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A group of minority shareholders of <keyword id="51758" type="General" weightage="100" keywordseo="dish-tv" source="Orion">Dish TV</keyword> has sent a notice to call an Extraordinary General meeting (EGM) of the direct-to-home service provider, raising concerns over corporate governance issues, seeking reconstitution of the board and removal of two independent directors questioning their independence. The notice sent by 77 shareholders of Dish TV, representing 10.15 per cent shareholding, proposed to nominate K Badri Narayanan, <keyword id="17427302" type="General" weightage="50" keywordseo="satis-kumar-yanmandra" source="Orion">Satis Kumar Yanmandra</keyword>, Jeet Sen Gupta as independent directors on the board of the <keyword id="60807" type="General" weightage="80" keywordseo="essel" source="Orion">Essel</keyword> Group firm. Besides, it has also sought the removal of two independent directors -- <keyword id="1624320" type="General" weightage="50" keywordseo="shankar-aggarwal" source="Orion">Shankar Aggarwal</keyword> and Rashmi Aggarwal -- from the board of the company. "The existing independent directors have a long-term association with Dish TV and Essel group which cast doubt over their independence," the shareholders wrote in the notice. Dish TV is embroiled in a tussle between its largest shareholder Yes Bank Ltd (YBL) and the promoter family led by its former chairman Jawahar Lal Goel over board representation in the company. The company is unable to pass its annual statements from the last two years and the feud has led to the departure of its former promoter-backed chairman Jawahar Lal Goel. Informing about the development to the stock exchanges, Dish TV said it is examining the communication from the minority shareholders. "... will take necessary steps as per applicable law and procedures," said Dish TV in a regulatory filing. Besides, the minority shareholders have also raised several other issues questioning the investments made by the company such as in its OTT platform Watcho. "Dish TV made a significant investment of Rs 1,218 crore (which is 20 per cent of total netblock of the fixed assets, intangibles, investments and capital WIP of Rs 6,012 crore) in the FY20 (Intangible Assets), for Watcho, its flagship OTT platform," they said. The investments were qualified in FY2020 (the year of the investment itself) and in FY2021. "Upon lenders and investors questioning the investments, the company had made an impairment of Rs 203 crore in FY2022," it said. During FY20, the Essel group companies defaulted with multiple lenders, including bank loans to Essel group companies secured by the pledge of Dish TV Shares, they said. "It is our apprehension, that anticipating a loss of majority shareholding due, to the invocation of pledged Dish TV shares from bank and other lenders, the aforesaid funds may have been diverted by the promoters for other purposes," the letter said. On the removal of the two existing independent directors, the minority shareholders said, "They have long-term association with Dish TV and Essel group which cast doubt over their independence." Rashmi Aggarwal held directorship in other Essel group entities -- Dish Infra, <keyword id="2682539" type="General" weightage="50" keywordseo="zee-media" source="Orion">Zee Media</keyword>, and Essel Forex -- till Feb 2019, while <keyword id="17427303" type="General" weightage="50" keywordseo="shankar-agganval" source="Orion">Shankar Agganval</keyword> held directorship in Essel Infraprojects Ltd till November 2018. Essel Infraprojects is a defaulter entity with YES Bank and several other lenders and his association is a "red flag", the notice added. Besides, they have also raised other corporate governance issues and alleged that the board is not acting in line with good corporate governance standards. It does not have a "fair representation" of the incumbent significant shareholders of banks and financial institutions holding 45 per cent shareholding in the company. "The board is purportedly acting at the behest of certain minority shareholders holding merely 4 per cent of the shares in the company," they alleged. Moreover, they also raised concerns over the continuation of Jawahar Lal Goel as additional director after a proposal for his re-appointment as MD was rejected by the shareholders. "It was only after the intervention of the shareholders that he subsequently resigned as additional director," they said. In December last year, shareholders of Dish TV again rejected the proposal for the adoption of audited standalone and consolidated financial statements for FY21 and FY22 in the AGM. Earlier, the shareholders of the Direct-to-Home service provider had rejected the proposals to approve the balance sheet of the company for the last two fiscals in the 34th AGM conducted on September 26, 2022. In June 2022, shareholders in an extraordinary general meeting rejected the proposal for the reappointment of Goel as its managing director. In September, shareholders of Dish TV rejected four resolutions in the AGM, including the adoption of the company's financial statements for FY21 and FY22, and the appointment of independent director Rakesh Mohan. Dish TV shareholders, on December 30, 2021, also rejected all three proposals, including the adoption of financial statements and the reappointment of Ashok Mathai Kurien as director. Goel resigned from the board of the company on September 19. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/heres-how-indians-paid-for-non-cash-transaction-in-fy22/slidelist/100274422.cms">Here’s how Indians paid for non-cash transactions in FY22</a> <a href="https://www.businessinsider.in/tech/apps/news/how-to-transfer-your-whatsapp-chats-without-using-google-drive/articleshow/100270586.cms">How to transfer your WhatsApp Chats without using Google Drive</a> <a href="https://www.businessinsider.in/tech/news/8-things-that-google-bard-can-do-but-chatgpt-cannot/articleshow/100187360.cms">8 things that Google Bard can do, but ChatGPT cannot</a>

