Archive for the 'CAREERS' Category
Wednesday, March 26th, 2008
It may take yesteryear lover boy Rishi Kapoor and his son Ranbir some time to showcase their talent together. But the young actor’s girlfriend Deepika Padukone already has that privilege.
She will be sharing screen space with Rishi in Saif Ali Khan’s first production to be directed by Imtiaz Ali of Jab We Met fame. I did a reading with Rishi uncle for the film, and I was simply stunned. He’s that good. Imtiaz’s film will be a departure for me.
“I’m lucky enough to work with both Ranbir and Rishi uncle. Now all I need is a film with Neetu aunty to complete the picture.” The actress, who debuted with Bollywood superstar Shah Rukh Khan in Om Shanti Om, will play Saif’s leading lady in the yet untitled film.
“I’m definitely looking forward to working with Saif. He’s one of the best actors we’ve ever had”. But before that Deepika is currently shooting for Nikhil Advani’s action flick Chandni Chowk To China with Akshay Kumar.
“I’ve trained in martial arts for the film and I enjoyed myself thoroughly because I’m athletic. People see me as very ladylike and proper. But there’s another, very tomboyish side of me that you’ll see in Chandni Chowk To China.” However, her first post Om Shanti Om release would be Yash Raj Films’ Bachna Ae Haseenon. In the film, Deepika has to share her boyfriend Ranbir with two other leading ladies. “Yes, but that’s only for the screen no?” “It is Ranbir’s film all the way. In my very first narration I was sure I wanted to do it.
“Siddharth Anand suggested I take some time to decide, but I liked his honesty and I loved my bit in the script. Siddharth was honest enough to tell me there were three other girls with Ranbir in the film - now, of course, there’re only two other girls. As an actor it’s important for me to be part of projects I believe in even if my role is comparatively small.”
source: google news
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Tags:blogs; ranbir kapoor CAREERS COMMON WEALTH dipika Entertainment film om production rishi shanti |
Posted in CURRENT NEWS AFFAIRS, CAREERS, COMMON WEALTH, Entertainment | No Comments »
Tuesday, March 11th, 2008
Data care solutions provider, Unistal Systems, has announced the launch and availability of its new software product called “Locate Laptop”.
As the name suggests, “Locate Laptop” powered by proprietary WebSniff technology can locate stolen laptops leveraging on the World Wide Web. “Locate Laptop” not only tracks and recovers stolen laptops, but also deters theft.
When a laptop is stolen, it’s not just the physical loss of a machine, but also of valuable and sensitive information that it stores.
According to Alok Gupta, director of Unistal Systems, laptop thefts and loss are on an incessant rise, and have led to serious damages for professionals and corporates. About 97 percent of stolen PCs are never recovered, and 57 percent of corporate crimes are linked to them.
In case of corporates, “Locate Laptop” keeps track of the whereabouts of each employee while traveling, and the moment he logs in via the Web, a report is generated with his complete details and is sent to a designated individual within the organization. This is done without the knowledge of the employee, so as to maintain privacy.
Users have to just install “Locate Laptop” on their PCs. It resides and operates in stealth mode. In case of loss or theft, users may login to their Web-based Personal Tracking and Monitoring Page through www.locatelaptop.com to view and trace where the laptop has been accessed from.
As soon as the offender connects the laptop to the Internet, the WebSniff technology informs the owner about the city and IP address where it is being accessed. It continues to track all the locations whenever the offender connects to the Internet. And the laptop can be retrieved with the help of local law enforcement authorities.
Since theft is almost impossible to eradicate, consumers can at least work towards minimizing the impact of theft through the timely recovery of stolen hardware.
“Locate Laptop” is available online at http://www.locatelaptop.com for a price of Rs 3,000 per license.
source: google news
http://www.commonwealthtv.tv
http://blogs.mindbodynsoul.com
Tags:blogs: laptop CAREERS internet SCIENCE software stolen Technology unistal systems |
Posted in CURRENT NEWS AFFAIRS, internet, CAREERS, SCIENCE, Technology | No Comments »
Tuesday, March 11th, 2008
Data care solutions provider, Unistal Systems, has announced the launch and availability of its new software product called “Locate Laptop”.
