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English Release 24-May 2012
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- Cabinet
- Restructuring of Bird Group of Companies under Ministry of Steel
- Disposal of Assets of the Organising Committee, Commonwealth Games
- Min of Comm. & Information Technology
- Guru Pushaya Nakshtra Offer from Delhi Postal Circle: 6.5 % off on Price of Gold
- Min of Consumer Affairs, Food & Public Distribution
- Centre Proposes Six Months Advance Allocation of PDS Grains
- Min of Earth Science
- High Altitude Cloud Physics Laboratry Opened at Mahabaleshwar (Maharashtra)
- Ministry of Finance
- GPF and SDS Interest Rates Revised
for the Financial Year 2012-13
- Min of Heavy Ind. & Public Enterprises
- Achievements of the Department of Heavy Industries in the Past one Year
- Min of Home Affairs
- J&K Interlocutors Report on MHA Website
Government Welcomes Informed Debate
- IVFRT Project Developed to Facilitate Travelers
- Min of Law & Justice
- Disclosure of Complaints Against Judges
- Uniform Recruitment Policy for Judicial Service
- Malfunctioning of EVMs
- Performance of Gram Nyayalayas
- Min of New and Renewable Energy
- Dr. Farooq Abdullah Meets Industry Leaders, Calls for Greater Investment in Solar Energy Sector
- Min of Parliamentary Affairs
- Legislative Business Transacted During the 10th Session of 15th Lok Sabha and 225th Session of Rajya Sabha (Budget Session)
- Min of Petroleum & Natural Gas
- No rollback in Petrol Prices, says IOC Chairman
- International Crude Oil Price of Indian Basket
Decreases on 23.05.2012 to US$ 104.82/bbl
- Min of Rural Development
- National Conference on Sanitation and Drinking Water
- Min of Steel
- Restructuring of Bird Group of Companies under Ministry of Steel
- India and Australia Discuss Business in Steel Sector
- Steel Minister Reviews Performance of NMDC
NMDC Signs MoU with RINL For Developing 450 KM Slurry Pipeline From Jagdalpur to Vishkhapatnam
- Min of Urban Development
- India and Japan hold tremendous potential to co-operate in the area of Urban Transportation; says Kamal Nath
- Min of Women and Child Development
- Meeting of Central Advisory Committee on Combating Trafficking held
- Min of Youth Affairs & Sports
- Disposal of Assets of the Organising Committee, Commonwealth Games
- Steering Committee approves preparatory tournaments For Olympic Qualifiers for Wrestling
- Steering Committee approves preparatory tournaments for Olympic Qualifiers for Badminton
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Sports Ministry Sanctions Training of Three Member Indian Swimming team at Olympic Training Centre, Germany
- Planning Commission
- Government Announces New Expert Panel on Poverty Estimates
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Ministry of Steel24-May, 2012 19:17 IST
| Restructuring of Bird Group of Companies under Ministry of Steel |
The Union Cabinet today approved the proposal for modification of the 'grant-in-aid' instead of 'waiver' of income tax liability arising due to restructuring of Bisra Stone Lime Company Limited (BSLC) under Bird Group of Companies.
Fulfillment of statutory requirement for payment of income tax arisen due to waiver of interest on Government loan and conversion of principal amount of Government loan into equity of the company.
There will not be any net liability on the part of the Government of India on account of discharging the income tax liabilities of the BSLC arising out of the waiver of Government loan and interest thereon as the amount will be deposited in the Government account immediately and within the same financial year.
Grant-in-aid to waive the income tax liability will help BSLC to fulfill the statutory requirement of Income Tax Department.
Background:
The Cabinet in its meeting held in September, 2009 approved the restructuring proposal of Bird Group of Companies under Ministry of Steel. All the decisions of the Cabinet regarding restructuring of Bird Group of Companies have since been implemented, except the decision regarding waiver of income tax likely to arise due to restructuring of Bisra Stone Lime Company Ltd. (BSLC) under the Bird Group of Companies.
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SH/LM
(Release ID :84476)
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