Dish TV minority shareholders seek EGM, removal of two independent Directors

<keyword id="19895142" type="General" weightage="100" keywordseo="Shah-Rukh-Khan" source="keywords">Shah Rukh Khan</keyword> is "a connoisseur of art and a good actor", said veteran star <keyword id="19929172" type="General" weightage="20" keywordseo="Kamal-Haasan" source="keywords">Kamal Haasan</keyword> and revealed the superstar didn't charge a single penny for his 2000 bilingual film "<keyword id="21044414" type="General" weightage="20" keywordseo="Hey-Ram" source="keywords">Hey Ram</keyword>". "Hey Ram" is a period drama written, directed, and produced by Kamal, which also starred him and Shah Rukh in the lead. In the Tamil-Hindi movie, Kamal and Shah Rukh played friends Saket Ram and Amjad Ali Khan, respectively. At the trailer launch of his upcoming movie "<keyword id="21727589" type="General" weightage="20" keywordseo="Hindustani-2" source="keywords">Hindustani 2</keyword>", the multihyphenate said titles like 'star' or 'superstar' don't matter while working on a film. "When we work together, we are all just people. I don't see a superstar. He doesn't see a super director. We are friends. Shah Rukh sahib made that film for free... That cannot be done by a superstar. That can be done only by a fan. A connoisseur of art and a good actor. I'm ever thankful to him. Later on, you give us those titles and we very shyly accept it," Kamal told reporters here on Tuesday night. The 69-year-old also spoke about how he wanted screen icon <keyword id="19923448" type="General" weightage="20" keywordseo="Dilip-Kumar" source="keywords">Dilip Kumar</keyword> to star in the Hindi remake of the 1992 Tamil film "<keyword id="22180547" type="General" weightage="20" keywordseo="Thevar-Magan" source="keywords">Thevar Magan</keyword>". Directed by <keyword id="22187094" type="General" weightage="20" keywordseo="Bharathan" source="keywords">Bharathan</keyword>, "Thevar Magan" was written and produced by Haasan. It starred Sivaji Ganesan and Kamal as a father-son duo. Unfortunately, Dilip Kumar had decided to retire from cinema by the time he reached out to him. "I wanted to do it only with Yusuf sahib (Dilip Kumar's real name). When he said I'm not going to do any more films. Then, I sold the rights to somebody because I didn't want to and I couldn't think of anybody else. And so that was a dream that didn't come through," Kamal recalled. Eventually, Amrish Puri played the father to Anil Kapoor in "Virasat", the 1997 Hindi remake of "Thevar Magan". Kamal said he used to come to Mumbai to wish the late star on his birthday on December 11. "I'm a great fan and a student of Yusuf saab. I don't know how many people know because it was a secret fact. I used to come here whenever I could on December 11 on his birthday and kneel before him to kiss his hand," he added. "Hindustani 2: Zero Tolerance" is a sequel to Kamal's hit 1996 film "<keyword id="19927125" type="General" weightage="20" keywordseo="Indian" source="keywords">Indian</keyword>", which featured him in a dual role and also starred Manisha Koirala, Urmila Matondkar and Kasthuri Shankar. The movie was directed by S. Shankar, who is returning for the sequel, slated to be released on July 12. Besides Kamal, the sequel stars Kajal Aggarwal, Siddharth, and Rakul Preet Singh in key roles. It is produced by Subaskaran Allirajah's Lyca Productions and Udhayanidhi Stalin's Red Giant Movies.