As the name suggests, “Locate Laptop” powered by proprietary WebSniff technology can locate stolen laptops leveraging on the World Wide Web. “Locate Laptop” not only tracks and recovers stolen laptops, but also deters theft.
When a laptop is stolen, it’s not just the physical loss of a machine, but also of valuable and sensitive information that it stores.
According to Alok Gupta, director of Unistal Systems, laptop thefts and loss are on an incessant rise, and have led to serious damages for professionals and corporates. About 97 percent of stolen PCs are never recovered, and 57 percent of corporate crimes are linked to them.
In case of corporates, “Locate Laptop” keeps track of the whereabouts of each employee while traveling, and the moment he logs in via the Web, a report is generated with his complete details and is sent to a designated individual within the organization. This is done without the knowledge of the employee, so as to maintain privacy.
Users have to just install “Locate Laptop” on their PCs. It resides and operates in stealth mode. In case of loss or theft, users may login to their Web-based Personal Tracking and Monitoring Page through www.locatelaptop.com to view and trace where the laptop has been accessed from.
As soon as the offender connects the laptop to the Internet, the WebSniff technology informs the owner about the city and IP address where it is being accessed. It continues to track all the locations whenever the offender connects to the Internet. And the laptop can be retrieved with the help of local law enforcement authorities.
Since theft is almost impossible to eradicate, consumers can at least work towards minimizing the impact of theft through the timely recovery of stolen hardware.
“Locate Laptop” is available online at http://www.locatelaptop.com for a price of Rs 3,000 per license.
source: google news
http://www.commonwealthtv.tv
http://blogs.mindbodynsoul.com
Tags:blogs: laptop CAREERS internet SCIENCE software stolen Technology unistal systems |
Posted in CURRENT NEWS AFFAIRS, internet, CAREERS, SCIENCE, Technology | No Comments »
Saturday, April 21st, 2007
FORBES VALUE YANKEES AT US$1.2 BILLION
April 21 , 2007
There’s money in those pinstripes.
The value increased by 17 percent for New York Yankees in the past year to $1.2 billion,
Forbes magazine said Thursday in its annual estimates of Franchise worth.
The Florida Marlins given the lowest value at $244 million, had the highest operating
income at $43.3 million, according to the magazine.
“As usual, the Franchise Valuations and operating income numbers are pure Fantasy and
based on no correct information,” Marlins president David Samson said. “To comment on
such irresponsible journalism would only give it more credit than it deserves.”
The magazine defended its article.
“Forbes compiles its annual valuations of Major League Baseball franchises based on
information obtained from team executives, sports bankers, public documents, and other
sources believed to be reliable,” spokeswoman Elizabeth Wasden said. “We stand by our
figures, and the content published.”
Despite the record evaluation for the Yankees, Forbes said they were the only ones to
post an operating loss after revenue sharing last year. The magazine estimated the
Yankees were $25.2 million in the red on operating revenue of $302 million, after
revenue-sharing payments to the commissioner’s office. The Yankees estimate their
revenue-sharing bill for 2006 will be about $70 million.
“I am gratified at the Forbes valuation of the Yankees,” New York owner George
Steinbrenner said in a statement. “We are continuing to build a worldwide brand for the
people of New York and Yankee fans everywhere.”
The New York Mets were given the second-highest value ($736 million), followed by
the Boston Red Sox ($724 million), the Los Angeles Dodgers ($632 million),
the Chicago Cubs ($592 million), World Series champion St. Louis ($460 million),
San Francisco ($459 million), Atlanta ($458 million) and Philadelphia ($457 million).
At the other end were Florida ($244 million), Tampa Bay ($267 million),
Pittsburgh ($274 million), Kansas City ($282 million), Milwaukee ($287 million),
Minnesota ($288 million) and Oakland ($292 million).
Franchise values did not include provisions for television networks owned in whole
or part by teams, such as the YES Network (Yankees), NESN (Red Sox) and Comcast
SportsNetChicago (Cubs), Forbes associate editor Kurt Badenhausen said.
The Dodgers had the second-highest operating income at $27.5 million, followed by
Pittsburgh ($25.3 million), Cleveland ($24.9 million), the Mets ($24.4 million),
Colorado ($23.9 million), Cincinnati ($22.4 million), the Cubs ($22.2 million),
Seattle ($21.5 million), Milwaukee ($20.8 million) and Tampa ($20.2 million).
