this year will come mostly from a consumption-led demand boost driven largely by easing liquidity conditions, lower interest rates, better rural incomes following normal rains and higher disposable incomes with the kicking in of the Seventh Pay Commission award.
Amid big red flags, small green shoots point to uptick in economic growth

The most significant pointer to an uptick is a rebound in sales of light commercial vehicles such as pick-up and mini trucks used for last-mile connectivity, indicating improving economic activity. More than this, it is the motorcycles story — which represents more rural than urban demand — that is getting India Inc excited.
Beef ban, liquor prohibition are hurting economy, says Adi Godrej

Adi Godrej, chairman of the $4.1-billion Godrej Group, with diverse interests in fast moving consumer goods, real estate, consumer durables and furniture…
HSBC India CEO shows up in two Panama entities

Shares in both these entities were transferred to Milne on December 4, 2014.
Panama Papers: Ajay Devgan took over BVI firm, says government knows

When contacted, Ajay Devgan told The Indian Express, “This company was set up with RBI guidelines for overseas direct investment route. Proper disclosures have been made by my family in the tax returns as required by law.”
Bengaluru to Bhavnagar: Many moved offshore before RBI relaxed forex limits

Offshore account holders claimed NRI status, bought entities from Mossack Fonseca for a few dollars.
Prime Minister Narendra Modi asks for first report on Panama Papers revelations in 15 days

Prime Minister Narendra Modi, who returned from his five-day Belgium-US-Saudi Arabia official trip on the intermediate night of April 3-4, has sought the first report on The Panama Papers within 15 days of it having appeared in The Indian Express on April 4.
Panama Papers: Ruchi Group’s boss has ten offshore firms – and a CBI FIR

The two trusts that the Shahras set up in Panama are The Threewells Foundation, the public deed of which was signed on October 1, 2009, and One World Trust, which was set up on October 22, 2008.
The Panama Papers: Besides sports, Lokesh Sharma promoted entities in tax haven

LOKESH SHARMA, managing director of sports management major Twenty First Century Media (TCM) Private Ltd, has two companies of his own registered in the tax haven of British Virgin Islands (BVI), according to The Panama Papers.
Panama Papers: World’s largest commercial banknote maker offered to pay 15% commission for deal in India

The world’s largest commercial banknote maker, De La Rue, had contracted a New Delhi businessman to help it bag tenders in India in return for a 15% commission, besides significant amounts as out-of-pocket expenses towards marketing services, Mossack Fonseca (MF) papers accessed by The Indian Express show.
Indians in Panama Papers: $10 million as capital – 10 members of KP Singh’s DLF family, three BVI firms

Mossack Fonseca documents list K P Singh, his wife, son, daughter and their family as shareholders; Singh is labelled as a ‘politically exposed person’.
Indians in Panama Papers list: Amitabh Bachchan, KP Singh, Aishwarya Rai, Iqbal Mirchi, Adani elder brother

Biggest leak of over 11 million documents of Panama law firm features over 500 Indians linked to offshore firms, finds 8-month investigation by a team of The Indian Express led by Ritu Sarin, Executive Editor (News & Investigations).
Aadhaar Bill as good as it gets: Nandan Nilekani

The Aadhaar Bill, 2016 clearly specifies that the biometric information captured will be used only for Aadhaar enrolment and authentication. NANDAN NILEKANI, the first Chairman of the Unique Identification Authority of India (UIDAI), and considered one of the chief architects of Aadhaar, says the NDA government’s Aadhaar Bill has enough safeguards and this is probably the most stringent law on privacy till date in India, as passed by the government in the present Budget session of the Parliament. “In fact, this (the Bill on privacy) is stronger than the original Bill. The Bill has very robust privacy protection beyond what any other legislation has ever provided in India. It is as good as it gets,” Nilekani told The Indian Express.
Bad loans: Government plans to defuse ticking bank bomb

With the bad loan crisis casting a shadow on the ability of banks to lend as and when private sector investment picks up, the Prime Minister’s Office (PMO) is deliberating on a proposal…
‘Poverty has fallen in every state (as) economy has grown faster than at any time post-1947’

NITI Aayog vice-chairman Arvind Panagariya insists that growth rate will touch the 8% mark soon, claims that India will rank even better in ease of doing business once new changes are taken into account, and says states have a more ‘equal’ relationship with NITI Aayog as compared to the Planning Commission
‘Our alliance is an experiment in engaging with a new idea of India’

J&K finance and culture minister Haseeb Drabu says the PDP has not compromised on its ideological position, explains the BJP is in a ‘transformative’ phase, says the Mufti feels ‘engagement with Pakistan is necessary’, and specifies that Mehbooba Mufti is the one who has built PDP and has full right to be made CM
Andhra Pradesh: Today, birth of Amaravati city, and a land model

The more-or-less smooth acquisition of 32,000 acres of land from farmers by the N Chandrababu Naidu government to build Amaravati, the new capital of Andhra Pradesh will be inaugurated today.
From solar plant to ecommerce: A new business class rises

From a mini solar plant to an e-commerce site for second-hand vouchers, a group of Dalits have turned into first-generation entrepreneurs, backed by a government VC fund.
After PM Modi’s frown, govt calls regulator: Help fix call drop

The Prime Minister had referred to the issue of call drops during a recent discussion with secretaries of the infrastructure sector, including Telecom Secretary Rakesh Garg, under the ‘Pragati’ initiative launched in March.
Narendra Modi’s Rs 1.2 lakh crore Bihar package: Power plant, skills varsity new; many are top-ups

Prime Minister Narendra Modi’s Rs 1,25,003-crore Bihar package is spread over the next few years and includes new elements such as the power plant in Buxar and a skills university but…
States may get 25% of CSS corpus with no strings attached

If accepted, the move is expected to add untied funds to the tune of approximately Rs 42,000 cr into the state kitty in the current financial year.
Nothing special about Special Category States any longer

Recommendations of 14th Finance Commission, death of Plan panel have reduced Nitish Kumar’s clamour largely to poll-time political posturing.

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