Kamal Haasan says SRK worked in 'Hey Ram' for free: I'm ever thankful to him

<keyword id="12044174" type="General" weightage="20" keywordseo="Shares-of-Dish-TV" source="Orion">Shares of Dish TV</keyword> India surged on Tuesday even after <keyword id="45660" type="General" weightage="20" keywordseo="YES-Bank" source="Orion">Yes Bank</keyword>, a significant shareholder in the company, has sought the removal of the company's directors including the Managing Director over alleged corporate misgovernance. The bank which holds 25.63 per cent stake in the company lender had sent a special notice dated September 3, 2021, to <keyword id="51758" type="General" weightage="20" keywordseo="Dish-TV" source="Orion">Dish TV</keyword>, demanding the removal of directors under <keyword id="12044175" type="General" weightage="20" keywordseo="Section-169" source="Orion">Section 169</keyword> of the <keyword id="6390099" type="General" weightage="20" keywordseo="Companies-Act" source="Orion">Companies Act</keyword>, 2013. Around 12 noon, shares of Dish TV India on the BSE stood at Rs 15.31, higher by Rs 1.53 or 11.10 per cent from its previous close. In a regulatory filing on Monday, the company said that it is further examining the special notices for such approvals as may be required including the steps to be taken to get the candidature of proposed new directors cleared from the Ministry of Information &amp; Broadcasting, as its prior approval is a mandatory requirement. It sought the removal of Rashmi Aggarwal, Shankar Aggarwal, Ashok Mathai Kurien and Bhagwan Das Narang as directors on the board. Further, it has also sought the ousting of Jawahar Lal Goel as the Managing Director of the company. Post his removal from the board, "Jawahar Lal Goel shall cease to be the Chairperson of the Company," Yes Bank said. The bank said that the present board of directors of the company has approved a rights issue process, pending objections raised with the Board by the Bank time and again, solely to dilute the shareholding of the Bank and to prejudice the interests of the bank which is the single largest shareholder of the company as of date. "The board is not acting in line with good corporate governance standards and is not a fair representation of the incumbent significant shareholders of the company being various banks and financial institutions holding about 45 per cent shareholding in the company," it said. The board is purportedly acting at the behest of certain minority shareholders holding merely 6 per cent of the shares in the company, Yes Bank said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zoho-corp-invests-5-million-in-medical-devices-startup-voxelgrids/articleshow/86000656.cms">Zoho Corp invests $5 million in medical devices startup Voxelgrids</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/mx-takatak-instagram-josh-moj-and-snapchat-are-most-downloaded-social-and-entertainment-apps-in-india-as-per-app-annie/articleshow/86003516.cms">India accounts for the highest number of social app downloads globally: App Annie</a>

Dish TV shares surge despite shareholder YES Bank seek to oust board members

New Delhi, Jun 13 () Sir Ganga Ram Hospital (SGRH) has approached the Delhi High Court, seeking quashing of an FIR lodged against its medical superintendent by Delhi police for allegedly violating COVID-19 regulation norms. The petition is listed for hearing on Monday before Justice C Hari Shankar. Advocate Rohit Aggarwal, representing the hospital, said they are seeking quashing of the FIR lodged on June 5 at Rajinder Nagar police station under Section 188 (disobedience to order duly promulgated by public servant) of IPC and the proceedings initiated thereafter. The plea has also sought to set aside the Delhi government's June 3 order, prohibiting RT/PCR sampling for COVID- 19 suspect/contact cases with immediate effect. SGRH, a private hospital with 675 beds, was declared a COVID-19 facility by the Delhi government and told to reserve 80 per cent beds for coronavirus patients. According to the FIR, the complainant is a senior official of the Delhi Health Department, who has alleged the hospital was not using RT-PCR app while collecting COVID-19 samples. As per the guidelines, it is "mandatory" for labs to collect samples through RT-PCR app, it said. The official has also alleged that the "violation" on part of the hospital is not adhering to COVID-19 regulation norms, as specified under the Epidemic Diseases Act 1897. "The CDMO-cum-mission director central has mentioned that Sir Ganga Ram Hospital is still not using RT-PCR app even till June 3, which is a clear violation of directions issued under Epidemic Disease Covid-19 Regulation 2020 Act," the FIR said. Seeking to streamline the testing process, the Union Health Ministry launched a dedicated RT-PCR mobile-based app for labs to fill the data at the point of sample collection. Following the directives, the Delhi government made it mandatory for all lab collection and testing centres to download that app. SKV HMP SKV ABH ABH ABH