Rob Manfred, baseball’s executive vice president of labor relations, criticized Forbes’
figures last year but declined comment Thursday.
Source New York AP
http://wwwUniversalNews.blogspot.com
http://currentnewsaffairs.com
Tags:ABUNDANCE Americas BUSINESS BUSINESS ONLINE CAREERS COMMON WEALTH COUNTRIES Economy Energy Entertainment EUROPE FORBES ANALYSTS FORBES VALUE YANKEES AT US$1.2 BILLION GOD health HER HOLINESS HUMAN BEINGS INDIA INTERNATIONAL POLITICS Investments laughter LAWS LIFE MIND Money MONEY OUT OF THIN AIR PATENT RIGHTS PHILOSOPHY POSITIVE MENTAL ATTITUDE POWER POLITICS PUBLIC RICH SCIENCE SOCIETY South Asia Sports TIME TODAY U.K U.N U.S.A UNIVERSAL SOUL VALUATIONS VITAL LIFE FORCE ENERGY Wealth WORLD AFFAIRS |
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Saturday, April 21st, 2007
A multibillion-pound battle for control of Alliance Boots broke out today as the health and beauty group’s directors accepted a £10.6bn bid - only to see it trumped by a rival consortium offering shareholders an extra £200m.
The Alliance Boots board voted to recommend a formal £10.90-a-share bid from the private equity group Kohlberg Kravis Roberts and Boots’s deputy chairman Stefano Pessina at a board meeting late on Thursday night. The bidders had proposed to pay £10.60 but were forced higher when the Alliance Boots board told them that Terra Firma was planning a £10.85 offer.
Their new bid is £900m more than KKR first offered six weeks ago - and £3bn more than most City analysts thought the company was worth before either bid emerged.
However, less than four hours after Alliance Boots and KKR announced they had reached a deal, Terra Firma, run by the financier Guy Hands, and his partner, the Wellcome Trust, slapped an even higher proposed bid on the table, of £11.26 a share. That bid is subject to Hands’s team completing due diligence and is not yet a formal offer.
Alliance Boots shares closed up 75.5p at £11.25 - suggesting traders believe that KKR will return with a yet higher offer. One analyst, Luca Solca of Bernstein, said a private-equity buyer could afford to pay up to £13, which would value the business at £12.6bn.
Terra Firma’s offer of £11.26 will actually be reduced to £11.15 - or £10.8bn - for shareholders. The top slice of the bid would be diverted to pay a record £106m “break fee” that Alliance Boots has agreed to hand over to KKR and Pessina if it eventually backs a different deal.
The bid battle almost certainly signals the end for Boots - one of the most trusted high street brands - as a publicly listed company. It will also be the first FTSE-100 company to fall into private hands and the biggest such buyout ever witnessed in Europe, worth some £3bn more than the Apax-led bid for Tele Danmark in 2005.
The business, created by the merger of Boots and Alliance Unichem only seven months ago, operates 2,600 UK pharmacies and has a drugs distribution network spanning 14 countries. It has more than 100,000 staff.
KKR has yet to reach agreement with the trustees, but the schemes are relatively well funded and KKR said the negotiations were “amicable”.
In a note for RBC Capital Markets, the pension consultant John Ralfe - who used to run the Boots scheme - said the trustees were in “a very powerful negotiating position”. He believes they could win a cash injection into the fund of up to £500m.
Funding is unlikely to be a problem. Terra Firma has added HBOS to its team as an equity partner. A source close to Mr Hands said banks were queuing up to back their offer: “They are twice oversubscribed on the debt.” HBOS and HSBC are among the banks ready to provide financing.
KKR and Mr Pessina have lined up eight banks to back their bid, including Barclays, Citigroup, Royal Bank of Scotland and Merril Lynch - who quit as Alliance Boots house broker to join the deputy chairman’s bid team.
Today there were few details forthcoming about how the deal will be structured and how much debt KKR and Mr Pessina plan to pile into the company. However, Mr Pessina would swap three quarters of his 15% Alliance Boots stake for shares in AB Acquisitions - the company they plan to use to acquire the business. In return he will be given joint control of the business.
