Directors of UK-based Cairn Energy Plc have raised the issue of the retrospective tax on them with senior officials in the American administration, ahead of Prime Minister Narendra Modi’s visit to the US.

The company is involved in a Rs 10,247-crore tax dispute with the Indian government. The stakeholders in the company have pleaded that US officials raise the issue with Modi when he comes to the US for a two-day visit starting this weekend.

Infosys has made $1-million settlement with the New York state after it was found that it violated US visa rules by placing employees on a different visa at its clients’ offices in the state.

The settlement was announced on Friday by Attorney General Eric T Scheiderman saying it resolves whistleblower claims that Infosys, in the course of providing outsourcing services, routinely brought foreign IT personnel into New York to perform work in violation of the terms of their visas.

Life Insurance Corporation (LIC) said on Friday that it has been investing in cigarette maker ITC with the bonafide objective of enhancing returns for its policyholders, investors and in the interest of public welfare.

LIC, state insurers and the Centre have been dragged to the Bombay High Court because of a public interest litigation (PIL) that questioned the government's investment in ITC and other tobacco companies.

HDFC Bank Ltd will be organising awareness workshops to educate traders, merchants, and businessmen on the forthcoming Goods and Services Tax (GST) Bill, which is slated to come into effect on July 1, 2017. Ahead of its rollout, more than 500 workshops will be held at over 300 towns and cities. The GST is proposed to be a comprehensive indirect tax on manufacture, sale, and consumption of goods as well as services at the national level.

Supply of coal by state-owned CIL to power plants dipped by nearly two per cent to 64.7 million tonnes (MT) in April-May period of the ongoing fiscal even as demand by the power sector showed an upturn. According to recent government data, Coal India(CIL) dispatched 65.8 MT fuel to the power sector in the same period of last fiscal. CIL’s supply to the power sector last month declined by 3.52 per cent to 32.8 MT over 34 MT in May, 2016, the data said.

Ford Motor Co is recalling nearly 16,000 Ikon and Figo models in South Africa due to a potential fire risk, it said on Friday.

The models were built between 2004 and 2012 in India, Ford said in a statement.

New Delhi: Government think tank NITI Aayog has recommended that the privatization of Air India should be done only after unbundling the airline and its real estate assets.

“There are some things that NITI Aayog has suggested and NITI is just a recommending body. Essentially, what it has said is that you delink all the property and sell it off. You have domestic and international operations. It has said that you just sell off these three independently,” said a senior government official requesting anonymity.

A powerful car bombing near the office of the provincial police chief in southwestern Pakistan on June 23, 2017 killed 11 people and wounded 20, officials said.

The explosion near the police chief’s office in Quetta, the capital of Baluchistan Province, was powerful enough that it was heard across the city, shattering windows of nearby buildings, said police spokesman Shahzada Farhat.

Detectives in Britain have arrested two men in connection with an international “conspiracy” to hack the Microsoft network, a media report said. According to a Thursday report in The Registrar, the detectives — based in the South East Regional Organised Crime Unit (SEROCU) — were now investigating “unauthorised intrusion into networks that Microsoft owns” between January and March. “This group is spread around the world and therefore the investigation is being coordinated with our various partners (including Microsoft, the FBI, EUROPOL and the NCA’s National Cyber Crime Unit),” a detective was quoted as saying.

Indian shares fell on Friday, with the NSE index hitting a one-week low, as investors booked profits in financials such as State Bank of India and automakers such as Maruti Suzuki India Ltd. Still, the indexes were headed for small weekly gains on hopes the central bank will cut interest rates after minutes from a monetary policy committee meeting earlier this month showed one member acknowledging that inflation had eased. Caution is, however, likely to prevail in the near term as India gears up to unveil a nationwide goods and services tax on July 1, while monitoring global factors such as falling crude prices.

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