Sir Ganga Ram Hospital moves HC for quashing FIR for 'violating' COVID-19 norms

New Delhi, Jun 15 () The Delhi High Court Monday sought response of the AAP government on a plea by Sir Ganga Ram Hospital (SGRH) seeking quashing of an FIR lodged by Delhi Police against it for allegedly violating COVID-19 regulation norms. Justice C Hari Shankar, who conducted the hearing through video conferencing, issued notice to the Delhi government and listed the matter for further hearing on August 11. On the interim plea seeking a stay on the investigation and further proceedings, the court has listed the matter for Tuesday for hearing hearing arguments. Advocate Rohit Aggarwal, representing the hospital, said they are seeking quashing of the FIR lodged on June 5 at Rajinder Nagar police station under Section 188 (disobedience to order duly promulgated by public servant) of IPC and the proceedings initiated thereafter. The plea has also sought to set aside the Delhi government's June 3 order, prohibiting RT/PCR sampling for COVID- 19 suspect/contact cases with immediate effect. SGRH, a private hospital with 675 beds, was declared a COVID-19 facility by the Delhi government and told to reserve 80 per cent beds for coronavirus patients. According to the FIR, the complainant is a senior official of the Delhi Health Department, who has alleged the hospital was not using RT-PCR app while collecting COVID-19 samples. As per the guidelines, it is "mandatory" for labs to collect samples through RT-PCR app, it said. The official has also alleged that the "violation" on part of the hospital is not adhering to COVID-19 regulation norms, as specified under the Epidemic Diseases Act 1897. "The CDMO-cum-mission director central has mentioned that Sir Ganga Ram Hospital is still not using RT-PCR app even till June 3, which is a clear violation of directions issued under Epidemic Disease Covid-19 Regulation 2020 Act," the FIR said. Seeking to streamline the testing process, the Union Health Ministry launched a dedicated RT-PCR mobile-based app for labs to fill the data at the point of sample collection. Following the directives, the Delhi government made it mandatory for all lab collection and testing centres to download that app. SKV HMP SA

HC seeks Delhi govt reply on Ganga Ram Hospital's plea for quashing FIR over COVID-19 norms