The 65-year-old Italian said he intended to crank up the pace of expansion with an aggressive acquisitions strategy. “Pace and focus is the main reason we are doing this,” he said. He added that he was not a natural public company director: “I am an entrepreneur. I am a completely different kind of animal.”
Some analysts have calculated that Mr Pessina could double his £1bn investment in less than five years if the deal is successful, but he insisted he was not doing the deal to boost his own personal fortune: “I am 65. I have all the money I need - more than people think - and I am still working seven days a weeks and 10 or 11 hours a day. I am not doing this for the money.”
Terra Firma has requested further financial information and a meeting with Boots management, which is expected to take place next week.
The bid comes amid mounting hostility to private-equity buyouts from unions, MPs and some businessmen, who accuse the buyout specialists of asset stripping and unneccessary secrecy. Yesterday Mr Pessina said he intended to run one of the most “transparent” private equity-owned firms and promised to publish a detailed “annual review” of the business.
The unions, however, remain concerned. The GMB general secretary, Paul Kenny, has written to the health secretary, Patricia Hewitt, and the trade secretary, Alistair Darling, asking them to call in Mr Pessina to provide reassurance that his plan will not harm local pharmacies or increase the cost of drugs to the NHS.
“We won’t close down any stores or any pharmacies,” Mr Pessina said. “If we close one it is just a gift to someone else. It just doesn’t make any sense.”
The Transport and General Workers Union said the battle for Boots would inevitably mean “extraction rather than creation of wealth”.The TUC general secretary, Brendan Barber, has written to the bidders asking them to spell out their plans for the business.
Sir Nigel Rudd, chairman of Alliance Boots, said the offer from KKR reflected the “hugely valuable business” created by last year’s merger: “I am delighted that the board has been able to achieve such a good price for shareholders.”
source : Guardian
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Tags:BLOGS boots BUSINESS CAREERS COMMON WEALTH COMMONWEALTHTV.TV COUNTRIES Economy EUROPE internet Investments kohlberg kravis roberts mindbodynsoul.com Money stefano pessina terra firma U.K u.k . alliance boots Wealth |
Posted in CURRENT NEWS AFFAIRS, ECONOMY, WEALTH, MONEY, INVESTMENTS, mindbodynsoul.com, internet, CAREERS, BUSINESS, COUNTRIES, U.K, COMMON WEALTH, Europe | 1 Comment »
Saturday, April 21st, 2007
The 52-year-old Chinese farmer turned developer is as plain as the company’s English name: Country Garden. But there was nothing ordinary about his company’s debut
Chinese Boom in I.P.O.’s Friday morning, at 9:30 a.m., shares of Country Garden soared 35 percent on the opening day of trading in one of China’s hottest initial public offerings of the year. When trading ended, this little-known real estate company based in southern China was valued at $15 billion, making the family of Yang Guoqiang, a dirt-under-the-fingers property tycoon, perhaps the richest in China.
In many ways, Country Garden’s public offering — which raised about $1.6 billion, or as much as Google’s 2004 stock offering raised in the United States — is just the latest symbol of China’s meteoric rise, and this country’s continuing stock market fever.
After more than two decades of spectacular economic growth, fueled mostly by building factories that export low-cost goods, China has a rising number of entrepreneurs who are forming private companies, going public and getting extremely rich.
“The general economic environment here has unleashed this tremendous entrepreneurial spirit,” said Jing Ulrich, chairwoman of China equities at JPMorgan. “People who in the past saw their ambitions stifled are now seeing them realized. They’re going public.”
There are Internet pioneers, like Robin Li of Baidu and Ma Huateng of Tencent; billionaire retailers, like Huang Guangyu of Gome; and real estate barons like Xu Rongmao of Shimao, Zhu Mengyi of Hopson and Country Garden’s Yang Guoqiang, who told journalists a few months ago that for years he planted rice, tended cows and mixed cement before founding Country Garden in 1997.
Now, his company is a virtual assembly line of home building for China’s raidly growing middle class. Mr. Yang’s genius is that he has a created a Wal-Mart approach to housing development for the middle class.
Mr. Yang could not be reached for comment Friday and rules on public listing prevent company executives from promoting their stocks.
The company has the backing of some of Wall Street’s biggest investment bankers, including Morgan Stanley and UBS, and its profits this year are expected to reach $500 million, putting Country Garden’s earnings in league with the world’s biggest corporations.
