Startups in Indian space sector need a legal and regulatory framework

BENGALURU: Several startups coming up in the Indian space sector are feeling hampered by the lack of a legal and regulatory framework that can help support and encourage new ventures. These companies, both early stage ventures and some established private companies that de -velop a range of solutions from frugally built spacecraft to custom-made solutions are looking for support that can help spur innovation and publicprivate partnerships, which can help reduce imports and support growing star rtup activity in the sector. Continue reading

More power to Indian diaspora in US (IANS Special: 2014 in Retrospect)

Notching successes in fields as diverse as poetry and politics, some three million- strong Indian American community packed more power and influence far beyond their numbers in the year gone by.

A record 30 Indian Americans jumped into November’s electoral battle with Republican Nikki Haley and Democrat Kamala Harris handily winning back their jobs as South Carolina governor and California’s attorney general respectively. Continue reading

Indian companies ill-equipped to tackle fraud in virtual world: report

Mumbai: Companies in India are ill-equipped to tackle crimes committed in the virtual world such as e-commerce, social media, cloud computing, virtual and cryptocurrency frauds, the Deloitte India Fraud Survey Report said on Tuesday.

A rise in corporate fraud over the next two years could outpace corporate India’s efforts to mitigate it, the report said. Continue reading

Reliance paid 2 lawyer-MPs crores in undisclosed retainer fees in perfectly legal but troubling arrangement

Two senior MPs were paid several crore Rupees in undisclosed legal retainer contracts over several years by Reliance Industries, raising questions of transparency and potential for conflict despite being completely legal, reported the UK’s Financial Times on its frontpage this morning. Continue reading

Tax tribunal rules against Vodafone, says transfer pricing case within IT dept’s jurisdiction

British telecom major Vodafone’s tax woes have come back to haunt the company in India with the Income Tax Appellate Tribunal (ITAT) saying on Wednesday that the income-tax (I-T) department has jurisdiction in the Rs 8,500 crore transfer-pricing tax dispute involving the sale of its call centre business to Hutchison in 2007. Continue reading

Settlement must be free from duress

Settlement of disputes can be challenged in court if a dominant corporation uses coercion, duress or undue influence of various types against a weak party. But the duress must be proved by showing evidence and documents that show undue influence around the time when the settlement was thrust upon the other party. Continue reading