New Delhi, May 6 () The Delhi High Court has refused to direct shutting down of Public Sector Undertakings and enterprises which are functioning during the lockdown to contain the spread of COVID-19, saying the issue is within the realm of executive discretion and judiciary cannot formulate governmental policA bench of Chief Justice D N Patel and Justice C Hari Shankar said a bare reading of the Guidelines governing the lockdown, which are issued from time to time, make it apparent that the decision regarding the precise extent to which lockdown should be imposed is one with which interference, at the hands of the judiciary, must be reduced to a bare minimum.The court dismisses a petition by an advocate seeking direction to the authorities to strictly impose COVID-19 related statutory orders and guidelines and to close the Public Sector Undertakings (PSU) and Public Enterprises which are opened during the lockdown and are dealing in non-essential goods and services."We reiterate that, in our view, any hyper-legalistic interpretation of the various clauses in the Guidelines issued by the Central Government to tide over the COVID-19 crisis, would be fundamentally misconceived. What is required, in these circumstances, is a purposive and realistic, rather than a legalistic, understanding of the Guidelines, and, thus viewed, we do not find that the writ petition makes out any case of infraction therewith," the bench said.The petition, by advocate Anil Kumar Aggarwal, had mentioned some of the PSUs /public enterprises like Steel Authority of India Ltd (SAIL), National Buildings Construction Corporation (India) Ltd (NBCC), Engineers India Ltd (EIL), Indian Railways Construction International Ltd (IRCON) and the Rail India Technical and Economic Service (RITES), and alleged that they have breached the April 15 order of the ministry of Home Affairs.It had also sought initiation of criminal proceedings against the heads of such public enterprises/government companies, which had opened up, for having allegedly breached the lockdown.The court, in its 22-page order passed on May 1 and made available on Wednesday, said the continued lockdown, though unavoidable, has inevitably resulted in a certain degree of upheaval in the industrial and economic demographics of the country."It is obviously with a view to strike a balance between the necessity of minimal social interaction, on the one hand, and deleterious – and, if left unchecked, possibly catastrophic – fiscal and industrial consequences, on the other, that the executive administration has taken a decision, vide the Guidelines dated April 15, to allow certain enterprises to function," the bench said.It said it cannot be ignored that the PSUs, specifically named in the petition, and other industrial undertakings are engaged in production of goods and services which seriously and substantially impact the lives of the citizens.The bench said it is not for the court to pronounce on the services which may be treated as 'essential' or 'non-essential' and even in the exercise of the power of judicial review, vested in the court, it is not permissible for them to rewrite the Guidelines issued by the MHA.The court termed the prayers in the petition as "fundamentally misconceived" and said the issues such as the extent to which the lockdown be relaxed, whether socialisation should be limited only to enterprises rendering 'essential' goods or services or should extend to all enterprises are all within the realm of executive discretion."It is not for us to pronounce thereupon. We do not formulate governmental policy. Judicial interference, with the exercise of executive discretion, in such cases, has necessarily to be circumspect, and may justifiably be said to be invited only where the decision, resulting from such exercise, suffers from absurdity, or manifest perversity. Courts cannot sit in appeal over the executive policy, in such matters; least of all in a situation of crisis, such as that with which the administration is grappling at present," the bench said.The court said the reliance placed by the petitioner on the guidelines issued by the MHA on March 24 are of no substance and those guidelines have been superseded by April 15 guidelines and any reliance on the former norms would be "misconceived". SKV HMP RKS RKSRKS

HC junks plea to shut down PSUs functioning during lockdown

The Labour Ministry has directed retirement fund body EPFO and health insurance provider ESIC to exempt startups from inspection and filing returns for 3 years. 
 
In line with Prime Minister Narendra Modi's vision to nurture startups, the ministry said in a set of directions last week that the new age ventures should be allowed to self-certify their compliance with 9 labour laws. 
 
Labour Secretary Shankar Aggarwal in a letter said startups should not be inspected or asked to file returns for 3 years under 9 laws including Employees' Provident Fund and Miscellaneous Provisions Act and the Employees State Insurance Act. 
 
"Promoting startups would need special hand holding and nurturing. Thus, such ventures may be allowed to self-certify compliance with the Labour Laws," he added. 
 
They will be exempted from inspection under the Building and other Construction Workers (Regulation of Employment and Conditions of Service) Act, Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, Payment of Gratuity Act and Contract Labour Act. 
 
Startups will also be exempted from filing returns under the Industrial Disputes Act, Building and other Construction Workers Act, Inter-State Migrant Workmen Act, Contract Labour Act, EPF Act and ESI Act. 
 
There will be a blanket exemption from inspection and filing returns for the first year and would be asked to file an online self declaration form. 
 
They will also not be asked to file return or inspected for the next two years, but will be inspected in case a "very credible and verifiable" complaint of violation is filed in writing and the approval has been obtained from the Central Analysis and Intelligence Unit (CAIU), Aggarwal said. 
 
Except the EPF and Miscellaneous Provisions Act and the ESI Act, the implementation of other seven laws lies in both central and state government's sphere. 
 
Labour Ministry had directed its officials as well as the EPFO and ESIC to regulate inspection of startups, under laws which lie in the centre's sphere. 
 