In an odd twist to his rags-to-riches tale, in 2005 Mr. Yang gave all of his shares in Country Garden to his daughter, Yang Huiyan, now 25, who will someday run the company. After Friday’s listing, those shares are worth about $9 billion, which probably makes her China’s wealthiest individual.
Zhang Yin, the 50-year-old woman who controls Nine Dragons Paper, a company that recycles American waste paper and sells it to factories here in China, is far behind at about $3 billion. Her company went public early last year.
The richest person in China last year, according to Forbes, was Huang Guangyu of the privately controlled Gome, the giant electronics retailer. He was said to be worth $2.3 billion, but was easily eclipsed Friday by the heirs of Country Garden.
That makes Ms. Yang, who studied in the United States and owns 60 percent of Country Garden, richer even than George Soros, Steven P. Jobs of Apple and Rupert Murdoch.
Her fortune was made possible, of course, by a global investment frenzy for all things Chinese, particularly stocks.
Last year, Hong Kong’s stock market raised more money from public offerings than the New York Stock Exchange and the Nasdaq Stock Market combined, thanks to the listing of some of China’s biggest state-owned banks.
Hong Kong is getting more help this year from another Chinese lender, Citic Bank, which raised $5.4 billion yesterday in the world’s biggest initial public offering yet in 2007, according to Bloomberg News.
Shanghai’s stock market has been even hotter, so hot in fact that the Chinese government is worried that a 200 percent jump in share prices in the last 16 months is beginning to look like a stock market bubble soon to burst.
The sense of frenzy can be seen at brokerage houses throughout the country, where mostly elderly people congregate in front of huge red trading scoreboards or cheer their stocks on from the rows of plastic seats that resemble those found in an old bus terminal.
With millions of Chinese now racing to invest in stocks at home, everyone wants to be listed and everyone wants to own a public company that has an opening-day pop reminiscent of the dot-com boom in the United States.
“This is the kind of thing that gets people excited, that encourages people to become more entrepreneurial in China,” said Chen Zhiwu, a professor of finance at Yale University who in recent months has been visiting Chinese entrepreneurs, including lesser-known ones like Jason Jiang, whose company puts screens with advertisements in elevators.
“People like Robin Li of Baidu and Jason Jiang of Focus Media really excite people,” the professor said. “Many people think they, too, can create their own companies. The big state-owned banks can have big I.P.O.’s, but no one cares about their stories. It’s the entrepreneurs who are really changing China.”
But investors are hardly ignoring the banks. The Industrial and Commercial Bank of China, which a few years ago was saddled with debt, is now worth about $220 billion, making it the third-most-valuable bank in the world after Citibank and Bank of America.
On a smaller scale, Tencent, owned by 35-year-old Ma Huateng — one of China’s biggest Internet companies — is already worth $5.7 billion.
And then there are the real estate barons, who have often used their political connections to get access to cheap land, only to see land and housing prices soar as the country’s increasingly wealthy look to purchase their first homes.
Now, companies like Hopson, R&F and Agile Property Holdings have in recent years gone public in Hong Kong, and then watched their shares soar 100, 200 and 650 percent since listing.
Shimao, a developer of luxury properties based in Shanghai, is valued at more than $7 billion.
The story of Country Garden, which is based in Guangdong Province, near Hong Kong, is much simpler.
According to analysts and accounts in the Chinese media, Mr. Yang grew up poor in the city of Foshan, worked as a farmer and construction worker and married a bricklayer who was in the same construction crew.
In the 1990s, he moved into real estate and acquired distressed property or even wastelands at a time when the future of the Chinese real estate market was still uncertain.
When the government began reforming the market and allowing companies to acquire public land and sell plots to home buyers in the late 1990s, the market began to take off.
Now, Mr. Yang, who is the company’s chairman, is sitting on huge reserves of land and churning out new, modestly priced homes at breakneck speed, analysts say.