Image credit: Indiatimes

Don't inspect startups for 3 years: Labour Ministry tells EPFO, ESIC

Expediting Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s aim to create 100 <keyword id="6377036" type="UNKNOWN" weightage="20" keywordseo="smart-cities">smart cities</keyword>, the Urban Development Ministry has invited suggestions from India Inc for the same. The ministry is already in the process of identifying contours for its ambitious project. 
	 “We have already put up a draft concept paper on our website and once we finalise the contours we will go to the EFC (Expenditure Finance Committee) and to the Cabinet,” said Shankar Aggarwal, secretary, Ministry of Urban Development at an <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword> event. 
	 
	He further added, “It will take a little bit of more time as it is a huge task and we got to have wider consultation with everyone, all stakeholders have to be consulted and we are in the process of identifying those 100 smart cities in consultation with their state governments.” 
	 
	However, at present, the government will have to focus on upgrading mega and mid-size towns into satellite towns. “The idea is to get 24x7 electricity and water supply, cyber connectivity and urban mobility with a very good quality of public transport system,” averred Aggarwal. 
	 
	The government aims to implement the project through a public private partnership model and has said that a major portion of work will be carried out by the private sector. “Almost 98% work has to be done by the private sector, academia and the industry while only 2%, i.e., the glue has to come from the Government of India,” said Aggarwal.

Govt
Invites Private Sector To Participate In Creating Smart Cities In India

The government is going to formulate the policy for its mega plan to convert 100 existing cities into smart cities. The private sector will be allowed to participate in the process, Urban Development Secretary Shankar Aggarwal said. 
 "We are putting the pieces together and trying to create some kind of a policy framework so that a large number of private sector entities can get into this business and create more jobs. And whatever needs to be done in terms of availability of land, in terms of the plethora of red-tapism and rules and regulations, we will do," Aggarwal said at the <keyword id="2502936" type="UNKNOWN" weightage="100" keywordseo="National-Real-Estate-Summit">National Real Estate Summit</keyword> organised by industry body PHD Chamber in Delhi. 
 
The government is also in the process of finalising bylaws and floor area ratio (FAR) norms to find a way to fully utilise the existing land in the country, he said. “Why should we acquire so much land unnecessarily? Can we not make use of the existing pool of land? I think it can be done. Why don't we go in for vertical development with 50, 100 storey buildings?" he asked. 
 
Connaught Place, for instance, is today one of the most expensive real estate in the world, but it is artificially created, he said. "This is because we do not bring in more land into the pool or we don't allow the existing pool of land to be developed optimally. We've got to change our system. The government is looking into it," Aggarwal said. 
Image: Thinkstock

Private Sector To Participate
In Smart Cities

While the <keyword id="6360789" type="ORGANIZATION" weightage="80" keywordseo="Modi-Government">Modi government</keyword> is allaying perceptions of tax terrorism among foreign investors and projecting a pro-poor stand to counter opposition allegations, a peculiar clause in the <keyword id="123776" type="ORGANIZATION" weightage="80" keywordseo="Finance-Bill">Finance Bill</keyword> can undo its efforts as it brings the retirement <keyword id="25450" type="UNKNOWN" weightage="80" keywordseo="savings">savings</keyword> of millions of workers under the <keyword id="6354751" type="COMPANY" weightage="80" keywordseo="Income-Tax">income tax</keyword> net, even if they earn as little as Rs 2,120 a month. 
 