“I get the land and sell properties at a reasonable price,” Mr. Yang told investors during the road show before the public offering. “I move a lot of product.”
source : new york times
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Tags:Asia Pacific BLOGS CAREERS CHINA commonwelathtv.tv COUNTRIES country garden Economy forbes I.P.O internet Investments jpmorgan mindbodynsoul.com morgan stanley rupert murdoch ubs Wealth |
Posted in CURRENT NEWS AFFAIRS, ECONOMY, WEALTH, INVESTMENTS, mindbodynsoul.com, internet, CAREERS, COUNTRIES, Asia-Pacific | 1 Comment »
Sunday, March 18th, 2007
| Silicon Valley, March 18. (PTI):
While Google\’s phenomenal growth may by the envy of many, Microsoft Corp CEO Steve Ballmer criticised the internet company for trying to grow too fast. In a presentation at Stanford University\’s Graduate School of Business, Ballmer said Microsoft went from 24 to 75,000 people in nearly three decades, while Google had become a very large company in a fraction of that time.
“They\’re trying to double in a year. I think that\’s insane, in my opinion,” Ballmer said. Microsoft, with a more managed growth, had been digesting a certain percentage of growth over many years.” “What that has allowed us to do is build up a base of capable people who can take on more capable people.”
Ballmer also questioned Google\’s corporate culture of encouraging individual projects by employees. Google is known to allow its engineers devote 20 per cent of their work time to pet projects. “I don\’t really know if any one has proven that a random collection of people doing their own thing actually creates value. That doesn\’t create value, in my opinion,” he said. Playing down the efforts of Microsoft\’s fiercest rival, Ballmer described Google as a one-trick pony. “Google built one very good business. They only have one thing they do. Everything else is sort of cute,” Ballmer said.
“We do a lot of things that are cute, too. I\’ll tell you about our robotics effort, for example, but that\’s not paying for me to come down to Stanford,” Ballmer said amidst huge laughs from the business students. “I like to refer to us as a two-trick pony, and that\’s rare in the history of business. Desktop software was a trick. Server was a trick. Our third trick is trying to do online, and our fourth trick is trying to do consumer electronics,” he said. Ballmer, who left the Stanford Graduate School of Business in 1980 after a year to take up a job at Microsoft, said there are basically four stages in business: coming up with an idea, getting it to critical mass, milking it financially and then finding a new idea.
He said, “Google is in the part of the cycle where they are milking,” acknowledging that\’s a fun stage. “That was the \’90s for us… or I would say the \’80s and \’90s.” Ballmer also noted that currently 60 per cent of the industry\’s computer engineering and programming graduates are coming from China and India. Recruiting them is getting harder because of immigration restrictions in the US. “With the current issues that there are with H-1B visas there\’s even more pressure,” Ballmer said. The H-1B visa gives its holder permission to work on a temporary basis in the US in a specialty occupation.
Universal News
http://blogs.mindbodynsoul.com
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GOOGLE growing insanely BALLMER
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Thursday, March 8th, 2007
| The E`sob’story |
| March, 08th 2007 |
| The incongruity of the tax basis arises largely from the fact that, unlike in any other country, India now seeks to tax the employer for a benefit/income which accrues to the employee, most of it without the employer having granted it or having any control over it. |
The recent proposal in the Budget for levying Fringe Benefit Tax (FBT) on employers Employees Stock Option Plans (ESOPs) is a complete reversal of the policy on the issue in place over the last 5-6 years. The current scheme exempts employees from taxation if they sell the scrips got in an ESOP plan within one year from exercise. The proposed amendment throws up issues of technical interpretations and the tax impact for the employer. Some of these may become clearer once the rules prescribing the Fair Market Value (FMV) for the purpose of valuing fringe benefits are notified. But till such time employers are saddled with a problem they never bargained for and will have to work out solutions to mitigate the unexpected problems. This article aims to briefly list out the harshness or multiple-wammy created by the introduction of this new provision. It also looks at the reasons which seem to be prompting the Finance Minister to introduce such changes and suggest some alternatives which may lead to a more rational way of taxation, should the Finance Minister wish to take away the concessional tax treatment granted to ESOPs.
Key concerns The key concerns from the employer’s perspective are:
To start with, the employer suffers a hit to its Profit and Loss Account of the notional benefits to the employee at the time of the grant of the ESOP, equal to the discount in relation to the prevailing market value.
While the P&L takes a hit, there is a question mark on the deductibility of such “expense” for the purposes of computing employer’s taxable income.
On top of that, the employer is required to pay the FBT not only on the discount at the time of the grant but also in the appreciation of the value of shares in future (over which the employer has no control). To compound matters, such FBT paid by the employer is not tax-deductible and effectively equal to much higher post-tax expenditure.
Further, as a lot of these employees who receive ESOPs may be mobile and render services in different tax jurisdictions between the grant and exercise of the stock option, they may end up having tax obligation abroad on some part of the benefits arising out of the ESOPs. While they may not themselves suffer double taxation, there would be an economic double taxation on account of the FBT paid by the employer not being creditable against the tax paid by the employee abroad.
Lastly, foreign companies having presence in India by way of a branch/Permanent Establishment/ presence of employees may also end up having additional burden of tax by way of FBT on ESOPs, thereby substantially raising their effective tax in India.
Interpretational issues Apart from the above, quite a few interpretational issues are being debated in industrial/professi onal circles, andinclude:
Will the FBT for employer be 33.99 per cent or a lower rate, based on valuation rules to be prescribed?
What is the cost basis for employee for the purposes of determining capital gains when the options are sold at a later date?
In fact, some quarters are also debating whether the proposed amendments will take away the obligation of the employees for payment of taxes on the stock option.
Can the employer contractually/ tax-efficiently recover the FBT from the employee? Leaving aside the interpretation issues for the moment, it is suggested that, at a conceptual level, if the benefits of stock options are to be taxable, the levy must fall on the person deriving the benefit. Even where the benefit is sought to be taxed in the hands of the giver, it should be limited to the extent of the benefit granted and not beyond that. Such a scheme of taxation should also provide for matching deduction and credits so that economic double/multiple taxation is avoided. Unless such equity is bought about in the taxation, the concept of stock option may have a premature demise.
Suggested changes In the light of the above, conceptually, the following changes should be considered by the Government in the scheme of stock option taxation:
The FBT on the employer, if at all, should be limited to the discount to the market value on the date of the grant, as is required to be debited in the books of accounts under the accounting standards/guideline s applicable.
Correspondingly, such expenditure should be clearly allowable as a deduction against the taxable income of the employer.
Any forfeiture of such options resulting in disentitlement for the employee and reversal of such benefits should culminate in a corresponding deduction in the FBT obligations in future.
The benefit to the employee in the appreciation of the share price over the exercise price may, if at all, be taxed in the hands of the employee at the time of the exercise. However, ideally, as the employee does not realise any gain at that stage, there should be no taxation then, but only post ultimate sale of shares. When such profit, which is in the nature of capital gains, accrues, it should be treated just like capital gains on shares, as applicable to any other investor. Given the importance of stock options to the growing economy of India, which is competing to reward its human resource, the industry should make a strong representation to the Finance Minister to withdraw the proposed amendments or to introduce a grand-father clause which seeks to apply the changes in law only prospectively.
Nikhil Bhatia
(The author is Partner, BSR & Co, Mumbai.)
Observations :
Nikhil Bhatia has rightly said Given the importance of stock options to the growing economy of India, which is competing to reward its human resource, the industry should make a strong representation to the Finance Minister to withdraw the proposed amendments or to introduce a grand-father clause which seeks to apply the changes in law only prospectively.
Industry must protect the interests of the new generastion as the ESOPs are by and large given in the high tech areas of business . I f these are not protected there is a possibilty of more talent migrating from India to those countries where such taxes are not imposed .
The August body of Parliament must DISAAPROVE this proposal of the Honourable FM to allow the wealth creation by those who help companies create intellectual and physical properties which are the present and future wealth of our nation .
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Friday, February 16th, 2007
Karachi, Feb 16 (PTI) Three suicide bombers, having links with al-Qaeda and Taliban, were arrested in this Pakistani port city today following an encounter, foiling their plans to carry out “Iraq-style” attacks, mainly targeting senior officials.
The arrests came as security was put on high alert in Islamabad following intelligence reports that four suicide bombers may try to penetrate into the capital to stage attacks with the help of a local link.
The three men, Shahid, Farhan and Ghani, who belong to Qari Zafar group, were arrested after an encounter in Gulistan-e-Jauhar, one of the most populated areas of Karachi, Superintendent of Police (CID) Fayyaz Khan said.
Three jackets, used in carrying out suicide attacks, along with three bombs, two pistols, one Kalashnikov rifle and some grenades were recovered from their possession, Khan told reporters. PTI
source PTI.
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