To put that in perspective, the annual income threshold above which personal income tax is payable isRs 2.5 lakh or about Rs 21,000 per month. 
 From June 1, workers' retirement savings exceeding Rs 30,000 will be taxed at 10.3% or the maximum marginal rate of 30.6% if they leave the employees' <keyword id="45028" type="ORGANIZATION" weightage="80" keywordseo="Provident-Fund">provident fund</keyword> before completing five years of service. 
 Tax will be deducted at the highest rate from the provident fund account balances of such employees who don't have a PAN card, used to identify taxpayers, according to the new Section 192A introduced in the Income Tax Act. Even those with a PAN card who save a higher amount and pay income tax will need to refile their past tax returns where deductions were claimed against <keyword id="45027" type="ORGANIZATION" weightage="80" keywordseo="EPF">EPF</keyword> contributions. 
 Alarmed officials in the <keyword id="60977" type="ORGANIZATION" weightage="80" keywordseo="PF">PF</keyword> office said that 90% of the Employees' Provident Fund Organisation's 8.5 crore-plus members don't have PAN cards and would end up paying an "exorbitant and unfair" tax on their savings. The <keyword id="6372438" type="ORGANIZATION" weightage="80" keywordseo="EPFO">EPFO</keyword> board chaired by labour and employment minister Bandaru Dattatreya took up the issue with the <keyword id="47209" type="ORGANIZATION" weightage="80" keywordseo="Finance-Ministry">finance ministry</keyword> last month. 
 However, officials said there is no move yet to reconsider the issue, in contrast to the alacrity with which the <keyword id="25455" type="ORGANIZATION" weightage="80" keywordseo="finance">finance</keyword> ministry announced a review of new I-T return forms that sought details of foreign travel and attracted severe flak. 
 "A vast majority of EPF members may not have a PAN card. The charging of income tax in respect of such members at the maximum marginal rate will be exorbitant and unfair," <keyword id="6567698" type="ORGANIZATION" weightage="80" keywordseo="Central-Provident-Fund">Central Provident Fund</keyword> Commissioner KK Jalan noted in a missive to the labour ministry on the issue last month. 
 
Drawing a parallel between another provision in the Finance Bill that makes quoting of PAN necessary for purchasing jewellery overRs 1 lakh, the PF department has asked for 'the same logic' to be applied to EPF members so that workers are not subject to unnecessary hassles. 
An EPF account is mandatory for all employees earning up to Rs 15,000 per month (raised recently fromRs 6,500 per month) in firms employing over 20 workers. As per the law, 24% of an employee's salary is diverted to her or his PF account as a social security net for old age. 
 
The Rs 30,000 threshold set in the Finance Bill for deducting tax from the PF balance implies that tax would be payable on contributions of as little as Rs 508 to the EPF every month for up to 59 months. The retirement savings of those earning over Rs 2,120 a month could be taxed at 30.9% if they don't have a PAN card. 
 
"The EPFO provides social security to employees who are mainly from the lower income strata of the society. In majority of the cases, the yearly income of these employees would be less than the exemption limit prescribed in the Income Tax Act and therefore, may not be required to pay tax at all," Jalan pointed out, adding that the Rs 30,000 tax-free limit on such PF balances is 'too low'. 
 
Unlike banks that deduct income tax at 10.3% on interest income of over Rs 10,000 earned from fixed deposits, the provisions for taxing PF accounts envisage taxing the principal amount (EPF contributions) as well as the interest earned (annual dividend credits). In cases where a depositor hasn't shared his PAN card details with the bank, such interest income is taxed at 20.6%. 
 
In contrast, the finance ministry has asked the EPFO to levy the highest possible tax rate for those who don't hold PAN cards, if their accumulated PF savings are Rs 30,000 or more. Once tax is deducted from those who don't have a PAN card, they are required to submit different forms to the income tax department (Forms 15G, 15H and 60). 
 
"Filling such forms would add to woes of EPF subscribers and more so when it is the avowed policy of the present government to move towards an era of paperless offices," Jalan wrote in his letter to Labour Secretary Shankar Aggarwal, pleading for the matter to be taken up with the finance ministry, "keeping in view the financial interests" of workers.

You Searched For "shankar aggarwal" and got 10 results

Dish TV minority shareholders seek EGM, removal of two independent Directors

PTI

Kamal Haasan says SRK worked in 'Hey Ram' for free: I'm ever thankful to him

PTI

Dish TV shares surge despite shareholder YES Bank seek to oust board members

IANS

Sir Ganga Ram Hospital moves HC for quashing FIR for 'violating' COVID-19 norms

PTI

HC seeks Delhi govt reply on Ganga Ram Hospital's plea for quashing FIR over COVID-19 norms

PTI

HC junks plea to shut down PSUs functioning during lockdown

PTI

Don't inspect startups for 3 years: Labour Ministry tells EPFO, ESIC

BI India Bureau

Govt Invites Private Sector To Participate In Creating Smart Cities In India

Purba Das

Private Sector To Participate In Smart Cities

BI India Bureau

Spoiler Alert: Now your PF withdrawal before 5 yrs will be taxed at 30.6%, savings to take a hit

BI India Bureau

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